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Andrey Yanai 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.

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.

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.

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.

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.

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

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
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