After year and a half, Smotrich names new head of capital markets regulator
Finance minister selects Amit Gal, who has served as acting chief of the capital markets and savings authority since October 2022, to oversee NIS 2.5 trillion in public savings
Sharon Wrobel is a tech reporter for The Times of Israel
After about a year and a half, Finance Minister Bezalel Smotrich has named Amit Gal as Israel’s new capital markets, insurance, and savings commissioner.
Gal, who has been serving as acting commissioner of the capital markets, insurance, and savings authority since October 2022, previously was senior deputy commissioner responsible for reinsurance, risk management, information technology, and cyber threats.
Gal replaces Moshe Bareket, who stepped down in 2022 after four years in the post. The appointment will be brought to the cabinet for approval, the Finance Ministry said in a statement late on Monday.
Gal was one of two candidates recommended to Smotrich by a search committee headed by Finance Ministry director-general Shlomo Heizler. The capital markets, insurance, and savings authority oversees financial services regulation in the insurance, pension, and provident funds markets. It is responsible for ensuring the stability and competitiveness of these markets.
“The capital markets authority will be a dominant player in returning Israel’s war economy onto a trajectory of accelerated growth,” said Smotrich. “The NIS 2.5 trillion ($677 billion) managed by institutional bodies need to find avenues of investment in the Israeli economy and will represent an engine of growth through a combination of regulation, taxation, and the development of diverse investment tools and products.”
“The authority also has a central role in the fight against the cost of living,” he added.
Smotrich said Gal was appointed capital markets regulator for his extensive experience at the capital markets, insurance, and savings authority, his familiarity with the main players in the local capital market, and his professional interpersonal skills.
Before joining the capital markets, insurance, and savings authority in 2019, Gal served in several insurance and finance positions, including as head of insurance risks at Clal Insurance, risk management analyst at Harel Insurance and Finance, and analyst at credit rating agency S&P Global.
Gal holds a BA in mathematics and economics and an MBA in accounting and finance, both from Tel Aviv University.
The Times of Israel Community.