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Latest Updates / Regulation
December 15, 2024
Expansion of Privacy Protection Regulations regarding data from the EEA
As of January 1, 2025, the Israeli Privacy Protection Regulations (Instructions for data being transferred to Israel from the European Economic Area) will also apply to data being stored or processed in Israel or in other countries, such as the US and the UK, if these databases also contain data transferred from Europe. In other words, this means that as soon as a database in Israel or another country also contains personal information transferred from Europe, all data in the database must comply with the regulations’ requirements – not just the data that came from Europe, but also the local data or data that came from other countries.
December 11, 2024
The Israeli Chapter in Legal 500's International Trade Guide
Our firm was chosen to cover the Israeli chapter of the Legal 500 International Trade guide. The chapter was written by Professor Amichai Cohen and provides insights on key issues in international trade law, including WTO agreements, FTAs, and trade sanctions.
December 9, 2024
Salary payments in Israel through payment companies
A new amendment to the Israeli Wage Protection Law allows employees to request that their employers transfer their salary to a wider range of entities.
December 9, 2024
Cybersecurity Regulation Enforcement Tightens in NY, Highlighting a Broader Trend
Recent fines issued in New York are part of a wider trend of stricter state-level enforcement on cybersecurity in the U.S. Israeli companies operating in the U.S. are required to stay informed.
December 2, 2024
"Buy-Sell" Model (Reseller) Activity Exempt from Payment Services Licensing
The Israel Securities Authority recently published a staff legal position addressing the licensing requirements for businesses operating in the "Buy and Sell" or "Reseller" model in online marketplaces.
December 2, 2024
ISA: New Guidelines on Offering and Intermediating Joint Investment Arrangements
The Israel Securities Authority published a position statement recently addressing various issues pertaining to brokerage activities and offerings of joint investment arrangements, including the applicability of the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law (“Advice Law”) and the Joint Investment Trust Law to these activities.
December 1, 2024
Price tagging requirement continues to be a mandatory obligation
Recently, the issue of price tagging in supermarkets and grocery stores has gained attention. This follows a public consultation issued by the Consumer Protection and Fair Trade Authority seeking input on transitioning to digital price displays as part of the "What’s Good for Europe is Good for Israel" reform.
November 25, 2024
Do the Arrest Warrants Against Netanyahu and Galant Have Economic Implications?
An interview with Professor Amichai Cohen, an expert in international law, discussing the economic ramifications of the arrest warrants and Israel's broader standing on the global stage.
November 24, 2024
How Should Israel Handle the Implications of Arrest Warrants Issued by The Hague?
The decision by the judges of the International Criminal Court has placed Israel in one of the most complex situations it has ever faced on the international stage. Prof. Amichai Cohen, our Special Counsel on International Law, was featured in an Op-Ed published by Mako, sharing his expert insights on the matter.
November 20, 2024
Licensing and Supervision of Broker-Dealers: Key Points of the New Memorandum of Law
In October of this year, the Israel Securities Authority published a memorandum of law aimed at regulating broker-dealer activities in Israel. Public comments will be accepted until 21/11/24.
October 15, 2024
New Court Ruling Clarifies Legal Boundaries for Offering of Foreign Investments in Israel
The Tel Aviv District Court handed down an important ruling recently regulating the activities of entities distributing alternative investments in Israel. In many instances, the distribution activities are accompanied by conversations and correspondence with potential investors, which constitute investment advice, and this is where matters become complicated.
October 10, 2024
Retail Fintech 2024: Key Trends and Growth Insights
Venture capital investments in the retail fintech sector rebounded significantly during the second half of 2024, with investments reaching USD 4.5 billion. PitchBook’s latest report indicates that the market is identifying new opportunities in companies focusing on the retail sector and is introducing refreshing innovations in retail. The report presents several interesting insights and findings and provides an in-depth perspective on the retail fintech sector and its impact on the retail industry.
October 9, 2024
Understanding DORA: An Overview of the Digital Operational Resilience Act
The Digital Operational Resilience Act (DORA) is an EU regulatory framework, aimed at enhancing the financial sector’s ability to withstand and recover from ICT (information and communication technology) disruptions.
September 24, 2024
Webinar: Payment Services Law – More Relevant Than You Thought
Our firm hosted a webinar in collaboration with the GCS organization for legal advisors, focusing on the Payment Services Law. The webinar was designed for legal advisors in companies within the financial and service sectors. Presenting at the event were our lawyers, Zvi Gabbay and Anat Even-Chen, along with CPA Julie Raboy, who delivered a lecture on the technological adjustments required in light of the law.
September 22, 2024
Important updates on the Israeli money market reform
The Israel Securities Authority has published several additional revisions to the Israeli money market reform since the Knesset approved legislative amendments designed to promote competition in the money market, and since the draft directives and rules were published approximately two months ago. The money market reform relates to money market mutual funds, deposits and government bonds (short-term loans maturing in no more than one year).
September 22, 2024
New Regulations Ahead: Reporting Obligations for Payment Companies and License Holders
The Israel Securities Authority recently published a draft of a new directive for payment companies and holders of basic initiation licenses or approvals regarding reporting to the Authority. According to the Draft, payment companies and holders of basic initiation licenses or approvals are required to submit annual, semi-annual, quarterly, and immediate reports on various topics, such as audited or reviewed financial data, operational data, compliance with capital requirements, technological measures, corporate governance, compliance etcetera.
September 18, 2024
Regulation in the 2024: A Summary of Key Changes and Outlook for the Future
Several statutory arrangements and regulatory guidelines have been published thus far during 2024, particularly in relation to the capital market, the financial sector and privacy protection, as well as various circulars addressing corporate governance and risk management, with the objective of increasing certainty for businesses and for the public as a whole.
September 17, 2024
The Consumer Protection and Fair-Trade Authority: businesses are required to disclose changes to product characteristics or components.
Recently, the Consumer Protection and Fair-Trade Authority issued a position paper regarding the disclosure obligations businesses must meet when making changes to product characteristics or components. According to the position paper, any material change in a product's characteristics or components must be clearly and prominently displayed on the product itself, allowing the consumer to make an informed decision regarding the product. This is because consumers typically do not recheck a product’s features or ingredients, when they purchase it regularly.
September 17, 2024
Board of Director’s responsibility for data security in a company
The Privacy Protection Authority has issued a mandatory guideline holding the board of directors fully responsible for information security, with heavy fines for violations. The guideline requires the board to oversee compliance with regulations and develop organizational policies, particularly for entities processing sensitive personal data.
September 16, 2024
Regulatory highlights for small and medium-sized businesses
There has been a growing outcry recently against the ease at which class actions alleging a variety of offenses are being filed against small and medium-sized business-owners. Almost every week since October 7, news media have been reporting about business owners who were called up for reserve duty, spent months defending the country, and who, upon returning home after completing their tour of duty, are then forced to fight in the courts because a warning letter was waiting for them with a demand for high sums of compensation. Much has been written about this and about the impacts that such demand letters have on reservists – personally and at the business level. And as reported, this issue should be examined by the legislative authorities.