ארכיון Capital Markets

March 15, 2017

Israel Bar Association Training Course for Directors

We lectured today on the Israel Securities Authority as part of the Israel Bar Association's training course for directors.

March 7, 2017

ISA Proposes Prohibiting the Management and Operation of Binary Options Trading Platforms Outside Israel

An op-ed in Financial Magnates following a new proposed bill to prohibit the management and operation of binary options trading platforms outside of Israel, even if regulated elsewhere.

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November 30, 2016

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

We published a comparative review in Butterworths Journal of International Banking and Financial Law on the regulation of crowdfunding. The article examines how three jurisdictions—the United Kingdom, the United States, and Israel—have addressed the regulatory aspects of the equity crowdfunding sector, and compares the different approaches adopted by their regulators.

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February 7, 2017

CEO of Kitov Pharmaceuticals Investigated by Israel Security Authority for Fraud and False Reporting

Adv. Zohar Lande and Adv. Moran Bickel of our Litigation Department represented the CEO of Kitov Pharmaceuticals at a hearing before the Tel Aviv Magistrates’ Court concerning his release from detention subject to restrictive conditions.

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January 26, 2017

Panel Discussion on Administrative Enforcement in Echad Haa'm

We participated in a panel discussion on administrative enforcement published in Haaretz's "Echad Haa'm," the magazine of the Public Companies Association. The panel addressed the implications of administrative enforcement for the market, as well as its impact on corporate governance standards and company conduct (pp. 16-21).

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January 25, 2017

US Federal Trade Commission Investigating Allergan’s Generics Business

We interviewed by Globes after the Federal Trade Commission launched an investigation into a company affiliated with Teva.

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January 10, 2017

Adv. Micky Barnea Interviewed by Globes

Micky Barnea, our managing partner, was interviewed by Globes about executive pay in the financial sector and regulatory concessions introduced by the Tel Aviv Stock Exchange and the Israel Securities Authority. Micky noted that these measures aim to encourage more companies to go public, but argued that more substantial regulatory exemptions are needed.

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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

Annual Dun's 100-Globes Capital Markets Forum

We took part in the annual Dun's 100-Globes Capital Markets Forum, along with industry executives, the banking sector, leading investment houses, and insurance groups.

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December 26, 2016

Charges Against Generic Drug Companies for Price Fixing

We were interviewed by Globes following lawsuits filed in the United States accusing generic drug companies, including Teva Pharmaceutical Industries, of price fixing. We commented that Teva is exposed both to a criminal charges and civil proceedings, and may ultimately be required to reach a settlement in both matters.

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December 5, 2016

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

We were interviewed by several Israeli newspapers after Nochi Dankner was sentenced to two years' imprisonment following his conviction for stock manipulation. We noted that, unlike the verdict, which created the impression that Dankner would receive a harsher punishment, it appears that the District Court sought to impose a relatively lenient sentence that would nevertheless not prompt the prosecution to appeal.

Article from Israel Hayom

Article from Globes

Article from Funder

November 16, 2016

Barnea Represents D.G.I Media Ltd. in Administrative Enforcement Settlement with Israel Securities Authority

We represented D.G.I Media Ltd. in a precedent-setting administrative enforcement settlement with the Israel Securities Authority concerning forex trading.

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September 30, 2016

Barnea Represents IGP in Investment in Jacada

Barnea represented Israel Growth Partners (IGP), a private equity fund, 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

We were interviewed by the Times of Israel about the growing interest of Israeli companies in listing on the Australian Stock Exchange (ASX). We noted that Australia is regarded as having a creative and sophisticated regulatory regime that strikes a good balance between investor protection and a pro-business approach that recognizes the risk of over-regulation.

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May 2, 2016

ISA Staff Position: Trading Fraud – Has the Ship Sailed?

Our recently published article critiques the Israel Securities Authority's staff position outlining conduct that may be deemed trading fraud. It includes a brief comparative review showing that the staff position is problematic and does not provide clear guidance to market participants. The article further notes that similar position papers issued in other jurisdictions tend to set out general guiding principles rather than a detailed and specific list of acts said to constitute fraudulent trading.

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April 1, 2016

Enforcement Agreement – Is a Confession Required?

An article examines the willingness of the Israel Securities Authority (ISA) to enter into an enforcement agreement without requiring the violator to confess to the offense or assume responsibility for it. It further argues that the criteria applicable to administrative enforcement do not necessarily overlap with those governing criminal enforcement, and that no correlation between the two should be assumed. In addition, the article compares the enforcement agreement policies of the ISA and the United States. It concludes that enforcement agreements without an admission of liability are not inherently illegitimate, and that intervention in the ISA's discretion would be justified only where the enforcement agreement is fundamentally flawed.

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March 1, 2016

Corporate Governance – From Procedural to Substantive

An article discusses the need to examine corporate governance in substantive terms rather than solely through a procedural lens. It reviews the development of corporate governance in Israel from its adoption in the mid-2000s to the present, and outlines general principles for its future evolution while emphasizing the integration of substantive tests that would enable corporate governance to be implemented in an optimal manner.

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September 25, 2016

Barnea Represents Rafi Bar-Lev

Barnea represented Rafi Bar-Lev, a former salesperson at Utrade, Aviv Talmor’s Israeli investment company, at a hearing before the Tel Aviv Magistrate’s Court. Utrade’s operations had been suspended by the Israel Securities Authority.

Calcalist

Globes

September 15, 2016

Capital Markets 2016 – Virtual Roundtable

Corporate Live Wire held a capital markets roundtable featuring experts from around the world, including representatives from our firm. The participants discussed recent regulatory changes, global economic risks, cybersecurity challenges, and trends in capital flows.

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August 23, 2016

Officers’ Remuneration – Are New York and London Following TASE’s Lead?

Adv. Micky Barnea, our managing partners, was interviewed by Globes Dun's 100 on the emerging trend in the United States and England to adopt stricter corporate governance rules for director remuneration.

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