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Israel Securities Authority MAGNA – Electronic filing

Israel Securities Authority MAGNA – Electronic filing. Natan Herscovitz, CIO December 2004. Internet site: www.isa.gov.il Enforcement system: investigations and intelligence Stock Exchange activity monitoring GroupWare system Electronic filing system. Main computerization projects.

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Israel Securities Authority MAGNA – Electronic filing

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  1. Israel Securities Authority MAGNA –Electronic filing Natan Herscovitz, CIO December 2004

  2. Internet site: www.isa.gov.il Enforcement system: investigations and intelligence Stock Exchange activity monitoring GroupWare system Electronic filing system Main computerization projects

  3. Electronic Filing Project • Establish a computerized system to receive and distribute, via the Internet, all reports required from the bodies supervised by the Securities Authority. • Main goal: to enhance investors’ confidence and encourage capital market investments

  4. Filing System Goals • Prompt report publication, free of delays • Equal publication: information is accessible to the general public • The electronic report is the legally original document, not only a representation • Establish an archive system that stores documents indefinitely • Enable complete data retrieval according to a large variety of criteria • Enable queries and reports – a unique, sophisticated feature

  5. Filing System Goals • Receive non-public reports for internal ISA use • Fully automatic distribution to Tel- Aviv Stock Exchange and various commercial information distributors • Uniform and standardized reporting • Very significant cost reduction for companies

  6. Public Reporting bodies Stock Exchange Data Reports Forms Docs Data Docs Data Received Docs Electronic filing Information System (MAGNA) Distribution Site Reporting Site Docs Data Docs Document Management System GroupWare Securities Authority Information Systems Architecture Data Security

  7. General project characteristics • Large amount of data: Prospectuses financial reports immediate reports transactions with controlling shareholders private placements private placements acquisitions Tender offers Change of holdings • Forms for companies, investment advisors and portfolio managers • In total, hundreds of thousands of report pages per year

  8. General project characteristics • Thousands of reporting bodies, throughout Israel, with several persons in each appointed to fill reports • Short schedule: approximately one year to set up the system from kickoff to full production • Extensive integration and tutoring project • Service offices for assistance in reporting • Help Desk providing user support by phone

  9. Project Characteristics — Software Development • Some of the world’s most advanced technologies, never used in any computer system before • Complex interfaces to internal and external systems • Advanced procedures: • Individually tailored report forms: reporting body identification and data downloads • Report type identification • Report fields Identification • Sent reports are encoded and signed • Completeness testing • Service offices

  10. Project Characteristics — Hardware and Communications • Availability and reliability: • 99.95% up time • No Single Point Of Failure • Computer room organization • DRP: Disaster Recovery Plan • Alternative site in case of crash or disaster, located in another city • Unique control & management system for hardware, software and business process control

  11. Project Characteristics — Required Data Security • System must provide: • Identification • Authentication • Non-Repudiation • Non-Disclosure • Protection against intrusion • Protection from viruses and vandals • Protection of internal ISA information systems • Interface protection

  12. Project Characteristics — Data Security solutions • Solutions used to achieve the above requirements: • PKI (Public Key Infrastructure) Technologies • Use of external and independent Certification Authority, approved by law • Use of USB Token as a cryptographic device • Use of GAP technology for physical separation as part of the PKI authentication process, including content inspection • Software security • Firewalls by various vendors • Intrusion detection packages • Anti-Virus software • Security control and management system

  13. Electronic Filing Project • Getting underway • Registration • Integration • Fully operational since Nov. 16th 2003 • Further stages: • Funds and investment counsel • Red flags

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