Client updates

After lengthy discussions, the Knesset approved a wartime compensation outline for businesses. The outline offers compensation of up to a maximum of ILS 1.2 million to businesses with annual turnovers ranging between ILS 12,000 and ILS 400 million.

The SEC is taking a regulation by enforcement stance toward NFTs and is creating legal uncertainty in the field. Will the Israel Securities Authority follow suit?

The legislative process has ended and prescribes a series of reliefs and expansions in order to provide a solution for a relatively wide spectrum of employees sent home on unpaid leave as a result of the war. The law applies, inter alia, to pregnant women and women on maternity leave, employees with disabilities and employees over the age of 67.

Employers may claim compensation for wages paid to employees unable to report for work because of evacuation from one of the border communities specified in government decisions.

The United States is looking to institute rules for the safe development and use of artificial intelligence, to regulate government use of AI, and to establish its leadership in the AI field.

Legitimate tax planning or an artificial transaction to reduce tax liability? Israeli court ruling on a dividend distribution prior to a sale of shares or holdings of a company.

The Israeli Minister of Labor signed a general permit to employ teenagers during evening hours due to the state of emergency in the economy. This permit expands the work hours during which teenagers between the ages of 16 and 18 may be employed.

The new UK Online Safety Act is part of a wave of European legislation seeking to protect children from online age-inappropriate content, exploitation, and other online dangers.

The experience acquired in Israel during the COVID-19 pandemic provided the groundwork for the creation of a more favorable plan to support employees on unpaid leave, in order to assist businesses experiencing severe financial losses.

The compensation for businesses will be based on their fixed expenses, which they must bear despite the decrease in revenue and business activity, and to help businesses survive the period.

The Israel Securities Authority has announced several reliefs due to Operation Swords of Iron, mainly the postponement and extension of deadlines.

The state of emergency in the Israeli economy and the massive call-up of reservists are expected to adversely impact the Israeli high-tech industry. The Israel Innovation Authority is establishing an express grant track and is offering a series of reliefs to existing startups to help them sustain business continuity.

Since a combat situation in Israel is not deemed force majeure, the legislature and the regulatory authorities recommend that parties to contracts hold dialogues on the contract terms in good faith, to the extent the state of emergency does not enable all contract clauses to be performed. Concurrently, the Knesset enacted the Postponement of Deadlines Law, which allows those entitled to postpone performance of contracts under particular circumstances.

The Israel Tax Authority is publishing a series of tax reliefs to help companies and individuals and the current defense and civilian efforts.

Israeli men and women called up for reserve duty, whether salaried employees or self-employed, are entitled to reserve duty pay from the National Insurance Institute for the days they serve on reserve duty.

According to the new guidelines, until the declared state of emergency in Israel is over, NPOs (amutot and public benefit companies) may conduct activities intended to provide immediate and vital assistance during the war, even if these activities do not fall under their approved objectives.

In light of the security situation in Israel, the Director General of the Israel Competition Authority issued several special guidelines last week to facilitate business activities during the state of emergency.

The state of emergency the State of Israel has declared in recent days requires us all to contend with a unique and complex situation. As part of this struggle, many companies and organizations have instructed their employees to shift to working from home, thus requiring such employers to clarify their privacy and business data protection procedures.

The Israeli Supreme Court has ruled that NPOs are entitled to receive an exemption from real estate betterment levies, provided they use the proceeds from the sale of such real estate for a public purpose specified in the law.

Commercial information or intentions disclosed in public companies’ public statements might expose them to investigations or sanctions by the Israel Competition Authority. The tension between the reporting obligation and the desire to maintain a competitive market will be resolved only through clear guidelines issued by the regulatory authorities.