Bank
of Israel and Finance Ministry said on Monday that the Israeli banks and
insurance companies will have to move up their reporting dates to
conform with the United States.
Financial
institutions will be required to publish their annual financial
reports by the end of February instead of March 31, while quarterly
earnings
must
be published within 45 days of the end of the quarter, compared with
two months now.
"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," the central bank and
ministry said in a joint statement.
"The
process was conceived against the background of similar measures
taken around the world," it said.
The
change will be made gradually, while a start date has not yet been
set. (Reporting by Steven Scheer)
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