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August 19, 2024

Femtech in Israel: The Challenges, Opportunities, and Legal Considerations Every Company Needs to Know

About 100 Femtech startups operate in Israel, which is considered a world leader in the field. These startups face a number of legal and regulatory challenges that must be taken into consideration in order to successfully implement innovation in this sector.

August 19, 2024

Singapore-Based Prytek Acquires TipRanks at USD 200 Million Valuation

Adv. Ariella Dreyfuss and Adv. Rahaf Awawdi represented TipRanks in a transaction in which Prytek acquired an additional 40% stake in TipTanks, becoming its controlling shareholder. In 2021, TipRanks raised USD 77 million, partially through a secondary offering led by Prytek. This transaction was also handled by the firm, with Adv. Hanna Daher assisting in all tax aspects.

August 19, 2024

Representing Bank Hapoalim in Class Action Suit

Adv. Eyal Nachshon, Adv. Zohar Haim Levinger, and Adv. Anna Elenport represented Bank Hapoalim in a class action lawsuit filed by the Association of Representatives of Society and the Environment. The motion for certification claims that the bank charged excessive exchange fees when converting monies in foreign currency. The court rejected the motion out of hand and stated that its submission constitutes  bad faith conduct and misuse of a legal process.

August 14, 2024

Israeli Capital Market, Insurance and Savings Authority Issues New and Revised Circulars

This year, the Israeli Capital Market, Insurance and Savings Authority issued a series of new and revised circulars regarding proper management and corporate responsibility by financial service providers.

August 7, 2024

Barnea: Adjudication of Entrepreneurship Program at Tel Aviv University

Our firm is the legal partner of the Tel Aviv University Entrepreneurship Center, providing support for various programs, including the "Entrepreneurs on Campus" program, which is designed for female students pursuing a second degree or higher for purposes of developing a startup. Yesterday, the program's pitch night took place, in which the entrepreneurs presented their ventures. Adv. Inbar Katzir, who supports early-stage startups, served as a judge at the event's finale

August 7, 2024

Lecture: Introduction to Corporate Secretariat and Corporate Governance

As part of our cooperation with BDO Academy, we were invited to lecture on topics such as the role of the corporate secretariat, its importance to the organization, getting to know board directors, case law analysis, and corporate governance.

August 6, 2024

Barnea: Representing Trivago in Investment in Israeli Startup Holisto

Our firm represented Trivago, a leading global hotel search platform, in its strategic investment and call option to acquire Holisto, an Israeli AI-driven travel tech platform that serves as a hotel rate aggregator and white-label booking engine provider. Adv. Ariella Dreyfuss and Adv. Dean Weinberg represented Trivago.

August 5, 2024

Podcast: The Payment Services Revolution

Our firm participated in the BDO Business Talk podcast, where we discussed payment services, the new regulatory requirements, and their impact on the financial industry.

August 4, 2024

Israel: Improved Purchase Tax Benefit for New Immigrants

The amended regulations, expected to come into effect in August 2024, improve the tax benefit track for new immigrants who are purchasing a first residence and are more lenient than the purchase tax track to which every Israeli resident is entitled when purchasing a first residence.

August 4, 2024

Israel’s Money Laundering and Terror Financing Prohibition Authority Updates List of At-Risk Countries of the FATF

Following the Financial Action Task Force’s announcements, the Israel Money Laundering and Terror Financing Prohibition Authority published a list of countries and jurisdictions at high risk of money laundering, terror financing, and proliferation financing.

August 4, 2024

International Bar Association: Adv. Ariella Dreyfuss on Acquiring Startups

Adv. Ariella Dreyfuss spoke as part of an IBA webinar on the key legal considerations of acquiring startups and early-stage companies in India.

August 1, 2024

Conditional Payment (Earn-Out)

An earn-out arrangement involves the seller agreeing to receive only a portion of the consideration at the transactions completion, with the remainder contingent upon the acquired company’s achievement of specified financial or operational milestones during a defined post-completion period.

July 31, 2024

Israel: Amendment to the Prevention of Sexual Harassment Law

Important amendment to the Prevention of Sexual Harassment Law in Israel protects employees of service contractors and obligates customers ordering services to address incidents of sexual harassment committed on their premises, even if the employees are employees of service contractors and not of manpower contractors.

July 31, 2024

Entrepreneurship: Adv. Tal Freilich Hay Lectured at Tel Aviv University's Entrepreneurship Center

Adv. Tal Freilich Hay spoke to participants of Tel Aviv University's "Yazamiyot - Female Entrepreneurs on Campus" program about core legal concepts in the world of entrepreneurship and startups.

July 30, 2024

Israel: Opening Access to Payment Systems and Allocation of Identification Codes to Payment Service Providers

The Bank of Israel’s Payment Systems Oversight Division recently published an access guide to supervised payment systems for Israeli and foreign applicants.

July 28, 2024

Israel: Increased Enforcement of Packaging Law

The uptrend in warning letters, enforcement proceedings, and motions to certify class actions against manufacturers and importers obligated to achieve defined recycling targets by virtue of the Processing of Packaging Law is likely to intensify, inter alia, because filing such motions does not involve paying a fee.

July 23, 2024

Outright Dismissal of Lawsuit

Our firm represented a CFO who previously served at one of the largest construction companies in the country in a lawsuit filed with the Tel Aviv District Court (Economics Department). The lawsuit was initiated by the trustee appointed to the company as part of an insolvency proceeding. The CFO, who served for only a few months at the company, was one of dozens of defendants, including board members, members of management, controlling owners, and auditors, all of whom were held jointly and severally liable for damages allegedly amounting to approximately ILS 500 million due to the company’s collapse and subsequent insolvency proceedings. Despite the lawsuit raising several factual and legal claims against the CFO, we took the unusual step of filing a motion to dismiss the lawsuit outright on behalf of the CFO, before even submitting a statement of defense. The grounds for this motion included lack of cause and lack of standing. Following discussions with the trustee, an agreement was reached to remove the CFO from the lawsuit. As a result, the CFO was not held personally responsible for any of the alleged damages, with collective responsibility being attributed to all remaining defendants.

July 23, 2024

Israel: Significant Changes in Privacy Protection Law

The recent reform of the Privacy Protection Law aligns Israel's privacy regulations more closely with European standards.

July 21, 2024

Proprietary Trading and Global Regulation

A new trend that offers potential traders trading experience is challenging regulations and raising complex legal questions about the existence of a “trading platform” and the need for an investment advice or portfolio management license.

July 18, 2024

Representing US Investment Fund in Vesttoo’s International Insolvency Proceedings

Our firm represents Mouro Capital, an investment fund that is a Vesttoo shareholder and has an appointed director, in the insolvency proceedings of Vesttoo, an international Israeli fintech company. The parallel proceedings are taking place in the United States and Israel, and Vesttoo's debts are estimated at approximately USD 3 billion. We represent Mouro Capital as Vesttoo and 48 affiliated entities undergo Chapter 11 proceedings in the United States. In Israel, debt restructuring enforcement proceedings and proceedings to recognize the foreign insolvency process are underway. As part of these matters, declaratory relief actions have been filed in Israel to establish jurisdiction over issues relating to the directors' activities at the company.

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