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In these fateful economic times, with the global crisis reaching new highs, local regulators are expected to make every effort to supervise their area of activity. Prof. Zohar Goshen, the chairman of the Israel Securities Authority, is spending a large chunk of his time in New York at Columbia University, as usual teaching a class at the university's prestigious law school.

The head of the authority entrusted with looking out for the good of investors in securities is now busy lecturing law students in the U.S., while his counterparts, the Bank of Israel's Supervisor of Banks and the Commissioner of Capital Markets and Savings are girding up to make sure the public is protected as well as possible in light of the difficult times the economy is going through.

Goshen has increased the frequency of his visits to Israel, said associates. The ISA spokesman recently told TheMarker that Goshen requested, and was granted before his appointment, approval to continue teaching at the university. His contract includes the possibility of teaching one short course of six weeks at Columbia, and the number of his teaching hours is not at all similar to the amount he was committed to before the appointment. When he is in New York, according to the agreement, Goshen is on unpaid leave. The ISA spokesman said Goshen is continuously and on a day-to-day basis following ISA matters and overseeing the work of his staff, and is committed to returning at any time, if circumstances requires it.

This response from the ISA seems to imply that Goshen does not consider the present crisis serious enough to require his return to Israel.

A response from the ISA to that question was not available by press time.