nnual reports must be filed by the end of March. Public companies
will be obliged to list all topics on the agenda of their general
meeting, and to refrain from using a "sundry" item.
Public companies will be required from now on to file immediate
reports with the Tel-Aviv Stock Exchange (TASE) in real time, on any
event capable of influencing trading in their shares. Hitherto, such
report was required within seven days of the event. This amendment in
the TASE Regulations was approved today (Thursday) by the finance
committee, together with other amendments introduced by Finance
Minister Avraham Shohat, at the suggestion of the Securities
Authority.
This move to close the immediate report gap was prompted by
instances in which the interval between the occurrence of the event
and the filing of the report was abused by interested parties, who
postponed the report until the last moment, meanwhile using the
classified information, before its release to the general public, for
deriving a profit.
The new regulation requires immediate reporting by 13:00 hours on
the trading day, if one of the heads of the corporation became aware of
the event by 10:00 that day. If the event became known after 10:00
hours, then the report must reach TASE next day by 10:00 hours. This
regulation will take force 30 days after being published in
Gazettes.
Other amendments to the TASE Regulations include:
- A public company must file its annual report with TASE three
months from the end of the reported year in lieu of the four months
allowed hitherto.
- Topics of any kind whatsoever forming part of the agenda of
a general meeting of a public company will be published in full in the
invitation, and no topic may henceforth be concealed under the title
of "sundry", which had enabled resolutions to be adopted in the absence
of interested shareholders.
- Disciplinary offences will be extended in such a way as to
include also the breach of any resolution of the TASE Board of
Directors, and a provision will be introduced whereby a TASE member is
required to deal with bona fides and probity also with the TASE
itself, and not only with other members.