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Gal Livshits Insights & News / 

October 11, 2021

World’s Most Important Financial Institutions Seek Involvement in Crypto Field

While Israel’s banks are in no hurry to accept the blockchain industry and are avidly trying to keep their distance from cryptocurrencies, this is not the case elsewhere. Recently, the major global securities, derivatives and financial trade associations sent a joint letter to the Bank for International Settlements (BIS), which develops banking supervision standards and criteria, to adopt regulation that will enable their involvement in the crypto asset sector.

June 22, 2021

Dual-Listed Companies – Israeli Legal Liability for Reporting

The Tel Aviv District Court recently handed down a ruling in the Ceragon Networks case. The ruling states that dual-listed companies may face exposure to lawsuits based on the liability rules under Israeli law.

June 3, 2021

Rules and Conditions for SPAC Issuances in Israel

Over the past year, raising capital through SPACs has become a hot trend on Wall Street. The Israel Securities Authority recently published the conditions and principles for SPACs to launch IPOs.

May 10, 2021

International Commercial Arbitration Bill

The commercial business world is a global one, and so are the disputes that arise within it. Such disputes are adjudicated in courts in various countries or in arbitration proceedings, with each procedure regulated under relevant domestic legislation. (For example, the Israeli Arbitration Law regulates Israeli arbitration proceedings.)

March 9, 2021

Precedent-Setting Ruling Awards Actual Litigation Costs

An Israeli court recently handed down a precedent-setting ruling in a case we litigated and won. This ruling marks a game changer in terms of the costs awarded in proceedings in Israel. In its ruling, the court granted our client an award of actual costs (i.e., the actual sums the client expended to litigate the proceeding).

February 28, 2021

Precedent-Setting Ruling on Court Expenses

In a precedent-setting ruling, a family court ordered the losing side in a family dispute to pay the winning side attorney's fees and court expenses in the extraordinary and unprecedented amount of NIS 2 million. This ruling indicates a sweeping change in the Israeli legal world, following new regulations that came into effect in January 2021.

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.

October 15, 2020

Decentralized Finance (DeFi) –The Future of Finance?

What is DeFi?

 

The first cryptocurrency, Bitcoin, is still the most well-known application of blockchain. However, this technology has since rapidly evolved and expanded in many other areas. The initial hope with Bitcoin was to make both money and payments decentralized and universally accessible. Although Bitcoin failed to live up to this promise, decentralized finance based on blockchain (“DeFi“), also called open finance, is a fledgling technology with potential. DeFi is operated by decentralized, permisionless (without any central authority) applications, called DApps, built on a blockchain network, most commonly Etherum. Visionaries see this as an open-source alternative to every financial service we use today: from savings, loans, and trades, to insurance and even more, all globally accessible.

 

August 11, 2020

Israel Securities Authority: Distributors May Be Liable for the Contents of a Prospectus

The Israeli Securities Authority has announced that distribution entities now may be liable for the contents of a prospectus. In a staff position paper published in late July, the ISA changed the rules of the game in the underwriting field by determining that a distributor, or an entity associated with a distributor, that purchases securities during an issuance and sells them within a short period of time (six months or less) shall be viewed by the ISA as an underwriter and shall be liable for the prospectus.

July 6, 2020

Israel: How to Identify Suspicious Use of Virtual Currencies

Prompted by the use of digital currencies to fund terror and other illegal activity, the Israel Money Laundering and Terror Financing Prohibition Authority has published a document aimed at assisting financial bodies and law enforcement agencies to identify improper activity in this field.

June 7, 2020

Advising on an Administrative Appeal to Cancel Land Grant

Last April, the Maxima company, controlled by billionaire George Horesh, received a 34-acre plot in Ashdod from the Israel Land Authority, without there being a tender process. Three private landowners holding factories near this area petitioned via our office for the Land Authority's decision to allocate the plot without a tender be cancelled. Zohar Lande, Gal Livshits, Adi Shoham, and Dana Filber represented the clients.
Categories: Administrative Law | Litigation

April 28, 2020

Libra 2.0 – From Global Currency to a Payment Method on Facebook’s Platform

After Libra, Facebook’s ambitious global digital currency venture, faced fierce resistance from regulators around the world, Facebook has announced “Libra 2.0.” The venture is set to undergo far-reaching changes that, on the one hand, will likely do away with regulatory concerns, but, on the other, will force Facebook to give up its original vision, i.e. a quick and simple transfer of digital currencies between accepted users worldwide without the need for a bank account.

April 14, 2020

Is Your Business Ready for the Day After COVID-19?

