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On April 7, 2019, the Tel Aviv Stock Exchange (TASE) published a proposed amendment to the Stock Exchange Regulations, whereby the barriers to the entry of new TASE members will be removed and for the first time Israeli entities will be allowed entry into the stock exchange even if they operate exclusively for nostro.
Applicants who submit a permit application on or before May 30, 2019, may continue to offer brokerage under the previous ISA regime until receiving a decision on their application.
The committee appointed by the Israel Securities Authority (ISA) to examine regulation of cryptocurrency offerings to the public has published the outline of its regulatory policy in a final report submitted to the ISA chairman. The committee recommended focusing on regulatory models that offer structural flexibility.
Eight months after the European Union’s General Data Protection Regulations came into force, the French regulator issued Google a EUR 50 million fine, the highest fine issued so far under the GDPR.
On January 1, 2019, Israel’s parliament approved an amendment to the Restrictive Trade Practices Law. This amendment seeks to deepen and focus the Antitrust Authority’s efforts to prevent activities posing potential harm to competition and to the public.
Chapter 8 of the new Insolvency and Economic Rehabilitation Law addresses the liability of officers and functionaries. The law’s main innovation is that – beyond liabilities toward the corporation, which already existed prior to the enactment of the law, such as fiduciary duty and duty of care – special liability will also be imposed on the corporation’s officers and functionaries.
The Israel Securities Authority published an announcement to investors with various emphases about public companies operating in the medical cannabis market. Its announcement calls investors’ attention to several parameters they should consider when deciding whether to invest in securities of public companies operating, or expecting to begin operating, in the medical cannabis market.
On December 25, 2018, the Israeli parliament approved the second and third readings of an amendment to the Hazardous Drugs Ordinance (Delegation of Supervisory and Enforcement Authorities Relating to Cannabis for Medicinal and Research Purposes).
The Israeli Privacy Protection Authority recently published a pronouncement whereby a collection of email addresses and the names of their owners also constitutes a database.
Recently, the UK Information Commissioner’s Office decided to take action against a non-European entity following an alleged breach of the GDPR.
In light of the increasing magnitude and scope of cyber threats, as well as growing concerns about disruptions to public companies’ operations, the Israel Securities Authority (ISA) has published a Staff Position Statement addressing public companies’ required disclosures for all cyber-related issues.
Both Brazil and India have recently passed new privacy protection laws. These laws may also apply to Israeli companies doing business in the countries.
Over the last few days, the Privacy Protection Authority has begun sending in-depth questionnaires to various business entities for the purpose of examining these entities’ compliance with the Privacy Protection Regulations (Data Security) that came into effect on May 8, 2018.
In June 2018, the Bank of Israel published a new policy for authorizing small and digital banks. The Banking Supervisor announced that new banks can have initial regulatory capital of NIS 50 million – a substantial reduction of the levels previously required.
California recently passed a sweeping consumer privacy law that significantly increases the protection provided to people whose personal information is being collected.
Coinbase, one of the leading cryptocurrency exchanges in the US, received approval from the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to list for trading digital currencies considered to be securities (security tokens). Coinbase has thus become the first US federally-regulated platform for trading security tokens.
The Israeli Prime Minister’s Office published a memorandum on the proposed Cyber Defense and National Cyber Directorate Law. This law is designed to regulate the National Cyber Directorate’s purpose, functions, and powers.
Several new consumer protection updates: the obligation to disclose post-sale delivery and service policies, the expansion of provisions regarding the scheduling of providing services at consumers’ homes, and relief in the obligation to mark apparel products.
Recently, the Knesset approved a private bill that expands the scope of the “Spam Law.” The amendment is aimed at preventing the phenomenon whereby messages not necessarily commercial in nature are being sent to the general public, mainly through a robo-call system.
This month, an Israeli district court deliberated a motion for an interlocutory order against Bank Hapoalim. The order would obligate the bank to accept the transfer into a customer’s account of money that constituted proceeds from a sale of digital coins transacted outside of Israel.
