Client updates / Underwriting

Israel Securities Authority: Distributors May Be Liable for the Contents of a Prospectus

11 August 2020 / Andrey Yanai

The Israeli Securities Authority has announced that distribution entities now may be liable for the contents of a prospectus. In a staff position paper published in late July, the ISA changed the rules of the game in the underwriting field by determining that a distributor, or an entity associated with a distributor, that purchases securities during an issuance and sells them within a short period of time (six months or less) shall be viewed by the ISA as an underwriter and shall be liable for the prospectus.

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Client updates / Underwriting