CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW UP-TO-DATE FULL TEXT ENGLISH TRANSLATION

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1 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW UP-TO-DATE FULL TEXT ENGLISH TRANSLATION

2 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW CONTENTS CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW CHAPTER ONE: GENERAL PROVISIONS 3 CHAPTER TWO: MANAGEMENT COMPANY 8 Article One: Licensing a Management Company 8 Article Two: Means of Control in a Management Company 9 Article Three: Responsible Bodies and Holders of Other Positions in a Management Company 10 CHAPTER THREE: PROVIDENT FUNDS 13 Article One: Approving a Provident Fund 13 Article Two: By-laws of a Provident Fund 14 Article Three: Provident Fund Accounts 15 Article Four: Payments to Provident Funds and Withdrawals of Article Five: Money from Them 17 Investment of a Provident Fund's Money and Management of its Assets 20 Article Six: Reports to Members and Public Announcements 23 Article Seven: Mergers and Splits of Provident Funds 24 CHAPTER FOUR: SUPERVISION OF PROVIDENT FUNDS 25 CHAPTER FIVE: FINANCIAL SANCTION AND CIVIL FINE 26 CHAPTER SIX: PENALTIES 28 CHAPTER SEVEN: MISCELLANEOUS 33 CHAPTER EIGHT: INDIRECT AMENDMENTS, EFFECT AND TRANSITIONAL PROVISIONS 36

3 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW CHAPTER ONE: GENERAL PROVISIONS Definitions 1. In this Law - "provident fund approval" - an approval granted under the provisions of section 13; "means of control", "equity", "holding" and "control" - as defined in the Control of Insurance Law; "outside director" - an outside director, as defined in the Companies Law, who has the professional qualifications said in section 219(c) of the said Law; "the Committee" - as defined in the Control of Insurance Law, but for the purposes of this Law - except for deliberations in the Committee on pension funds - a member who previously was an officer of a management company or of a provident fund shall be appointed Committee member instead of the Committee member said in section 4(b)(3) of the said Law; "the Commissioner" - the Capital Market, Insurance and Savings Commissioner in the Ministry of Finance; "Investment Committee" - the Committee appointed under the provisions of section 11; "management company" - a company that received a management company license; "the Companies Law" - the Companies Law ; "the Penal Law" - the Penal Law ; "the Control of Insurance Law" - the Control of Financial Services (Insurance) Law ; "the Joint Investments Trust Law" - the Joint Investments Trust Law ; "the Severance Pay Law" - the Severance Pay Law ; "provident fund monies" - the total of money and income received by a management company for a provident fund under its management, after the deduction of all the following: (1) money withdrawn from a provident fund or transferred from it to another provident fund, as said in section 23; (2) expenses and management fees collected by the management company under the provisions of section 32(a) to (c); "insurer" - as defined in the Control of Insurance Law; "index" - the consumer price index (including fruit and vegetables) published by the Central Bureau of Statistics;

4 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW "beneficiary" - the person entitled to receive money from a provident fund because of the death of a member of the provident fund or because of the death of an employee of an employer member, in accordance with the records of the provident fund, and if the management company learns of another person's entitlement to receive money as aforesaid under any statute, then that person shall be the beneficiary in respect of money that has not yet been withdrawn from the fund; "moshav shitufi" - a moshav shitufi, in respect of which an instruction was issued under section 61 of the Income Ordinance; "employer" - a person who pays wages or salary; "officer" - as defined in the Companies Law, and every employee directly subject to him, and also a member of the Investment Committee; "provident fund assets" - the sum total of the assets managed by a management company for the members of a provident fund under its management; "employee of an employer member" - an employee of an employer member, for whom the member paid money to a central provident fund; "member" - a person in whose name money is entered in the records of a provident fund or a person entitled to receive money from a provident fund, other than a beneficiary and other than an employee of an employer member; "employer member" - a member who is an employer who pays money for his employees to a central provident fund; "self employed member" - an individual member, who pays money to a provident fund for himself, including an employee who pays said money without a corresponding payment from his employer; "cooperative member" - a member of a savings provident fund that is a kibbutz or a moshav shitufi, which pays money to a provident fund for its members; "employee member" - a member who is an employee, for whom his employer pays money to a provident fund; "severance pay" - a capital amount paid by an employer to his employee or to his survivors as a grant in consequence of severance or death; "insurance fund" - an insurance program approved under the provisions of section 13(b) as a savings, severance pay or pension provident fund; "provident fund" or "fund" - a fund or an insurance program, in respect of which a provident fund approval was granted under the provisions of section 13; "personal sick pay provident fund" - a sick pay provident fund, conducted in personal accounts in the names of the employees; "personal severance pay provident fund" - a severance pay provident fund, conducted in personal accounts in the names of the employees;