After the coronavirus crisis passes, numerous legal disputes are likely to arise, since many companies will fail to meet their contractual-business obligations. It is recommended for each company to prepare also for the legal disputes in which it can expect to find itself.

February 2, 2020

Israel Securities Authority Promotes the Assimilation of Technological Innovation into the Israeli Capital Market

The ISA's commission for examining the regulation necessary for the advancement of digital markets published a report that focuses on platforms for the issuing, trading, and clearing of securities that make use of blockchain technology.

January 8, 2020

Dr. Zvi Gabbay and Andrey Yanai Op-ed: Israel Missing out on Digital Assets Revolution

Dr. Zvi Gabbay and Andrey Yanai from our Capital Markets Department published an opinion piece in Globes on the regulatory barriers Israel is imposing on the blockchain and digital assets revolution.
Categories: Blockchain | Capital Markets

October 29, 2019

Transfer of Digital Currencies - The Dream and its Collapse

Regulatory resistance and legal proceedings by the US Securities and Exchange Commission (SEC) are hindering the realization of one of the greatest promises of blockchain technology – the transfer of cryptographic currencies and assets between users without an intermediary.

August 4, 2019

New Restrictions on Hedge Funds in Israel

The Israel Securities Authority recently published a staff position that has material implications on the hedge fund sector in Israel and on the investor public, including the mode of incorporation of hedge funds and the limit on the number of investors in a fund.

July 21, 2019

An Important Milestone - First Supervised Security Token Offering

After a long wait, the US Securities and Exchange Commission (SEC) has permitted a startup company to raise funds from the general public through a supervised security token offering (STO) under Reg A+ regulations. Effectively, this is the first time a public STO was granted regulatory approval in the United States.

June 12, 2019

ICO 2.0 - The IEO Financing Model

With the initial coin offering (ICO) era considered over, it seems there is a new tool for financing - the initial exchange offering (IEO). This method of financing is more transparent and reliable for investors, entrepreneurs, and markets, providing partial solutions to the many disadvantages exposed in ICO financing.

June 10, 2019

The Majdi Halabi Affair: The State Is Not above the Law

Adv. Gal Livshits, a partner in our Litigation Department, published an op-ed in Calcalist on the State's attempt to evade payment of a reward to the finders of the body of missing soldier Majdi Halabi following the Supreme Court's ruling that it is obligated to pay.
Categories: Litigation

June 10, 2019

The Difference between a Distributor and an Agent in the Law's Eyes

Do you sell, market, or distribute someone else’s goods in Israel? Your role, whether as a distributor or as an agent, affects the rights you are entitled to by law.

May 7, 2019

Dual-Listed Companies: Updated Information

The Israel Securities Authority has published a position paper summarizing updated information about the processes for listing and delisting dual-listed companies on the Tel Aviv Stock Exchange and additional stock exchanges abroad. The position paper provides information both to dual-listed companies and companies considering dual listing.

May 1, 2019

Israeli Court Issues Principled Ruling on Banks’ Conduct with Monies Originating from Digital Currencies

The Tel Aviv District Court issued a ruling recently on a case concerning a bank’s conduct with funds whose source is digital currencies. The court expressly ruled that the bank’s blanket ban on the opening of bank accounts by clients engaging in digital currency activity is unreasonable.

March 21, 2019

ISA Makes First-Time Decision on How Cryptocurrency Asset Offerings Will Be Regulated

The committee appointed by the Israel Securities Authority (ISA) to examine regulation of cryptocurrency offerings to the public has published the outline of its regulatory policy in a final report submitted to the ISA chairman. The committee recommended focusing on regulatory models that offer structural flexibility.

November 27, 2018

Legislative Amendment Enables Filing Claims against Foreign Entities in Israel

A recently promulgated memorandum of law to amend judicial procedures proposes to add the possibility of filing claims against foreign entities in Israel for damage they caused in Israel as a result of acts or omissions performed outside of Israel.

October 4, 2018

All You Need to Know about Receiving Brokerage Fees in a Transaction

Here are a few rules of thumb to make it easier for you to receive the brokerage fee payment and to make it harder for your clients to evade such payment.

July 5, 2017

At the Request of Roni Mana, Represented by Barnea & Co., a Foreclosure was Imposed on Arena Star Group Ltd.

