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Insights & News / Capital Markets
July 12, 2020
Dividend Distribution in Times of Covid-19
The recent dividend distribution by TASE-traded company Fox-Wizel Ltd. after receiving emergency funding from the Israeli government not only raised moral questions but also underscored the complexity facing many companies at this time. Globes published an op-ed by Micky Barnea in response to the backlash following the company's actions. Micky noted that a key challenge faced by companies is how to balance between dealing with the difficulties and uncertainties of the COVID-19 era, on the one hand, and the desire and responsibility to continue operations as commercial enterprises, on the other.
June 14, 2020
Israel and the US: Encouraging Corporations to Investigate Potential Misconduct on Their Own
Columbia Law School's Blue Sky blog published an article co-written by Hadar Israeli and Eran Elharar of Barnea and Joseph Facciponti and James Goldfarb of the New York law firm Murphy McGonigle. The article provides a comparative view of Israel and the US on corporate internal investigations.
May 27, 2020
Every Crisis Is an Opportunity – Webinar
On June 2, we will host a webinar together with the ACC. Dr. Zvi Gabbay will discuss the opportunity to upgrade the role of compliance officer in light of the coronavirus crisis. The webinar is geared for compliance officers and legal counsels.
May 24, 2020
An Opportunity for Regulators
The Israel Securities Authority's current enforcement policy forces officers and companies that have acted in good faith to prove as much in an administrative enforcement proceeding. Check out an opinion article by Dr. Zvi Gabbay and Shir Rozenzweig published in TheMarker about how regulators can adjust this policy.
May 20, 2020
Doing Business in Israel – Practical Law
This year, we were once again responsible for preparing the QA guide on doing business in Israel for the Practical Law website. The guide provides an overview of recent key developments that have affected doing business in Israel, including the legal system, foreign investment, employment, tax, competition, privacy, IP, etc.
May 7, 2020
FIMI Acquires Control of Amiad Water Systems
FIMI Opportunity Funds, a private investment fund, recently completed the acquisition of control of public company Amiad Water Systems Ltd. Micky Barnea represented Hachoshlim Fund Cooperative Agricultural Society Ltd., Amiad's largest shareholder, in the deal. As part of the deal, FIMI agreed to invest about USD 19 million in Amiad for a share allocation, thereby acquiring 5% more of the company's shares.
May 3, 2020
Capital Markets in the Age of Coronavirus
An MA expert, Micky Barnea was interviewed by the leading newspaper Globes as part of an extensive analysis on the long list of major deals that are being canceled and the financial uncertainty in this period. The article highlights how huge corporations are able to afford what little companies and the self-employed can only dream of. According to Micky, "Starting in February, we noticed a phenomenon in which time has become elastic. Usually people strive to keep deals at a steady pace, and once the handshake is made, they want to move faster. Now, less people are hurrying to complete a deal. They are taking time to see what will happen next in the market.”
April 19, 2020
Mobileye Insider Trading Investigation: Our Firm Represented Former Syneron VP in Settlement with SEC
On April 17, the United States Securities and Exchange Commission dropped its case against our client Amir Waldman.
Waldman, the former vice president of Israel-based medical device company Syneron Medical Ltd., was alleged to have made $4.3 million via insider trading on an autonomous driving system technology developer. He will pay the SEC nearly $2.2 million to end a civil enforcement lawsuit, a New York federal district judge announced Friday.
Zvi Gabbay commented on the decision as follows: "As in many cases, here too, a negotiation was being conducted at the same as we were preparing for trial, and it ultimately ended with an excellent result. This is a civil not a criminal case, and the arrangement, under which Amir does not admit or deny the facts, allows Amir to move on."
April 5, 2020
Israel Capital Markets Authority Adopts Zohar Lande’s Strategy to Rescue Corporate Market
Dr. Moshe Bareket, the Director General of the Israel Capital Markets Authority, has proposed postponing payments, by deferring or replacing debt in order to raise interest rates to bypass a debt settlement, as part of a rescue plan for the corporate market. His proposal is largely based on the method presented by Adv. Zohar Lande, the head of our Litigation Department, in an op-ed published earlier this week.
