Exhibit 12.2



CERTIFICATION OF THE CHIEF FINANCIAL
OFFICER

PURSUANT
TORULE 13a-14(a)/RULE 15d-14(a) under

the
Exchange Act



I, Asaf Berenstin, certify that:



| | 1. | I have reviewed this annual report on Form 20-F for the year ended
                                                           December 31, 2012 of Formula Systems (1985) Ltd. (the “Registrant”);
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| | 2. | Based on my knowledge, this report does not contain any untrue
                                                           statement of a material fact or omit to state a material fact necessary
                                                           to make the statements made, in light of the circumstances under which
                                                           such statements were made, not misleading with respect to the period
                                                           covered by this report;
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| | 3. | Based on my knowledge, the financial statements, and other financial
                                                           information included in this report, fairly present in all material
                                                           respects the financial condition, results of operations and cash flows
                                                           of the Registrant as of, and for, the periods presented in this report;
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| | 4. | The Registrant’s other certifying officer(s) and I are responsible
                                                           for establishing and maintaining disclosure controls and procedures
                                                           (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
                                                           control over financial reporting (as defined in Exchange Act Rules
                                                           13a-15(f) and 15d-15(f)) for the Registrant and have:
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| | (a) | Designed
                                                                                                                             such
                                                                                                                             disclosure
                                                                                                                             controls
                                                                                                                             and
                                                                                                                             procedures,
                                                                                                                             or
                                                                                                                             caused
                                                                                                                             such
                                                                                                                             disclosure
                                                                                                                             controls
                                                                                                                             and
                                                                                                                             procedures
                                                                                                                             to
                                                                                                                             be
                                                                                                                             designed
                                                                                                                             under
                                                                                                                             our
                                                                                                                             supervision,
                                                                                                                             to
                                                                                                                             ensure
                                                                                                                             that
                                                                                                                             material
                                                                                                                             information
                                                                                                                             relating
                                                                                                                             to
                                                                                                                             the
                                                                                                                             Registrant,
                                                                                                                             including
                                                                                                                             its
                                                                                                                             consolidated
                                                                                                                             subsidiaries,
                                                                                                                             is
                                                                                                                             made
                                                                                                                             known
                                                                                                                             to
                                                                                                                             us
                                                                                                                             by
                                                                                                                             others
                                                                                                                             within
                                                                                                                             those
                                                                                                                             entities,
                                                                                                                             particularly
                                                                                                                             during
                                                                                                                             the
                                                                                                                             period
                                                                                                                             in
                                                                                                                             which
                                                                                                                             this
                                                                                                                             report
                                                                                                                             is
                                                                                                                             being
                                                                                                                             prepared;
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| | (b) | Designed
                                                                                                                             such
                                                                                                                             internal
                                                                                                                             control
                                                                                                                             over
                                                                                                                             financial
                                                                                                                             reporting,
                                                                                                                             or
                                                                                                                             caused
                                                                                                                             such
                                                                                                                             internal
                                                                                                                             control
                                                                                                                             over
                                                                                                                             financial
                                                                                                                             reporting
                                                                                                                             to
                                                                                                                             be
                                                                                                                             designed
                                                                                                                             under
                                                                                                                             our
                                                                                                                             supervision,
                                                                                                                             to
                                                                                                                             provide
                                                                                                                             reasonable
                                                                                                                             assurance
                                                                                                                             regarding
                                                                                                                             the
                                                                                                                             reliability
                                                                                                                             of
                                                                                                                             financial
                                                                                                                             reporting
                                                                                                                             and
                                                                                                                             the
                                                                                                                             preparation
                                                                                                                             of
                                                                                                                             financial
                                                                                                                             statements
                                                                                                                             for
                                                                                                                             external
                                                                                                                             purposes
                                                                                                                             in
                                                                                                                             accordance
                                                                                                                             with
                                                                                                                             generally
                                                                                                                             accepted
                                                                                                                             accounting
                                                                                                                             principles;
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| | (c) | Evaluated
                                                                                                                             the
                                                                                                                             effectiveness
                                                                                                                             of
                                                                                                                             the
                                                                                                                             Registrant’s
                                                                                                                             disclosure
                                                                                                                             controls
                                                                                                                             and
                                                                                                                             procedures
                                                                                                                             and
                                                                                                                             presented
                                                                                                                             in
                                                                                                                             this
                                                                                                                             report
                                                                                                                             our
                                                                                                                             conclusions
                                                                                                                             about
                                                                                                                             the
                                                                                                                             effectiveness
                                                                                                                             of
                                                                                                                             the
                                                                                                                             disclosure
                                                                                                                             controls
                                                                                                                             and
                                                                                                                             procedures,
                                                                                                                             as
                                                                                                                             of
                                                                                                                             the
                                                                                                                             end
                                                                                                                             of
                                                                                                                             the
                                                                                                                             period
                                                                                                                             covered
                                                                                                                             by
                                                                                                                             this
                                                                                                                             report
                                                                                                                             based
                                                                                                                             on
                                                                                                                             such
                                                                                                                             evaluation;
                                                                                                                             and
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| | (d) | Disclosed
                                                                                                                             in
                                                                                                                             this
                                                                                                                             report
                                                                                                                             any
                                                                                                                             change
                                                                                                                             in
                                                                                                                             the
                                                                                                                             Registrant’s
                                                                                                                             internal
                                                                                                                             control
                                                                                                                             over
                                                                                                                             financial
                                                                                                                             reporting
                                                                                                                             that
                                                                                                                             occurred
                                                                                                                             during
                                                                                                                             the
                                                                                                                             period
                                                                                                                             covered
                                                                                                                             by
                                                                                                                             the
                                                                                                                             annual
                                                                                                                             report
                                                                                                                             that
                                                                                                                             has
                                                                                                                             materially
                                                                                                                             affected,
                                                                                                                             or
                                                                                                                             is
                                                                                                                             reasonably
                                                                                                                             likely
                                                                                                                             to
                                                                                                                             materially
                                                                                                                             affect,
                                                                                                                             the
                                                                                                                             Registrant’s
                                                                                                                             internal
                                                                                                                             control
                                                                                                                             over
                                                                                                                             financial
                                                                                                                             reporting;
                                                                                                                             and
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| | 5. | The Registrant’s other
                                                            certifying officer(s) and I have disclosed, based on our most recent
                                                            evaluation of internal control over financial reporting, to the Registrant’s
                                                            auditors and the audit committee of the Registrant’s
                                                            board of directors (or persons performing the equivalent functions):
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| | (a) | All significant deficiencies and material weaknesses in the
                                                                design or operation of internal control over financial reporting
                                                                which are reasonably likely to adversely affect the Registrant’s
                                                                ability to record, process, summarize and report financial information;
                                                                and
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| | (b) | Any fraud, whether or not material, that involves management
                                                                or other employees who have a significant role in the Registrant’s
                                                                internal control over financial reporting.
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Date: May 14, 2013

| | /s/ Asaf Berenstin           
| | -----------------------------
| | Asaf Berenstin               
| | Chief Financial Officer      
| | (Principal Financial Officer)