Fines of NIS 640,000 on corporations – general

After receiving a recommendation from the Administrative Enforcement Department, the Securities and Exchange Commission’s Sanctions and Fines Committee decided to impose NIS 640,000 in fines on Bank Hapoalim, Ankor Properties, Ziron Refineries and Next Jen Biomed for violations related to the prospectus offering without prospectus. Disclosure, and failure to perform a needs update procedure for advised clients.

According to the Authority’s decision, the level of financial sanctions is derived from the circumstances of the violation, the severity of the violation and the equity of the corporation.

The heaviest financial sanction in the amount of NIS half a million was imposed on Bank E.

Working
+ 3.23%

Base:2,196

opening:2,202

Tall:2,273

low:2,202

change:220,677,719

Page Quote News Graphs Company Profile Recommendations


More articles on the subject:




Because he did not update a customer’s needs on the dates set for his clients who receive investment advice at the bank. These are two investment advisers at Bank Hapoalim who have documented in the bank’s systems in a false manner the holding of update calls with customers, which were not actually carried out.

Anchor Properties was fined 75,806 for two delays in reporting a material transaction cancellation. Refineries

Ciron
+ 0.78%

Base:204.8

opening:198

Tall:210

low:198

change:347,346

Page Quote News Graphs Company Profile Recommendations


More articles on the subject:




They were fined NIS 30,000 for not attaching a material valuation to the periodic reports for 2018. About the company

Next Jen
-6.47%

Base:340

opening:335

Tall:335

low:318

change:573,006

Page Quote News Graphs Company Profile Recommendations


More articles on the subject:




A fine of NIS 30,000 was imposed on Biomed due to a missing detail in an immediate report, and a NIS 24,000 fine was imposed on Eden Energy Discoveries for two violations of a securities offering without a prospectus.

Bank Hapoalim responded:
“The Bank acted to ensure that no damage was caused to customers as a result of the cases. “This has been reflected in the reduction of the level of the financial sanction. In recent years, the bank has led a process to identify factors that may lead to similar cases, and has invested considerable resources to improve work processes on the subject, including strengthening investment advisory measures and other measures to prevent such cases.” .