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Latest Updates / Capital Markets
December 19, 2024
Defense IPOs in the Capital Market: An Op-Ed in N12
In the Israeli capital market, which is accustomed to trends like urban renewal and cannabis, a new sector has emerged over the past year: defense companies. Since October 7, the market has experienced volatility but is now stabilizing, revealing new opportunities. Today, 15 active defense companies are traded on the Tel Aviv Stock Exchange, and this growth is no coincidence. Elad Reshtick and Raz Landau, capital market experts, published an op-ed in N12, exploring this emerging trend, its challenges, and its opportunities.
December 8, 2024
A Wave of Real Estate Companies IPOs?
Elad Rashtik, Partner in our Finance and Public Companies Department, was interviewed by Globes following the forecast that we are on the brink of a new wave of IPOs by real estate companies, initially focusing primarily on bond offerings.
November 25, 2024
New memorandum of law regulating the crypto sector in Israel
The Israel Tax Authority and the Ministry of Finance have published a memorandum of law to regulate the digital asset sector in Israel.
November 12, 2024
EU's New Guidance: Travel Rule to Combat Money Laundering in Crypto
After the Markets in Crypto-Assets Regulation (MiCA) entered into force in June 2024, a significant step took place last July with the publication of the European Banking Authority (EBA) final Travel Rule guidance.
September 22, 2024
New Regulations Ahead: Reporting Obligations for Payment Companies and License Holders
The Israel Securities Authority recently published a draft of a new directive for payment companies and holders of basic initiation licenses or approvals regarding reporting to the Authority. According to the Draft, payment companies and holders of basic initiation licenses or approvals are required to submit annual, semi-annual, quarterly, and immediate reports on various topics, such as audited or reviewed financial data, operational data, compliance with capital requirements, technological measures, corporate governance, compliance etcetera.
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
Dr. Zvi Gabbay Lectures to Corporate Secretariat Course at BDO Academy
Dr. Zvi Gabay, the head of our firm's Capital Markets Department, delivered an introductory lecture to a corporate secretariat course at BDO Academy. The lecture focused on topics such as defining the role of the corporate secretariat, its importance to the organization, getting to know board directors, case law analysis, and corporate governance.
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.
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
Corporate Secretariat Course: Elad Reshtick Lectures at BDO Financial Academy
Elad Reshtick, a partner at our firm, guest lectured to a corporate secretariat course at BDO Financial Academy. Elad addressed officer and director compensation, insider information and transactions involving interested parties, financial reporting for managers, and preparing for public offerings. Elad has been invited to lecture to the course again in August, where he will focus on board of director matters and corporate governance.
July 15, 2024
Dr. Zvi Gabbay Conducts Workshop for El Al Managers
Dr. Zvi Gabbay and Zvi Rabin led the workshop "Prohibition on Using Inside Information – Do's and Don'ts" for a group of El Al managers. The workshop was held as part of a compliance, enforcement, and cyber week for senior management at El Al.
July 11, 2024
Senior Business Management and Director Training Course: Elad Reshtick Lecture
Elad Reshtick, a partner at our firm, was invited to lecture at the Senior Business Management and Director Training Course of the Mafat Unit, responsible for the research and development of defense technologies and infrastructure. In his lecture, Elad covered important aspects of proper corporate governance, including director responsibilities, effective board management and its committees, providing participants with in-depth knowledge and practical tools.
June 26, 2024
Transaction: Solrom Merges with Listed Company 3DM
Hagit Ross, Elad Reshtick, Omri Oren, and Alon Anava represented the public company 3DM in a merger transaction, wherein 3DM will acquire Solrom Electronics Ltd. Solrom is engaged in the development, planning, production, and marketing of products primarily for use in the defense market.
May 8, 2024
Significant Sanctions: Anti-Money Laundering Obligations in Israel
The Israel Securities Authority is tightening enforcement on companies, especially in the cryptographic assets sector, and is scrutinizing companies’ anti-money laundering procedures and policies and their implementation.
April 15, 2024
Majority Shareholders, CEOs, and Board Chairmen – Interview with Micky Barnea
With the Amir brothers’ entry to Shufersal, they appointed close associates to management positions as well as board directors on their behalf. This move has sparked debate about control and management in public companies and the blending of roles between CEO, board chairman, and majority shareholder. As an expert on corporate governance and shareholder struggles, Micky Barnea, our firm’s managing partner, was interviewed by TheMarker on the matter.
April 10, 2024
Barnea: Webinar on Regulation of Payment and Payment Initiation Services Law
Our firm hosted a webinar on the new payment services law. The webinar was held as part of a forum for financial service providers that we launched together with Adv. Orit Yosef. During the webinar, Dr. Zvi Gabbay and Anat Even-Chen discussed the conditions for obtaining a license, the relationship between payment services and open banking services, and more.
April 2, 2024
Barnea: Hosting IIRF Conference on Future of Stock Market Trading
We were pleased to host the Israel Investor Relations Forum’s conference on the future of stock market trading. A one-on-one conversation was held between Micah Stocks, a financial YouTuber who presents stock market news, and Rami Rozen, Director of Investor Relations at AppsFlyer and a member of the IIRF’s regulatory committee. Dr. Zvi Gabbay, the head of our firm’s Capital Markets Department, also spoke.
April 2, 2024
MiCA and Reverse Solicitation
Under MiCA, a critical aspect for non-EU crypto firms is the reverse solicitation exemption. This rule allows firms from outside the EU to offer crypto-asset services to EU clients without needing MiCA authorization.
March 19, 2024
New Method Threatening the Rule of Managers in the Stock Market
As an expert on control struggles, Micky Barnea was interviewed by Globes for an article on the Amir brothers' takeover of Shufersal. Micky explained the significance of holding less than 25 percent of a company and the tools available to the Israel Securities Authority in such transactions.
March 3, 2024
Israel Securities Authority: Oversight of Unsupervised Entities
In a paradoxical twist, the Israel Securities Authority also monitors unsupervised entities, to prevent them from exceeding their operational parameters without a license. Consequently, the ISA possesses the power to request documents and information from these entities, emphasizing the importance of responding honestly and comprehensively to such demands.