Evaluation Of The International Standard For Inspection Bodies And Comparison With Israeli S Regulations For Investment Portfolio Management
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Evaluation Of The International Standard For Inspection Bodies And Comparison With Israeli S Regulations For Investment Portfolio Management
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Author : ד"ר ערן נוטע Dr. Eran notea
language : iw
Publisher: קוואלטי הנדסה פיננסית
Release Date : 2014-10-01
Evaluation Of The International Standard For Inspection Bodies And Comparison With Israeli S Regulations For Investment Portfolio Management written by ד"ר ערן נוטע Dr. Eran notea and has been published by קוואלטי הנדסה פיננסית this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-01 with categories.
Evaluation of the International Standard for Inspection Bodies and comparison with Israeli’s regulations for investment portfolio management Manufacturers in the modern commerce world have understood that in order to succeed in a competitive global market they have to comply with the customer’s expectations, while observing a continuous improvement of the production processes or the service and the reduction of costs. This global orientation was taking shape the development of quality management approaches that accentuated the quality of production processes and quality management issues. In the last decade, international standards in the quality management field were published with the aim to provide the customer a trust in the supplier’s organization. The quality standardization formation accentuated the issue of services rendered to the customer, those which he could not examine and inspect by comparing to benchmark results or by comparing between different suppliers (for example compliance with reliability requirements or laboratory’s test results). For this type of services, international standards that were more meticulous were developed, referring to the organization’s form of management and its’ professional capabilities, which included the level of workforce, instrumentation and environmental conditions. Two concepts were developed in order to discriminate between fields that only included the organizational management system and those that also required proof of professional capabilities- Certification and Accreditation Certification refers to demands from the management-organizational framework. In order to acquire certification the existence and maintain of a compatible quality system is inspected. Accreditation refers to demands from the quality system and in addition the proof of professional capabilities of the organization and its’ employees. The accreditation is given to laboratories, to bodies that grant certification to organizations that supply products and services, to bodies that certificate the professional level of personnel, to bodies that confirm organizations’ standing up to environmental, safety and health requirements and to bodies that carry out inspections. In order that organizations in a country will be able to prove their compatibility with the international standards, the country should develop an infrastructure that includes a National Accreditation Body (NAB). This body will accredit the certification bodies operating in the country. The certification bodies should be a “third party” that will inspect certain requirements from various organizations. As an example a certification body for manufacturing and service industries audits compliance to ISO 9001. Several certification bodies for this purpose operate in Israel: Certification Department at the Standards Institution of Israel [SII], RONET ICS Ltd., IQC, DNV [Technion R&D Ltd.], GESCO Ltd., SKAL. A customer that approaches a supplier that received certification from a certification body that has been accredited by a NAB can trust the supplier’s quality management system. Nevertheless, the customer should check if he is receiving a product (or service) that complies with the specifications agreed with the supplier. The NAB accredits all kind of certification bodies and laboratories according to the appropriate requirements. The NAB operates according to ISO 17011. Companies that provide inspection services should comply with ISO 17020(2012). The Inspection body performs inspections according to the requirements in a validated reference document that has been agreed upon with its customer or that is mandated by local regulations. The accredited inspected body has the right to grant a certification to the inspected customer’s site or project. In 1995 EN 45004 was published in included the requirements for imparting trust in an organization that performs an inspection, it replaced the previous ISO Guide 39(1988) . Nevertheless, in that period the discrimination between accreditation and certification had not yet been determined and the term “Acceptance” was in use. In 1998, on determining the discrimination and the determination – that the inspection bodies will also undergo accreditation- the ISO 17010(1998) were developed. This standard is influenced by EN 45003(1995) or its equivalent ISO Guide 58(1993) which refers to the accreditation body operating for laboratories, and