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Insights & News / Capital Markets
July 6, 2016
Hedge Funds Do Not Need Regulation
Dr. Zvi Gabbay, Partner and Adv. Sapir Malul from the Capital Markets Securities Department at Barnea express their views in an article for The Marker that the damage involved in applying the regulatory regime for hedge funds is immeasurably greater than the benefits, and may even cause a collapse of the entire industry.
June 30, 2016
Proposal to reconsider the activist regulatory model of the Israel Securities Authority
An article by Adv. Zvi Gabbay and Andrey Yanai on the proposal to reconsider the activist regulatory model of the Israel Securities Authority applied to the public companies, allowing them to enjoy wider business and legal maneuvering room.
July 4, 2016
Interview with Dr. Zvi Gabbay regards Nochi Dankner's conviction for securities fraud
Dr. Zvi Gabbay, Partner and Head of the Capital Markets Securities Department at Barnea was interviewed by several media, following the conviction of Nochi Dankner for securities fraud. Dankner formerly controlled the IDB group and was one of the most powerful men in the Israel economy. Zvi noted that the verdict and its media coverage greatly contribute to the creation of a deterrent power of the Israeli Securities Authority and the prosecutor's office.
May 19, 2016
Minister Haim Katz questioned over insider trading allegations
Following the suspicions that Likud minister, Haim Katz, used insider information for financial gain, Dr. Zvi Gabbay was interviewed by Reshet B Radio station, at London Kirshenbaum, a current affairs news show on Israeli Channel 10, and by Globes.
April 18, 2016
Dr. Zvi Gabbay and his team are joining Barnea & Co.
Dr. Zvi Gabbay, who was previously head of administrative enforcement at the Israel Securities Authority, will be joining our firm with five lawyers from his team. Micky Barnea commented to Globes regarding this expansion "together we create integrated capabilities that can handle a variety of challenges that the world of public companies and financial regulation present".
March 15, 2016
Israel Broadens Definition of Accredited Investor
The prestigious Bloomberg BNA’s World Securities Law Report published an article by Ron Shuhatovich discussing the recent order of the ISA regarding the accredited investor definition.
February 9, 2016
Barnea & Co. represents Edison Investment Research in an agreement with the Tel Aviv Stock Exchange
In order to assist investors in Israel and abroad make prudent and informed investment decisions, the TASE concluded an agreement with Edison Investment Research to promote a unique model that has not yet been tried in the Israeli capital market. The new model involves Edison doing independent analysis for high-tech and biomedical companies traded on the TASE. This venture will be partially sponsored by the Israeli Stock Exchange.
January 27, 2016
Micky Barnea was interviewed by Globes and asked how TASE can encourage high-tech companies to register on the Israeli stock exchange
As an expert in Capital Markets, Micky Barnea was interviewed exclusively by Globes regarding the TASE "poor year" in 2015. In the interview, Micky describes the reasons for the situation: stifling regulation, low turnover, high costs, and describes what he thinks TASE should do in order to attract new companies to TASE.
January 4, 2016
Finally, crowdfunding comes to Israel
Ariella Dreyfuss Adv. published an article in the leading legal English website "The Lawyer" discussing the new law in Israel relating to alternative means of raising funds. The goal of the law is to assist small Israeli companies in their efforts to raise funds through the social phenomena of crowdfunding, and the establishment of high-tech funds to be traded on a new index on the Tel Aviv Stock Exchange.
March 11, 2015
Is it mandatory to publish an immediate report about negotiations regarding a potential transaction?
Recently, Judge Ruth Ronen of the Economic Department of the Tel-Aviv District Court handed down a ruling on the matter of a tender offer published by Africa-Israel Industries in 2012 for the purchase of shares of Negev Ceramics.
June 28, 2015
Could Plus500’s Anti Money Laundering problems prejudice future Listings by Online Trading Companies?
