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Insights & News / Anat Even-Chen

Regulation of Payment Services in Israel – Latest Developments

The Israel Securities Authority’s publications in recent months do not reflect the final version of the directives, but indicate the ISA’s approach when regulating payment services: setting out the licensing process and the licensing requirements, defining criteria for exemptions, technological requirements, safeguarding and protecting customers’ funds, examining service providers’ integrity, etc.

Advising Summa Technologies on Obtaining Financial Services License

We guided Summa Technologies, which operates in the field of open banking, in obtaining a financial information services license from the Israel Securities Authority. Summa is the seventh company in Israel to receive this license. Anat Even-Chen, Elad Reshtick, and Ori Rodriguez represented the client in this matter.

Categories: Financial Regulation | Regulation

War and Force Majeure – Implications for Contract Performance

Since a combat situation in Israel is not deemed force majeure, the legislature and the regulatory authorities recommend that parties to contracts hold dialogues on the contract terms in good faith, to the extent the state of emergency does not enable all contract clauses to be performed. Concurrently, the Knesset enacted the Postponement of Deadlines Law, which allows those entitled to postpone performance of contracts under particular circumstances.

Price Display in Credit Transactions: What Are the Obligations?

The Haifa District Court recently granted a motion to certify a class action regarding the manner in which price is displayed in installment transactions and the interest charged on those installments. This ruling holds great significance for businesses seeking to levy surcharges for customer installment payment options.

The Guide to Avoiding Lawsuits Stemming from Sponsored Advertising

To avoid lawsuits, companies that decide to publish sponsored marketing content and collaborate with influencers should be aware of the limitations that apply to them, including Consumer Protection Law provisions. Anat Even-Chen provides practical tips in an article for Calcalist.

Categories: Consumer Protection | Internet

Foreign Direct Investments in Israel

It is surprising to realize Israel does not have a general regulatory binding framework for the approval of such transactions as they pertain to national security, like CFIUS in the United States , the recent UK National Security and Investment Act 2021, or similar bodies in developed countries. As a result, there are no broad cross-sector consolidated controls on foreign investments.

Israel: Regulating Payment Services and Payment Initiation

New provisions set out the licensing framework for the provision of payment services, designed to encourage new players to enter the Israeli market and offer payment services while providing broad protection to consumers. The law will apply to companies providing payment services, credit service providers, acquirers, and more.

Class Actions on Accessibility of Public Companies' Reports Dismissed

At the conclusion of a proceeding conducted over about two years, an Israeli court recommended that the class plaintiffs withdraw their actions in light of the legal difficulties and since there is no reasonable possibility that the legal questions will be  ruled in favor of the plaintiffs. The plaintiffs accepted the court's recommendation, and the court dismissed in limine 66 class actions.

Doing Business in Israel through Agents and Distributors

According to the law, the relationship with the local agent is classified as either an agency agreement or a distribution agreement, depending upon the substantive nature of the arrangements between the parties and not the title the parties gave to the agreement.

Hosting Entrepreneurs from jumpTAU Accelerator

Our firm hosted entrepreneurs participating in the jumpTAU program of Tel Aviv University’s Entrepreneurship Center. In this framework, Yuval Lazi lectured on founders' agreement and financing startups, while Anat Even-Chen lectured on setting up a website and the privacy issues that entrepreneurs must address at the very beginning.

Categories: High Tech | Privacy Law | Start Ups

2022: Developments in Financial Service Providers Regulations

This article summarizes the regulatory developments imposed on financial service providers, including of non-bank credit and financial asset services, and the key measures companies engaging in this sector should take in preparation for 2023.

Is the Era of Unsolicited Telemarketing Coming to an End in Israel?

An amendment to the Israeli Consumer Protection Law, also known as the “Do Not Call Me Law,” is about to enter the enforcement phase on January 1, 2023. Inter alia, the law imposes liability on a business telemarketing its product or service, even if a third party is actually making the call.