also by ISO Guide 61(1996) that refers to the accreditation body for certification bodies. The process of accreditation, i.e. if the inspection of management system processes and employees professionalism complies with requirements, has received the term “Conformity Assessment”. The ISO committee that dealt with this issue (CASCO) has prepared several guiding documents. The “tools” of the conformity inspection, according to the historical sequence of those documents are: an inspection, an examination, an audit, a certification, and an accreditation. These tools can serve first and second parties, regulators and everybody else that presents requirements for conformity. The segmentation concerning the capability of applying the tools is shown in Table 1, where the NAB is indicated as third body. Tools for the assessment of conformity I Party Party II Party III Producer’s declaration * Inspection * * * Testing * * * Auditing * * * Certification * Accreditation * Table 1: apply tools for conformity assessment As can be seen, each one of the parties can conduct an examination, an inspection, and an audit. The field of inspection services is very broad, and touches a wide variety of services. For example: an inspection of maintenance activities, conformity to requirements and supervision in a building site, evaluation of companies’ assets, financial statement, periodic inspection of elevators, supervising fire extension systems and other safety devices, schools’, surveillance, supervising measurement performance, etc.,. The requirements for accreditation and for not settling only for the certification of inspection bodies, stems from the fact that it is difficult to install trust in an inspection that has been carried out, as it is impossible to verify it by carrying it out by performing a second time under the same conditions and with the same inspection body or with another one. This is the reason underlying the decision that an inspection body should stand up to an accreditation similar to testing and calibration laboratories’ as it strongly depends on the performers’ professionalism. In light of the requirements and partial interpretations published so far, the difference between an inspection body and a testing/calibration laboratory is not quite clear. So far, part of the inspecting work has only been carried out by laboratories. ISO 17020 relates to activities of bodies whose tasks may include inspection of materials, products, facilities, plants, work processes, service operations and decisions on the level of conformity with defined requirements. The inspection usually relates to all the life cycle of items including the steps of design and recycling or disposal. The results of the inspection are reported to the customers and whenever law requires the inspection the results will be reported also to the relevant authorities. The definition of inspection according to ISO 17020 involves professional judgment for conformity assessment, and this concept has serious implication on the qualification of the inspectors employed by the inspection body. The range of the activity of inspection services covers a very wide human activities, such as: conformity inspection of items to defined requirements, inspection in construction sites, inspection of financial balances, inspection of elevators, fire extinguishing systems and other safety systems, inspection of education levels, inspection of geodetic measurements. It was decided that inspection body would be accredited as required by testing and calibration laboratories and certification bodies. The aim of the present work was to understand the ISO 17020 requirements and its implications, the standard uniqueness and the meaning for laboratories that previously preformed inspection within the frame of the accreditation scope for testing. In part one the study the following aspects were considered: a) The approaches for inspection at different sectors: the definitions used previously at the ISO standards, the approach of the European Union to inspection, interpretations of national bodies and the meaning of inspection in ISO 9001. The huge volume of experience gained with inspection in the different sectors served as the basis for the understanding that inspection findings and results should be interpreted relying on professional judgment, and employment of suitable professional inspectors who can cope with the examined subject. They should have the knowledge to understand the effect of deviations and be able to report the inspection results including a clear statement on conformity to defined and accepted criteria. All this accumulated experience contributed to the development of ISO 17020. b) The interpretation of the ISO 17020 requirements according to the European understanding: analysis was performed of the standard in light of the European interpretations EAL-G24. The analysis pointed at three major innovations: - Novel definition of inspection. - Novel criteria for independence of the inspection body. - Suitability of the inspection method to the inspected item. c) Comparison between the requirements from a testing laboratory and from an inspection body: up to present testing laboratories performed