Joint Investment Trust (Assets that may be Bought and Held by a Fund and their Maximum Amounts) Regulations,

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1 The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Authority does not assume any responsibility whatsoever as to its accuracy and is not bound by its contents. Only the original Hebrew text is binding and reader is advised to consult the authoritative Hebrew text in all matters which may affect them. Joint Investment Trust (Assets that may be Bought and Held by a Fund and their Maximum Amounts) Regulations, By virtue of the authority vested in me under sections 59, 62(a) and 131(a) of the Joint Investment Trust Law, , in accordance with a proposal of the Authority, and with the approval of the Knesset Finance Committee, I enact the following regulations: Chapter 1: Interpretation Definitions 5759, 5763, 5768, 5770) 1. In these regulations Fund or fund of funds an Israeli or foreign fund; Foreign fund an open fund in the agreement of which it states that it will be a foreign fund; Israeli fund an open fund in the agreement of which it states that it will be an Israeli fund; Bond the determined for a bond by a company, and if it is a bond issued by a country and for which a has not been determined the rate determined for the country that issued it; Rating company one of the companies in the table in the Appendix; Rating table the table in the Appendix containing the s required under these Regulations for bonds held by a fund according to the scales of various companies; Trading day as defined in the Joint Investment Trust (Acquisition and Sale Prices of a Fund s Assets and the Value of a Fund s Assets) Regulations, ; Units held the units of a fund held; Units of a foreign fund including the shares of a foreign fund; Basic index the index the rates of change in which are what a tracking fund aims to replicate; The country of origin the country in which the foreign fund was established; Cash including a short-term deposit according to the deposit terms of which the amount that will be added to it when it is withdrawn will be not be reduced if it is 1 Kovetz HaTakanot (Collection of Regulations) 5637, 5755 (10 November, 1994), p. 317; Amendments: Kovetz HaTakanot 5663, 5755 (16 February, 1995), p. 868; Kovetz HaTakanot 5987, 5759 (1 July, 1999), p. 1022; Kovetz HaTakanot 6228, 5763 (20 February, 2003), p. 542; Kovetz HaTakanot 6625, 5768 (28 November, 2007), p. 130; Kovetz HaTakanot 6834, 5770 (10 December, 2009), p

2 withdrawn prior to the end of the period determined; The issue price of a security its price according to the issue conditions; A hedge fund s shares including participation units issued by a hedge fund that is a partnership; Trading system for institutions as defined in the Stock Exchange Regulations in Part A of the trading guide, Chapter 3, Section 5a; Average life span when calculated by standard measurement methods; Long-term scale a scale according to which a company rates a bond whose repayment date is more than one year from its issue date; Short-term scale a scale according to which a company rates a bond whose repayment date is no more than one year from its issue date; Market maker for a security a person who has undertaken to publish in the course of each day on which trading takes place on a stock exchange or a regulated market on which a foreign security is traded, according to rules determined by whoever is legally entitled to determine them in the country where it is traded, a price at which he undertakes to buy the security and a price at which he undertakes to sell the security; Fixed-term deposit a deposit in a banking corporation according to the terms of which it is for a predetermined period of more than one day and of not more than thirty days; Traded index fund a foreign fund whose aim is to replicate the rates of change in a specific securities index and whose units are traded on a stock exchange or on a regulated market outside Israel; Hedge fund a corporation whose purpose is to make a joint investment in securities traded on a stock exchange or on a regulated market, to purchase or create options and futures contracts or to short-sell securities, and to make joint profits from all the aforesaid, when said investment, purchase, creation and short-selling can be done at rates and on conditions exceeding the rates and conditions permissible by law for a mutual fund in the country in which the fund was established; for these purposes a fund of hedge funds a corporation that holds hedge funds in cash only; Open foreign fund a foreign fund whose units can be redeemed on demand by a unit holder, generally on any day of the week from Monday to Friday; Cash fund an open fund whose agreement states that it will be a cash fund; Held fund a fund or foreign fund whose units are held by a fund of funds; Tracking fund as defined in the Joint Investment Trust (Classification of Funds for Publication Purposes) Regulations, ; Value of a unit or share in a fund, value of foreign currency, value of a security, value of a foreign security, value of a fund s assets, value of a deposit, value of a certificate of indebtedness with the meaning they have in the Joint Investment Trust (Acquisition and Sale Prices of a Fund s Assets and the Value of a Fund s Assets) Regulations, Value of a series of bonds the value of a series that includes bonds; The continuous trading stage the two-sided trading stage on the stock exchange in Israel that is conducted continuously and is computerized; The open trading stage the multi-sided trading stage in which the first of the day s transactions are conducted and in which the opening price of each security is - 2 -

