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Latest Updates / Capital Markets
June 24, 2019
Lecture on Crowdfunding Regulation in Israel and in the World
Max, of Leumi Card, and Pipelbiz, the first and largest equity crowdfunding platform in Israel, have launched a new program for entrepreneurs. Program members include both fintech and insuretech startups.
Our firm was chosen to serve as the initiative's legal partner. The startups recently visited our firm, where Dr. Zvi Gabbay and Alon Anava lectured about crowdfunding regulation in Israel and abroad, as well as about challenges and opportunities in this field.
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 6, 2019
Redomiciling an Israeli Public Company to Delaware
On April 12, 2019, Arcturus Therapeutics Ltd., an Israeli public company traded on NASDAQ, published in the United States a prospectus and proxy statement (convening a general meeting of shareholders of the company). Publishing the prospectus is an advanced step toward completing an arrangement between the company and its shareholders.
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.
April 28, 2019
Negotiation Workshop for Modi'in City Council Members
Dr. Zvi Gabbay conducted a negotiation workshop today for members of the Modi'in City Council, as part of the Open University's directors' course.
April 28, 2019
TASE Promotes a Proposal for the Entry of Nostro Players as TASE Members
On April 7, 2019, the Tel Aviv Stock Exchange (TASE) published a proposed amendment to the Stock Exchange Regulations, whereby the barriers to the entry of new TASE members will be removed and for the first time Israeli entities will be allowed entry into the stock exchange even if they operate exclusively for nostro.
April 16, 2019
Companies Seeking to Provide Brokerage Services are Required to File a Permit Application by May 30, 2019
Applicants who submit a permit application on or before May 30, 2019, may continue to offer brokerage under the previous ISA regime until receiving a decision on their application.
April 14, 2019
Lecture: Capital Markets Enforcement
Dr. Zvi Gabbay lectured today to Modi'in City Council members on capital markets enforcement and the role of boards of directors in formulating an internal enforcement plan. The lecture was part of the Open University's directors' course.
March 21, 2019
Crowdfunding – The New World of Investments in Israel and in the United States
The crowdfunding model enables the general public investment opportunities that were previously reserved only for sophisticated or institutional investors. In this article we examine the Israeli and American models and why the Israeli legislators should find ways to make the crowdfunding channel more attractive, for both investors and companies seeking funding.
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.
January 9, 2019
Blockchain Now and Into the Future – What We Can Expect
Blockchain has a well-established presence in the ecosystem, with a variety of use cases across a broad range of sectors, including Fintech, advertising, security, telecommunications and others. Here is an overview of the latest developments regarding blockchain regulations in Israel.
January 2, 2019
"High" Companies
The Israel Securities Authority published an announcement to investors with various emphases about public companies operating in the medical cannabis market. Its announcement calls investors’ attention to several parameters they should consider when deciding whether to invest in securities of public companies operating, or expecting to begin operating, in the medical cannabis market.
January 2, 2019
Year in Review – Capital Markets
Israeli Securities Authority Classifies Cryptographic Coins as Commodities Rather Than Securities. On March 19, 2018, the interim report of the Committee for Examination and Regulation of Cryptographic Currencies, which was established in August 2017, was submitted. The interim report examines the applicability of the Securities Law to offerings to the public in Israel based on decentralized registration.
December 31, 2018
What You Always Wanted to Know About Fintech Regulation, But Were Afraid to Ask…
For Fintech companies looking or hoping to work in Israel, the regulatory developments could either serve as an opportunity or as a barrier, and should be carefully considered. Click to read an overview of the Israeli Fintech regulatory situation.
December 27, 2018
Charges against Our Client in Utrade Case Dropped
Dr. Zvi Gabbay, Adv. Moran Bickel, and Adv. Sapir Malul represented Rafi Bar-Lev in a hearing before the Tel Aviv District Attorney's Office. The DA's Office was considering filing an indictment against Bar-Lev for fraudulent receipt, but instead chose to close the case against him.
December 23, 2018
Chambers & Partners Anti-Corruption Guide 2019
Dr. Zvi Gabbay and Hadar Israeli of the firm's Capital Markets Department contributed to the Chambers and Partners anti-corruption guide, which provides expert legal commentary on key issues for businesses.
December 16, 2018
Doctor, Can I Get a Prescription for Blockchain?
While still widely identified with digital currencies, blockchain technology is also beginning to revolutionize the healthcare industry. See how pharma companies and medical institutions have begun to rely on this technology to resolve problems faster and more efficiently.
December 13, 2018
ISA Proposes Stock Exchange Reporting in English
With an eye to these other major markets, the Israel Securities Authority (ISA) has promulgated draft regulations for public comment that enable all reporting companies in Israel, who so desire, to publish their reports in English.
December 4, 2018
2/20 Vision – Are We Over the Hedge?
The presence of over 100 domestic hedge funds showcases the recent considerable growth of the industry in Israel. Heres why hedge funds have become so popular.