5 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW "personally managed provident fund" - a fund approved under the provisions of section 13(a) as a savings provident fund or as an advanced training fund, or an insurance program approved under the provisions of section 13(b) as a savings provident fund, intended for only one member who is entitled to give orders on the investment of the money in the fund; "sick pay provident fund" - a provident fund intended to pay sick pay in accordance with provisions about entitlement to sick pay in the collective agreement that applies to the members or to the employees of the employer member, as the case may be, or in accordance with the provisions of the following laws: (1) the Sick Pay Law ; (2) the Sick Pay Law (Absence Because of a Child's Illness) ; (3) the Sick Pay Law (Absence Because of a Parent's Illness) ; (4) the Sick Pay Law (Absence Because of a Spouse's Illness) ; (5) the Sick Pay Law (Absence Because of the Spouse's Pregnancy and Maternity) ; "leave provident fund" - a provident fund intended for the payment of leave pay, its members being daily employees, as defined in the Income Tax and Employers Tax Regulations (Deduction from Wages and Payment of Employers Tax) ; for this purpose, "leave pay" - amounts payable to an employee for leave days under any statute or agreement; "provident fund for some other purpose" - a provident fund intended for the payment of convalescence pay, and also a provident fund intended for the payment of holiday pay, accident pay and other similar payments; "multi track provident fund" - a provident fund in which several investment tracks are managed and under its by-laws the member may chose from among them the investment tracks in which his money is to be invested; for this purpose, "investment track" - an investment channel for the money of members, characterized by investment restrictions that are prescribed in the by-laws of the provident fund; "central provident fund" - a provident fund, the members of which are only employers; "central sick pay provident fund" - a sick pay provident fund that is a central provident fund; "central severance pay provident fund" - a severance pay provident fund that is a central provident fund; "central pension provident fund" - a pension provident fund that is a central provident fund, intended for only one employer member, for the payment of pensions to the employer member's employees;

6 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW "branch provident fund" - a provident fund for which all the following hold true: (1) membership in the fund is limited, by its by-laws, to a certain public; (2) the management company of the fund is a body that does not operate for profit; (3) at least half the directors of the fund's management company are appointed by the members or by a representative body of the members, approved for this purpose by the Commissioner; "severance pay provident fund" - a provident fund intended for the payment of severance pay; "pension provident fund" - a provident fund intended for the payment of pensions; "savings provident fund" - a provident fund intended for the payment of savings; "kibbutz" - as defined in section 54(a) of the Income Tax Ordinance; "pension" - monthly payments continuously paid by a provident fund in accordance with its by-laws, in equal amounts or in updated equal amounts, to a self employed member, an employee member or the employee of an employer member, throughout their lifetime, and after their death - to their beneficiaries, if such there be; for this purpose, "updated equal amounts" - equal amounts that were updated in accordance with the fund's by-laws that deal with linkage or interest, including linkage to the index, to the average wage in the economy or to the fund's yield, or that prescribe another updating mechanism that was approved by the Commissioner, and in a pension provident fund that is not an insurance fund - subject to the provisions of by-laws, which prescribe a mechanism for maintaining the fund's actuarial balance; "advanced training fund" - a provident fund intended for the payment of advanced training pay to employees, to self employed persons, to kibbutz members, to moshav shitufi members or to their beneficiaries; "veteran fund" - a pension provident fund that was first approved under the provident fund regulations before January 1, 1995; "records of a provident fund" - records kept by a management company in respect of a provident fund under its management in accordance with the by-laws of that fund and the provisions of any statute; "management company license" - a license to engage in the management of provident funds, issued under the provisions of section 4(a); "savings" - a capital amount paid by a provident fund in accordance with its by-laws to an employee member, a self employed member, a cooperative member or to their beneficiaries, out of monies accrued in the provident fund to the credit of those members;

7 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW "insurance program" - within its meaning in the Control of Insurance Law; "the Minister" - the Minister of Finance. Managing provident funds 2. (a) Any person shall manage a provident fund only if he was granted a management company license, and in conformance to the conditions of the license, all if no different provision is made in this Law. (b) A management company shall manage a provident fund in accordance with the conditions in the approval of the provident fund and in the fund's by-laws. Trusteeship and the members' benefit 3. (a) A management company shall be a trustee for the assets of the provident funds under its management, for the benefit of the members. (b) In the management of the provident funds' assets, in the provision of service to their members and in the performance of its other responsibilities under this Law, the management company shall act in good faith and with diligence for the benefit of each of the members, shall not discriminate between rights vested in those members and shall not prefer any matter and any consideration to their benefit. (c) The management company shall conduct itself with caution and with the degree of skill, with which a skilled trustee would act under similar circumstances, and it shall take all reasonable steps in order to preserve the assets of the provident fund under its management and the rights that arise out of those assets. (d) The provisions of this section shall apply - (1) separately in respect of each provident fund that is managed by the management company, and as aforesaid in respect of the members of each provident fund; (2) to every person who, on behalf of the management company, engages in the management of provident fund assets. (e) In this section, "member" - including the employee of an employer member, and also the beneficiary of a member or of a said employee, after their death.