Regulation: Potential Pitfalls in Phoenix Group’s Purchase by Abu Dhabi’s ADQ Fund

Anat Even-Chen, a partner and the head of our firm’s Regulation Department, was interviewed by Calcalist to shed light on the proposed acquisition. According to Anat, there is no legal prohibition in Israel on foreign ownership of an insurance company, but, in the past, the Capital Market, Insurance and Savings Authority rejected a deal in which a fund owned by the Chinese government wanted to acquire control of the Clal insurance company.

Categories: Regulation

Can Israeli Employers Request Medical Information during the Hiring Process?

The Israeli Privacy Protection Authority recently published a document presenting its position and recommendations on the privacy protection aspects pertinent to waivers of medical confidentiality and disclosures of medical information during the hiring process.

Regulation: Tips for Online Purchases for a Month Full of Sales

Anat Even-Chen, the head of our firm's regulation practice, was interviewed by Walla for a special article ahead of Black Friday. She offered readers a number of tips for safe online shopping.

Categories: Regulation

How to Maintain Patient Privacy when Digitally Transferring Medical Information

The Israeli Privacy Protection Authority has published a document containing a series of recommendations that address the use of ordinary and non-designated applications for sharing information among a variety of parties.

New Regulations Exempt Credit and Financial Service Providers from License Requirement

To make it easier for fintech companies to operate in Israel, the Knesset Finance Committee has passed regulations to exempt several types of credit providers and financial service providers from a licensing duty.

Ransomware Attacks – New Israeli Justice Ministry Recommendations

In light of the increase in fraud crimes in the digital space, the Israeli Justice Ministry has formulated recommendations for defining a policy to contend with ransomware attacks. The recommendations relate to both private entities and government bodies. The new recommendations are part of a more comprehensive examination conducted by the Justice Ministry of enforcement authorities’ handling of these cyberattacks, including regarding the provision of support to entities under attack, assistance to victims of fraud in the digital space, investigation, and enforcement.

New Draft Regulation on Financial Asset Service Providers

The Israeli CMISA published two draft circulars about its intent to tighten the supervision over crypto assets, in the wake of the Celsius crypto meltdown.

Israel Declares Independence of Privacy Protection Authority in Ministry of Justice

This declaration will help to maintain the European Union’s continuing recognition of the State of Israel as a country whose data protection laws are on par with the European Data Protection Regulation.

In First, Company Fined for Violating California Consumer Privacy Act

Sephora, the cosmetics giant of the LVMH group, must pay a USD 1.2 million fine for failure to comply with the California Consumer Privacy Act (CCPA), after receiving a warning from the California Attorney General and time to rectify its violations.

Informing on Cyber Risks during Sale of IoT Products

According to the Israeli Consumer Protection Authority’s draft directive, the disclosure obligation applies at all stages of a transaction, including when advertising and marketing an IoT product.

Israeli Privacy Protection Authority Clarifies Scope of Duty to Inform on Collection and Use of Personal Information

The publication presents the PPA’s position on the duty to inform on the collection and use of personal data (as derived from the Privacy Protection Law), specifically highlighting the duty to inform when using algorithm-based or AI-based decision-making systems.

Crypto Custody Services and Regulation – A Review

The issue of whether a party is or is not a custodian may have far-reaching implications. Institutional investors, corporations, exchanges, individuals, and crypto miners all have strong demand for crypto custody services, as provided by special market participants. 

The Average Citizen Forced to Pay: Israeli Election’s Impact on Regulation and Labor Relations

Firm partners Netta Bromberg, the head of our Employment Department, and Anat Even-Chen, the coordinator of our regulation practice, were interviewed by Maariv on the election’s negative effects on the State budget and individuals’ pockets.  

Categories: Employment | Regulation

New Israeli Directives on Cyber Risk Management and Risk Management for Regulated Financial Service Providers

CMISA recently published two new risk management circulars for financial service providers, including small entities.

