The Supervision of Financial Services Law, enacted in August 2016, is part of a major up and coming legislative process the objectives of which are to provide comprehensive regulation in the field of financial services provided by non-institutional bodies, develop the non-institutional financial services sector in Israel and increase the competition in the financial services field by establishing an alternative to the banking system in Israel, while at the same time protecting the rights of consumers and ensuring AML compliance. The licensing requirements under the Law came into effect on June 1, 2017 with respect to credit extension and on June 1, 2018 will come into effect with respect to services in financial assets.