Supervisor of Capital Markets, Insurance and Savings Prof. Oded Sarig today announced his resignation, after three and half years in the job. He notified Minister of Finance Yair Lapid that he will leave at the end of August. The announcement comes a day Deputy Capital Markets Supervisor Lee Dagan said that he will leave at the end of August.
Sarig's resignation comes amid reports of tensions between him and the minister's bureau and Ministry of Finance director general Yael Andoran's bureau.
Sarig, an expert in financing, came to the Ministry of Finance from academe. He served as a consultant and on the boards of major companies. As the capital markets and insurance regulator, he achieved several successes, the most important of which he believes are the establishment of the pension clearance system and promoting the regulatory codices. He also approved the Hodek Committee recommendations on the corporate bond market.
Sarig has also left measures uncompleted, including the reform in provident funds and managers insurance fees, which the Knesset set lower than he wanted, and reform on tax breaks, which the Ministry of Finance is urging in the Economic Arrangement bill without the Capital Markets Supervision Department.
Published by Globes [online], Israel business news - www.globes-online.com - on July 2, 2013
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