On 18 May 2015, Plus500 , an AIM listed company, announced that the UK Financial Conduct Authority had demanded a review of its Anti-Money Laundering financial sanction systems and other related regulatory controls. Plus500UK Limited was obliged to suspend all transactions for existing customers until additional AML procedures have been implemented. Not surprisingly, the share price of Plus500 dropped dramatically. Globes, a leading Israeli newspaper, published an article, including interviews with experts in the field of company listings in London, analyzing what happened to the successful online securities trading company. As an expert in IPO’s in Israel and London, Micky Barnea stated that: The Plus500 matter would make it difficult for other Israeli companies in the industry to list on the stock exchange, even though AIM is the friendliest Stock Exchange for this industry.
June 30, 2015
New Requirements Increase Risks for Directors
Does the new summary report which was published by the Israel Securities Authority on the subjects of dividend distributions and buy-backs of shares, place high barriers to the ability of boards of directors to pass future resolutions?
July 12, 2015
How to sprinkle star dust of the high-tech industry on the TASE?
The Israeli corporate governance rules discourage technology companies from listing on the TASE. However, with some simple steps this all can be changed. Israel's position as the Startup Nation is reflected in the fact that multiple local technology companies are listed on the US and London Stock Exchanges. However, the TASE has never managed to make itself an attractive target for Israeli high-tech companies. Thus, while many technology companies today prefer the purchase option of an initial public offering, such companies seeking to issue shares do not regard the TASE as an attractive or even relevant option. They prefer to turn to international exchanges.
August 4, 2015
225 companies have been de-listed from the Tel Aviv Stock Exchange in seven years - why it happened, and how to stop the flight?
Controlling shareholders and company managers complain about the stifling regulation, low turnover, high costs, the intervention in determining wages, and a negative image following the social protests. The leading newspaper, TheMarker, interviewed stock exchange experts, amongst them, Micky Barnea, to discuss why it happened, and how to stop the flight.
April 8, 2014
To London IPO or not?
Israeli companies have rediscovered the AIM in London; in a conference titled, "Time for London IPO" held today, regarding the London Stock Exchange there were differing views concerning how beneficial the AIM is in reality. Micky Barnea, managing partner at Barnea, whose specialty is in London IPO's, claims that "unlike in Israel, in London it is the Board of Directors that has the last say as opposed to the shareholders as they do in Israel. Therefore the deriving power in the market is different and as such may not be suitable for companies with a single controlling shareholder, who would have less ability to intervene in decision-making and would lack influence over the structure of the Board of Directors."
August 17, 2014
Barnea & Co. represented Avgol Industries 1953 Ltd.
The firm represented AVGOL Industries 1953 Ltd. in their issuance of a new series of debentures (Series C) in the amount of NIS 502 million. This is one of the largest financing rounds made this year on the Tel Aviv Stock Exchange and its aims are to replace existing financial debt, and to finance ongoing investment activities and operations of the Company. AVGOL Industries is a global technology company, a world leader in the development, manufacture, and marketing of nonwoven fabrics, especially diapers and hygiene products, and its customers include large companies such as Procter Gamble and Kimberly-Clark. The Company's shares are traded on the Tel Aviv 100 index. To read more, please click here
August 17, 2014
Capital Markets 2014 - Virtual Round Table
Corporate Live wire held a roundtable with seven experts from around the world to discuss the latest changes and developments in capital markets in each expert's respective jurisdiction. To read more, please click here
October 5, 2014
2014 Legal Highlights
This year’s summary of Maariv puts the spotlight on key legal developments in Israel, covering the following topics: Capital Markets (by Micky Barnea); Anti-Trust (by Zohar Lande); Constitutional Law; Criminal Law nfrastructure ; Tax and Money laudering
October 6, 2014
Kibbutz Sector- The Challenges of Becoming a public Company
In recent years many kibbutz enterprises have grown from small manufacturers to international corporations. Echad Ha'am magazine, by Globes, held a roundtable with six experts to discuss the latest changes and developments in the kibbutz sector. (attached, p.21)
December 15, 2013
Offering securities through an online platfor
There is a growing interest in raising funds online. This is owing to the fact that the Internet provides a wide exposure to diverse audiences. This creates an opportunity for small enterprises to be exposed to alternative and new financing options, that in the normal course would not be available to them. This, in turn, allows the enterprise to widen their circle of potential investors.