Israel market regulator proposes English language option for listed companies

Reuters
A man stands in front of an electronic board displaying market data at the Tel Aviv Stock Exchange, in Tel Aviv, Israel January 29, 2017. REUTERS/Baz Ratner/File Photo

JERUSALEM (Reuters) - All companies listed on the Tel Aviv Stock Exchange should be allowed to report in English to help them to attract more international investment, Israel's market regulator proposed on Sunday.

Most companies in Tel Aviv must currently report in Hebrew, with the exception of high-tech and dual-listed firms that are permitted to use English. The new proposal offers the option to all businesses and is meant to bring Tel Aviv in line with leading global exchanges, where English is commonly accepted.

"Giving the option to report in English is expected to remove the language barrier and further open the Israeli market to the world," said Anat Guetta, chair of the Israel Securities Authority (ISA).

Israel has been taking steps over the past few years to boost trading volumes in Tel Aviv, reducing regulations and encouraging dual-listings.

The public has until Jan. 16 to respond to the proposal.

If it is accepted and the law is amended, companies making an initial public offering in Tel Aviv could choose English, while those already listed would need board and shareholder approval to switch languages.

(Reporting by Ari Rabinovitch; Editing by Keith Weir)