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Capital Markets / Capital Markets Regulation

The regulatory supervision of public companies and other reporting entities that raise capital from the public is based on the disclosure principle.

Per this principle, the public has a right to material information about these companies so it can make informed investment decisions. While ostensibly a straightforward principle, its application is actually quite complex. Capital markets regulation is built from guiding principles and specific rules, laws, regulations, directives from the Israel Securities Authority, and other regulatory publications. Public companies and reporting companies must comply with this set of complex regulations and operate their businesses according to these principles and rules.

 

Our firm’s capital markets team is comprised of experts in the field who provide professional assistance to public companies and reporting companies. Their counsel encompasses the stages of preparing for an IPO through the actual IPO process, as well as work opposite the Israel Securities Authority and the Tel Aviv Stock Exchange and ongoing guidance on a company’s activities. The team also specializes in advising additional entities in the capital market, such as underwriters, distributors, brokers, investment counselors, and the like, on their routine business operations and in relation to compliance proceedings. In addition, the team provides representation opposite the Israel Securities Authority as needed.

 

The team also assists the firm’s clients with the regulatory aspects of implementing strategic business courses of action, including planning the structure and composition of boards of directors, the structure of board committees, oversight over directors’ obligations, etc. The team also provides ongoing legal advisory services to diverse public companies on all aspects of corporate law and securities law, including tender offers, private allotments, mergers and acquisitions, etc.

 

We provide legal advisory services to companies in relation to all aspects of stock issuances (IPOs and subsequent public offers) on the Tel Aviv Stock Exchange, including issuances of shares, debentures, etc. We also work in close collaboration with overseas underwriting firms to assist Israeli clients during IPOs on foreign stock exchanges.

 

Our capital markets team also specializes in building and assimilating internal enforcement programs, establishing reporting mechanisms, preparing internal audits, and providing support and ongoing updates about regulatory amendments. Within this context, the capital markets team uses its extensive experience and deep familiarity with regulations to formulate together with clients precise compliance mechanisms that strike a balance between the need for controls and documentation and the need to effectively manage businesses.

 

 

Back to Capital Markets

News and updates - Capital Markets / Capital Markets Regulation:


March 30, 2022

Appointment of an Auditor – New Statement on Required Disclosure

According to a new ISA legal position, convening a general meeting of shareholders to vote on a public company’s appointment of an independent auditor requires expanded disclosure.

 

March 27, 2022

Regulatory Activism Is Not the Proper Form of Enforcement

Globes has published an op-ed by Dr. Zvi Gabbay commenting on a statement made by a senior official at the Israel Securities Authority regarding the applicability of securities regulation on various types of alternative investments.

March 8, 2022

Foreign Funds from Additional Stock Exchanges May Dual List on the TASE

Until now, only foreign funds from a limited number of foreign exchanges have been able to register for trading in Israel. A Ministry of Finance amendment to the relevant regulations seeks to change this.

Capital Markets / Capital Markets Regulation

The regulatory supervision of public companies and other reporting entities that raise capital from the public is based on the disclosure principle.

Per this principle, the public has a right to material information about these companies so it can make informed investment decisions. While ostensibly a straightforward principle, its application is actually quite complex. Capital markets regulation is built from guiding principles and specific rules, laws, regulations, directives from the Israel Securities Authority, and other regulatory publications. Public companies and reporting companies must comply with this set of complex regulations and operate their businesses according to these principles and rules.

 

Our firm’s capital markets team is comprised of experts in the field who provide professional assistance to public companies and reporting companies. Their counsel encompasses the stages of preparing for an IPO through the actual IPO process, as well as work opposite the Israel Securities Authority and the Tel Aviv Stock Exchange and ongoing guidance on a company’s activities. The team also specializes in advising additional entities in the capital market, such as underwriters, distributors, brokers, investment counselors, and the like, on their routine business operations and in relation to compliance proceedings. In addition, the team provides representation opposite the Israel Securities Authority as needed.

 

The team also assists the firm’s clients with the regulatory aspects of implementing strategic business courses of action, including planning the structure and composition of boards of directors, the structure of board committees, oversight over directors’ obligations, etc. The team also provides ongoing legal advisory services to diverse public companies on all aspects of corporate law and securities law, including tender offers, private allotments, mergers and acquisitions, etc.

 

We provide legal advisory services to companies in relation to all aspects of stock issuances (IPOs and subsequent public offers) on the Tel Aviv Stock Exchange, including issuances of shares, debentures, etc. We also work in close collaboration with overseas underwriting firms to assist Israeli clients during IPOs on foreign stock exchanges.

 

Our capital markets team also specializes in building and assimilating internal enforcement programs, establishing reporting mechanisms, preparing internal audits, and providing support and ongoing updates about regulatory amendments. Within this context, the capital markets team uses its extensive experience and deep familiarity with regulations to formulate together with clients precise compliance mechanisms that strike a balance between the need for controls and documentation and the need to effectively manage businesses.

 

 

Back to Capital Markets

News and updates - Capital Markets:


March 30, 2022

Appointment of an Auditor – New Statement on Required Disclosure

According to a new ISA legal position, convening a general meeting of shareholders to vote on a public company’s appointment of an independent auditor requires expanded disclosure.

 

March 27, 2022

Regulatory Activism Is Not the Proper Form of Enforcement

Globes has published an op-ed by Dr. Zvi Gabbay commenting on a statement made by a senior official at the Israel Securities Authority regarding the applicability of securities regulation on various types of alternative investments.

March 8, 2022

Foreign Funds from Additional Stock Exchanges May Dual List on the TASE

Until now, only foreign funds from a limited number of foreign exchanges have been able to register for trading in Israel. A Ministry of Finance amendment to the relevant regulations seeks to change this.

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