3 determined; Opening price the price determined for a security at the opening trade stage; Banking corporation with the meaning thereof in the Banking Law; Certificate of indebtedness a negotiable security with the meaning thereof in Section 1 of the Securities Law that is not traded on a stock exchange or on a regulated market, the redemption date of which is more than twelve months from the date of its issue and the average life of which is no greater than ninety days; The Options Regulations the Joint Investment Trust (Options, Futures and Short Sales) Regulations, ; The Stock Exchange Rules the rules set forth in Section 46 of the Securities law. Assets in an open fund 5768,5770) Chapter 2: Assets that may be Held by a Fund 2. A fund manager may buy and hold in an open fund managed by him assets of the kinds and on the terms set forth below: (1) A security traded on the stock exchange in Israel, apart from on the trading system to institutions; (2) A foreign security traded on a stock exchange or a regulated market, provided that (a) If it is traded on a regulated market (1) If it is not a security issued by a country it was offered to the public in accordance with a prospectus that was approved by whoever is entitled to approve it in the country where the security is listed for trading; (2) On fifty-five of the sixty trading days that preceded the day on which it was bought, the prices of the foreign security were published on an international distribution system of information about securities (hereafter information system), and with regard to a foreign security that has been traded for less than sixty trading days prices of the security were published on at least ninety per cent of the trading days since it began to be traded; in this regard, prices of a security the purchase price and the sale price of a security last published by an information system before the end of the trading day on the market where the security is traded, based on the purchase and sale prices of the security on that trading day, collected on the information system from at least two security traders; (3) If it is a bond the value of its series is at least the value in New Shekels of one hundred million U.S. Dollars (in this Regulation the minimum value); if the value of the bond series is less than the minimum value, the fund manager may continue to hold the fund but shall not purchase additional bonds of the same series; (b) The foreign security purchased is deposited for safekeeping in a way that protects, to the fund manager s satisfaction, the right of the fund to the security; (3) An option or a futures contract that fulfills the conditions set forth in Regulation 2 of the Options Regulations; (4) A security or a foreign security that has not yet begun to be traded, provided it was bought after its listing for trading on a stock exchange, apart - 3 -

4 from on a system of trading to institutions or on a regulated market, was approved, and at a price that does not exceed its issue price; (5) A security that is not traded on a stock exchange, which can be converted into a security that is traded on a stock exchange, which fulfills the following conditions (a) According to its terms of issue, it can be converted on at least one day in every consecutive thirty day period; (b) The price that will be paid for it is not than one of the following, as applicable: (1) Its issue price; (2) Its value when it was bought. (6) A bond traded in the trading system to institutions and which fulfills the following conditions: (a) It is not convertible; (b) If it was issued by a reporting corporation as defined in the Securities Regulations (in this paragraph a reporting corporation) its is as determined in the table for this sub-section according to a short-term or long-term scale, as applicable; (c) If it was issued by a non-reporting corporation its is as determined in the s table for this sub-section according to a short-term or long-term scale, as applicable; (d) There is at least one corporation that obtained approval from the stock exchange in Israel to act as a market maker in a bond, according to the Stock Exchange Rules and makes markets on it; (e) The registered trading price in the system for trading to institutions of bonds included in the series in which the bond is included (in this Section the registered trading price) is at least seventy-five million New Shekels, provided that on the day said bonds are registered for trading the registered trading price is not less than one hundred and fifty million New Shekels; (f) If the of a bond changes during the time it has been held in a fund and as a result of the change the provisions of sub-section (b) or (c), as applicable, are no longer fulfilled, or the registered trading price drops so that the conditions set forth in sub-paragraph (e) are no longer fulfilled, the fund manager may continue to hold it in the fund but he will not be entitled to continue to buy it for the fund; (7) A security traded on the stock exchange in Israel, in respect of which, according to the Stock Exchange Rules, the holder may not carry out a transaction or an action, during a period, all in accordance with the Rules, a security traded on the stock exchange in Israel on the sale of which restrictions apply under Section 15c(a)(1) of the Securities Law, and a security traded on a stock exchange or regulated market outside Israel on the sale of which restrictions apply by law for a period of no more than three months; (8) A certificate of indebtedness to which the following apply: (a) The fund manager has undertakings from the issuer to redeem the certificate of indebtedness no later than thirty business days after receiving a written demand to do so from the fund manager for an - 4 -