Roni Mana, represented by Adv. Zohar Lande and Gal Livshitz from the Litigation Department at Barnea, requested the court to order that Arena Star Group Ltd. pay brokerage fees for the sale of the Arena mall in Herzeliya. The Tel Aviv District Court today accepted Mana's request for a temporary foreclosure on the funds received by the company for the sale of the mall.
Categories: Commercial Litigation | Litigation

March 27, 2017

Medigus Ltd. Completed a Nasdaq IPO

Barnea represented a group of US underwriters, led by H.C. Wainwright , LLC, in the process of submission of Medigus Ltd. of a 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.
Categories: Capital Markets | IPOs and Public Offerings

February 1, 2017

Barnea & Co. Represents Real Estate Agent, Roni Mana and his Agency

Adv. Zohar Lande and Adv. Gal Livshits from the Litigation Department at Barnea are representing real estate agent, Roni Mana, and his agency, in a lawsuit filed at the Tel Aviv District Court against Arena Star Group Ltd, controlled by Marcus Weber, and the CEO, Michael Fuchs, for failure to pay brokerage fees in the amount of NIS 5.88 million.
Categories: Litigation

October 14, 2016

After 9 Years of Litigation, David's Geller Claim Against Yitzchak Omer, Who Was Represented by Barnea & Co., Was Dismissed.

As previously published, Geller had filed a lawsuit alleging fraud in the amount of nearly NIS 70 million. Even though the main claim for fraud was dismissed, the District Court obliged Omer to pay millions of NIS to Geller deciding that they were granted to Omer as a loan. Geller and Omer both appealed to the Supreme Court. The Supreme Court denied Geller's appeal entirely, accepted Omer's appeal and returned the case to the District Court. This week, the District Court dismissed the action entirely and accepted Omer's argument that the funds were transferred to him as part of a share purchase transaction. The Court ruled that under these circumstances, Omer does not need to reimburse the funds or to transfer any shares.
Categories: Commercial Litigation | Litigation

August 1, 2016

Cellect Biotechnology Completed a Nasdaq IPO

On 31st July 2016 Cellect Biotechnology announced that it has completed its Nasdaq IPO, raising $8.4 million. Cellect Biotechnology will be traded on Nasdaq in parallel with its listing on the Tel Aviv Stock Exchange. Barnea represented a group of US underwriters, led by H.C. Wainwright , LLC, in the process of submission by Cellect Biotechnology of a prospectus for the Nasdaq listing. Cellect Biotechnology develops innovative technologies in the stem cells sphere.
Categories: Capital Markets | IPOs and Public Offerings

June 30, 2016

Proposal to reconsider the activist regulatory model of the Israel Securities Authority

An article by Adv. Zvi Gabbay and Andrey Yanai on the proposal to reconsider the activist regulatory model of the Israel Securities Authority applied to the public companies, allowing them to enjoy wider business and legal maneuvering room.
Categories: Capital Markets | Compliance | Ongoing Counsel

January 21, 2016

District Court in Tel Aviv dismisses claim by Malibu against the Har-Gil family

Adv. Zohar Lande and Adv. Gal Livshits represented the Har- Gil family, the defendants in a claim for NIS 13 million filed by the real estate company, Malibu. The dispute related to payments allegedly owed by the Har-Gil family with regard to a plot of land owned by the Har-Gil family, developed by Malibu. The District Court in Tel Aviv dismissed the claim with prejudice.
Categories: Litigation

November 9, 2015

Barnea & co. represents Mr. Haim Levy

The trend for Israelis to operate investment companies abroad can lead to business disputes; Adv. Zohar Lande and Adv. Gal Livshits from Barnea represent Mr. Haim Levy, known for his book "Real estate in Jeans", in a million dollar lawsuit against two of his business partners who founded a real estate company in the United States.
Categories: Litigation

September 29, 2015

The Supreme Court: "A foreign company can be liquidated in Israel".

A precedential ruling by the Supreme Court has held that a foreign company can be liquidated in Israel. Adv. Zohar Lande commented on this decision as follows: "The Supreme Court has extended the existing boundaries of the application of Israeli liquidation law to foreign companies."
Categories: Litigation

March 7, 2015

Barnea & Co. represented eight defendants in case relating to well known property project

After seven years of litigation Advocates Zohar Lande and Gal Livshits of Barnea Co successfully  assisted their clients to defeat a claim of NIS 10m filed by Shragai and Sons Ltd, a contractor, against their clients. The claim related to the high profile Telzstone development near Jerusalem. The claim was dismissed by the Court with costs awarded against the Plaintiff.
Categories: Litigation

April 9, 2014

Barnea & Co. represented "IN SPI AIR"

The Tel Aviv District Court rejected yesterday (Tuesday) a claim of NIS 67 million that was filed by the Canadian businessman David Geller, against the LR Group and start-up "IN SPI AIR". IN SPI AIR  was represented by adv. Zohar Lande and adv. Gal Lifshitz
Categories: Litigation
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