March 29, 2020
Article: Bond Market Rescue – Debt and Interest Restructuring
The coronavirus crisis is affecting both stock prices and corporate bond prices and yields in the capital market. Zohar Lande, in an article for Bizportal, explains that the Israel Securities Authority must create a “fast-track mechanism” that allows companies to choose to be included in a debt restructuring arrangement subject to the different criteria.
March 19, 2020
Coronavirus: Is a Huge Wave of Debt Arrangement on the Way?
Micky Barnea was interviewed by Globes on the coronavirus’ effect on both the corporate and government bond markets.
February 23, 2020
Chambers TMT Guide 2020: Law in Practice
As experts in the TMT field, our firm was asked to contribute the Israeli law and practice overview for the Chambers Israel TMT guide. In their overview, Micky Barnea, Daniel Lorber, and Anat Even-Chen discuss legal considerations for big data, machine learning, and artificial intelligence. They also address key data protection principles, the challenges with IT service agreements, privacy matters, and more. As a whole, the TMT guide offers insights for each jurisdiction.
February 12, 2020
Zvi Gabbay Served as Panelist in Meetup of Israeli Blockchain Community
Dr. Zvi Gabbay participated today in a panel entitled "Regulations and Securities, Where Are We?" The panel was part of an event focused on 2020 predictions for the blockchain industry in Israel. Dozens of entrepreneurs and leading players from the local blockchain community attended.
February 10, 2020
Hadar Israeli Lectures on Bribery in Israel and Legislative Initiatives
Adv. Hadar Israeli participated today at a meetup organized by the Israel Smart Cities Institute together with the Ethics Committee of the Kenyan Parliament as part of its visit to Israel. Hadar lectured on bribery in Israel and legislative initiatives on the subject.
February 5, 2020
Article: Cases against Netanyahu Will Have Precedential Effect on Corporate Governance in Israel
Dr. Zvi Gabbay published an op-ed in TheMarker, discussing how the Israel State Attorney's guideline on indicting and sanctioning corporations will guide the decision on the prosecution of Bezeq, Walla, and Yedioth Ahronoth.
January 23, 2020
Zvi Gabbay Lectures at Discount Bank's Compliance Conference
Dr. Zvi Gabbay was invited to lecture today at a compliance conference organized by Discount Bank for all its compliance officers, trustees, board members, and management.
January 23, 2020
Zvi Gabbay Lectures at Directors' Seminar Hosted by Analyst Investment House
Dr. Zvi Gabbay was invited to lecture at a directors' seminar hosted by Analyst Investment House. He addressed administrative enforcement, the Israel Securities Authority's structure, and its enforcement system.
January 14, 2020
Seminar on Multi-Jurisdictional Litigation
Our firm hosted today the Israeli Directors' Union for a seminar on multi-jurisdictional litigation. The seminar examined the considerations when a corporate crisis breaks out and a company's board of directors and management are required to build a multi-jurisdictional litigation package. The seminar was held in collaboration with Dechert LLP. Adv. Hadar Israeli lectured on managing a legal crisis when a conflict of interest exists between management and the board.
January 13, 2020
Hosting the ACC Compliance Forum's Third Meeting
Our firm hosted today the third meeting of the ACC Compliance Forum, which focuses on compliance during enforcement procedures. At the meeting, Dr. Zvi Gabbay welcomed Yehuda Shaffer, Deputy State Attorney (Financial Crimes).
January 8, 2020
Dr. Zvi Gabbay and Andrey Yanai Op-ed: Israel Missing out on Digital Assets Revolution
Dr. Zvi Gabbay and Andrey Yanai from our Capital Markets Department published an opinion piece in Globes on the regulatory barriers Israel is imposing on the blockchain and digital assets revolution.