On Apr. 9, 2025, ISR CB published Circular H-06-2813, following previous consultation setting out the final terms and requirements for information provided on various funds.
Circular is accompanied by the publication of regulation determination report according to the Regulation Principles Law 5772-2021, and will be reviewed retrospectively in accordance with the requirements of this law 10 years from date of entry into force.
The Circular contains the details of the updated requirements with Explanatory notes provided for each of the sections, to ensure a complete understanding of the changes.
The Circular includes Appendices A and B containing tables to display the information about monetary funds and mutual funds, to create a uniform format within the system.
It also contains an updated version of the Proper Banking Management Directive 447, (04/25), which includes all the relevant changes introduced and the required tables.
Provision comes in effect six months from publication, Oct. 9, 2025, and the display of information on public website takes effect 10 months from publication, Feb. 9, 2026.
ISR CB issued a joint press release publishing a draft Directive that makes information about various monetary funds and mutual funds provided, accessible on bank website.
To encourage competition in financial system, this Directive sets rules and a uniform structure for presenting information to public about money funds and mutual funds.
Also increasing transparency and simplifying advertising to allow customers to compare a variety of value propositions improving the usability of the information on websites.
This information is added to the publication of the information required with respect to deposits, as was stipulated in Proper Banking Management Directive 447, in May 2024.
This provision does not derogate from the provisions set forth in the Joint Investments in Trusts Law (5754-1994) and regulations, and the rules set forth by virtue thereof.
This provision shall apply to a banking corporation as defined in the Banking (Customer Service) Law, (5741-1981), via which all orders for units in money funds can be made.
A banking corporation must issue a centralized publication information about deposits, and funds, as defined in Directive 447, to allow each customer to perform an initial screening according to the desired investment period and currency, providing choice.
It must present information in a manner that does not favor one product over another.
It must explain at the beginning of the advertisement that its goal is to present the customer with a variety of products to choose from, according to their own preference.
The disclosure will be introduced in combination with information required with respect to deposits, which was determined as being expected to enter in force on Apr. 1, 2025.
Effectiveness
ISR CB invites the public to respond and to comment on the draft, until Jan. 13, 2024.
Apr. 2025 Circular Published
On Apr. 9, 2025, ISR CB published Circular H-06-2813, following previous consultation setting out the final terms and requirements for information provided on various funds.
Circular is accompanied by the publication of regulation determination report according to the Regulation Principles Law 5772-2021, and will be reviewed retrospectively in accordance with the requirements of this law 10 years from date of entry into force.
The Circular contains the details of the updated requirements with Explanatory notes provided for each of the sections, to ensure a complete understanding of the changes.
The Circular includes Appendices A and B containing tables to display the information about monetary funds and mutual funds, to create a uniform format within the system.
It also contains an updated version of the Proper Banking Management Directive 447, (04/25), which includes all the relevant changes introduced and the required tables.
Provision comes in effect six months from publication, Oct. 9, 2025, and the display of information on public website takes effect 10 months from publication, Feb. 9, 2026.
Regulators
ISR CB
Entity Types
Bank; IA
Reference
Cir H-06-2813, Dir 447 (04/25), PR 4/9/2025; CP, PR 12/30/2024; Dir 447, 5/20/2024; Law 5772-2021; Law 5754-1994; Law 5741-1981; Citation: Circular H-06-2813;
