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Client updates / Regulation

Europe: Amazon Slapped with Record-Breaking Privacy Fine

August 25, 2021 / Karin Kashi

E-commerce giant Amazon reported in its financial statements at the end of last month that the Luxembourg data protection authority had imposed on it a fine totaling EUR 746 million. The fine appears to have been laid on Amazon for its use of users’ personal data for targeted advertising, in violation of the EU’s General Data Protection Regulation (GDPR).

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Categories: Privacy Law | Regulation

Amendment to Israeli Competition Rules – RPM Arrangements

August 8, 2021 / Anat Even-Chen, Ori Rodriguez

The block exemption for non-horizontal arrangements recently underwent a significant change. Beyond changing the name of the block exemption to “Rules of Economic Competition,” a significant amendment was introduced relating to the issue of price restraints in vertical arrangements.

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Categories: Competition Law and Antitrust

Climate Law Memorandum: Goals and Means for Handling the Climate Crisis

June 15, 2021 / Sagi Gross, Izabel Pashayev

The Ministry of Environmental Protection recently published the Memorandum for the Climate Law 2021. The memorandum’s main purpose is to create an organizational framework for Israel's handling of the global climate crisis. It follows the developing trend among countries worldwide that have enacted similar climate legislation. According to the memorandum, handling the crisis shall occur on two primary levels. The first is prevention and minimization of greenhouse gas emissions in order for Israel to meet its international obligations under the Paris Agreement. The second is advancing national preparedness for the impacts and harms of the climate crisis.

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Categories: Environmental Law

Bank of Israel: Environmental Considerations and Risks Should Be Part of Banking Corporations’ Risk Management

June 13, 2021 / Anat Even-Chen

The Bank of Israel published its latest annual review at the end of May. The review includes an announcement by Supervisor of Banks Yair Avidan that he is promoting the formulation of updated comprehensive regulations on environmental risk management, considering the considerable importance he attributes to the subject of the environment.

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Categories: Banking & Finance | Environmental Law

Employers: Coronavirus Restrictions Have Expired

June 7, 2021 / Netta Bromberg

On June 1, 2021, the regulations that guided the conduct of workplaces during the coronavirus crisis expired. Accordingly, from this day forward, there is no longer a requirement to operate in accordance with the green tag or purple tag directives in the workplace. At this stage, holding gatherings, professional trainings, and group meals at the workplace is permitted, even without observing social distancing.

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Categories: Employment | Regulation

Israel Securities Authority Recommendations on Corporate Responsibility and ESG Risks

May 4, 2021 / Sagi Gross, Izabel Pashayev

In light of global capital market investors’ growing interest in the topic of responsible investments, the Israel Securities Authority recently published a proposed outline for corporate responsibility and ESG risk disclosures.

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Categories: Capital Markets | Environmental Law

Employers: Everything You Need to Know about Vaccinations

February 18, 2021 / Netta Bromberg, Anat Even-Chen, Karin Kashi, Barnea

This past year has been nothing short of a rollercoaster ride for employers in Israel, in terms of both their business activities and their role as employers. Now, when we can perhaps see a glimmer of light at the end of the tunnel in the form of Israel’s vaccination campaign, quite a few questions arise.

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Categories: Employment | Privacy Law | Regulation

Submission of Joint Offers in Tenders

February 3, 2021 / Ilan Blumenfeld

When competing entities join forces to submit a tender offer, it reduces the overall number of entities competing for a tender. Reducing the number of competing entities may increase the market power of those participating entities against the tender holder and enable them to make less attractive offers.

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Categories: Competition Law and Antitrust | Regulation

Israel Securities Authority: Tokens May Be Classified as Securities

January 25, 2021 / Andrey Yanai, Dor Levi-Tam

The Israel Securities Authority recently established guidelines on when a cryptographic currency (token) is considered a security. The ISA determined that Kirobo tokens meet the definition of a security. This is primarily because the The Israel Securities believes investors would intend to purchase the tokens for financial purposes. In addition, these investors would anticipate their holdings to go up in value.

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Categories: Capital Markets | Capital Markets Regulation

Israel Competition Authority Increases Enforcement against Exclusivity Arrangements

January 10, 2021 / Ilan Blumenfeld, Gal Ben David

On December 30, 2020, the Israel Competition Authority (ICA) notified SOS, a company in the field of fueling services, it was imposing a financial sanction of NIS 6.3 million on the company. In addition, it imposed a financial sanction of NIS 350,000 on an executive officer in the company. Following a complaint an SOS competitor filed with the ICA, the ICA concluded SOS had entered into exclusivity agreements with its clients. The company also implemented a policy whereby it would not provide fueling services to a client if the client simultaneously engaged with a competing fuel service provider.

