The Bank of Israel has recently published new orders in relation to reporting of FX, index-linked and interest rate derivatives transactions in which Israeli currency is involved.

In addition to Israeli financial institutions, there are reporting obligations applicable to foreign residents and to financial intermediaries (both Israeli and foreign), where acting as principal or agent.

The new reporting orders shall become effective on January 1st, 2017 and supersede the existing reporting order published in 2011. An application for extension of the deadline for implementation may be made to the Bank of Israel not later than two months prior to the implementation date.

Material changes between the new reporting orders and the previous order include:

  • Inclusion of FX Spot transactions within the reporting scope;
  • Removal of transactions in Israeli short-term government bonds from the reporting scope;
  • Reporting thresholds have changed, to be triggered upon an average daily amount of at least US $15 million in a 12 months period;
  • Changes have been made to the reporting format.

Unofficial English translations of the new reporting orders, as well as FAQs and sample reports can be found on the Bank of Israel website.