8 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW CHAPTER TWO: MANAGEMENT COMPANY Article One: Licensing a Management Company Management company license 4. (a) The Commissioner may grant a license to engage in the management of provident funds to a company that meets all the following conditions: (1) it is a company, as defined in the Companies Law; (2) its sole occupation is the management of provident funds; the Minister may prescribe provisions on the aforesaid sole occupation; (3) its equity is not less than an amount set by the Minister and on conditions prescribed by him; however, in respect of a company that only manages branch provident funds equity shall only be required from a management company which assumes financial risks that are liable - in the absence of equity - to endanger its ability to meet its obligations toward the members, and if the Minister prescribed - with approval by the Knesset Finance Committee - that the said risk makes it necessary to require equity, in amounts and on conditions which he shall prescribe for this matter; financial risk, which is part of the activity of branch provident funds when this Law goes into effect, shall not be deemed risk that makes it necessary to require equity; the Minister may prescribe provisions on the investment of all or part of the equity required under this paragraph; (4) the company holds insurance of kinds designated by the Minister, in amounts, in proportions and on conditions which he prescribed. (b) When a license is to be granted to a management company, the considerations specified in section 17 of the Control of Insurance Law shall be taken into account, mutatis mutandis; however, paragraphs (3) and (4) of the said section shall not apply to a management company that only manages branch provident funds. (c) The Commissioner shall refuse to grant a management company license to a company that meets all the conditions specified in subsection (a) only after he consulted with the Committee and after the company was given an opportunity to present its arguments to the Committee, in the manner prescribed by the Committee. License application 5. (a) A company, which wishes to engage in the management of provident funds, shall submit a written application for a management company license to the Commissioner on a form the Commissioner shall prescribe; the company's charter and by-laws shall be attached to the application, as well as particulars about -

9 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW (1) the provident funds the company proposes to manage and their most important characteristics; (2) the company's officers and their business background; (3) the company's controlling members, their business background and the financial means at their disposal; (4) the company's program in respect of the management of provident funds and its preparations for doing so, including the matters of marketing the provident funds and of contracts with service providers. (b) The Commissioner may demand data and documents from the applicant company, in addition to those specified in subsection (a), to the extent he deems necessary in order to reach a decision on the application. Conditions in the license and changes 6. The Commissioner may prescribe conditions and restrictions in the license of a management company and he may change them at any time, except that a change made not at the management company's request shall be made in consultation with the Committee and after the company was given an opportunity to present its arguments to the Committee, in the manner prescribed by the Committee. License to manage a pension provident fund 7. Notwithstanding the provisions of sections 4 and 5, a company that wishes to manage a pension provident fund shall submit an application for an insurer's license, as said in section 15(a1) of the Control of Insurance Law, and the insurer's license granted to it under the provisions of the said section shall be deemed a management company license. Lapse and cancellation of a license 8. (a) If a management company did not begin to manage a pension fund until the end of the period set therefor in the management company license, then the license shall lapse. (b) The provisions of sections 22 and 23 if the Control of Insurance Law shall apply - mutatis mutandis - to the cancellation of a management company license. Article Two: Means of Control in a Management Company Control of and holding means of control in a management company 9. (a) No person shall hold more than 5% of a certain kind of means of control in a management company, or a higher percentage that the Minister will prescribe by order, except by a permit granted by the Commissioner.