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Categories: Competition Law and Antitrust

Epidemiological Investigations and Privacy Protection

December 29, 2020 / Netta Bromberg, Anat Even-Chen, Jacki Silbermann

Israel’s Privacy Protection Authority published its guidelines and emphases for protecting the privacy of individuals when conducting COVID-19 epidemiological investigations in workplaces.

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Categories: Employment | Privacy Law | Regulation

An Act of Deterrence against a Polluting Plant

December 20, 2020 / Sagi Gross

Israel's Ministry of Environmental Protection imposed a financial sanction of NIS 634,000 on Bazan Group's Gadiv Petrochemical Industries for not complying with a deadline to stop harmful emissions. The ministry stated that due to the severity of the violation, both a financial sanction and administrative enforcement measures would be imposed.

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Categories: Environmental Law | Regulation

Amendment to Consumer Protection Law Restricts Telemarketing Calls

December 6, 2020 / Anat Even-Chen, Barnea

A recent amendment to the Consumer Protection Law seeks to place restrictions on telemarketing. As part of the amendment, the Consumer Protection and Fair Trade Authority will establish a database of consumers who don't want to receive telemarketing calls from various businesses. Businesses will not be able to contact a consumer whose telephone number is registered in this database, except in specific circumstances.

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Categories: Consumer Protection | Regulation

Regulation of Broker-Dealer Activity

November 24, 2020 / Ron Shuhatovich, Michal Koren

While the activity of most financial intermediaries in Israel is regulated and supervised, broker-dealers have so far operated in an unsupervised manner and without dedicated regulation. In light of this, the Israel Securities Authority has published a legislative memorandum aimed at regulating the field of broker-dealers in Israel.

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Categories: Regulation

Privacy Protection Authority: Appointing a Privacy Protection Supervisor Is a Necessary Step for Israeli Companies

November 15, 2020 / Anat Even-Chen, Karin Kashi

Israel’s Privacy Protection Authority has published its recommendation that every organization appoint a privacy protection supervisor. This supervisor’s task is to implement the privacy protection laws that apply to the organization. The PPA noted that although Israeli law does not impose such a duty, it is a best practice recommended for organizations that collect and analyze personal data.

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Categories: Privacy Law | Privacy Law | Regulation

ISA: Expanding Disclosure on Independent Committees

November 15, 2020 / Hagit Ross, Barnea

The Israel Securities Authority will soon require public companies to disclose details about independent committees tasked with overseeing transactions with controlling shareholders. The staff position was put together due to the increased need for supervision and oversight of decision-making processes in transactions between public companies and their controlling shareholders.

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Categories: Regulation

Crowdfunding Platforms – New Regulation in Europe

November 9, 2020 / Ron Shuhatovich

The European Parliament recently adopted a new regulation on crowdfunding platform activity. This regulation will apply across the board to all European Union countries. According to the new regulation's provisions, it is possible to raise up to only EUR 5 million on a crowdfunding platform. Additionally, the regulation stipulates rules to protect people investing through a crowdfunding platform, reporting duties for the entities raising funds, and more.

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Categories: Regulation

H&M Fined EUR 35 Million for Violating Employee Privacy in Germany

October 25, 2020 / Karin Kashi

In early October, the Data Protection Authority in Hamburg, Germany announced that the clothing retailer HM committed severe violations of its employees' privacy. Because of these European General Data Protection Regulations (GDPR) violations, the retailer would pay a fine of approximately 35 million euros.

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Categories: Privacy Law | Regulation

Privacy Evolution: Europe v. Israel

July 29, 2020 / Karin Kashi, Anat Even-Chen

A July decision by the Court of Justice of the European Union has established that in light of the fact the United States does not respect the privacy of its citizens in accordance with EU standards, the Privacy Shield mechanism allowing for personal data transfers between Europe and the US can no longer be relied upon. At the same time, in Israel, the Ministry of Justice has published a memorandum that constitutes the first step in adjusting existing law to the digital age.

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Categories: Corporate | Privacy Law | Regulation

Does Covid-19 Void Contracts?

July 14, 2020 / Anat Even-Chen, Barnea

The inter-ministerial team assembled to examine the consequences of the Covid-19 crisis on contractual agreements has recently published its recommendations.

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Categories: Corporate | M&A Transactions | Regulation

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