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Latest Updates / Capital Markets
November 13, 2017
Seminar with the Tel Aviv Stock Exchange and the Israel Builders Association
Barnea is hosting today with the Tel Aviv Stock Exchange and the Israel Builders Association a seminar for real estate and infrastructure companies exploring a potential IPO. Dr. Zvi Gabbay, Head of the Capital Markets Department, will discuss IPO from the eyes of a regulator.
November 9, 2017
Zvi Gabbay Interviewed on London et Kirshenbaum about Investigation against Bezeq
Dr. Zvi Gabbay, Head of the Capital Markets Department, was interviewed on the TV program London et Kirshenbaum about the investigation against Bezeq. He noted that the Israel Securities Authority invested considerable efforts in completing the investigation quickly because of the case's wide public implications. (Starting from min' 05:40)
November 8, 2017
Offering Services of Securities Trading Systems
Recently a new Amendment to the Securities Law, concerning the restructuring of the stock exchange, came into effect.
October 24, 2017
Israel Securities Authority Defeated in Proceeding against Portfolio Manager
The Administrative Enforcement Committee rejected an administrative claim filed by the Israel Securities Authority against portfolio manager Ran Amitai for using inside information on a deal with the biotechnology company Compugen. Ran Amitai and Cramim Capital Markets were represented by Dr. Zvi Gabbay and Adv. Sapir Malul.
September 24, 2017
Israeli Binary Options CEO Arrested in US on Suspicion of Committing Electronic Fraud
The Israeli CEO of a binary options company has been arrested by federal investigators in the United States on suspicion of committing electronic fraud. Dr. Zvi Gabbay, partner and head of our firm's Capital Markets Department, is representing the company in this matter. In an interview with TheMarker on the subject, he noted this is a relatively early stage in the legal process and that an indictment has not yet been filed.
September 19, 2017
ICO Whitepaper
ICO is the abbreviation of Initial Coin Offering, a term inspired by the capital market term IPO (Initial Public Offering). This is when a company recruits debt or capital by publishing a prospectus offering of its securities to the public for the first time. A prospectus is a profound legal and accounting document that furnishes information about the company, its management, its businesses, and its financial position. Once a company’s securities are held by the public, it becomes a public company.
September 12, 2017
Dr. Zvi Gabbay speaking at the EY Anti-Fraud Forum
Dr. Zvi Gabbay, Head of Barnea's Capital Markets Department, will participate today in the EY Anti-Fraud Forum. Zvi will discuss how workers can take an active role in self-regulation and compliance.
August 29, 2017
Dr. Zvi Gabbay Discusses Regulation of Digital Coins in New Op-ed
Dr. Zvi Gabbay, Head of the Capital Markets Department, had an op-ed published in The Marker on the regulation of digital currencies. He asserts there will be no choice but to build a unique regulatory model that matches the characteristics of these new financial instruments.
August 29, 2017
Dr. Zvi Gabbay Interviewed by Walla! about Investigation into Former Bank Leumi Officials
Dr. Zvi Gabbay, head of the Capital Markets Department at our firm, was interviewed by Walla! about a criminal investigation opened against former Bank Leumi officials in a US tax fraud scandal. Zvi believes American investigators will work closely with Israeli investigators on this case, via the international legal aid apparatus at the Justice Ministry.
August 16, 2017
Dr. Zvi Gabbay talks SEC allegations against Mobileye founders with TheMarker
The US Securities and Exchange Commission (SEC) recently filed a lawsuit in a US court against an Israeli citizen and an American citizen for the use of inside information to acquire shares and options at Mobileye. The lawsuit alleges, among other things, that Mobileye's founders supplied information about the huge deal being forged between it and Intel. Dr. Zvi Gabbay, head of the Capital Markets Department at our firm was interviewed by TheMarker on the subject. He explained the differences between the enforcement process in Israel and the US and the relationship between civil enforcement by the SEC and criminal enforcement by federal prosecution.