10 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW (b) (c) No person shall control a management company, except under a permit granted by the Commissioner. The provisions under Article Six in Chapter Three of the Control of Insurance Law, which apply to control of and means of control in an insurer, shall also apply - mutatis mutandis - to the matter of the control of and means of control in a management company, including in respect of a permit granted under subsections (a) or (b); however, in respect of the grant of a permit about the control of and means of control in a management company that only manages branch provident funds, paragraphs (3) and (4) of section 17 of the Control of Insurance Law shall not apply; the Minister may, with approval by the Knesset Finance Committee, prescribe relaxations on the applicability of the provisions of the said Article to a management company, by way of prescribing changes and adjustments in the applicability of some or all of the said provisions to a said company, or by way of determining that some or all of those provisions shall not apply to it. Article Three: Responsible Bodies and Holders of Other Positions in a Management Company Responsible bodies and holders of other positions in a management company 10. (a) The provisions under Article One "A" of Chapter Four of the Control of Insurance Law about responsible bodies and other officers of an insurer, except for section 41E in the said Article, shall apply - mutatis mutandis - to the matter of said responsible bodies and officers in a management company, except for the Investment Committee; the Minister may, with approval by the Knesset Finance Committee, prescribe relaxations in respect of the applicability of the provisions of the said Article to a management company, by way of prescribing changes and adjustments in the applicability of some or all of the said provisions to a said company, or by way of determining that some or all of those provisions shall not apply to it. (b) Notwithstanding the provisions of subsection (a), the Commissioner shall not oppose the appointment and shall not order the discontinuation of the service of an officer of a management company that only manages branch provident funds under the provisions of section 41J of the Control of Insurance Law, as made applicable in subsection (a), unless that officer does not meet the qualifications, restrictions and conflict of interest prohibitions, as far as those were prescribed in his respect in regulations under section 41H or under section 41I of the said Law, or under section 11(d) or under section 12, as the case may

11 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW be, and subject to relaxations prescribed under subsection (a), as far as such were prescribed. Investment Committee of a management company 11. (a) The Board of Directors of a management company shall appoint an Investment Committee for every provident fund that is managed by the company, and it may appoint a single Investment Committee for a number of aforesaid provident funds; a majority of Investment Committee members shall have the qualifications required of outside directors (in this Law: outside representatives) and the Board of Directors may also appoint persons who are not directors of the management company; in the Investment Committee of a branch provident fund the outside representatives may be in the minority, but they shall not number fewer than the number of other committee members, less one. (b) The tasks of the Investment Committee are as follows: (1) to determine the investment policy of the provident fund within the framework of the general investment policy prescribed by the Board of Directors; (2) to determine the kinds of transactions that require advance approval by the Investment Committee before they are carried out, and also the proportions of holdings of various categories of securities, which require said approval before their acquisition; (3) to determine the underlying assets of options and futures that may be bought or created as part of the provident fund's investments; (4) to determine the maximum amount of collateral that may be put up in respect of transactions in options and futures, and in respect of short sales that are carried out as part of the provident fund's investments; (5) to determine the categories of securities that may be sold short as part of the provident fund's investments; (6) to guide the officers who deal with the provident fund's investments in the implementation of the investment policy that was determined as said in paragraph (1), to supervise them, and - if the Board of Directors decided that part of the provident fund's investments not be managed directly by the management company - to guide the factors that actually manage the investments, to issue instructions to those factors on the implementation of the investment policy and to determine the manner of supervision over them; (7) to determine criteria by which implementation of the investment policy determined under paragraph (1) can be measured; (8) to formulate rules and procedures for the management of the provident fund's investments;

12 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW (c) (d) (9) to make decisions in connection with the use of means of control in bodies corporate, which the provident fund holds; (10) to perform any other task with which the Board of Directors or the Commissioner charges it. The Board of Directors of a management company does not have the right to assume the authority of the Investment Committee; an Investment Committee does not have the right to delegate any of its powers to others, including subcommittees, except on matters and under circumstances that the Minister will prescribe. The Minister may, with approval by the Knesset Finance Committee, prescribe provisions on the following: (1) the number of members of an Investment Committee and its composition; (2) the qualifications required in order to serve as member of an Investment Committee, including accountancy and financial skills, and additional qualifications required of an outside representative, of the Investment Committee chairman and of his deputy; (3) restrictions on the appointment of Investment Committee members, including restrictions because of their other occupations; (4) how Investment Committee members are nominated and provisions on the termination or lapse of their service; (5) the quorum at Investment Committee meetings; (6) decisions that must be adopted by special procedures or by a special majority; (7) times or events, upon which Investment Committees shall convene. (e) the Commissioner may order how Investment Committees are to operate, to the extent that that was not prescribed in regulations under subsection (d). (f) in this section - "option" and "future" - as defined in section 64(b) of the Joint Investments Trust Law; "short sale" - the sale of a security that does not belong to the seller; "underlying asset" - the asset that is the subject of the undertaking in an option or future. Preventing conflicts of interest 12. (a) A person shall not be appointed and shall not serve as member of an Investment Committee, if his other responsibilities or activities create or are liable to create conflicts of interest with his responsibility as member of the Investment Committee, or if they detract from his ability to serve as a said member. (b) The Minister may, with approval by the Knesset Finance Committee, prescribe provisions to prevent possible conflicts of the interests of Investment Committee members, including

