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March 12, 2017
Auditing of Board Resolutions
A significant precedent was handed down recently by the Israeli Supreme Court on the subject of the judicial audit that should be performed in relation to companies’ business resolutions.
The judgment officially adopts the Business Judgment Rule prescribed in Israeli law with regard to the auditing standard that should be applied to board resolutions. The judgment further prescribes that it is also warranted to adopt the Enhanced Scrutiny Rule under circumstances when the Business Judgment Rule does not provide an adequate solution. The judgment also engages in subjects not yet addressed by the court, including issues pertaining to dividend distributions, leveraged buyouts, officers’ duties in a company and the relation between them.
March 8, 2017
Carve-out Plans for Company Employees
One of the common remuneration mechanisms in startups and technology companies is the granting of options to employees in addition to or, sometimes, in lieu of, the traditional remuneration component – the cash salary.
March 8, 2017
Survey of Legal Interns by Barnea and Codex was Published in Globes
A comprehensive survey conducted by Codex, a leading HR company for lawyers in Israel, which was initiated by Barnea, was published in Globes. In the survey, future legal interns were questioned on how they feel in light of the flooding of the profession, how they choose where to intern and more. Adv. Micky Barnea, Managing Partner at Barnea, commented that the initiative came from the recognition that there is a change in the current generation of interns and the need to understand the impact on their internship.
March 8, 2017
The Right to Review Digital Database
Within the scope of a new directive published recently by the database registrar at the Israeli Law, Information and Technology Authority, entities, such as service-providers, that retain recordings of telephone conversations or chat correspondence with their customers will be forced to enable their customers (the subjects of the information) to also access information of this type. This according to the right of access prescribed in the Privacy Protection Law and the regulations instituted by virtue thereof.
March 7, 2017
Israel Securities Authority (ISA) New Proposed Bill to Prohibit the Management and Operation of Binary Options Trading Platforms out of Israel
Dr. Zvi Gabbay, Partner and Head of the Capital Markets Department at Barnea, in an opinion article for Finance Magnets following a new proposed bill to prohibit the management and operation of binary options trading platforms out of Israel , even if regulated elsewhere.
March 7, 2017
Analysis: Israel’s Binary Options Ban Disrespects Foreign Regulators
Anyone who followed the financial press in Israel In the recent months would have realized that the Israel Securities Authority is on the war path against the binary option industry in Israel, and has every intention of closing it down. According to the Chairman of the ISA, Prof. Shmuel Houser, binary options are very similar to gambling, and often may involve fraudulent business practices intended to deceive the unaware investing public.
March 5, 2017
Nespresso Loses Suit Filed against Israeli Company, Espresso Club
The Tel Aviv District Court rejected the lawsuit filed by Nespresso and the global food company, Nestle, against the Israeli company, Espresso Club. Nespresso claimed that Espresso Club’s advertisement, which uses a look-alike of George Clooney, violates the intellectual property of Nespresso and constitutes unfair competition. The Court rejected Nespresso's claims and ordered it to pay Espresso Club NIS 110,070 in legal costs. Espresso Club was represented by Adv. Zohar Lande, Adv. Itay Hatam and Adv. Gili Cohen-Arazi from Barnea
March 3, 2017
The High Court of Justice - the Gatekeeper of the New Multi-Apartment Act
Adv. Maya Zisser, Partner in the Real Estate Department in an article in The Marker, following a temporary injunction issued by the High Court ordering the State to explain why the New Multi-Apartment Act should not be canceled. Maya commented that those people to whom the new Law applies should hold back on any actions designed to counter the application of the law, as such actions may be irreversible.
March 2, 2017
Antitrust Authority Continues its Trend of Stricter Punishment
The Israel Antitrust Authority (‘’IAA’’) has announced its intention to impose a financial sanction in the sum of NIS 25,640,000 on Bitan Wines, due to its violation of the terms of the merger between Bitan Wines and the Mega supermarket chain.