Doing Business in Israel: Fintech

International companies and individuals seeking to expand into a new area of business or expand their international business into Israel must understand the relevant legal landscape and how it may shape their operations. In this article, we will focus on international companies in the fintech sector considering offering services in Israel or to Israeli clients.

Israeli Tech in 2032: Anat Even-Chen in Geektime

Ahead of Israeli Independence Day, Geektime published an article asking experts to predict what Israel will be like in ten years. As an expert in the privacy field, Anat Even-Chen was asked to provided her prediction for the data protection field. Anat believes legislation will continue to concern itself with individuals' privacy and eventually there will be a uniform standardization between companies and countries regarding the issue of privacy.

Categories: Privacy Law | Regulation

Warburg Pincus Leads Funding Round in Israeli Digital Health Startup MDClone

We were delighted to represent the global private equity firm Warburg Pincus in its investment in the Israeli Healthcare Data Analysis company MDClone.

Advs. Ariella Dreyfuss, Tal Freilich and Anat Even-Chen advised on this transaction.

Categories: Corporate | High Tech | Investment Funds | Mergers and Acquisitions

Website Accessibility - Legislation and its Meaning

Adv. Anat Even Chen and Adv. Eyal Nachshon, Partners at our office, lectured today at the website builders forum on the requirements and obligations of owners, site builders, and site operators given the obligation to access the degrees.

 

Categories: Internet | Litigation | Regulation

The Israeli Privacy Protection Authority’s Recommendations Regarding the Appointment of Data Protection Officer

The Israeli Privacy Protection Authority has published recommendations that organizations and companies in all sectors of the economy should appoint data protection officers, along with an instruction kit in this regard. The document was published at the end of January 2022 as part of Privacy Protection Week.

Israeli Privacy Protection Authority Adapts Privacy Protection Laws

The draft bill is an important step toward achieving the objectives set by the Privacy Protection Authority and the government to increase privacy protection.

jumpTAU Accelerator and Barnea Embark on New Cycle

A new cycle of the jumpTAU accelerator program, from Tel Aviv University, has begun. The accelerator supports multicultural ventures, in an effort to promote cooperation between Arab and Jewish entrepreneurs.

 

Our firm advises the accelerator as part of a broad collaboration with Tel Aviv University. In a meeting held today, four of our attorneys lectured to the entrepreneurs on a number of relevant topics.

 

Daniel Lorber lectured on founders’ agreements, Itay Gura lectured on startup financing, Anat Even-Chen lectured on website regulations and privacy policies, and Ido Freund lectured on intellectual property.

Categories: Start Ups

Privacy Protection Laws in Israel – Outlook for 2022

The legislation of privacy protection laws in Israel has shifted into high gear and is beginning to close the gap with legislation in Europe. A major step in this direction occurred about a month ago when the Ministerial Committee for Legislation approved a series of legislative amendments designed to adapt the Privacy Protection Law to the consumers, technologies, and trends of 2022.

Representing Azrieli Group against MOH Plan to Mark Vaccinated People with Bracelets in Malls

As part of a new wave of COVID-19 restrictions, the Israeli Ministry of Health sought to implement a plan to mark vaccinated people with bracelets in all malls and shopping centers, thereby allowing them to walk freely around such complexes (as opposed to unvaccinated people). The Azrieli Group, through Advs. Zohar Lande, Eran Winner, Anat Even-Chen, Ido Vakshi, and Gaya Tsarfati, sent an urgent appeal to the Prime Minister, the Ministers of Health, Economy and Industry, and Justice, and the Attorney General. In the appeal, we argued that the plan is “discriminatory, offensive, unreasonable, and disproportionate.” In light of the criticism, the Prime Minister and the Minister of Health have decided to walk back the bracelet plan and not include it in the government vote for implementing the Green Pass in malls.