13 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW provisions on the activities in which an Investment Committee member shall not have the right to engage or acts which he shall not have the right to perform, as well as declarations and reports that will be required of him. CHAPTER THREE: PROVIDENT FUNDS Article One: Approving a Provident Fund Approving a provident fund 13. (a) The Commissioner may approve a fund, in respect of which an application under the provisions of section 14 was submitted by a management company, as a savings, severance pay, pension, leave or sick pay provident fund, as an advanced training fund or as a provident fund for some other purpose, on condition that - (1) approval of a leave provident fund be given only for a fund set up under the Annual Leave Law ; (2) approval of a personal sick pay provident fund be given only in respect of a fund that lawfully operated as a said provident fund in tax year 2003 and thereafter; (3) approval of a provident fund for some other purpose be given in respect of a fund intended to pay holiday pay, accident compensation and other similar payments only if the fund lawfully operated as a said provident fund in tax year 2003 and thereafter. (b) In addition to the provisions of subsection (a), the Commissioner may approve an insurance program, in respect of which an application was submitted by an insurer under the provisions of section 14, as a savings, severance pay or pension provident fund. (c) (1) Approval of an insurance fund and program as a provident fund shall be granted them for the first time with the consent of the Director, as defined in the Income Tax Ordinance (in this section: the Director); (2) the Commissioner may grant one provident fund approval to several personally managed provident funds, which are managed by the same management company or by the same insurer, on conditions that he shall prescribe, on condition that the first grant of such an approval be with the consent of the Director. (d) The Commissioner may set conditions for the approval of a provident fund, and he may prescribe conditions and restrictions in the approval.

14 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW (e) The period of validity of a provident fund approval is three years from the day of its issue, unless the Commissioner prescribed a shorter period in the approval. Application for approval 14. (a) An application for the approval of a provident fund shall be submitted by a management company or by an insurer, and it shall include the particulars, certifications and other documents prescribed by the Minister. (b) The draft by-laws of the provident fund shall be attached to an applicant said in subsection (a), which is submitted by a management company; the insurance program shall be attached to a said application submitted by an insurer. (c) The Commissioner may require from the applicant data and documents in addition to those prescribed under the provisions of subsections (a) and (b), as he deems necessary in order to reach a decision about the application. Cancellation of approval 15. The Commissioner may cancel a provident fund approval, if any of the conditions of the approval, any provision under this Law or any administrative order given by virtue thereof was not complied with. Article Two: By-laws of a Provident Fund By-laws of a provident fund 16. (a) A provident fund shall be conducted in accordance with by-laws approved by the Commissioner. (b) The provisions of the by-laws are subject to provisions under this Law and to provisions of any other statute that apply to the management of a provident fund. (c) Subject to the provisions of subsection (b), the rights and obligations of members of a provident fund shall be determined only in its by-laws, and a management company shall not vest rights in and shall not impose obligations on members of a provident fund, which are not in accordance with its by-laws. (d) The following matters shall, inter alia, be determined in the by-laws of a provident fund: (1) the name of the provident fund; (2) the purpose of the provident fund; (3) restrictions on the addition of members, if any; (4) the provident fund's investment policy; (5) the maximum rate or amount of management fees, within their meaning in section 32(a), which the management company shall collect, and in a branch provident fund - the statement that management fees will be determined

15 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW (e) according to the actual results achieved by the management company, subject to a maximum rate or amount prescribed in the by-laws; (6) the kinds of insurance provided for the members of the provident fund, to the extent that they are to be insured; the Minister may prescribe provisions on the kinds of insurance to be provided for members of a provident fund and conditions in respect of that insurance; (7) additional matters that the Commissioner ordered to have included in the by-laws of a provident fund. The Commissioner shall not approve a provident fund's name, if it is liable to mislead. Changing the by-laws 17. (a) No change shall be made in the by-laws of a provident fund without advance written approval from the Commissioner; any change of the by-laws, for which said approval was not given, is void. (b) Notice of any change in the by-laws shall be delivered to the members or shall be published as a notice to the public, all as the Commissioner shall prescribe. Viewing the by-laws and delivery of copies thereof 18. (a) The by-laws of a provident fund and every change thereof shall be open for inspection by the public at the head office of the management company and in every location where the company markets the provident funds that it manages. (b) A management company shall give each new member who joins a provident fund under its management a copy of the provident fund's up-to-date by- laws, free of charge. (c) The Commissioner may issue instructions on the publication of a provident fund's by-laws, making them available for inspection by the public and delivering copies thereof. Article Three: Provident Fund Accounts Opening a provident fund account 19. A management company shall receive from a person who wishes to join a provident fund managed by it, and it shall give a person who joined as a said member the data and documents that the Commissioner shall prescribe. Choosing a provident fund 20. (a) If an employee has the right under any statute or agreement, including a collective agreement (in this section: the statute or agreement), to join a provident fund that is not a veteran fund for