5 amount equal to the issue price with the addition of (1) The interest accumulated on it according to the terms by the date on which it will be redeemed; (2) The proportional part of the discounting fees if it was issued at a discount; in this regard, the proportional part of the discounting fees an amount equal to the difference between the issue price of the certificate of indebtedness and its redemption price according to its terms multiplied by the ratio between the number of days that have passed since the date the certificate was issued and the redemption date subsequent to the demand by the fund manager and the number of days between the issue date and the redemption date according to its terms; (3) Rate differentials if it was linked to a foreign currency, or linkage differentials if it was linked to the Consumer Price Index, accumulated on it until the date on which it will be redeemed. (b) Its is as stated in the table for this Regulation on a short-term scale or the of its issuer is stated in the s table for this Regulation on a long-term scale; if there is a change in the of the certificate of indebtedness or in the of its issuer during the time it is held in the fund and as a result of the change the provisions of this sub-section are no longer fulfilled, the fund manager will demand the redemption of the certificate of indebtedness from the issuer and will not be entitled to continue to buy it on behalf of the fund. (9) Units of a closed fund whose manager is a company registered in Israel, provided that the closed fund is not managed by a fund manager of the fund purchasing the closed fund units and units of a foreign fund; (10) Foreign currency; (11) Cash; (12) A fixed-term deposit; (13) A security or foreign security that has been delisted from a stock exchange or a regulated market, provided that it was bought in a period when it was traded on the stock exchange or the regulated market; for this purpose, the fixed period of time when trading in the security was restarted prior to its being delisted shall not be regarded as a period during which it was being traded. Assets in a cash fund 5768, 5770) 2a. (a) Notwithstanding the provisions of Regulation 2, the fund manager may only purchase and hold in a cash fund he manages assets of the type and on the conditions as set forth below: (1) A bond traded on a stock exchange or on a regulated market that is linked only to a currency rate, bearing variable interest the rate of which is fixed once every six months or less, and if it was not issued by a country its is as stated in the s table for this Regulation on a long-term scale; (2) A bond traded on a stock exchange or on a regulated market that is linked only to a currency rate, for which the period remaining until the redemption date is greater than one year, and if it was not issued by a country its is as stated in the s table for this Regulation on a - 5 -

6 long-term scale; (3) A short-term loan issued by a country, traded on the stock exchange, for which the period remaining until the redemption date is not more than one year; (4) A certificate of indebtedness that is linked only to a currency rate which fulfills the provisions of Regulation 2(8)(a) and its is as stated in the s table for this Regulation on a short-term scale; (5) A fixed-term deposit; (6) A bond traded on a stock exchange or on a regulated market that is linked only to a currency rate, for which the period remaining until the redemption date is greater than one year, if it was redeemable at least once during a six-month period, the redemption or conversion conditions of which cause it to fluctuate in manner a similar to a bond as stated in subparagraph (1), and its is as stated in the s table for this Regulation on a long-term scale; (7) Cash. (b) If assets have been held in a fund linked to the rate of a currency, they shall all be linked to the same currency; fixed-term deposits and cash held in the fund shall be in the same currency and no unlinked assets shall be held in it. (c) If assets have been held in a fund not linked to the rate of a currency, fixedterm deposits and cash shall be held in it in New Shekels only. (d) The average life of all the assets held in a fund shall not at any time exceed ninety days. Assets in an Israeli fund of funds 5768) 2b. Notwithstanding the provisions of Regulation 2, a fund manager may buy and hold assets in an Israeli fund of funds he manages only of the type and on the conditions as follows: (1) Units of an open fund he manages, a fixed-term deposit and cash; (2) The total value of the units he holds shall not be less than seventy-five percent of the net value of its assets; (3) The fund he holds shall not be a fund of funds. 2c. Notwithstanding the provisions of Regulation 2, a fund manager may purchase and hold assets in a foreign fund of funds he manages only of the type and on the conditions as follows: (1) Units of a foreign open fund he manages, a fixed-term deposit and cash; (2) The total value of the units he holds shall not be less than seventy-five percent of the net value of its assets; (3) A fund held by a foreign fund of funds shall meet the following conditions: (a) Units issued to the public in the country of origin according to a prospectus approved by someone legally authorized in that country to approve it and that meets at least one of the following: (1) It is published at least once every twelve months; - 6 -

