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Latest Updates / Capital Markets
January 11, 2022
Regulating Israeli Banks’ Provision of Services to Licensed Cryptocurrency Service-Providers
The Bank of Israel is proposing to regulate the provision of services to licensed cryptocurrency service-providers so that banks will not be able to sweepingly refuse to provide service and will have to formulate a risk management policy.
January 3, 2022
Will NFTs Push Regulators to Regulate the Metaverse?
Currently, most regulators and governments are on the fence with regards to NFTs, waiting to see what other jurisdictions do or how the market develops. In some instances, governments and regulators are trying to address this issue more actively, but with very different outcomes.
December 14, 2021
Accessibility Requirements for Public Company Reports – Advising the Association of Publicly Traded Companies
Our firm is advising the Association of Publicly Traded Companies vis-a-vis the Ministry of Justice, the Commission for Equal Rights for Persons with Disabilities, and the Israel Securities Authority regarding accessibility requirements for public company reports.
From the legal review we prepared for the client, we determined there is no place or justification, even from a broad international perspective, to impose accessibility requirements on companies with regard to public company reports, or to allow private enforcement (in the form of class action lawsuits) against public companies.
December 12, 2021
Do You Own Crypto? AML Order Also Applies to Digital Currencies
For the first time, companies providing virtual currency services will be required to comply with Israeli anti-money laundering provisions. This follows an amendment to the Prohibition of Money Laundering Order that recently came into effect. The amendment will apply to financial asset service providers obligated to hold a license under the Control of Financial Services Law.
November 18, 2021
Internal Enforcement: Series of Webinars for Public Companies
Our firm, in collaboration with the Public Companies Forum of the Association of Corporate Counsel in Israel, has launched a series of webinars on internal enforcement. Among the lectures in the series, to be delivered by Dr. Zvi Gabbay, is "Prohibition on the Use of Insider Information, What an Internal Enforcement Plan Is, and How It Is Implemented in Organizations."
November 15, 2021
Interview on Workers' Rights in SPAC Issuances
Gett announced last week a USD 1.1 billion merger with an SPAC. This prompted unrest among former Gett employees who feared a dilution of their shares. We were interviewed by TheMarker about workers' rights during issuances and SPAC processes.
October 11, 2021
World’s Most Important Financial Institutions Seek Involvement in Crypto Field
While Israel’s banks are in no hurry to accept the blockchain industry and are avidly trying to keep their distance from cryptocurrencies, this is not the case elsewhere.
Recently, the major global securities, derivatives and financial trade associations sent a joint letter to the Bank for International Settlements (BIS), which develops banking supervision standards and criteria, to adopt regulation that will enable their involvement in the crypto asset sector.
August 26, 2021
Adv. Dror Arad-Ayalon Joins Firm as Special of Counsel
Adv. Dror Arad-Ayalon has joined our firm as a special advisor in the fields of white collar, ethics, and defamation. Dror has earned a reputation for his extensive experience in representing defendants in criminal cases that have received widespread media coverage.
August 2, 2021
Class Actions Against Israeli Public Companies for Failing to Meet Mandatory Accessibility Requirements
Dozens of motions were filed in recent weeks to certify class actions against some of the most well-known and leading publicly traded companies and reporting corporations in Israel. These motions to certify class actions are similar in nature (apart from the different defendants) and most were filed by the same plaintiffs-petitioners and through the same attorneys.
July 26, 2021
Zvi Gabbay Interviewed by Calcalist as Expert on White-Collar Crime
Zvi Gabbay, the head of our firm's Capital Markets Department, was interviewed by Calcalist along with several other of Israel's leading lawyers in the field of white-collar crime and criminal law.
Zvi addressed the core issues of the field and the impact of COVID-19, and provided his forecast for several ongoing major cases.
July 19, 2021
The Demand for Directors in Publicly Traded Companies
The demand for directors in publicly traded companies is increasing in light of the growing wave of IPOs on the Tel Aviv Stock Exchange.
An expert on the capital market, Micky Barnea was interviewed on the subject by Globes. He explained the significance of the director position in companies, as well as the role's related risks and responsibilities.
July 13, 2021
Real Estate Transactions Using Digital Currencies – Regulatory Challenges
The volume of real estate transactions incorporating digital currencies is expected to grow in the coming years, especially among young, wealthy, tech-savvy professionals. Zvi Gabbay, the head of our firm's Capital Markets Department and a former head of enforcement at the Israel Securities Authority, was interviewed by Globes on the trend. Zvi noted the regulatory challenges that exist in these types of transactions.
July 13, 2021
Webinar: Responsibility of Compliance Officers in Organization
The Compliance Forum of the Association of Corporate Counsel in Israel hosted a webinar this morning on the responsibilities of compliance officers in organizations.
As part of the webinar, Dr. Zvi Gabbay discussed new trends and developments, as well as the normative basis for imposing personal responsibility on compliance officers in organizations.
July 13, 2021
Implications of European Whistleblower Protection Directive on Israeli Companies
By October, companies in the European Union employing at least 50 employees will be required to operate an internal reporting system for reporting misconduct that may indicate compliance violations. Furthermore, all companies in the EU, regardless of size, will be required to ensure the protection of whistleblowers from all types of retaliation.
The EU Whistleblower Protection Directive originally came into force in October 2019. It gave EU member states two years to prepare to incorporate the directive into their national legislation. Prior to the enactment of the directive, no uniform binding legislation applied to all EU member states and only 10 member states had enacted national legislation in this regard. The upcoming inception of national whistleblower protection laws throughout the EU will naturally trigger a ripple effect.
July 8, 2021
Israel Securities Authority: Guidelines for Discussions with Investors Prior to Publication of a Prospectus
A wave of IPOs continues to flood the market, prompting the Israel Securities Authority to publish a new staff position paper discussing three key topics.
June 28, 2021
Webinar: Contacting Investors – Do's and Don'ts
The Israel Hedge Funds Association (IHFA) is hosting the webinar "Contacting Investors – Do's and Don'ts." As part of the webinar, Dr. Zvi Gabbay, the head of our firm’s Capital Markets Department, will discuss the legal infrastructure required for reaching out to investors.
June 22, 2021
Dual-Listed Companies – Israeli Legal Liability for Reporting
The Tel Aviv District Court recently handed down a ruling in the Ceragon Networks case. The ruling states that dual-listed companies may face exposure to lawsuits based on the liability rules under Israeli law.
June 14, 2021
IPO Wave Continues to Flourish – How Should Companies Prepare for an IPO?
The growing wave of IPOs on the Tel Aviv Stock Exchange is pushing an overwhelming number of private companies to consider going public.
Zvi Gabbay, head of the firm's Capital Markets Department and a former head of enforcement at the Israel Securities Authorities, was interviewed by the TheMarker for an article on the trend. Zvi explained how companies considering an IPO must behave vis-a-vis the public and the regulatory authorities in order to succeed.
June 3, 2021
Rules and Conditions for SPAC Issuances in Israel
Over the past year, raising capital through SPACs has become a hot trend on Wall Street. The Israel Securities Authority recently published the conditions and principles for SPACs to launch IPOs.
May 9, 2021
Five Key Points on Capital Raising for Hedge Funds
The cornerstone of a successful hedge fund is a successful investment strategy. That is self-evident. However, if the managers of the potential hedge fund are not successful in raising capital, this potential will never be tested or realized. We list below the five key points we believe hedge fund managers should take into account when raising capital for their funds.