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Recital 11

Recital 11

(11)Pursuant to Section 50C of the SL, ISA is empowered to supervise the operations of CCPs authorised in Israel. The objectives of ISA’s supervision consist of ensuring the stability and the efficiency of the CCPs and control the compliance of the Israeli CCPs to their obligations. In addition, provisions from Section 10 of the PSL, Sections 56A and 50C(d) of the SL supplement the set of powers granted to ISA which may audit a CCP, carry out on-site inspections, and require documents proving the adequate implementation of the legally binding requirements for CCPs authorised in Israel. ISA may impose internal rules to the established CCPs if an infringement is suspected as laid down in Section 50C(b) of the SL.

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