7 (2) By law in the country of origin the fund manager must provide updates on every change in material matters included in it; (b) Its units have been issued to the public in the country of origin for at least twelve months prior to their purchase on behalf of the foreign fund of funds; (c) The prices of its units are determined by the value of the assets held in it and they are published on the fund s Internet site or the fund manager s Internet site or on an international distribution system of information about mutual funds for every day on which there is trading on the stock exchange in the country of origin; (d) The value of the fund s units according to the latest information published on the fund s Internet site or the fund manager s Internet site or on an international distribution system of information about mutual funds is not less than the value in New Shekels of five million U.S. dollars (in this regulation minimum value); (4) If the value of a fund s units held in a foreign fund of funds falls below the minimum value, the foreign fund of funds manager will not continue to buy units of that held fund, and if the value of the units is less than said value for a period of three consecutive months, he shall redeem the fund s units held within thirty days of the end of said period, unless the value of the units has risen in the month to more than the minimum value; (5) If the prices of a fund s units held in a fund of funds have not been published for more than seven trading days in a period of two months, the foreign fund of funds manager will redeem the fund units held within thirty days of the end of the seventh trading day on which the prices of the units have not been not published. Assets in a closed fund 5768) 3. A fund manager may hold in a closed fund assets of the type and on the conditions set forth in Regulation 2, and a fixed-term deposit in a banking corporation in Israel for a period of more than three days. 3a. A fund manager may buy and hold in a designated fund he manages (1) Assets as stated in Regulation 3; (2) A share of a hedge fund, provided that all the following apply: (a) The share price is published on dates known in advance and at least once a month by a corporation whose job it is inter alia to publish the share prices of hedge funds according to data received from hedge fund managers; (b) The share is redeemable on dates known in advance and at least once every three months; (c) The fund manager has current information on the hedge fund s investment policy or on its asset composition. 4. Notwithstanding the provisions of regulations 2 and 3, a fund manager shall not hold in a fund managed by him a security issued by the fund manager or the trustee

8 Protecting assets 5768, 5770) 4a. A fund manager shall not buy or hold an asset in a fund he manages unless it is deposited in a way that protects, to his satisfaction and to the trustee s satisfaction, the fund s rights to the asset and the rights deriving therefrom. Chapter 3: Maximum Asset Percentages of a corporation s or country s securities 5759, 5768, 5770) 5. (a) The value of securities, foreign securities and shares of a traded index fund issued by a corporation, held by a fund, shall not exceed ten percent of the net value of the fund s assets; (a1) Notwithstanding the provisions of sub-regulation (a), in a tracking fund, the ratio of securities issued by a corporation and held by the fund to the net value of the fund s assets shall not be greater than the weight of the corporation in the fund s basic index with the addition of two percentage points, and shall not exceed 25%; in this regard the weight of the corporation in the fund s basic index the weight attaching to the corporation in the calculation of the changes in the asset index; a percentage point one percent of the net value of the funds assets; (b) The value of bonds issued by a country that is not the State of Israel or an international organization as defined in the Immunity and Privileges Law (International Organizations and Special Delegation), 5743, 1983, held in a fund (1) Shall not be restricted if the of the bonds is as shown in the s table for this Regulation on a long-term s scale or on a short-term scale, as applicable; (2) Shall nor exceed forty percent of the net value of the fund s assets if the of the bonds is as shown in the s table for this Regulation on a long-term s scale or on a short-term scale, as applicable; (3) Shall not exceed the rate stated in sub-regulation (a) if it is not a bond as stated in paragraphs (1) or (2); However, if the of a bond has changed while it was being held by a fund, and as a result of the change the provisions of paragraphs (1) or (2) are not fulfilled, a fund manager may continue to hold it in the fund but he will not be entitled to buy it on behalf of the fund. of the listed value 5759, 5768) 6. (a) The value of a security excluding a bond, and the value of a foreign share excluding a bond held in a fund shall be not more than five percent greater than the amount of that security or foreign security listed for trading multiplied by its value at the end of the trading day (in this Regulation the listed value). (a1) The value of a bond, including if it is a foreign security, held in a fund, shall be not more than ten percent greater than the listed value of that bond. (b) The value of a security, excluding a bond, and the value of a foreign share excluding a bond held in a fund managed by a fund manager shall be not more than fifteen percent greater than the listed value of that security. (b1) The value of a bond, including if it is a foreign security, held in a fund managed by a fund manager shall be not more than twenty-five percent greater than the listed value of that bond