16 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW which a special administrator was appointed under the provisions of section 78G of the Control of Insurance Law, or if he has the right to continue being a member of a said provident fund, then he may at any time choose any provident fund for the deposit of his payments and of his employer's payments, subject to restrictions on the addition of new members in the by-laws of the provident fund and to restrictions on the deposit of money under section 22, and a said employee's employer shall not make the payment of money to a provident fund for his employee conditional on its being deposited in a certain fund or in a fund that the employee will select out of a certain list of funds, all even if it is prescribed differently in a statute or agreement, and subject to the following provisions: (1) if it is prescribed in a statute or agreement that the money, which the employee will pay and that the employer will pay for him to a provident fund, be deposited in a certain provident fund or in a provident fund dedicated to a certain purpose, then the employer may make the payment conditional on its being deposited in a provident fund dedicated to the same purpose as the provident fund designated in the aforesaid statute or agreement, but if the statute or agreement prescribes that the employer deposit the money in a provident fund dedicated to one of the following purposes, then the employee may choose that the money be deposited - subject to paragraph (2) and subject to restrictions on the deposit of money under section 22 - in any provident fund dedicated to one of the said objectives, or in a combination of several said provident funds: (a) the payment of savings; (b) the payment of severance pay; (c) the payment of a pension; (2) notwithstanding the provisions of paragraph (1), in respect of the deposit of money in a provident fund dedicated to the payment of severance pay, or in respect of the severance pay component within its meaning in section 21 in a pension provident fund, the employee may choose - in respect of that money - any provident fund dedicated to the payment of severance pay or dedicated to the payment of pensions or to a combination of them, on condition that that money be deposited for the said severance pay component in the fund he chose, and if the employer so demanded, then that money shall be deposited for the severance pay component in the same fund that the employee chose for the deposit of the savings component in respect of the same salary. (b) If under or by virtue of a statute or agreement a provident fund was designated for the deposit of payments said in subsection (a), and if the employee did not choose any other provident fund under the provisions of this section, even though he was given an

17 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW opportunity to do so, then the employer may deposit the said payments in the same fund in accordance with the provisions or by virtue of the statute or the agreement and according to the objectives prescribed in the statute or agreement, as long as the employee did not choose another fund under the provisions of this section; the provisions of this subsection shall not exempt the employer from his obligations under the statute or agreement. (c) The Commissioner may prescribe provisions for the implementation of this section. Components of a provident fund account 21. The Minister may prescribe provisions on the division of a provident fund account into components, according to the employer's payments, the employee's payments and payments for severance pay, and provisions on the management of each of the said components, including provisions on how to credit profits and charge expenses in the provident fund account to each of the components and how to deduct payments from them. Article Four: Payments to Provident Funds And Withdrawals of Money from Them Payments to provident funds 22. (a) The Minister may, with approval by the Knesset Finance Committee, set maximum percentages or amounts for payments by a member to a provident fund, and if he is an employee member - also by his employer. (b) The Minister may prescribe provisions on the following matters: (1) conditions that shall apply to payments of money to a provident fund, including conditions that shall apply to payments in excess of the amounts and percentages that he shall prescribe; (2) the manner of depositing the payments said in subsection (a) in a provident fund, the particulars which the employer - whether or not he is a member - must give the management company at the time of the deposit, the dates for depositing the payments, and the interest that the management company shall collect from a said employer for any delay of a deposit; (3) certifications that the management company must give to members of provident funds under its management - and in respect of employee members also to their employers - in respect of payments deposited in a provident fund.

18 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW Withdrawal and transfer of money from a provident fund 23. (a) Withdrawals of money from a provident fund, including the receipt of a pension from a pension provident fund, and the transfer of money from one provident fund to another and from one investment track in a multi track provident fund to another investment track in the same fund shall only be as specified below: (1) a withdrawal by a member, by an employee of an employer member or by a beneficiary, of money deposited in the member's account with the provident fund; (2) a transfer by a member of money deposited in his account in the provident fund; (3) a withdrawal or a transfer by the employer of an employee member of money he deposited in a personal severance pay provident fund or in the severance pay component, within its meaning in section 21, of a pension provident fund, subject to the provisions of section 26 of the Severance Pay Law and to the provisions under section 14 of the said Law that apply to him. (b) The Minister shall, with approval by the Knesset Finance Committee, set the times and conditions under which - (1) members, employees of employer members and beneficiaries may withdraw money from provident funds, and conditions for the continuing deposit of money in the provident fund after the withdrawal; (2) members may transfer money from one provident fund to another and from one investment track in a multi track provident fund to another investment track in the same fund; (3) an employer of an employee member may withdraw money from a personal severance pay provident fund or from the severance pay component, within its meaning in section 21, of a pension provident fund, or transfer them to another provident fund. (c) The Minister may prescribe provisions on the manner of calculating the amounts that may be withdrawn or transferred under this section. (d) The Commissioner may issue directions on the following matters: (1) certifications, which a management company must give to the members of a provident fund under its management, and in respect of employee members - also to their employers, and also to the employees of an employer member, in respect of transfers or withdrawals of money under this section; (2) particulars, data and documents, which management companies must transmit to each other in connection with the transfer of money under this section between provident funds, how they are to be transmitted and the times for doing so.

