Search by Practice
Latest Updates / Capital Markets
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.
April 5, 2017
Barnea & Co. represented Avgol in issuance of a New Series of Bonds
Barnea represented Avgol Industries 1953 Ltd in connection with the issuance of a new series of bonds in the amount of NIS 197 Million. Avgol is one of the biggest manufacturers in the world of non-woven fabrics for the hygiene market. Its securities are traded in the leading indices on the Tel Aviv Stock Exchange.
April 4, 2017
The Hong Kong Stock Exchange has formally approved Israel as an ‘Acceptable Jurisdiction’.
Dr. Zvi Gabbay, Head of the Capital Markets Department at Barnea was interviewed by The Marker following the approval of the Hong Kong Stock Exchange (‘HKSE’) Israel as an ‘Acceptable Jurisdiction’. Zvi commented that the HKSE’s approval is currently limited to foreign listed Israeli public companies and Israeli private companies seeking a listing on the HKSE and it could also translate into cost savings for such companies.
March 27, 2017
Medigus Ltd. Completed a Nasdaq IPO
Barnea represented a group of US underwriters, led by H.C. Wainwright , LLC, in the process of submission of Medigus Ltd. of a prospectus for the Nasdaq listing. Medigus raised USD 7.5 million and will be traded on Nasdaq in parallel with its listing on the Tel Aviv Stock Exchange. Medigus Ltd is an Israel-based company active in the medical sector. It specializes in developing endoscopic procedures and devices.
March 15, 2017
Bar Association Training Course for Directors
Dr. Zvi Gabbay, Partner and Head of the Capital Markets Department at Barnea, will lecture today on the subject of the Israel Securities Authority in the Bar Association Training Course for Directors.
March 12, 2017
Auditing of Board Resolutions
A significant precedent was handed down recently by the Israeli Supreme Court on the subject of the judicial audit that should be performed in relation to companies’ business resolutions.
The judgment officially adopts the Business Judgment Rule prescribed in Israeli law with regard to the auditing standard that should be applied to board resolutions. The judgment further prescribes that it is also warranted to adopt the Enhanced Scrutiny Rule under circumstances when the Business Judgment Rule does not provide an adequate solution. The judgment also engages in subjects not yet addressed by the court, including issues pertaining to dividend distributions, leveraged buyouts, officers’ duties in a company and the relation between them.
March 7, 2017
Israel Securities Authority (ISA) New Proposed Bill to Prohibit the Management and Operation of Binary Options Trading Platforms out of Israel
Dr. Zvi Gabbay, Partner and Head of the Capital Markets Department at Barnea, in an opinion article for Finance Magnets following a new proposed bill to prohibit the management and operation of binary options trading platforms out of Israel , even if regulated elsewhere.
February 26, 2017
How Blockchain will Revolutionize a Paper World
In many ways, electronic communications dominate the world as we know it. We talk through email, text, and social media, to the point that the written letter is almost an anachronism. Still, some areas still thrive on paper. Real estate, for example, depends on paper deeds and documentation to confirm authenticity. Similarly, many corporations depend on paper records to demonstrate regulatory compliance. But blockchain is helping to change all of that. The technology that made Bitcoin work is expanding, in Israel and beyond, to help secure online processes and chains of custody in ways that can help shift paper-dominated fields into the 21st century.
February 7, 2017
The CEO of Kitov Pharmaceuticals was Investigated by the Israeli Security Authority on Suspicion of Fraud and False Reporting
Adv. Zohar Lande and Moran Bickel from the Litigation Department at Barnea represented the CEO of Kitov Pharmaceuticals at a hearing in the Tel Aviv Magistrates Court relating to his release from detention, subject to certain restrictive conditions.
January 26, 2017
Dr. Zvi Gabbay Participated in a Panel Discussion on the Subject of Administrative Enforcement in Haaret'z "Echad Haa'm"
Dr. Zvi Gabbay, Partner and Head of the Capital Markets at Barnea, participated in a panel discussion on the subject of Administrative Enforcement in Haaret'z "Echad Haa'm", the magazine of the Public Companies Association. The panel discussed the implications of administrative enforcement on the market and on the levels of corporate governance and conduct of companies. (In Hebrew. Pages 16-21)
January 25, 2017
US Federal Trade Commission (FTC) Decides to Investigate Allergan’s Generics Business (Actavis Generics).
Dr. Zvi Gabbay, Partner and Head of Capital Markets at Barnea was interviewed by Globes following the decision by the FTC to investigate a company related to Teva.
January 24, 2017
Draft Legislation Permitting Corporations to Obtain Loans Through Crowdfunding
Last week, the Israel Securities Authority published draft legislation for public comments that will permit corporations to obtain loans through crowdfunding with an exemption from the prospectus requirement.
January 10, 2017
Micky Barnea in an Interview by Globes regarding Executive Pay in the Finance Sector and regarding Concessions from the Tel Aviv Stock Exchange and the Israel Securities Authority
Micky Barnea, our Managing Partner, was interviewed by Globes regarding executive pay in the finance sector. He also interviewed on concessions granted by the Tel Aviv Stock Exchange and the Israel Securities Authority. Micky commented that the Tel Aviv Stock Exchange and the Israel Securities Authority have granted a set of concessions to encourage more companies to go public. However, according to Micky, as regards the issue of regulation, the exemptions should be more significant.
January 4, 2017
Globes Op-Ed: Restoration of Funds for Victims of Stock Manipulation
In an op-ed published in Globes, we discussed the restoration of funds for victims of stock manipulation, focusing on the question of whether the state is obligated to repay a portion of the fine directly to the victims through a distribution mechanism.