August 16, 2017
Risks in Boards of Directors’ Work
“How did the board approve this?” Headlines like this pop up each time it is announced the Israel Securities Authority is investigating a public company’s transactions with its controlling shareholder, such as the latest allegations of deals between Bezeq and its controlling shareholder. But the real question that should be asked is, Was the board given the right tools to perform its work?
August 8, 2017
Monetary Authority of Singapore to Begin Regulating the Issuance of Virtual Currencies
Adv. Daniel Israeli was interviewed by TheMarker after the Monetary Authority of Singapore (MAS) announced it would begin regulating the issuance of virtual currencies (ICO). Daniel noted that Singapore has developed into a destination of sorts for ICOs, and thus the MAS' decision will certainly change the rules of the game.
July 2, 2017
Barnea & Co. Represented Avgol in the Sale of its Rights in the Barkan Plant
Barnea represented Avgol in the sale of its rights in the Barkan plant for NIS 52.5 million. Avgol is in the process of transfering its production center in Israel to Dimona.
June 22, 2017
Financial Radio Program at the Public Broadcasting Corporation
Dr. Zvi Gabbay, Head of the Capital Markets and Financial Regulation Department at Barnea was interviewed on a financial radio program at the Public Broadcasting Corporation following the investigation of the heads of Bezeq and explained how the Securities Authority is investigating. (starting at min' 12.06)
June 20, 2017
Dr. Zvi Gabbay was interviewed by the Radio Program "Where is the Money"
Dr. Zvi Gabbay, head of the Capital Markets Department, was interviewed today on "Where is the Money" program on 103FM radio station, following the investigation launched by the Israel Securities Authority against Bezeq, the company's controlling shareholder, Shaul Elovitch, and senior officials on suspicion of committing offenses under the Securities Law. Zvi explained in the interview about transactions involving interested parties in a company. From min' 11.38
June 20, 2017
Dr. Zvi Gabbay was interviewed by Channel 2 News
Dr. Zvi Gabbay, Head of the Capital Markets Department, was interviewed for a daily program dealing with economic and consumer issues on Channel 2 news, following the investigation conducted by the Israel Securities Authority against Bezeq. Zvi explained the ISA's claims and the reason for opening the investigation.
May 24, 2017
Class Action Against Israeli Company Offering Securities Abroad – Not in Israel
It is not uncommon for Israeli incorporated companies to seek investments abroad. In many cases, such investments are done through public offerings on international stock exchanges. Securities issued by Israeli companies are traded on the NASDAQ, the London Stock Exchange and a variety of other exchanges, including Australia. These situations, which make perfect sense from a business perspective, give rise to interesting and sometimes quite complex legal issues.
May 23, 2017
IFX Expo Cyprus 2017 - Regulatory Panel
Dr. Zvi Gabbay, Head of the Capital Markets Department at Barnea, is participating today in a regulatory panel conducted as part of the IFX Expo Cyprus 2017. The panel will discuss the recent decisions taken by key regulators and will consider their implications, as well as try to predict what the future holds for the industry in this regard.
April 19, 2017
The SEC Charges Two Israeli Residents with Insider Trading – Opinion Article
Dr. Zvi Gabbay, Head of the Capital Markets Department at Barnea, in an opinion article following the decision of the US Securities and Exchange Commission (SEC) to file a civil suit in a federal court against two Israeli residents who traded in Mobileye's stock and options before and after the merger announcement with Intel Corp. Dr. Gabbay commented that the case which the SEC has formulated against the two Israelis on suspicion of using insider trading information is in the meantime very circumstantial.
April 6, 2017
A New Amendment Eliminates the Need for Small Companies to Report Quarterly
An amendment to the Securities Regulations (Periodic and Immediate Reports) was promulgated in March 2017, whereby small reporting corporations shall be able to publish their financial statements on a bi-annual basis, provided that they have not issued bonds that are being held by the public. In this regard, a “small corporation” is defined in the said regulations.