Client updates

The Israel Tax Authority (ITA) published a new directive a few days ago that updates the rules for persons classified as disabled, blind, or injured during Israel’s various wars, and families of fallen soldiers.

In October of this year, the Israel Securities Authority published a memorandum of law aimed at regulating broker-dealer activities in Israel. Public comments will be accepted until 21/11/24. At issue is an initiative that the ISA and the Ministry of Finance have been trying to promote for several years since the publish of the previous […]

Due to the Swords of Iron War and the state of emergency, the Registrar of Amutot and Endowments published a new directive extending the deadlines for NPOs to file their 2023 annual reports in order to enable them to obtain a Certificate of Proper Management for 2025.

After the Markets in Crypto-Assets Regulation (MiCA) entered into force in June 2024, a significant step took place last July with the publication of the European Banking Authority (EBA) final Travel Rule guidance.

Curaçao, renowned as one of the most popular jurisdictions in the online gaming industry, is launching a significant reform in its licensing and supervision of gaming companies. This reform is part of a broader legislative process

On September 17, an amendment to the Income Tax Rules (Relief in Issuance of Shares to Employees) was officially published, approximately 20 years from the last amendment. The amendment will enter into force on January 1, 2025 and will mainly affect the processes of approving equity incentive plans and of reporting to the Israeli Tax Authority.

The Tel Aviv District Court handed down an important ruling recently regulating the activities of entities distributing alternative investments in Israel. In many instances, the distribution activities are accompanied by conversations and correspondence with potential investors, which constitute investment advice, and this is where matters become complicated.

The district court’s position in its recent ruling in the Ahuzat Allenby Ltd. case has significant implications for investors, developers and private individuals who purchase apartment buildings slated for demolition and are looking to change the zoning of the purchased properties.

The Digital Operational Resilience Act (DORA) is an EU regulatory framework, aimed at enhancing the financial sector’s ability to withstand and recover from ICT (information and communication technology) disruptions.

The Israel Securities Authority recently published a draft of a new directive for payment companies and holders of basic initiation licenses or approvals regarding reporting to the Authority. According to the Draft, payment companies and holders of basic initiation licenses or approvals are required to submit annual, semi-annual, quarterly, and immediate reports on various topics, such as audited or reviewed financial data, operational data, compliance with capital requirements, technological measures, corporate governance, compliance etcetera.

The Israel Securities Authority has published several additional revisions to the Israeli money market reform since the Knesset approved legislative amendments designed to promote competition in the money market, and since the draft directives and rules were published approximately two months ago. The money market reform relates to money market mutual funds, deposits and government bonds (short-term loans maturing in no more than one year).

The Privacy Protection Authority has issued a mandatory guideline holding the board of directors fully responsible for information security, with heavy fines for violations. The guideline requires the board to oversee compliance with regulations and develop organizational policies, particularly for entities processing sensitive personal data.

Recently, the Consumer Protection and Fair-Trade Authority issued a position paper regarding the disclosure obligations businesses must meet when making changes to product characteristics or components. According to the position paper, any material change in a product’s characteristics or components must be clearly and prominently displayed on the product itself, allowing the consumer to make an informed decision regarding the product. This is because consumers typically do not recheck a product’s features or ingredients, when they purchase it regularly.

The Knesset approved a series of legislative amendments this past July designed to promote competition in the money market – money market mutual funds, deposits and government bonds (short-term loans maturing in less than one year) – and to enable the general public to achieve higher returns on its short-term savings.

An important amendment to the Israeli Severance Pay Law was enacted recently to facilitate the process of redeeming the severance pay of employees who died during the period prescribed in the amendment.

The U.S. court is hearing artists’ lawsuits against AI platforms for copyright infringement. The decision could lead to new regulations and insights into the impact of using protected works for training.

This year, the Israeli Capital Market, Insurance and Savings Authority issued a series of new and revised circulars regarding proper management and corporate responsibility by financial service providers.

Following the Financial Action Task Force’s announcements, the Israel Money Laundering and Terror Financing Prohibition Authority published a list of countries and jurisdictions at high risk of money laundering, terror financing, and proliferation financing.

The amended regulations, expected to come into effect in August 2024, improve the tax benefit track for new immigrants who are purchasing a first residence and are more lenient than the purchase tax track to which every Israeli resident is entitled when purchasing a first residence.

Important amendment to the Prevention of Sexual Harassment Law in Israel protects employees of service contractors and obligates customers ordering services to address incidents of sexual harassment committed on their premises, even if the employees are employees of service contractors and not of manpower contractors.