9 (c) For this Regulation, securities or foreign securities from different series will be considered as different securities. of options 5768) 6a. The value of options held in a fund shall not exceed the percentages stated in Regulations 3 and 4 of the Options Regulations. of certificates of indebtedness 5768) 6b. (a) The value of certificates of indebtedness in a fund shall not exceed five percent of the net value of the fund s assets, and in a cash fund twentyfive percent of the net value of the fund s assets. (b) The value of certificates of indebtedness issued by a corporation and held in a cash fund shall not exceed two and a half percent of the net value of the fund s assets. (c) If the value of certificates of indebtedness held in a fund has exceeded the percentages stated in sub-regulations (a) or (b) for seven continuous trading days, the deviation from said percentages will not be considered a breach of the provisions of this Regulation if the fund manager demands from the issuer of the certificates of indebtedness, on the first day after said period has ended, redemption of the certificates of a value that will reduce their percentage to the permitted ones. (Amended: 5759) 7. (Repealed). of non-negotiable assets 5768, 5770) 8. (a) The value of bonds stated in Regulation 2(2)(a)(3), when the value of their series is less than the minimum value as defined in Regulation 2(2)(a)(3) for a period of at least three months together with the value of assets stated in Regulation 2(4) to (7) held in a fund shall not exceed five percent of the net value of the fund s assets, and in a fund that is not a cash fund the value of fixed-term deposits shall not exceed five percent as previously stated. (b) The value of fixed-term deposits together with the value of certificates of indebtedness shall not exceed five percent of the net value of the fund s assets; however, the value of fixed-term assets together with the value of certificates of indebtedness held in a cash fund shall not exceed twenty-five percent of the net value of the fund s assets, provided that the value of fixed-term deposits for a period in excess of seven working days together with the value of certificates of indebtedness for which the fund manager does not have an undertaking from the issuer to redeem them within seven working days after receiving a demand to do so from the fund manager, in the amount stated in Regulation 2(8)(a), shall not exceed five percent of the net value of the fund s assets. (c) If the value of fixed-term deposits together with the value of certificates of indebtedness has exceeded the percentage stated in sub- Regulation (b), it will not be considered a breach of this Regulation if said value has been reduced to the permitted percentage within seven working days

10 of units in a fund that is not a fund of funds 5768) 9. In a fund that is not a fund of funds (1) The value of units of closed funds together with the value of units of foreign funds that are not index funds traded and held in it shall not exceed fifteen percent of the net value of its assets; (2) The value of units of a closed fund or a foreign fund that is not a traded index fund, held in it shall not exceed five percent of the net value of its assets. 9a. (a) The value of units of a fund held shall not exceed 25% of the net value of the assets of a fund of funds. (b) The value of units of a fund held in an Israeli fund of funds shall not exceed 25% of the net value of the assets of the fund held. 9(b) (a) A designated fund manager shall not buy shares issued by a hedge fund such that after the purchase (1) The value of the shares issued by the hedge fund held by the fund on the date of purchase exceeds five percent of the net value of the assets of the designated fund s assets; (2) The value of all the shares issued by the hedge fund held by the fund on the date of purchase exceeds thirty percent of the net value of the designated fund s assets. (b) In the case of sub-regulation (a), a holding of a fund of hedge funds in a designated fund will be considered a holding in each of the hedge funds held in the fund of hedge funds. (c) If on any given day the value of the shares issued by a hedge fund or issued by hedge funds, held in a designated fund, exceeds the percentages stated in sub-regulation (a), the designated fund manager shall take the measures specified below until the percentage has been reduced to the level permitted: (1) He shall not continue to buy shares issued by a hedge fund; (2) He shall redeem shares issued by a hedge fund or issued by hedge funds and held in the designated fund on the first redemption date of these shares after that day. (Amended: 5768) 10. (Repealed). for fixed-term deposits 5768) for deposits and cash 5768) 11. The value of fixed-term deposits shall not exceed forty-five percent of the net value of a closed fund s assets. 11a. (a) The value of cash and fixed-term deposits shall not exceed fifty percent of the net value of a fund s assets; the provisions of this Regulation shall not apply for the first forty-five days after the date on which the fund s units were first offered to the public. (b) If the value of cash and fixed-term deposits in a fund exceeds said percentage, it will not be considered a breach of sub-regulation (a) if the

