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The Supervisor of Banks at the Bank of Israel, David Zaken, and the Commissioner of Capital Markets, Insurance and Savings at the Ministry of Finance, Prof. Oded Sarig, have agreed that the banks and insurance companies will publish their annual financial reports within two months after the end of the year (by the end of February), and not three months as the directives currently require. In parallel, the reporting date for the quarterly reports will be shortened to 45 days after the end of the quarter, and not two months as the directive currently require.
Advancing the publication dates will enable the public to more quickly obtain updated information on the financial situation and operating results of the institutions, thereby increasing transparency and improving investors’ decision-making capabilities.
In parallel, the two regulators are continuing to act to improve public disclosure in other aspects, including by way of a continuing assessment of the comprehensiveness of information requirements, and the quantity, quality, relevance, and manner of presentation of required information.
Advancing the publication dates will require financial institutions and accountant auditors to streamline their preparations for publishing the financial reports. Therefore, the change will be made gradually over a number of years. The process was conceived against the background of similar measures taken around the world. For instance, in the United States large banks are required to publish their annual financial reports within two months of the end of the year to which they relate.