some of the inspection activities. Analysis of ISO 17020 articles in comparison with ISO Guide 25 (That was Replaced to ISO 17025), the requirements from laboratories, was performed. d) The differences identified by us are essential. A laboratory that used to perform both inspection and testing activities will have to be redefined as an entity that includes a laboratory and an inspection body. The laboratory shall comply with ISO 17025 and the inspection body with ISO 17020. The second part of the study: The Law for the Regulation of Investment Advice, Investment Marketing and Investment Management — 1995 ("Investment Advice Law") regulates the investment advice and portfolio management industries in Israel. The law is primarily a consumer protection law, the primary of objective of which is to set industry standards of professionalism, good conduct and accountability for individuals and firms engaged in providing advisory and portfolio management services. In addition to establishing threshold requirements for entering the profession, the Law addresses issues such as mitigating conflicts-of-interest between financial intermediaries and clients, the necessity of tailoring services to the individual needs of the investor and the marketing of financial instruments to retail customers. The Law also establishes 'know-your-customer' procedures and sets clear requirements for the disclosure of service fees and for the prevention of directed brokerage activities. The Investment Advice Law regulates the licensing and supervision of investment advisors, investment product marketing agents and portfolio managers. Investment Advisor – a person engaging in providing advice to others, which pertains to the evaluation of investing, holding, acquiring or selling securities and financial assets. Investment Marketing Agent – a person engaging in investment advice that has ties to certain financial products (an advisor that is not necessarily objective). Portfolio Manager - a person engaging in discretionary execution of investment transactions on behalf of others. According to the Law, all legal persons engaged in investment advice, investment marketing or investment portfolio management in Israel and vis a vis investors in Israel must be licensed by the ISA (The Israel Securities Authority) These bodies undergo accreditation by The Israel Securities Authority (ISA) and are under its ongoing surveillance. The rules and regulations system in Israel determines how investment portfolio managers and investment portfolio marketers undergo accreditation. Only accredited person is approved to function in this sector as a consultant, marketer or a manager of an investment portfolio. The Law for Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 1995 and the Israel Securities Authority regulations, published from time to time, determine the regulative framework according to which these bodies have to operate. The aim of the present work was to understand and Analysis the similarity of the elements in the ISO standard for inspection bodies and the above mentioned regulative framework. Examining the model that exists in Israel for an organization that undergoes accreditation in the financial field and its’ conformity to the requirements and criteria demanded by the accreditation according to ISO. This examination enabled us to understand how the legal requirements in Israel resemble the generic ones required from bodies undergoing accreditation according to the international requirements and criteria. It is important to understand similarity of both elements because, the closer the standardization of Israel would be similar to the accepted international criteria the markets outside Israel will be open for Israeli organizations to offer their services in compliance with the international standards. The present part also offers Actual implementations of models that were developed to stand up to standards and the requirements of the law in a corporation that manages investment portfolios. These include establishment of a system including work procedures for an organization, a uniform model for characterizing clients’ needs, that neutralizes the element of “risk love” or “risk hatred” of the investment marketer or the investment portfolio manager by determining the mode of portfolio management and characterizing the client’s needs. The study focused on the professionalism and experience required from the inspectors and on the need to rely, in many cases, generic procedures. The classification scale for independence of inspection bodies introduced in ISO 17020 exceeds by far on the one used in previous published ISO standards.
Israel
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-04-12
Israel written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-12 with Law categories.
Israel’s compliance with International Organization of Securities Commissions’ objectives and Principles of Securities Regulation has been assessed. The regulatory regime is well developed and in most respects is comparable with that of major jurisdictions. For the most part, it is compliant with international standards and regulation, and oversight by the Israel Securities Authority is robust and effective. With regard to the regulation of broker dealers, there is a significant gap in the coverage of the regulatory regime.