19 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW Locating members and beneficiaries 24. The Minister may prescribe provisions on the steps and action to be taken by management companies in order to locate members with whom contact was lost, and in order to locate beneficiaries after the death of a member. Transferring, encumbering or charging a member's rights is prohibited 25. (a) The rights of a member in a provident fund must not be transferred to another or encumbered, except for the transfers and encumbrances specified below: (1) the encumbrance of a member's rights in a savings provident fund or in an advanced training fund, performed after the date on which the member is entitled to withdraw the money from the fund under the provisions of section 23; (2) a transfer of money to a creditor in the exercise of an encumbrance made in his favor under the provisions of paragraph (1), and the said exercise of the encumbrance shall be deemed a withdrawal of money by the member under the provisions of section 23; (3) other transfers or encumbrances made in accordance with provisions prescribed by the Minister, with approval by the Knesset Finance Committee and subject to the provisions of any statute. (b) The rights of a member in a provident fund are not subject to attachment, except under provisions to be prescribed by the Minister with the consent of the Minister of Justice, with approval by the Knesset Finance Committee and subject to the provisions of any statute; in the said regulations the Minister may - (1) prescribe conditions or circumstances under which a member's rights in a provident fund may be attached; (2) permit - in general or on conditions and circumstances that he shall prescribe - attachment of the part of a member's rights in a provident fund, the value of which exceeds a certain amount that he shall determine; (3) set times and conditions for giving a member the right to withdraw money from a provident fund even before the time set therefore under section 23, in order to exercise an attachment made by virtue of regulations made under this section. (c) The transfer, encumbrance or attachment of a member's rights made in violation of the provisions of this section shall be of no effect.

20 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW Article Five: Investment of a Provident Fund's Money and the Management of its Assets Investment of a provident fund's money 26. A management company shall invest the money of a provident fund under its management in accordance with the fund's investment policy, as prescribed in the fund's by-laws, by the company's Board of Directors and by the Investment Committee, all subject to provisions prescribed by the Minister with approval by the Knesset Finance Committee; the Minister may, in regulations under this section, set maximum percentages for investment in a certain asset or in categories of assets that he shall designate, for one provident fund or for all the provident funds managed by the management company, and also conditions and restrictions on the said investment and conditions for its performance; for this purpose, "investment" - buying, selling, holding, extending loans or any other transaction. Separation of assets and accounts 27. (a) A management company shall keep the assets of a provident fund that it manages separate from its own property, for the benefit of the members of that fund. (b) A management company shall keep a separate set of accounts for each provident fund under its management, and it shall keep the assets of one provident fund separate from the assets of other (c) provident funds. Notwithstanding the provisions of subsection (b), with approval by the Commissioner and on conditions he shall prescribe, a management company may keep a joint set of accounts for a savings provident fund together with a personal severance pay provident fund and keep their assets together. (d) The Minister may prescribe provisions on how the accounts and assets of provident funds managed by one management company are to be separated. Provident fund accounts 28. (a) A management company shall deposit the cash of a provident fund under its management in an account with a banking corporation, as defined in the Banking (Licensing) Law , with a financial institution abroad that engages in the acceptance of deposits and is subject to supervision by whoever is qualified therefor in that country, or with other bodies that the Commissioner approved, and subject to the instructions he shall issue on this matter. (b) A management company shall keep the securities accounts of a provident fund under its management with an Exchange member in accordance with the Stock Exchange by-laws, within their meaning in section 36 of the Securities Law , or with

