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Latest Updates / Capital Markets
December 26, 2017
Micky Barnea Interviewed by Globes on Israel's Capital Market
Adv. Micky Barnea, our firm's managing partner, was interviewed by Globes on the major events that have taken place in Israel's capital market in the past year: the re-emergence of initial public offerings on the Tel Aviv Stock Exchange, the Bezeq affair, and ICOs.
December 21, 2017
Article: Is Israeli Regulators’ Approach toward ICOs Ill-Advised?
Dr. Zvi Gabbay, Head of our Capital Markets Department, has published an article in Financial Magnates. It discusses the Israel Securities Authority's approach to Initial Coin Offerings (ICO) and cryptocurrencies and how this approach compares to other jurisdictions.
December 13, 2017
Israel Securities Authority Blows Up the Bitcoin Bubble
Dr. Zvi Gabbay, head of our firm's Capital Markets Department, gave several media interviews (in Heb) following the Israel Securities Authority Chairman's remarks that companies whose values are based on bitcoin will not be included in the Tel Aviv Stock Exchange's (TASE) indices until a suitable regulatory framework is established. Zvi noted it is important to distinguish between the inclusion of companies engaged in trading and investing in virtual currencies on TASE's indices and the possibility that such companies will actually be traded on TASE.
December 13, 2017
Lawsuit Filed against Founder of Digital CoinDash
Our firm represented Guy Aharonovski in a lawsuit against his former partner in CoinDash, a platform for managing investments in cryptographic currencies. Aharonovski is claiming his former partner disqualified him from his share in the company, founded Queen-Dash behind his back, and issued tokens called CDT that enabled the use of the platform provided by the company.
November 30, 2017
Glossary for Beginners in the World of Digital Currency
Do you keep hearing people talk about blockchain, bitcoins, and ICOs with no idea what they mean? Here’s a short glossary to help you understand what the fuss is all about.
November 20, 2017
Precedent Set regarding Class Actions against Dual-Listed Companies in Israel
In a precedent-setting ruling handed down recently in the Tel Aviv District Court a motion to certify an action as a class action, which was filed against Tower Semiconductor Ltd. and its officers, was dismissed in limine based on the rationale that US law applies to the company in relation to the matter of liability, since Tower is also listed for trading in the United States.
November 16, 2017
Conference: Internal Investigations as an Essential Tool in Corporate Governance
Dr. Zvi Gabbay, Head of the Capital Markets Department, is taking part today in a conference hosted by the Institute of Internal Auditors. He will discuss how internal investigations function as an essential tool in corporate governance.
November 14, 2017
Seminar with the Israel Hedge Fund Association
Barnea is hosting today a seminar with the Israel Hedge Fund Association. Dr. Zvi Gabbay , Head of the Capital Markets Department, will discuss the regulatory challenges when establishing and managing a hedge fund. Also as part of the seminar, a partner from the Harneys law firm, with whom we work on a regular basis, will speak on establishing offshore hedge funds in the Cayman Islands and the British Virgin Islands.
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.
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
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 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 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.