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Latest Updates / Capital Markets
July 1, 2025
US-China Trade War: Challenges for Foreign Investors in Israel
Foreign direct investments (FDI) in critical Israeli infrastructure and services, especially by entities representing foreign countries, are subject to oversight, mainly to ensure national security.
June 30, 2025
A Practical Webinar: Revising the Compensation Policy
We are holding a practical and focused webinar with GCs for GCs, led by Adv. Hagit Ross and Adv. Omri Oren, partners in the firm's Capital Markets Department. The session will provide clear guidelines for building an effective compensation policy, including best practices for structure, mandatory components, and key considerations from regulatory, legal, and market perspectives that should inform the decision-making process. We will also take a close look at the special grant: when it is appropriate to include one, the rationale and circumstances for doing so, and how to best integrate it into the overall compensation framework, with a particular focus on the Israel Securities Authority’s current position and applicable legal requirements.
June 30, 2025
New Regulatory Framework to Detect and Prevent Crypto-Asset Fraud
The European Securities and Markets Authority (ESMA) recently published its final report on the guidelines for supervisory authorities to detect and prevent market fraud in crypto assets under the Markets in Crypto-Assets (MiCA) Regulation.
June 11, 2025
Israel Securities Authority Pecuniary Sanctions: Enforcement Tool or Rights Violation?
The Israel Securities Authority (ISA) has recently begun to take a clearly more aggressive approach toward administrative enforcement. Originally, pecuniary sanctions were intended to provide a swift, proportional, and efficient solution for handling relatively minor law violations in the capital market.
June 5, 2025
DORA for Tech Vendors - What You Should Know (But Haven’t Asked)
DORA (Digital Operational Resilience Act) is an EU regulation that sets rules for how financial entities manage ICT (Information and Communication Technology) risks. It covers areas like cyber resilience, incident reporting, third-party risk, and oversight of critical service providers.
May 15, 2025
Trends in Law Enforcement Against Bribery and Corruption Offenses
In recent months, we have been witnessing significant changes in law enforcement efforts against bribery and corruption offenses, both in Israel and abroad. Although law enforcement trends among countries are not uniform, it appears that we may not witness a real change in the global enforcement environment, despite the dramatic change that is taking place in the United States.
May 14, 2025
Crypto Transformed: From Parallel Finance to the Mainstream
Bitcoin was originally conceived as an alternative to the traditional banking system a means of storing value and making payments outside the conventional financial infrastructure. As a result, cryptocurrencies, including stablecoins such as USDT and USDC, still largely operate as a parallel system that rarely intersects with mainstream finance.
April 27, 2025
Israel Securities Authority Issues Report Summarizing Its Findings Regarding Offerings of Securities without a Prospectus
The Israel Securities Authority (ISA) recently published a report summarizing its findings regarding offerings of securities without a prospectus. The report is intended for entities planning to offer securities to the public and presents the ISA’s position regarding the criteria for various exemptions enabling entities to offer securities without a prospectus.
April 24, 2025
New EDPB Draft Guidelines: Personal Data on the Blockchain
Earlier this month, the European Data Protection Board (EDPB) issued draft guidelines on the processing of personal data through blockchain technologies.
April 24, 2025
EU’s MiCA Regulation Increases Supervision over Global Crypto Market
The European Union launched MiCA (Markets in Crypto-Assets) Regulation, which provides a clear and uniform regulatory framework for CASPs and is considered a global model for crypto regulation.
April 20, 2025
Israel Securities Authority Regulates Use of Chatbots on Financial Platforms
The AI revolution in the Israeli capital market: The Israel Securities Authority allows financial institutions to use chatbots on their financial analyses platforms, but imposes clear rules and important restrictions on their use.
April 11, 2025
Is Trump Manipulating the Markets? Dr. Zvi Gabbay Speaks to N12
Shortly before US President Donald Trump announced a 90-day freeze on tariffs affecting most of the US’s trade partners—sending global markets soaring—he published a series of controversial posts referencing the ticker of a company he owns. These posts raised serious legal questions regarding potential market manipulation, conflicts of interest, and regulatory exposure. Dr. Zvi Gabbay shared his legal insights in an interview with N12.
April 10, 2025
Market Volatility and Its Ripple Effect on Israeli Real Estate
Israel’s financial landscape has recently faced significant shocks. With capital markets experiencing notable declines, the question arises: what does this mean for real estate? Adv. Alon Wolner, a partner in our Real Estate Department, spoke to TheMarker about how current capital market volatility is influencing real estate investment trends in Israel and the key challenges developers are now facing.
March 27, 2025
Yozmot - Real Estate Development: Successful Bond Issuance Completed
Yozmot - Real Estate Development, an entrepreneurial contracting company specializing in urban renewal, has successfully completed its inaugural bond issuance and is now listed on the Tel Aviv Stock Exchange, raising approximately ILS 50 million. The offering was supported by Adv. Elad Reshtick from our firm's Capital Markets Department.
March 1, 2025
Fintech Tel Aviv 2025 Annual Summit: Dr. Zvi Gabbay on Expert Panel
Dr. Zvi Gabbay, head of our firm's Regulation Department, has been invited to join an expert panel on "Best Practices for Fintech Implementation and Operations" at the Fintech Tel Aviv 2025 Annual Summit. Startups, investors, and companies are invited to this unique fintech event.
February 20, 2025
Another Success: Mediterranean Towers Ltd Group Completed Issuance of New Series of Bonds
Adv. Omri Oren, a partner in the firm's Finance and Public Corporations Department, along with Advs. Raz Landau and Batel Torangi, advised Mediterranean Towers Ltd Group on the issuance of a new series of bonds amounting to approximately ILS 200 million. The company received strong demand during the institutional offering phase, with demand reaching approximately ILS 684 million.
February 10, 2025
Court Ruling on SEC’s Crypto Regulation Approach: A Turning Point?
For years, the crypto industry has faced regulatory uncertainty, with the Securities and Exchange Commission (SEC) relying on “regulation by enforcement” rather than establishing specific rules for digital assets. Coinbase, one of the world’s largest crypto platforms, sought regulatory clarity—but found itself facing resistance from the SEC.
February 5, 2025
Bonds First, Stocks Later - Interview with Hagit Ross
Since the beginning of 2024, out of eight companies that conducted an initial public offering (IPO) on the Tel Aviv Stock Exchange, six had previously raised debt through bonds. Adv. Hagit Ross, a partner and head of the public companies practice at the firm, was interviewed by TheMarker on this matter.
January 20, 2025
Rights of ADS Holders in Israeli Companies Traded on Nasdaq
As part of proceedings brought by activist shareholders of Nano Dimension, the District Court ruled that ADS (American Depository Share) holders should be treated as shareholders of the company. The significance of this ruling in Israel: boards of directors will be precluded from relying on ADSs to try and block activist shareholders’ campaigns.
January 16, 2025
Ten Q&A About Investment Management and Consulting Without a License
Recently, several cases of unlicensed investment management and consulting have made headlines. These include an instance where an administrative fine of NIS 130,000 was imposed for unlicensed investment management, and another case that led to an indictment. Such cases highlight the importance of understanding the legal rules and requirements in this field.