21 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW other bodies that the Commissioner approved, and subject to the instructions he shall issue on this matter. Provisions on holding assets 29. The Commissioner may issue instructions on the holding and registering of the assets of a provident fund. Encumbering and charging provident fund assets 30. (a) The assets of a provident fund cannot be attached. (b) A management company shall not encumber the assets of a provident fund under its management, except in order to carry out a transaction for the provident fund and on conditions that the Minister shall prescribe with approval by the Knesset Finance Committee. Participation of a management company in general meetings 31. (a) The Minister shall prescribe provisions about the participation of a management company, on behalf of a provident fund under its management, in votes at general meetings of bodies corporate, in which the company has voting rights because of its management of the assets of that provident fund. (b) The management company shall make public how it voted at a general meeting said in subsection (a) and it shall make a report thereof, as the Commissioner shall prescribe. Expenses, management fees and distribution commissions 32. (a) A management company shall collect only the following out of the assets of provident funds under its management, the accounts of fund members, the payments transferred to a fund or the payments by a fund to members, to employees of employer members or to beneficiaries, (1) management fees; (2) direct expenditures on the performance of transactions with provident fund assets, as the Minister prescribed; (3) insurance premiums collected under the provisions of section 16(d)(6) (b) The Minister shall, with approval by the Knesset Finance Committee, prescribe the maximum amounts or rates of expenses and management fees, which a management company is entitled to collect out of assets, accounts or payments, as said in (c) subsection (a). A branch provident fund shall collect management fees according to the expenses it actually incurred, subject to the maximum amounts or rates set under subsection (b) (d) A management company, and also a person in control of a management company and a body corporate under the control of a said person shall not accept any benefit whatsoever, direct or indirect, in connection with the management of a provident fund,

22 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW above and beyond the expenses and management fees prescribed by the Minister under subsections (a) and (b). (e) (1) A management company shall not pay commission or any other consideration to a person because a member joined a provident fund or because he continues to be a member thereof, or because money was deposited in or withdrawn or transferred from a fund, except for the following: (a) distribution commission to a pension counselor, as defined in the Control of Financial Services (Pension Counseling and Pension Marketing) Law ; (f) (b) distribution commission to the holder of an insurance agent's license in the pension insurance branch, as defined in section 28(a)(3) of the Control of Insurance Law, to an investment counselor and investment marketer, as defined in the Investment Counseling, Investment Marketing and Portfolio Management (2) The Minister may, with approval by the Knesset Finance Committee, prescribe conditions under which a management company is allowed to pay distribution commission as said in this subsection, as well as provisions on the maximum amount or rate of the said commission, and how it is to be calculated. The Commissioner may order a management company, as well as a person or body corporate said in subsections (d) and (e), to return expenses, management fees, commissions, considerations and any other benefit, if he holds that they were collected or paid in violation of provisions under this section. Calculating the value of a provident fund's assets 33. (a) A management company shall calculate the value of the assets of a provident fund under its management in accordance with provisions prescribed by the Minister according to the kind of asset, the category of the fund and its objective. (b) The Commissioner may issue instructions how the value of a provident fund's assets are to be calculated in special cases, also in the case of an interruption in the trading of a certain security or of all securities on the Exchange. Yield of a provident fund 34. (a) The Minister shall prescribe how the yield a provident fund achieved from its assets is to be calculated. (b) A management company shall credit or debit the profits or losses of a provident fund under its management, which is of a kind or for a purpose designated by the Minister, to the accounts of the members of the fund; the Minister shall prescribe how and when the fund's profits or losses are to be credited or debited, also in respect of new money deposited in the members' accounts, and

23 CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW also the conditions that shall apply to aforesaid new money up to the date he set for crediting profits and debiting losses. Article Six: Reports to Members and Public Announcements Reports to members 35. A management company shall send members of provident funds under its management periodic reports and additional reports, in which the particulars ordered by the Commissioner shall be included, in the manner, at the times and for the periods that he shall prescribe; the provisions of section 42 of the Control of Insurance Law shall apply to the said reports, mutatis mutandis. Publication and prohibition of misleading descriptions 36. (a) The Commissioner may prescribe provisions about the publications of provident funds, including the publication of yield data and management fees, and their comparison to other provident funds. (b) A management company, any person on its behalf, a person who controls a management company or a body corporate under the control of a said person shall not make any misleading description in connection with a provident fund under the management company's management, and they shall not publish or cause anything to be published that includes a said misleading description, and the provisions of sections 55 and 56 of the Control of Insurance Law shall apply to this matter, mutatis mutandis; for this purpose, any publication of the yield achieved by a provident fund shall also be deemed a publication that includes a misleading particular, unless that publication was made in accordance with provisions by the Commissioner, as said in subsection (a), and unless the yield was calculated in the manner prescribed in regulations under section 34(a) and for the period (c) designated by the Minister. If the Commissioner concludes that a publication about a provident fund included a misleading description, then he may - after he gave the person who caused the publication an opportunity to present his arguments in the manner he prescribed - order a correction to be published in the manner and format as he shall prescribe. (d) In this section - ""to publish", "publication" - within their meaning in section 34X of the Penal Law; "misleading description" - as defined in section 55 of the Control of Insurance Law, mutatis mutandis.

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