Tel-Aviv Stock Exchange Named A Designated Offshore Securities Market By SEC

The Tel-Aviv Stock Exchange (TASE) has announced that the U.S. Securities and Exchange Commission (SEC) has named the TASE as a "designated offshore securities market". The SEC has accorded the TASE this recognition after review of the TASE's oversight, reporting, clearance and settlement systems. With this designation, the TASE joins leading non-U.S. securities markets which have already been so designated, such as the London Stock Exchange, the Bourse de Paris, the Tokyo Stock Exchange and others. The status of a "designated offshore securities market" serves a number of specific purposes under the rules of the SEC. The designation provides several advantages that can facilitate securities offerings by TASE-listed companies, particularly to U.S. investors. For example, TASE listed securities, originally issued in the US, in transactions that were exempt from SEC registration, may be freely resold on the TASE. This is expected to primarily benefit securities issued in U.S. private placements to institutional investors. The availability of a liquid resale market is expected to make exempt offerings by TASE-listed companies more attractive to U.S. investors. The TASE's new status will provide additional benefits to companies whose securities are traded both in the United States and on the TASE,. Certain directors and officers of dual-listed companies will generally be permitted to resell their securities on the TASE regardless of any restrictions or holding periods that may apply under U.S. securities laws. While the TASE has long maintained the highest standards of oversight, reporting and technological innovation, the SEC's designation recognizes these standards and places the TASE among the world's leading securities markets who have already earned such designation. The Tel-Aviv Stock Exchange (TASE) was founded in 1953. The Exchange is owned by its 28 member firms and is closely supervised by the Israel Securities Authority, whose main mission is protecting investors. The TASE provides highly-advanced fully-electronic trading services for shares, bonds and Treasury-bills and it operates two trading floors for derivatives. All trades are cleared and settled by the TASE clearing House. The TASE offers the international investor the appealing combination of attractive investment opportunities and developed market services. Visit the TASE Web site today, at www.tase.co.il