11 accumulated number of days on which the value was in excess of said percentage has not exceeded one hundred and eighty over a twelve month period. (c) The value of cash and fixed-term deposits deposited in any given bank shall not exceed, for at least a period of forty-five days after the units were first offered to the public, twenty-five percent of the net value of the fund s assets. (d) If the value of cash and fixed-term deposits deposited in any given bank exceeds said percentage, it will not be considered a breach of sub- Regulation (c) if the accumulated number of trading days on which the value was in excess of said percentage has not exceeded twelve over a twelve month period. (Amended: 5768) 12. (Repealed) Chapter 4: Conditions for an Israeli Fund of Funds and a Foreign Fund of Funds Conditions for an Israeli fund of funds and a foreign fund of funds 5768) 12a. (a) No salary shall be paid from the assets of an Israeli fund of funds to the fund manager and no addition as defined in Section 42(C) of the Law. (b) No addition shall be paid from the assets of a foreign fund of funds for the purchase or redemption of units held of more than one half percent of the price of the unit purchase. Chapter 5: Miscellaneous Provisions A fund the price of whose units is calculated twice a day 5768, 5770) 13. Notwithstanding the provisions of these Regulations, in an open fund the prices of whose units are calculated twice during the trading day (1) The fund manager will not buy for the fund and will not hold in it shares listed for trading on the stock exchange in Israel that are not traded either during the opening trading session or during the continuous trading session; (2) The fund manager shall not buy, hold or create for the fund options or futures contracts listed for trading on the stock exchange in Israel; (3) The value of foreign securities held in a fund, including options traded outside of Israel, cash and foreign currency deposits, shall not exceed ten percent of the net value of the fund s assets. Repeal 14. Repealed (1) The Joint Investment Trust (Purchase of Foreign Securities) Regulations, ; (2) The Joint Investment Trust (Holding of Foreign Currency) Regulations,

12 Commencement 15. The commencement of these regulations is on 29 Adar II, 5755 (31 March, 1995). (Amendments 5768, 5770) Addenda (Amendment 1) Ratings Table Rating company: Bond for Regulations 2a(1), 2a(2) and 2a(6) Bond for Regulation 2(6)(b) Bond for Regulation 2(6)(c) Bond for Regulation 2(8)(b) Bond for Regulations 5(b)(1) Bond for Regulations 5(b)(2) Maalot 1 Midroog 2 Moody s 3 Fitch 4 S&P 5 AA or A or On a long-term scale Aa2 or A3 or A2 or A3 or Aa2 or A3 or A2 or A3 or Aa2 or Less than Aa2 but not less than Baa2 AA or A or AA or Less than AA but not less than BBB AA or A or AA or Less than AA but not less than BBB Maalot The Israel Securities Rating Company Ltd. (hereinafter Maalot); Midroog Ltd. (hereinafter Midroog); Moody s Investor Services; Fitch OBCA International Rating Agency; Standard and Poor s Corporation (S&P)

13 Bond for Regulations 2(6)(b) and bond for 2(8)(b) Bond for Regulation 2(6)(c) Bond for Regulation 2a(a)(4) Bond for Regulation 5(b)(1) Bond for Regulations 5(b)(2) A-2 or A-1 or A-1 or On a short-term scale P2 or P2 or P1 or P-2 or P-2 or P-1 or F1 F1 or A-1 or A-1 or - - P-1 F1 A Less than P-1 but not less than P-3 Less than F1 but not less than F3 Less than A-1but not less than A-3 20 Heshvan 5755 (25 October 1994) Avraham (Beige) Shohat Minister of Finance