ארכיון Capital Markets

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 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.

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November 30, 2016

Regulation of Crowdfunding in the UK, US and Israel: a Comparative Review

Dr. Zvi Gabbay, Partner and Head of the Capital Markets Department at Barnea, in a comparative review of the regulation of crowdfunding for Butterworths Journal of International Banking and Financial Law. The article discusses how three jurisdictions, the UK, US and Israel, have dealt with the regulatory aspects of the equity crowdfunding sector, comparing and contrasting the approaches taken by the regulators.

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March 2, 2017

Dr. Zvi Gabbay in an Interview for Globes following the Exposure of Cases of Bribery by Israeli Businessmen

Dr. Zvi Gabbay, Partner and Head of the Capital Markets Department at Barnea, was interviewed by Globes, following the exposure of cases of bribery by Israeli businessmen. Zvi commented that the Israeli prohibition against bribing a foreign public servant is new. However, the law was enacted in the US in 1977 and the US has caused other countries to align with it.

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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.

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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)

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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.

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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.

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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.

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December 28, 2016

Dr. Zvi Gabbay Participated in the Annual Dun's 100-Globes Capital Markets Forum

Dr. Zvi Gabbay, Head of the Capital Markets Securities Department at Barnea took part in the annual Dun's 100-Globes Capital Markets Forum, with the participation of industry executives, banking sector, leading investment houses and insurance groups.

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December 26, 2016

The Charges against Generic Drug Companies for Price Fixing: Teva is Exposed Twice and is Liable to have to Reach a Compromise in Both Suits

Dr. Zvi Gabbay, Head of Capital Markets and Securities Department at Barnea was interviewed by Globes, following law suits filed in the US accusing generic drug companies, including Teva Pharmaceutical Industries, of price fixing. Zvi commented that Teva is exposed to both a criminal indictment and a civil suit, and is liable to have to reach a compromise in both of them.

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December 5, 2016

Nochi Dankner, Former Chairman of IDB Group, was Sentenced to Two Years Imprisonment

Dr. Zvi Gabbay, Partner and Head of Capital Markets Securities Department at Barnea was interviewed by Several Israeli Newspapers, after Nochi Dankner was sentenced today to 2 years in prison following his conviction on charges of stock manipulation. Zvi commented that unlike the verdict, which gave the impression that Dankner would receive a more severe punishment, it can be assumed that the District Court tried to impose a light sentence, but one which would not cause the prosecution to file an appeal.

Article from Israel Hayom

Article from Globes

Article from Funder

November 16, 2016

Barnea & Co. Represented D.G.I Media Ltd. in a Precedent Administrative Enforcement Settlement with the Israeli Securities Authority

Dr. Zvi Gabbay, Partner and Head of the Capital Markets and Securities department at Barnea, represented D.G.I Media Ltd. in a precedent administrative enforcement settlement in the field of Forex Trading.

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September 30, 2016

Barnea & Co. Represented the Private Equity Fund IGP Investment in Jacada

Barnea represented Israel Growth Partners (IGP) in an agreement to buy 300,000 Jacada shares, 7% of the company's share capital, from Robert (Bob) Ashton's investment firm Kinetic Catalyst Partners.

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October 13, 2016

Australian stock exchange to Israeli tech firms: Come list Down Under

Dr. Zvi Gabbay, Partner and Head of the Capital Markets Financial Regulation Department at Barnea was interviewed by the Times of Israel regarding the growing interest of Israeli companies to list on the Australian Stock Exchange (ASX). Zvi commented that the Australian financial laws have earned a reputation as a creative and advanced regulatory regime that strikes a good balance between investor protection and a pro-business approach that understands the risk of over-regulation.

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May 2, 2016

Securities and Exchange Commission's Staff Position - Trading Fraud - Has the Ship Sailed?

An article by Adv. Zvi Gabbay that critiques the Israeli SEC's staff position paper it issued and which details actions which may be considered as "Trading Fraud". A short comparative review which was mentioned in the article indicates that the Israeli SEC’s staff position paper is problematic, hence it does not provide clear guidelines to the players involved in trading. Similar positions issued in other countries lean towards providing guiding principles, as opposed to a detailed specific list of actions, as indicating fraudulent trading.

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April 1, 2016

Enforcement Agreement - Is Any Confession Required?

An article by Adv. Zvi Gabbay that examines the willingness of the Israeli SEC to sign an enforcement agreement without a confession with regards to the offence by a violator and without such violator taking responsibility for such offence. Additionally, the article states that comparing the administrative enforcement with the criteria of criminal enforcement would not necessarily be overlapping, and one not should expect a correlation between them. Moreover, the article compares both the Israeli enforcement agreement policy and the United States enforcement agreement policy. The conclusion is that enforcement agreements without confession are not illegitimate and the intervention in the SEC's judgement will be acceptable only when there is a fundamental flaw in the enforcement agreement.

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March 1, 2016

Corporate Governance - From the Procedural to the Substantive

An article by Adv. Zvi Gabbay that discusses the need to examine Corporate Governance in terms of its substantiveness and not just through a procedural form. The article reviews the development of Corporate Governance from the time it was adopted in Israel in the mid-2000’s to the present and delineates general principles for further future developments, while highlighting the integration of tests of substantiveness that would allow the implementation of Corporate Governance in an optimal manner.

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September 25, 2016

Barnea & Co. represents Rafi Bar-Lev

Barnea represented Rafi Bar-Lev, former Salesman at the Israeli investment company Utrade of Aviv Talmor, whose operation was frozen by the Israel Securities Authority, at a hearing in the Tel Aviv Magistrate's Court.

Calcalist

Globes

September 15, 2016

Capital Markets 2016 - Virtual Roundtable

Corporate Live Wire held a Capital Markets Roundtable featured experts from around the world, including Dr. Zvi Gabbay. The chosen experts discussed the latest regulatory changes, global economic risks, cyber security challenges and capital flow trends.

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