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Insights & News / Capital Markets
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.
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.
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.
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.
November 16, 2016
Representing 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.
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.
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.
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.
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.
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.
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.
August 23, 2016
Officers’ Remuneration – Are New York and London Following TASE’s Lead?
Adv. Micky Barnea, Managing Partner at Barnea, was interviewed by Globes Dun's 100 on the emerging trend in the United States and England to adopt stricter corporate governance rules pertaining to director remuneration.
August 1, 2016
Cellect Biotechnology Completes NASDAQ IPO
In July 2016, Cellect Biotechnology announced that it had completed its NASDAQ IPO, raising USD 8.4 million. Cellect Biotechnology will be traded on NASDAQin parallel with its listing on the Tel Aviv Stock Exchange. Barnea represented a group of US underwriters, led by H.C. Wainwright, LLC, in the process of submitting Cellect Biotechnology's prospectus for the listing. Cellect Biotechnology develops innovative technologies in the stem cells sphere.
July 6, 2016
Hedge Funds Do Not Need Regulation
An op-ed in The Marker by lawyers from our Capital Markets Department argues that the harm caused by applying the regulatory regime for hedge funds far outweights any potential benefit and may even lead to the collapse of the entire industry.
June 30, 2016
Proposal to Reconsider Israel Securities Authority's Activist Regulatory Model
An article on the proposal to reconsider the Israel Securities Authority's activist regulatory model for public companies, allowing them to enjoy wider business and legal maneuvering room.
July 4, 2016
Interview on Nochi Dankner's Conviction for Securities Fraud
We were interviewed by several media outlets following Nochi Dankner's conviction for securities fraud. Dankner, who formerly controlled the IDB Group, was one of the most powerful figures in the Israeli economy. We noted that the verdict and the extensive media coverage surrounding it significantly contribute to the deterrent effect of the Israel Securities Authority and the prosecutor’s office.
May 19, 2016
Minister Haim Katz Questioned over Insider Trading Allegations
Following suspicions that Likud minister Haim Katz used insider information for financial gain, we were interviewed by the Reshet B radio station; At London Kirshenbaum, a current affairs news show on Channel 10; and Globes.
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.