Search by Practice
Latest Updates / Capital Markets
August 16, 2017
Risks in Boards of Directors’ Work
“How did the board approve this?” Headlines like this pop up each time it is announced the Israel Securities Authority is investigating a public company’s transactions with its controlling shareholder, such as the latest allegations of deals between Bezeq and its controlling shareholder. But the real question that should be asked is, Was the board given the right tools to perform its work?
August 8, 2017
Monetary Authority of Singapore to Begin Regulating the Issuance of Virtual Currencies
Adv. Daniel Israeli was interviewed by TheMarker after the Monetary Authority of Singapore (MAS) announced it would begin regulating the issuance of virtual currencies (ICO). Daniel noted that Singapore has developed into a destination of sorts for ICOs, and thus the MAS' decision will certainly change the rules of the game.
July 2, 2017
Barnea & Co. Represented Avgol in the Sale of its Rights in the Barkan Plant
Barnea represented Avgol in the sale of its rights in the Barkan plant for NIS 52.5 million. Avgol is in the process of transfering its production center in Israel to Dimona.
June 22, 2017
Interview with Financial Radio Program on Bezeq Investigation
We were interviewed on a financial radio program on the Public Broadcasting Corporation regarding the Bezeq investigation, where we provided an explanation of the Israel Securities Authority process (from 12.06).
June 20, 2017
Interview on Radio Program "Where Is the Money"
We were interviewed on "Where Is the Money," a program on the 103FM radio station, following the investigation launched by the Israel Securities Authority against Bezeq, its controlling shareholder Shaul Elovitch, and senior officers on suspicion of offenses under the Securities Law. We explained the meaning of related-party transactions in a company (from 11.38).
June 20, 2017
Interview with Channel 2 News
We were interviewed on a daily Channel 2 News program focusing on economic and consumer matters following the investigation opened by the Israel Securities Authority against Bezeq. During the interview, we explained the ISA's allegations and its reason for initiating the investigation.
May 24, 2017
Class Action Against Israeli Company Offering Securities Abroad – Not in Israel
It is not uncommon for Israeli incorporated companies to seek investments abroad. In many cases, such investments are done through public offerings on international stock exchanges. Securities issued by Israeli companies are traded on the NASDAQ, the London Stock Exchange and a variety of other exchanges, including Australia. These situations, which make perfect sense from a business perspective, give rise to interesting and sometimes quite complex legal issues.
May 23, 2017
IFX Expo Cyprus 2017 – Regulatory Panel
We are participating today in a regulatory panel held as part of the IFX Expo Cyprus 2017. The panel will discuss recent decisions taken by key regulators, consider their implications, and seek to predict what the future may hold for the industry.
April 19, 2017
SEC Charges Two Israeli Residents with Insider Trading – Opinion Article
We published an op-ed on the US Securities and Exchange Commission's (SEC) decision to file a civil action in a federal court against two Israeli residents who traded in Mobileye stock and options before and after the announcement of its merger with Intel Corp. We noted that the SEC's case against the two Israelis, on suspicion of insider trading, is largely circumstantial.
April 6, 2017
A New Amendment Eliminates the Need for Small Companies to Report Quarterly
An amendment to the Securities Regulations (Periodic and Immediate Reports) was promulgated in March 2017, whereby small reporting corporations shall be able to publish their financial statements on a bi-annual basis, provided that they have not issued bonds that are being held by the public. In this regard, a “small corporation” is defined in the said regulations.
April 5, 2017
Barnea & Co. represented Avgol in issuance of a New Series of Bonds
Barnea represented Avgol Industries 1953 Ltd in connection with the issuance of a new series of bonds in the amount of NIS 197 Million. Avgol is one of the biggest manufacturers in the world of non-woven fabrics for the hygiene market. Its securities are traded in the leading indices on the Tel Aviv Stock Exchange.
April 4, 2017
Hong Kong Stock Exchange Formally Approves Israel as Acceptable Jurisdiction
We were interviewed by The Marker following the Hong Kong Stock Exchange's (HKSE) approval of Israel as an "acceptable jurisdiction." We noted that the HKSE’s approval is currently limited to Israeli public companies already listed on a foreign exchange and Israeli private companies seeking to list on the HKSE, and that it may also result in cost savings for such companies.
March 27, 2017
Medigus Ltd. Completes NASDAQ IPO
Barnea represented a group of US underwriters, led by H.C. Wainwright, LLC, in the process of submitting Medigus Ltd.'s prospectus for the NASDAQ listing. Medigus raised USD 7.5 million and will be traded on Nasdaq in parallel with its listing on the Tel Aviv Stock Exchange. Medigus Ltd is an Israel-based company active in the medical sector. It specializes in developing endoscopic procedures and devices.
March 15, 2017
Israel Bar Association Training Course for Directors
We lectured today on the Israel Securities Authority as part of the Israel Bar Association's training course for directors.
March 12, 2017
Auditing of Board Resolutions
A significant precedent was handed down recently by the Israeli Supreme Court on the subject of the judicial audit that should be performed in relation to companies’ business resolutions.
The judgment officially adopts the Business Judgment Rule prescribed in Israeli law with regard to the auditing standard that should be applied to board resolutions. The judgment further prescribes that it is also warranted to adopt the Enhanced Scrutiny Rule under circumstances when the Business Judgment Rule does not provide an adequate solution. The judgment also engages in subjects not yet addressed by the court, including issues pertaining to dividend distributions, leveraged buyouts, officers’ duties in a company and the relation between them.
March 7, 2017
ISA Proposes Prohibiting the Management and Operation of Binary Options Trading Platforms Outside Israel
An op-ed in Financial Magnates following a new proposed bill to prohibit the management and operation of binary options trading platforms outside of Israel, even if regulated elsewhere.
February 26, 2017
How Blockchain will Revolutionize a Paper World
In many ways, electronic communications dominate the world as we know it. We talk through email, text, and social media, to the point that the written letter is almost an anachronism. Still, some areas still thrive on paper. Real estate, for example, depends on paper deeds and documentation to confirm authenticity. Similarly, many corporations depend on paper records to demonstrate regulatory compliance. But blockchain is helping to change all of that. The technology that made Bitcoin work is expanding, in Israel and beyond, to help secure online processes and chains of custody in ways that can help shift paper-dominated fields into the 21st century.
February 7, 2017
The CEO of Kitov Pharmaceuticals was Investigated by the Israeli Security Authority on Suspicion of Fraud and False Reporting
Adv. Zohar Lande and Moran Bickel from the Litigation Department at Barnea represented the CEO of Kitov Pharmaceuticals at a hearing in the Tel Aviv Magistrates Court relating to his release from detention, subject to certain restrictive conditions.
January 26, 2017
Panel Discussion on Administrative Enforcement in Haaretz's "Echad Haa'm"
We participated in a panel discussion on administrative enforcement published in Haaretz's "Echad Haa'm," the magazine of the Public Companies Association. The panel addressed the implications of administrative enforcement for the market, as well as its impact on corporate governance standards and company conduct (pp. 16-21).
January 25, 2017
US Federal Trade Commission Investigating Allergan’s Generics Business
We interviewed by Globes after the Federal Trade Commission launched an investigation into a company affiliated with Teva.