Client updates

Summer vacation is here. It’s time for an important reminder on youth labor laws.

CMISA recently published two new risk management circulars for financial service providers, including small entities.

In October 2019, Israel’s Ministerial Committee on National Security Affairs (the National Security Cabinet) decided to devise a mechanism for scrutinizing foreign investments in Israel. At the mechanism’s core is the “Advisory Board for Evaluating National Security Aspects of Foreign Investments.”

An amendment to the Protection of Employees extends the statute of limitations period for filing a claim from one year to three years.

The risk of money laundering is one of the main risks involved in using and trading cryptocurrencies. This amendment to Proper Conduct of Banking Business Directive 411 addresses how banks should manage money laundering and terror financing risks.

LGBTQ couples have clear rights under Israeli labor law, even parental leave.

A few weeks ago, a new law came into effect in the United States that made significant changes to how small companies can raise money. 

The Jumpstart Our Business Startups Act (better known by its nickname, the “JOBS Act”) aims to ease the process for startups to seek investments, with a potentially dramatic effect.

Now, two years after the JOBS Act became law, we can look back and see just what effect these changes have had on the process of taking startups through initial public offerings (IPOs), and how this affects Israeli startups.

The Amendment will become effective on June 1, 2022. Under this amendment, an employee suffering from a malignant disease or a condition that requires regular dialysis, or who recovered from such a disease, is eligible for full sick pay (100%) from the first day of his or her absence

The Supreme Court issued a ruling in principle that it sees no merit in the approach of releasing a person who breached the law from criminal liability based on the fact his or her lawyer failed to warn that the planned action was criminal.

The striking innovation in this draft bill is that, upon its enactment, monopolists, even if not declared as such, must publish their financial statements, even if they are not reporting companies.

The Israeli Supreme Court rejected the Israel Tax Authority’s position regarding the inclusion of development expenses in property values for tax purposes.

President Biden’s new executive order increases the restrictions on doing business with Russia.

At the end of March 2022, the Israeli Ministry of Justice published a draft amendment to the Prohibition on Money Laundering Law.

The proposed amendment seeks to grant supervisory authority to the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA), comparable to that of the Capital Market, Insurance and Savings Authority (CMISA), over financial service providers for aspects of the prohibition on money laundering and terror financing.

According to a new ISA legal position, convening a general meeting of shareholders to vote on a public company’s appointment of an independent auditor requires expanded disclosure.

The Israel Securities Authority guides provides basic guidelines to corporations going public and answers critical initial questions.

The new format heralds a reduction in the volume of transactions that require reporting. However, it imposes a far heavier burden on parties to transactions that do require reporting, even for mergers posing no competitive concerns.

Elon Musk declared he would build a Tesla manufacturing factory in Germany in as early as 2019. The factory only obtained a license to operate now. The German regulator, environmental protection organizations, and Russian President Vladimir Putin all played a part.

Israeli companies in the “risk zone” must ascertain if they are subject to sanctions and adopt a significant sanctions compliance plan.

An amendment to the Employment of Women Law, which went into effect on March 14, dictates that employers may not refuse to hire women or single parents simply because they do not agree to work night shifts due to family considerations. 

A new amendment to the Male and Female Workers (Equal Pay) Law aims to promote equal employment terms in Israel.