March 2, 2017
Judicial Oversight of Board Decisions - Beyond the Business Judgement Rule?
Adv. Zohar Lande and Adv. Gilli Cohen Arazi from the Litigation Department at Barnea in an article for Chambers and Partners on recent trends in Israeli case law, which may indicate a change in the Israeli courts' attitude to judicial intervention in the business judgment of the Board of a corporation.
March 2, 2017
Dr. Zvi Gabbay in an Interview for Globes following the Exposure of Cases of Bribery by Israeli Businessmen
Dr. Zvi Gabbay, Partner and Head of the Capital Markets Department at Barnea, was interviewed by Globes, following the exposure of cases of bribery by Israeli businessmen. Zvi commented that the Israeli prohibition against bribing a foreign public servant is new. However, the law was enacted in the US in 1977 and the US has caused other countries to align with it.
February 27, 2017
Class action against Directors
The Tel Aviv District Court approved an action as a class action filed by the minority shareholders of Delek Energy Systems Ltd. against its controlling shareholder and officers of the company.
February 26, 2017
How Blockchain will Revolutionize a Paper World
In many ways, electronic communications dominate the world as we know it. We talk through email, text, and social media, to the point that the written letter is almost an anachronism. Still, some areas still thrive on paper. Real estate, for example, depends on paper deeds and documentation to confirm authenticity. Similarly, many corporations depend on paper records to demonstrate regulatory compliance. But blockchain is helping to change all of that. The technology that made Bitcoin work is expanding, in Israel and beyond, to help secure online processes and chains of custody in ways that can help shift paper-dominated fields into the 21st century.
February 26, 2017
E-Commerce – Law and Legal Authority
Our Head of the Internet Department at Barnea, in an article (in Hebrew) for The Marker, discussing the question of how e-commerce activities may be subject to different legal systems, which can contain rules that do not match and even contradict, especially in matters of licensing and regulation.
February 23, 2017
Adv. Itay Gura to lecture at the Startau Entrepreneurship Course
Adv. Itay Gura will lecture today on the topic of founders agreements at 'Ignition' - the Entrepreneurship Course of Startau, Tel Aviv University Entrepreneurship Center.
February 21, 2017
Innovation Cocktail Event Hosted Together with the Israel-South Africa Chamber of Commerce
Barnea, together with the Israel-South Africa Chamber of Commerce, is hosting today a cocktail event to promote networking between South African businessmen living in Israel and Israeli businessmen.
February 21, 2017
Does the US Visa Boom Herald New Opportunities for Law Firms?
Adv. Marie Tsion, Head of the Employment Department at Barnea was interviewed by The Lawyer regarding the effect of the E-2 visa programme on the legal market. Marie commented that the E-2 investor visas will allow US companies, entrepreneurs and employees to start business activities in Israel more easily. This visa is likely to increase the number of US companies establishing activities in Israel.
February 16, 2017
Japan-Israel Relations: Advancing Technology
For many years now, Israels emergence and growth on the worlds economic stage has captured the attention of national and private investors all over the globe. It is only in recent years, though, that this has come to include Japan. In the past few years, more and more Japanese corporations have opened RD and sales centers in Israel, while business delegations are continually streaming into Israel. One of those companies which recently entered Israel is Fujitsu, the largest IT company in Japan and the fifth largest in the world.
February 15, 2017
Delegation of Israeli ambassadors in Latin America
Barnea is today hosting a delegation of Israeli ambassadors who are stationed in Latin America, together with the Latin America division of the Israeli Ministry of Foreign Affairs, the Israel-Latin America Chamber of Commerce and StarTau, the Entrepreneurship Center of Tel Aviv University.
February 14, 2017
Draft Guide to Cyber Threat Information Sharing
The Antitrust Authority published for public comments a new guidelines draft on the subject of information-sharing between competitors for the purpose of contending with cyber threats.