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Employers that want to use technological surveillance measures to monitor and track employee performance remotely must be diligent about formulating a clear policy, informing employees, and using these means reasonably and proportionately.
New provisions set out the licensing framework for the provision of payment services, designed to encourage new players to enter the Israeli market and offer payment services while providing broad protection to consumers. The law will apply to companies providing payment services, credit service providers, acquirers, and more.
A few months after ChatGPT became a popular tool for millions of users, users began filing lawsuits alleging violations of users’ privacy and data security breaches. The conclusions from these lawsuits are relevant to all companies engaging in the development and assimilation of AI technologies.
The draft of Israel’s Arrangements Law – Economic Plan for 2023-2024 addresses digital assets extensively for the first time. The draft bill contains a section dedicated to the regulation of digital assets and addresses stablecoins, taxation issues, the banking system, DAOs (decentralized autonomous organizations) and more.
The more artificial intelligence permeates additional spheres of private and public life, the greater the need to regulate uses of this technology. Various artificial intelligence regulations are already in place around the world and additional regulatory initiatives are being promoted at a rapid pace.
The Israel Securities Authority recently published a proposal for a series of legislative amendments relating to digital (cryptographic) assets, whose implications go beyond the realm of digital assets and do not herald much good news for Israeli crypto ventures.
Israeli cyber companies operating in Europe are exposed to the GDPR even though they are registered in Israel, and even if the information they collect is not processed or stored in Europe.
A sale of intellectual property between related parties requires advance planning and preparation in order to avoid tax exposures in Israel.
In light of the increase in fraud crimes in the digital space, the Israeli Justice Ministry has formulated recommendations for defining a policy to contend with ransomware attacks. The recommendations relate to both private entities and government bodies. The new recommendations are part of a more comprehensive examination conducted by the Justice Ministry of enforcement authorities’ handling of these cyberattacks, including regarding the provision of support to entities under attack, assistance to victims of fraud in the digital space, investigation, and enforcement.
To make it easier for fintech companies to operate in Israel, the Knesset Finance Committee has passed regulations to exempt several types of credit providers and financial service providers from a licensing duty.
According to the Israeli Consumer Protection Authority’s draft directive, the disclosure obligation applies at all stages of a transaction, including when advertising and marketing an IoT product.
The publication presents the PPA’s position on the duty to inform on the collection and use of personal data (as derived from the Privacy Protection Law), specifically highlighting the duty to inform when using algorithm-based or AI-based decision-making systems.
CMISA recently published two new risk management circulars for financial service providers, including small entities.
For the first time, companies providing virtual currency services will be required to comply with Israeli anti-money laundering provisions. This follows an amendment to the Prohibition of Money Laundering Order that recently came into effect. The amendment will apply to financial asset service providers obligated to hold a license under the Control of Financial Services Law.
The Black Shadow hacking group’s attack on Cyberserve, reported a few days ago, has resulted (at this point in time) in the leaking of a database with more than 800,000 records pertaining to various individuals and the exposure of additional databases. This attack raises important questions about the relations between database owners and the third parties with whom they engage to receive various services relating to business activities that incidentally involve their data.
In order to promote the technology and biomedical industries and to restore the Israeli stock exchange to its position as an efficient and attractive arena for capital raising to companies, an ad hoc committee was formed to analyze feasible tax incentives.
Although Israel is a world leader in the fintech field, companies operating in this area face many regulatory challenges. A newly published legal memorandum aims to enable the creation of a “sandbox”, with inspiration from various programs already implemented in Japan, Australia, and Singapore. The goal is to establish a unique experimental environment, a “regulatory sandbox,” where regulatory relief is granted to companies who choose to participate in the program.
A recent decision by the Economic Division of the Tel-Aviv District Court has emphasized the requirement for officers and decision makers in a company, to undertake a stricter review standard when making decisions, especially in conflict of interest situations. Accordingly companies must now increase the scrutiny on the decision making of directors in private companies, an important decision in light of the current economic climate.
The Israel Securities Authority has approved expanding the trading activity conducted on the trading platform for institutional investors of the Tel Aviv Stock Exchange (referred to as TACT), so that additional types of securities may be issued and traded on it.
A new, welcome initiative by the Israel Patent Office intends to allow entrepreneurs, through a preliminary and fast-tracked process, to submit an application for the provisional registration of a patent. This is a significant step, which could revolutionize entrepreneurial innovation in Israel and make it easier on many Israelis who wish to protect future patents. In the course of the fast-track process, the application is not considered for a year, and applicants are able to set an early submission date for the patent’s registration.