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Latest Updates / Capital Markets
April 24, 2023
Tel Aviv Stock Exchange Publishes ESG Questionnaire
The publication of the questionnaire aligns with global trends and reflects the importance of this subject for investors. According to the TASE press release, only 70 companies currently publish full ESG reports.
April 2, 2023
Global Trends in Law Enforcement against Corruption Crimes
Corruption crimes and other economic offenses are being tackled more stringently in the global arena, but it appears the Israeli government’s wave of legislation could catapult it outside the global trend, and thus subject Israeli entities and individuals to international enforcement.
March 28, 2023
Class Actions on Accessibility of Public Companies' Reports Dismissed
At the conclusion of a proceeding conducted over about two years, an Israeli court recommended that the class plaintiffs withdraw their actions in light of the legal difficulties and since there is no reasonable possibility that the legal questions will be ruled in favor of the plaintiffs. The plaintiffs accepted the court's recommendation, and the court dismissed in limine 66 class actions.
March 2, 2023
In First, Arrangements Law Includes Extensive Reference to Digital Assets
The draft of Israel’s Arrangements Law – Economic Plan for 2023-2024 addresses digital assets extensively for the first time. The draft bill contains a section dedicated to the regulation of digital assets and addresses stablecoins, taxation issues, the banking system, DAOs (decentralized autonomous organizations) and more.
February 21, 2023
Advantage to Israeli Banks When Self-Exercising a Deposited Pledge
Collateral in the form of a deposited pledge is an easy and inexpensive way to secure credit. However, Israeli law does not allow foreign banks to benefit from an efficient and effective mechanism enabling debt recovery by way of the self-exercise of collateral. There is no real justification for this and it harms competition in the credit market.
February 8, 2023
Digital Assets or Securities?
The Israel Securities Authority recently published a proposal for a series of legislative amendments relating to digital (cryptographic) assets, whose implications go beyond the realm of digital assets and do not herald much good news for Israeli crypto ventures.
February 5, 2023
Control Struggles in Israeli Public Companies
Micky Barnea analyzes the issue of control struggles, hostile takeover attempts, and directors’ potential defensive measures. His op-ed was published in TheMarker's Ahad Ha'am magazine.
February 5, 2023
Barnea: Hosting Conference with the Israel Hedge Funds Association
Dr. Zvi Gabbay, Roy Engel, and Yana Zilbershtein lectured at a conference our firm hosted on the early years of hedge funds. The conference was held in collaboration with the Israel Hedge Funds Association. PWC and APEX Israel also took part.
February 2, 2023
Barnea: Guiding Djed in Successful Launch
We are honored to have guided Djed in its successful launch. Djed is a new stablecoin designed to maintain a stable value pegged to the US dollar. It provides its users with a decentralized and secure store of value and facilitates seamless transactions on the Cardano blockchain.
February 1, 2023
Dr. Zvi Gabbay Participates in “Conference to Open Year of Compliance – 2023”
Dr. Zvi Gabbay, the head of our firm’s Capital Markets Department, participated in the Israeli compliance community’s annual conference for 2023. He spoke in a panel discussion with Hani Amar, a partner at BDO in the corporate governance and regulation division, and Adv. Ariel Sagi, a compliance officer and board member at Rafael.
January 16, 2023
Dudi Cohen Participates in Annual Dun’s 100 Forum of Capital Market and Finance Executives
As part of the annual Dun’s 100 forum, senior executives from the finance industry discussed such burning issues as the non-bank credit sector, the slowdown in high-tech and real estate activity, and more. Dudi Cohen, the head of our firm’s Finance and Public Corporations Department, noted that "even though in the near future we are likely to see a wave of companies realizing there is no place for them in the stock market and that they will be sold as skeletons or deleted from the trading rolls, we still need to remember that there are entities that have an interest in raising capital through the stock market."
January 15, 2023
ACC Podcast on Bond Issuances
As an expert in advising public companies, Elad Reshtick was asked to be a guest on the Association of Corporate Counsel’s podcast, where he spoke about the bond issuance process.
January 15, 2023
Podcast: Administrative Enforcement
Dr Zvi Gabbay, the head of our firm’s Capital Markets Department, guest starred on an episode of the podcast hosted by the Association of Corporate Counsels in Israel. The episode focused on tools for dealing with administrative enforcement.
January 12, 2023
Misha Gitterman Lectures at Reichman University
Misha Gitterman, a partner in our firm’s Finance and Public Corporations Department, lectured to graduate students in Reichman University’s Law, Technology and Business Innovation program as part of the course “Startup Capital Raising – From Angel Investment to IPO.”
January 8, 2023
2022: A Turbulent Year for the Cryptocurrency Sector
On the one hand, the cryptocurrency industry is still in the throes of the crisis caused by a series of bankruptcies and one of the biggest scandals in the world of finance. On the other hand, transparent and decentralized alternatives to the centralized financial sector demonstrate why they are so important, as well as their ability to function effectively even in times of crisis.
January 3, 2023
2022: Developments in Financial Service Providers Regulations
This article summarizes the regulatory developments imposed on financial service providers, including of non-bank credit and financial asset services, and the key measures companies engaging in this sector should take in preparation for 2023.
December 25, 2022
Representative Sells and Shareholders Miss out on Big Profit – Micky Barnea Interview in Globes
The Ista deal, in which representatives on behalf of a broad public oversaw a sale of assets at a price that turned out to be attractive to buyers, has faced severe criticism. As an expert on corporations and the capital market, Micky Barnea was interviewed by Globes about the deal. Micky explained the role and responsibility of public representatives, who manage members’ funds, and clarified some ways to manage long-term investments.
December 20, 2022
Israel Securities Authority Seeks Permission to Expand Authority beyond Securities Offenses
The Israel Securities Authority is seeking to expand its power. If its draft bill is accepted, this will have far-reaching consequences, as the ISA will have the power to investigate offenses related to fraud, bribery, money laundering, and cryptocurrencies (which the ISA considers to be securities).
December 19, 2022
Can DeFi Use Exempt a Project from Compliance?
Activity in the form of financial decentralization (Decentralized Finance - DeFi) does not exempt from requirements in the field of prevention of money laundering prohibition or compliance with sanctions. It turns out that DeFi is subject to the same "laws of gravity" as projects in the traditional financial industry.
December 14, 2022
FTX’s Collapse and the Golden State Warriors – Dr. Zvi Gabbay Interviewed by Finance Magnates
Following the collapse of FTX, several lawsuits were filed against the NBA’s Golden State Warriors, which had entered into cooperation agreements with the now-defunct crypto company. According to Dr. Zvi Gabbay, the plaintiffs must provide at least preliminary indications that the basketball team was aware of or should have been aware of FTX’s wrongdoing. According to Zvi, he saw no hint of any such indications.