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Home · practice areas · Capital Markets · Latest Updates

Latest Updates / Capital Markets

September 6, 2023

Compliance Forum: Israeli Association of Corporate Counsel Webinar

We held, together with the Israeli Association of Corporate Counsel, a webinar focused on compliance. Dr. Zvi Gabbay gave a lecture entitled, “What Do Regulators Want to See? Training and Implementation of Compliance Procedures.” Anat Shubat from our firm, along with Ella Chertok from ICL Group, explained how to combine creative thinking with best practices in compliance trainings.

August 30, 2023

Advising on a ILS 300 Million Issuance of a New Series of Bonds

Elad Reshtick, Omri Oren, and Raz Landau represented Mediterranean Towers Ltd. in a ILS 300 million issuance of a new series of bonds held earlier this week. The company received offers for approximately ILS 533 million in the institutional phase.

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August 30, 2023

Securities, Digital and Financial Assets: New Definitions

After considering public comments, the Israel Securities Authority is promulgating a revised draft bill seeking to regulate the field of digital assets.

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August 9, 2023

Crypto: PayPal Launches USD-Based Stablecoin

As an expert in the field, Globes interviewed Dr. Zvi Gabbay, the head of our firm’s Capital Markets Department, on PayPal’s decision to launch a stablecoin backed by the US dollar.

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August 6, 2023

Stock Market Skeletons: How to Properly Execute a Merger

Hagit Ross, a partner in our firm’s Capital Markets Department, was interviewed by TheMarker on the phenomenon of companies going public via mergers with stock market skeletons.

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August 6, 2023

Crypto as a Security – Applying the Howey Test

Regulation by enforcement is designing tests to ascertain which cryptographic assets fall under the definition of “security” in the wake of the XRP crypto token court ruling.

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July 31, 2023

Capital Markets: The Dangers of Misleading Stock Market Filings

Elad Reshtick’s op-ed in TheMarker examines the dangers of companies disclosing marketing and sales updates in the guise of stock market filings, in order to attract investors.

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July 26, 2023

Companies without a Control Core – Draft Bills Calls for Changes

The number of companies with a decentralized ownership structure, i.e., with no controlling shareholder, has been rising in recent years, as has their share of the capital traded on the Tel Aviv Stock Exchange. The recently proposed amendment to the Israeli Companies Law aims to revise the corporate governance regulations specifically applicable to such companies.

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July 20, 2023

Dr. Zvi Gabbay Interview with Tony Petrov on Future of Crypto

Dr. Zvi Gabbay, the head of our Capital Markets Department, was interviewed by Tony Petrov, the chief legal officer at Sumsub. The two discussed financial regulation, the crypto industry, and jurisdictional settings. Topics also included FTX’s collapse, the SEC charges against Coinbase, and the future of crypto regulation.

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July 10, 2023

Dr. Zvi Gabbay Lectures at Association of Publicly Traded Companies’ Annual Economic Conference

Dr. Zvi Gabbay, head of the firm’s Capital Markets Department, was a guest speaker at the Association of Publicly Traded Companies’ annual economic conference. During his lecture, Zvi referred to the ruling in Inbar v. Ofir Naor (the liquidator of IDB Development Corp.) and to the lessons corporate counsel should take from the ruling with regard to providing legal representation to directors, especially those of a public company.

July 6, 2023

Crowdfunding: Dr. Zvi Gabbay Interview in TheMarker

Dr. Zvi Gabbay, the head of our firm’s Capital Markets Department, was interviewed by TheMarker about how the regulation of crowdfunding can help investors.

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June 29, 2023

Bitcoin Rises: Dr. Zvi Gabbay Responds to BlackRock’s Extraordinary Move

BlackRock, the world's biggest asset management company, has announced the launch of a bitcoin exchange-traded fund. This has led to Bitcoin hitting a more than one-year high. Dr. Zvi Gabbay, head of the firm’s Capital Markets Department, explains the rationale behind BlackRock's move in an interview with Globes.

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June 27, 2023

Reading Financial Reports: Lecture on Legal Issues

Our firm is hosting the Israeli Association of Corporate Counsel’s course on how to read financial reports for in-house legal counsels. The duration of the course is eight sessions. In today’s session, Elad Reshtick lectured on company valuations, dividend distribution tests, pro-forma financial statements, and more.

June 19, 2023

Default Arrangements in Israeli Investment Funds – Unwritten Provisions in Partnership Agreements

Many investors and fund managers are unaware that a simple reading of the relevant partnership agreement is not sufficient to get the “full picture” of the legal conditions that apply to their specific limited partnership.

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May 29, 2023

SEC vs. Philips: Expansion of Foreign Corrupt Practices Act

The SEC is expanding the application of US Foreign Corrupt Practices Act provisions. It is commencing law enforcement proceedings against non-American companies operating outside the United States and against actions that merely raise concerns of acts of corruption. Companies with international operations must familiarize themselves with the FCPA’s provisions and prepare accordingly.

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May 21, 2023

Barnea: Advising Migdal on a USD 100 Million Investment

Roy Engel, Yana Zilbershtein, and Yakov Vilenski advised Migdal on a USD 100 million investment in the real estate investment fund Exeter Industrial Value Fund EQT. More than 90% of the investors in the fund are American and international institutional entities, and Migdal is the only Israeli investor.

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May 21, 2023

Cooperating May Credit Corporations with Leniency in Enforcement

Law enforcement authorities in the United States are adopting a policy of lenient law enforcement measures against corporations that cooperate during investigations, document their activities, and implement compliance programs. This policy also applies to Israeli companies operating in the United States.

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May 17, 2023

Investment Advice and New Technologies: Amendment to Israeli Directive

In order to contend with the meager supply of investment advice or portfolio management services via technological interfaces, the Israel Securities Authority has published a proposed amendment to the directive focusing on two main services: trading signal services and social trading. Both of these services rely on digital media.

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May 8, 2023

Regulating the Israeli Crypto Market – Dr. Zvi Gabbay Article in Calcalist

The Arrangements Law for 2023-2024 makes extensive reference to expanding and creating a regulatory infrastructure in the digital assets field. Specifically, the Israeli government refers to regulation in a number of different areas, including the cryptocurrencies market. Dr. Zvi Gabbay, head of our firm’s Capital Markets Department, elaborates on the subject in an article for Calcalist.

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May 2, 2023

The Business Judgment Rule – a Director’s Best Friend

Board members looking to protect themselves from lawsuits pertaining to the proper fulfillment of their duties must fully understand the three principles of the business judgment rule. Because what is true in Delaware is also true in Israel.

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