Accreditation Process Analysis Of Bodies In Compliance With Inspection International Criteria
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Author : Dr. Eran Notea ד"ר ערן נוטע
language : iw
Publisher: קוואלטי הנדסה
Release Date :
Accreditation Process Analysis Of Bodies In Compliance With Inspection International Criteria written by Dr. Eran Notea ד"ר ערן נוטע and has been published by קוואלטי הנדסה this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
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Author : ד"ר ערן נוטע
language : iw
Publisher: קוואלטי הנדסה פיננסית
Release Date : 2014-10-01
written by ד"ר ערן נוטע and has been published by קוואלטי הנדסה פיננסית this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-01 with categories.
תקציר: הגשמת המודל להיררכיה גלובלית של הסמכה והתעדה מתקדמת ללא הרף. אחד הצעדים החשובים הנו פיתוח הכלים להסמכת גופי בחינה (Inspection ). בשנת 1998 ועדת ISO להערכת תואמות, החליטה על אמוץ התקן האירופאי EN 45004, ופורסמה טיוטת התקן הבינלאומי ISO 17020 המפרט אמות מידה לפעולת גופי בחינה. תקן ISO 17020 מתייחס לפעילויות של גופים אשר עבודתם עשויה לכלול בחינה של חומרים , מוצרים, התקנות, מפעל, תהליכי עבודה או שרות וקביעת מידת תואמותם עם דרישות מוגדרות. תוצאות הבחינה מדווחות ללקוחות וכאשר נדרשת הבחינה ע"פ חוק מועברות התוצאות גם לרשויות המפקחות. הבחינה מתייחסת לרוב להיקף ניכר של פעילויות. לדוגמא: בחינת מוצר, מתקן או מפעל נוגעת בכל השלבים של מחזור החיים של הפריטים כולל שלבי התכנון והמחזור או ההשמדה. הגדרת הבחינה ע"פ ISO 17020 כוללת שיפוט מקצועי (professional judgment ) להערכת תואמות ולקביעת התאמתה לשימוש ולמונח זה השלכות רציניות על הבוחנים של הגוף הבוחן. התחום של שירותי בחינה נוגע במגוון רחב של פעילויות אנוש כגון: בחינה של תואמות פריטים לדרישות, פיקוח באתרי בניה, בחינת מאזנים כספיים של חברות, פיקוח על תקינות מעליות, פיקוח על מערכות כיבוי אש ואמצעי בטיחות אחרים, פיקוח על בתי ספר, פיקוח על ביצוע מדידות גיאודזיות וכד'. נקבע שגוף בחינה יעמוד בהסמכה בדומה למעבדות בדיקה וכיול, ולגופי התעדה. מטרת העבודה הייתה להבין את הדרישות של ISO 17020 לגבי גוף בחינה והמשמעויות העולות מהן, את הייחוד הקיים בתקן ואת המשמעות לגבי מעבדות שבצעו קודם לכן בחינה במסגרת ההסמכה לבדיקה. בעבודה נחקרו ההיבטים הבאים: הגישות לנושא הבחינה הרווחות בסקטורים השונים נבחנו ההגדרות השונות שהיו נהוגות עד כה בתקני ISO , הגישה של האיחוד האירופאי לנושא הבחינה, גישות של גופים לאומיים והבחינה ב – ISO 9001 הניסיון הרב שנרכש במשך שנים רבות של ביצוע בחינות בתחומים השונים הוביל להבנה שיש לפרש ממצאים ותוצאות תוך הסתמכות על שיפוט מקצועי, בצורך להפעיל כבוחנים בעלי מקצוע מתאימים היכולים להבין ולהתמודד עם הנושא הנבחן והשלכותיו, ובצורך לדווח בצורה ברורה את ממצאי הבחינה כולל הצהרה ברורה על תואמות לאמות מידה ולדרישות מוגדרות ומוסכמות. כל הניסיון תרם בפיתוח תקן ISO 17020. ניתוח משמעות הדרישות שבתקן ISO 17020 תוך התחשבות בפרשנות האירופאית. נערך ניתוח התקן לאור האינטרפטציה האירופאית EAL-G24 . מתוך ניתוח התקן זוהו שלושת החידושים העיקריים שלו. הגדרה חדשה לנושא הבחינה . אמות מידה חדשניות לנושא האי תלות (Independence ) של הגוף הבוחן. נושא של התאמת שיטת הבחינה לנושא הנבחן. השוואה בין הדרישות ממעבדה לדרישות מגוף בחינה. עד כה חלק מפעולות הבחינה בוצעה ע"י מעבדות בדיקה. בירור ההבדלים בין הדרישות ממעבדות בדיקה וכיול ובין הדרישות מגופי בחינה נעשה ע"י ניתוח סעיפי תקן ISO 17020 בהשוואה עם ISO Guide 25 אשר הוחלף ב- ISO 17025 , הדרישות ממעבדות. בחינת הנדרש ממעבדה מוסמכת אם היא מעוניינת לקיים גם פעילויות של גוף בחינה ולקבל הסמכה לכך. לאחר שזיהינו את ההבדלים בין הדרישות ממעבדת בדיקה וכיול לבין הדרישות השונות מגופי בחינה בודדנו את הדרישות בהן אין חפיפה, או שישנה חפיפה חלקית. ההבדלים שזיהינו בין גוף הבחינה למעבדת בדיקה הנם מהותיים ומעבדה אשר בעבר בצעה הן פעולות בדיקה והן פעולות בחינה חייבת בהגדרה מחדש כישות אשר תכיל מעבדה וגוף בחינה. המעבדה תפעל ע"פ ISO 17025 וגוף הבחינה ע"פ ISO 17020 . תמצית המבנה ההיררכי של חברת ניהול תיקי השקעות בארץ ישראל מול הרשות המפקחת והמסמיכה, הרשות לניירות ערך. אופן קבלת הרישיון וההסמכה. ניתוח הדרישות הנדרשות מחברת ניהול תיקי השקעות, דרישות רגולטוריות הנדרשות בחוק מנהלי תיקים (חוק הסדרת העיסוק בייעוץ השקעות, בשיווק השקעות ובניהול תיקי השקעות, התשנ"ה 1995 ) ובתקנות הרשות לניירות ערך. בחינת הנדרש מגוף בחינה העובר הסמכה על פי ISO 17020 , והשוואת הדרישות של התקן מול הדרישות הרגולטוריות הנדרשות מחברת ניהול תיקי השקעות . יישומים ניהוליים בפועל של הדרישות הרגולטוריות מחברת ניהול תיקי השקעות הדומים לדרישות התקן ISO 17020 , הכוללים בניית ספר נוהלי עבודה על פי הדרישות הרשות לניירות ערך בישראל התואמים את אופן התנהלות החברה, דיווחים שוטפים ובקורות של הגוף המסמיך והמפקח. בניית מודל -בחינה של התאמה צרכי הלקוח לאופן ניהול תיק ההשקעות. מודל אחיד התואם את אופי הלקוח ומנטרל את העדפת הסיכון (אוהב סיכון או שונא סיכון) של מנהל התיקים או משווק ההשקעות. העבודה מצביעה על ההדגש שניתן בתקן למקצועיות והניסיון הנדרשים מהבוחנים של גוף הבוחן ועל הצורך להשתמש, במקרים רבים, בנהלים גנריים. סקלת הסיווג לאי תלות גוף הבחינה שהוכנס ב- ISO 17020 עולה על זה שהוכנס בתקני ISO שהוכנו לפניו. הדרישות הגנריות הנדרשות מגוף בחינה על פי תקן ISO 17020 דומות בחלקן לדרישות מחברת ניהול תיקים העוברת הסמכה ( Accreditation) על ידי הרשות לניירות ערך בישראל, דרישות אשר מעוגנות בחוק (חוק הסדרת העיסוק בייעוץ השקעות, בשיווק השקעות ובניהול תיקי השקעות, התשנ"ה 1995 ) ובתקנות הרשות לניירות ערך.
