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Insights & News / Capital Markets
December 13, 2017
Israel Securities Authority Blows Up the Bitcoin Bubble
Our firm gave several media interviews following the Israel Securities Authority Chairman's remarks that companies whose values are based on bitcoin will not be included in the Tel Aviv Stock Exchange's (TASE) indices until a suitable regulatory framework is established. We noted that it is important to distinguish between the inclusion of companies engaged in trading and investing in virtual currencies on TASE's indices and the possibility that such companies will actually be traded on TASE.
November 16, 2017
Conference: Internal Investigations as an Essential Tool in Corporate Governance
We took part in a conference hosted by the Institute of Internal Auditors, where we addressed how internal investigations function as an essential tool in corporate governance.
November 14, 2017
Seminar with Israel Hedge Funds Association
Barnea hosted a seminar with the Israel Hedge Funds Association addressing the regulatory challenges when establishing and managing a hedge fund. As part of the seminar, a partner from Harneys discussed establishing offshore hedge funds in the Cayman Islands and the British Virgin Islands.
November 13, 2017
Seminar with Tel Aviv Stock Exchange and Israel Builders Association
Barnea hosted, together with the Tel Aviv Stock Exchange and the Israel Builders Association, a seminar for real estate and infrastructure companies exploring a potential IPO. We discussed IPO from the perspective of a regulator.
November 9, 2017
Interview on London et Kirshenbaum about Bezeq Investigation
We were interviewed on the TV program London et Kirshenbaum about the investigation against Bezeq, where we noted that the Israel Securities Authority has invested considerable efforts in completing the investigation quickly because of the case's broad public implications (starting from 05:40).
October 24, 2017
Israel Securities Authority Defeated in Proceeding Against Portfolio Manager
The Administrative Enforcement Committee dismissed an administrative enforcement proceeding brought by the Israel Securities Authority against portfolio manager Ran Amitai over allegations that he used inside information relating to a deal involving biotechnology company Compugen. Our firm represented Ran Amitai and Cramim Capital Markets in the proceedings.
September 24, 2017
Israeli Binary Options CEO Arrested in US on Suspicion of Electronic Fraud
The Israeli CEO of a binary options company has been arrested by federal investigators in the United States on suspicion of electronic fraud. We are representing the company in this matter. In an interview with TheMarker, we noted this is a relatively early stage in the legal process and that an indictment has not yet been filed.
August 29, 2017
Walla! Interview on Investigation into Former Bank Leumi Officials
We were interviewed by Walla! about a criminal investigation into former Bank Leumi officials in connection with a US tax fraud scandal. We noted that we expect US investigators to work closely with their Israeli counterparts through the Ministry of Justice’s international legal assistance framework.
August 29, 2017
TheMarker Op-Ed: Regulation of Digital Coins
An op-ed in The Marker on the regulation of digital currencies asserts that there will be no choice but to build a unique regulatory model that matches the characteristics of these new financial instruments.
August 16, 2017
TheMarker Interview: SEC Allegations Against Mobileye Founders
The US Securities and Exchange Commission (SEC) recently filed a lawsuit in a US court against an Israeli citizen and an American citizen for the use of insider information to acquire shares and options at Mobileye. The lawsuit alleges that Mobileye's founders supplied information about the huge deal being forged between it and Intel. Our firm was interviewed by TheMarker about the lawsuit, and we noted the differences between the enforcement process in Israel and the US and the relationship between civil enforcement by the SEC and criminal enforcement by federal prosecution.
August 8, 2017
Monetary Authority of Singapore to Begin Regulating the Issuance of Virtual Currencies
Adv. Daniel Israeli was interviewed by TheMarker after the Monetary Authority of Singapore (MAS) announced it would begin regulating the issuance of virtual currencies (ICO). Daniel noted that Singapore has developed into a destination of sorts for ICOs, and thus the MAS' decision will certainly change the rules of the game.
July 2, 2017
Barnea Represents Avgol in Sale of Its Rights in the Barkan Plant
Barnea represented Avgol in the sale of its rights in the Barkan plant for ILS 52.5 million. Avgol is in the process of transfering its production center in Israel to Dimona.
June 22, 2017
Interview with Financial Radio Program on Bezeq Investigation
We were interviewed on a Public Broadcasting Corporation financial radio program about the Bezeq investigation, where we provided an explanation of the Israel Securities Authority process (from 12.06).
June 20, 2017
Interview with Channel 2 News
We were interviewed on a daily Channel 2 News program focusing on economic and consumer matters following the investigation opened by the Israel Securities Authority against Bezeq. During the interview, we explained the ISA's allegations and its reason for initiating the investigation.
June 20, 2017
Interview on Radio Program "Where Is the Money"
We were interviewed on "Where Is the Money," a program on the 103FM radio station, following the investigation launched by the Israel Securities Authority against Bezeq, its controlling shareholder Shaul Elovitch, and senior officers on suspicion of offenses under the Securities Law. We explained the meaning of related-party transactions in a company (from 11.38).
May 23, 2017
IFX Expo Cyprus 2017 – Regulatory Panel
We are participating today in a regulatory panel held as part of the IFX Expo Cyprus 2017. The panel will discuss recent decisions taken by key regulators, consider their implications, and seek to predict what the future may hold for the industry.
April 19, 2017
SEC Charges Two Israeli Residents with Insider Trading
We published an op-ed on the US Securities and Exchange Commission's (SEC) decision to file a civil action in a federal court against two Israeli residents who traded in Mobileye stock and options before and after the announcement of its merger with Intel Corp. We noted that the SEC's case against the two Israelis, on suspicion of insider trading, is largely circumstantial.
April 5, 2017
Barnea Represents Avgol in Issuance of New Series of Bonds
Barnea represented Avgol Industries 1953 Ltd. in the issuance of a new bond series totaling ILS 197 million. Avgol is one of the world’s largest manufacturers of nonwoven fabrics for the hygiene market, and its securities are included in leading indices on the Tel Aviv Stock Exchange.
April 4, 2017
Hong Kong Stock Exchange Formally Approves Israel as Acceptable Jurisdiction
We were interviewed by The Marker following the Hong Kong Stock Exchange's (HKSE) approval of Israel as an "acceptable jurisdiction." We noted that the HKSE’s approval is currently limited to Israeli public companies already listed on a foreign exchange and Israeli private companies seeking to list on the HKSE, and that it may also result in cost savings for such companies.
March 27, 2017
Medigus Ltd. Completes Nasdaq IPO
Barnea represented a group of US underwriters, led by H.C. Wainwright, LLC, in the process of submitting Medigus Ltd.'s 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.