Enforcement at the Israel Securities Authority: from Criminal to Administrative Dr. Zvi Gabbay , Adv. Israel Securities Authority (ISA) – Enforcement Statistics Based on the ISA 2009 Annual Report. 14 Criminal Investigations commenced 13 Investigation Files transferred to DA
from Criminal to Administrative
Dr. ZviGabbay, Adv.
Based on the ISA 2009 Annual Report
14 Criminal Investigations commenced
13 Investigation Files transferred to DA
14 Indictments Filed (19 Files TBD)
11 Court Judgments (7 Trial-Court Verdicts; 4 Appellate Decisions)
Efficacy limitations of the justice system
Lack of effective and appropriate alternatives
Lack of sufficient human resources
Internal Costs – intelligence, investigation, prosecution, judicial resources
External Costs - defense costs, reputation damage, personal price
Many Securities-related violations go unanswered
Limited effectiveness of private enforcement
Risk of damaging public faith in financial market
New reality post-ammendment - the law provides three types of enforcement actions:
Administrative Fines (2011)
fines based on the same matter
intent; it is restricted to negligence at the most.
agreement with violator imposing sanctions on violator.
on the same matter.
the settlement, is inadmissible in criminal or administrative proceedings against
him, based on the same matter.
Note: inadmissibility does not apply to civil proceedings.