(Un)Kill(ed) Bill(s): Binary Options and Minimum Wage Hikes

Here are the first few laws that the Knesset deemed worthy to pass upon returning from recess. As always, make sure to give us a like on Facebook and check out the full database of laws passed by this Knesset.

Securities Bill – 23/10/17 – Government Bill – Binary Options are essentially a gambling game disguised as an investment. While the Knesset dealt with the problem in 2016, banning options in Israel, Israeli companies were still able to sell options abroad. This law takes care of the industry completely and bans the practice. MK Rachel Azaria mentioned that Israel received many petitions from foreign bodies complaining of the problems their citizens were having with the options. For more read the Times of Israel’s excellent reporting on the matter. 

Minimum Wage Law – 30/10/2017 – Government Bill – The law raises the minimum wage to 5,300 NIS a month.

Negev Development Authority Law – 30/10/2017 – Betzalel Smotrich, Yitzchak Vaknin, Robert Ilatov, Mickey Zohar, Mordhay Yogev, Oren Hazan, David Amsalem, Nurit Koren, Eli Elalouf, Nissan Slomiansky, Yoav Kish, Yoav Bentsur, Yakov Peri, Aliza Lavie, Nava Boker, Yoel Hasson – The law addresses the status independent farms in the Negev. It changes what the committee in charge can consider when discussing whether to grant a license such as removing the necessity that those applying for the license have a full plan for the land upon the initial application. It also allows them to consider the tourism potential of the land in question and provides a two year time limit for the committee to make its recommendation. The goal of these moves is to create a legal framework for “pirate” farms. UAL MK Abd al Hakim Hajj Yihya suggested that the law was intended to retroactively legalize Jewish farms in the Negev, but not Arab farms.

Electronic Check Clearing Law – 30/10/2017 – Government Bill –   As part of Israel’s movement away from clearing checks physically to electronically, this law increases the amount of banks who can clear and the types of checks that can be cleared. What this means for you (theoretically) is lower fees.

State Market Regulation Bill – 30/10/2017 – Government Bill – The law deals with gas usage in houses. It gives the government more enforcement capabilities in the event that a company that provides gas breaks the law. It also regulates how fines work and how they’re publicized.

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