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Latest Updates / Regulation
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.
September 1, 2024
The Money Market Reform in Israel is Underway
The Knesset approved a series of legislative amendments this past July designed to promote competition in the money market – money market mutual funds, deposits and government bonds (short-term loans maturing in less than one year) – and to enable the general public to achieve higher returns on its short-term savings.
August 21, 2024
Artificial Intelligence Platforms and Copyright law: is the Legal Belt Tightening?
The U.S. court is hearing artists' lawsuits against AI platforms for copyright infringement. The decision could lead to new regulations and insights into the impact of using protected works for training.
August 14, 2024
Israeli Capital Market, Insurance and Savings Authority Issues New and Revised Circulars
This year, the Israeli Capital Market, Insurance and Savings Authority issued a series of new and revised circulars regarding proper management and corporate responsibility by financial service providers.
August 5, 2024
Podcast: The Payment Services Revolution
Anat Even-Chen, who heads the Regulatory Practice at the firm, was a guest on the BDO Business Talk podcast. During her interview, she discussed payment services, the new regulatory requirements, and their impact on the financial industry.
August 4, 2024
Israel’s Money Laundering and Terror Financing Prohibition Authority Updates List of At-Risk Countries of the FATF
Following the Financial Action Task Force’s announcements, the Israel Money Laundering and Terror Financing Prohibition Authority published a list of countries and jurisdictions at high risk of money laundering, terror financing, and proliferation financing.
July 30, 2024
Israel: Opening Access to Payment Systems and Allocation of Identification Codes to Payment Service Providers
The Bank of Israel’s Payment Systems Oversight Division recently published an access guide to supervised payment systems for Israeli and foreign applicants.
July 28, 2024
Israel: Increased Enforcement of Packaging Law
The uptrend in warning letters, enforcement proceedings, and motions to certify class actions against manufacturers and importers obligated to achieve defined recycling targets by virtue of the Processing of Packaging Law is likely to intensify, inter alia, because filing such motions does not involve paying a fee.
July 23, 2024
Israel: Significant Changes in Privacy Protection Law
The recent reform of the Privacy Protection Law aligns Israel's privacy regulations more closely with European standards.
July 17, 2024
Israel: New Limitations on Transfers of Personal Data
Israel’s Privacy Protection Authority has published a draft opinion clarifying its interpretation regarding transfers of personal data from Israel to other countries. According to this interpretation, such transfers of personal data are generally permitted only if the receiving country ensures a level of data protection equivalent to that of Israel.
July 14, 2024
Israel: Regulation of Payment Services Law Comes into Effect
When the law came into effect last month, the Knesset Economic Affairs Committee prescribed an important series of exemptions from licensing requirements and updated timetables for submitting license applications in particular instances.
July 11, 2024
AI, Data Privacy, and Technology for the Modern Legal Counsel
Our firm organized a unique four-part course in collaboration with Microsoft, TrustIZ, and Taylor Wessing UK. Designed for legal advisors, the course covered critical topics including AI regulation, drafting and negotiating privacy aspects of AI agreements, and managing data breach events. The final session took place at our offices yesterday, marking the completion of this comprehensive and valuable series.
July 8, 2024
Federal District Court Vacates Rule under HHS's HIPAA Tracking Technologies Guidance
Until now, the HHS guidance provided a very broad interpretation of what constituted "protected health information" (PHI). This interpretation severely restricted data analytics service providers' ability to cater to hospitals and for hospitals to manage their digital assets, in addition to exposing them to class action lawsuits. A federal court's ruling to vacate the guidance is expected to facilitate both service providers and hospitals.
June 16, 2024
Israeli Law Prevails Over Foreign Jurisdiction Clauses in Consumer Contracts
A new Israeli Supreme Court ruling states that, in particular instances, Israeli law will apply to engagements and agreements, even if those agreements stipulate that foreign law applies to them. In its decision, the court also issued several significant rulings that could affect commercial relations, in instances when cogent provisions of law apply.