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Latest Updates / Regulation
April 11, 2021
Five Things You Didn’t Know about Impact Investing
In the last decade, impact investments have become an international trend to address global challenges in the areas of environment, welfare, health, employment, and education. In light of the development of the impact investments field, we recommend familiarizing yourself with several terms that may help when examining investments in general and impact investments in particular.
February 18, 2021
Employers: Everything You Need to Know about Vaccinations
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.
February 3, 2021
Submission of Joint Offers in Tenders
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.
January 25, 2021
Israel Securities Authority: Tokens May Be Classified as Securities
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.
January 12, 2021
Employers: It’s Time to Protect Employee Privacy
Until recently, companies have focused their privacy policies on customers and suppliers, but have not placed enough emphasis on the privacy of their employees. We are now seeing a trend reversal, as employees are beginning to understand that an organization cannot do what it wants with their information and that there are legal limitations to collecting information about them. Organizations must now be more careful with employees’ privacy and this is how to do it.
January 12, 2021
Collecting Employee Information? It's Time to Wake Up
Employers collect data about their employees. It starts with employees salary data, resumes, and work hours. It continues with fingerprints and images from security cameras, followed by employee meals and business trip information. Employers also collect medical information, personal messages on company phones, and location data of the company car for private trips. It goes on and on and on.
January 5, 2021
Globes Conference: Cyber in 2021
Adv. Anat Even-Chen participated in Globes' "Material for Thought" conference on the cyber industry. Anat was featured on a panel about the effects of a cyber crisis on an organization, where she discussed how companies should prepare for upcoming challenges in 2021 in this field.
December 29, 2020
Epidemiological Investigations and Privacy Protection
Israel’s Privacy Protection Authority published its guidelines and emphases for protecting the privacy of individuals when conducting COVID-19 epidemiological investigations in workplaces.
December 20, 2020
An Act of Deterrence against a Polluting Plant
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.
December 6, 2020
Amendment to Consumer Protection Law Restricts Telemarketing Calls
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.
November 24, 2020
Regulation of Broker-Dealer Activity
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.
November 15, 2020
Privacy Protection Authority: Appointing a Privacy Protection Supervisor Is a Necessary Step for Israeli Companies
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.
November 9, 2020
Crowdfunding Platforms – New Regulation in Europe
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.
November 2, 2020
COVID-19, From Crisis to Opportunity
Crises test our resilience. They prevent us from deceiving ourselves about things that are unpleasant to face. Therefore, the COVID-19 crisis is a real opportunity to upgrade an organizations compliance mechanisms and the status of its compliance officer. This includes not only improving compliance capabilities, but also integrating and deepening connections to the organizations management.
October 27, 2020
Israeli Government Encourages Companies to Publish Corporate Responsibility Reports
A recently launched government program aims to encourage companies to publish social responsibility reports, or ESG (environmental, social, and government) responsibility reports. The Ministry of Strategic Affairs in the Prime Minister's Office announced the launch of the “Impact Nation" program, as part of a broad move to promote publication of positive economic information regarding Israeli companies, following the publication of the Israeli companies database by UN Human Rights Council.
October 25, 2020
H&M Fined EUR 35 Million for Violating Employee Privacy in Germany
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.
September 21, 2020
Blockchain and Digital Currencies Regulation
Dr. Zvi Gabbay examines in a short video the topic of digital currencies and recent developments in blockchain regulation in Israel.
July 29, 2020
Privacy Evolution: Europe v. Israel
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.
July 14, 2020
Does Covid-19 Void Contracts?
The inter-ministerial team assembled to examine the consequences of the Covid-19 crisis on contractual agreements has recently published its recommendations.
July 9, 2020
Fintech Companies: New Program to Facilitate Regulatory Reliefs
Although Israel is a world leader in the fintech field, companies operating in this area face many regulatory challenges. A newly published legal memorandum aims to enable the creation of a “sandbox”, with inspiration from various programs already implemented in Japan, Australia, and Singapore. The goal is to establish a unique experimental environment, a “regulatory sandbox,” where regulatory relief is granted to companies who choose to participate in the program.