International Capital Markets And Securities Regulation
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Author : Harold S. Bloomenthal
language : en
Publisher:
Release Date : 2008
International Capital Markets And Securities Regulation written by Harold S. Bloomenthal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with International finance categories.
Banking Regulation In Israel
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Author : Ruth Plato-Shinar
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2016-09-15
Banking Regulation In Israel written by Ruth Plato-Shinar and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-15 with Law categories.
In the aftermath of the 2008 global financial crisis, many governments are seeking ways to improve their banking regulation systems in the interests of both economic health and consumer protection. Among the globally competitive countries that withstood the crisis with no significant disruption, Israel stands out, suggesting that other countries might benefit from an in-depth analysis of its banking system. This is the first book in English to provide such an analysis, emphasizing the crucial balance between prudential regulation and conduct of business regulation, which in Israel are both regulated by the same agency, unlike the ‘Twin Peaks’ model that prevails in other market-based economies. With recommendations that are highly applicable to many countries, the book examines a broad range of issues that are of current concern to the banking community worldwide. Among these issues are the following: – the architecture of financial regulation; – nationalization and privatization of banks; – conflicts of interest in the banking system resulting from universal banking; – problems of concentration and lack of competitiveness in the banking system; – the growing power of institutional investors and their entry into traditional banking activities; – mechanisms for recovery and resolution in the event of a bank failure; – new models of banking regulation, such as self-regulation and contractual regulation; and – bank consumer protection, complaint handling and redress. Even though the book focuses on Israeli banking regulation, its detailed attention to the development of a suitable supervisory model is of immeasurable international value for regulators, lawyers, bankers, academics, and business people who are in any way connected to the banking world; particularly following the 2008 crisis and its devastating effects. It is sure to be of service as many jurisdictions continue to search for optimal tools designed to prevent another such crisis.
The Decision Usefulness Of Additional Fair Value Disclosures
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Author : Theresa Herrmann
language : en
Publisher: Springer
Release Date : 2018-12-28
The Decision Usefulness Of Additional Fair Value Disclosures written by Theresa Herrmann and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-28 with Business & Economics categories.
Conducting an experiment Theresa Herrmann investigates why nonprofessional investors fail to incorporate disclosures on fair value estimates into their investment decision and what causes this exclusion. Differentiating between different types of disclosures and the development of the fair value (gain vs. loss) the results indicate that with a fair value gain, none of the disclosure information increases decision usefulness, irrespective of the presentation format. When a fair value loss occurs, fair value disclosures presented in a salient presentation format decrease decision usefulness. Thus, investors have varying information needs that are strongly linked to the development of a firm’s key asset.
Review Of The Financial Sector Assessment Program Further Adaptation To The Post Crisis Era Background Studies
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-18
Review Of The Financial Sector Assessment Program Further Adaptation To The Post Crisis Era Background Studies written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-18 with Business & Economics categories.
The past five years have seen an expansion of the scope of FSAPs to assess countries' macroprudential policy (MaPP) frameworks. This note documents this increase and offers some suggestions on how the treatment of MaPP issues in FSAPs can be further strengthened and better integrated into the overall financial stability assessment.
Australia
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Author : International Monetary Fund
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2012-11-21
Australia written by International Monetary Fund and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-21 with Business & Economics categories.
The Australian legal and regulatory framework for securities markets exhibits a high level of compliance with the International Organization of Securities Commissions (IOSCO) Principles. A few remaining concerns need to be resolved, including some identified in the 2006 assessment. Australian Securities and Investments Commission’s (ASIC) operational independence and sufficiency of resources are overarching concerns which impair its ability to discharge its supervisory functions adequately and effectively across the entire regulated population.
Israel Selected Issues
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Author :
language : en
Publisher:
Release Date : 2006
Israel Selected Issues written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Israel categories.