Categories: Litigation

Do You Own a Database? You’re Also Responsible for Actions Performed by Third Parties

The Black Shadow hacking group’s attack on Cyberserve, reported a few days ago, has resulted (at this point in time) in the leaking of a database with more than 800,000 records pertaining to various individuals and the exposure of additional databases. This attack raises important questions about the relations between database owners and the third parties with whom they engage to receive various services relating to business activities that incidentally involve their data.

Representing Reef Technology in Acquisition of Israeli Startup Bond

We advised Reef Technology, one of the largest operators of mobility, logistics hubs, and neighborhood kitchens in the United States, on its acquisition of the Israeli logistics startup Bond, which was initially founded as Shookit, a direct-to-consumer grocery startup that delivered fresh produce to clients in the city within hours. The deal was led by Advs. Michael Barnea, Ariella Dreyfuss, and Tal Freilich. Netta Bromberg advised on the employment side. Harel Perlmutter and Hanna Daher advised on the tax side. Anat Even-Chen advised on data privacy and security and other regulatory matters.

Categories: Corporate | Investments | Mergers and Acquisitions

Israeli Privacy Protection Authority Publishes New Statement Concerning Location Data in Workplaces

There has been an uptrend in recent years of employers using a variety of technological tools to supervise their employees and oversee the quality of their work. The use of these tools has become more prevalent due to the shift of many organizations to working from home last year.

Amendment to Israeli Competition Rules – RPM Arrangements

The block exemption for non-horizontal arrangements recently underwent a significant change. Beyond changing the name of the block exemption to “Rules of Economic Competition,” a significant amendment was introduced relating to the issue of price restraints in vertical arrangements.

 

Webinar: Cyber and Privacy in International Law

Bar-Ilan University's International Law Club & Global Law Forum is hosting the webinar "Cyber and Privacy in International Law". As part of the webinar, Anat Even-Chen, a partner and the head of our firm's regulation practice, will discuss the international aspects of privacy and cyber security law.

Categories: Cyber | Internet | Privacy Law

Bank of Israel: Environmental Considerations and Risks Should Be Part of Banking Corporations’ Risk Management

The Bank of Israel published its latest annual review at the end of May. The review includes an announcement by Supervisor of Banks Yair Avidan that he is promoting the formulation of updated comprehensive regulations on environmental risk management, considering the considerable importance he attributes to the subject of the environment.

 

Employers: Everything You Need to Know about Vaccinations

This past year has been nothing short of a rollercoaster ride for employers in Israel, in terms of both their business activities and their role as employers. Now, when we can perhaps see a glimmer of light at the end of the tunnel in the form of Israel’s vaccination campaign, quite a few questions arise.

Globes Conference: Cyber in 2021

Adv. Anat Even-Chen participated in Globes' "Material for Thought" conference on the cyber industry. Anat was featured on a panel about the effects of a cyber crisis on an organization, where she discussed how companies should prepare for upcoming challenges in 2021 in this field.

Categories: Cyber | High Tech | Regulation

Epidemiological Investigations and Privacy Protection

Israel’s Privacy Protection Authority published its guidelines and emphases for protecting the privacy of individuals when conducting COVID-19 epidemiological investigations in workplaces.

New Rules on Consumer Credit Marketing and Management

The Bank of Israel recently issued new rules on marketing and credit management. The purpose of the new rules is to prevent credit risks not tailored for the customer. They include restrictions on aggressive marketing and granting certain clients credit.

Amendment to Consumer Protection Law Restricts Telemarketing Calls

A recent amendment to the Consumer Protection Law seeks to place restrictions on telemarketing. As part of the amendment, the Consumer Protection and Fair Trade Authority will establish a database of consumers who don't want to receive telemarketing calls from various businesses. Businesses will not be able to contact a consumer whose telephone number is registered in this database, except in specific circumstances.

 

Privacy Protection Authority: Appointing a Privacy Protection Supervisor Is a Necessary Step for Israeli Companies

Israel’s Privacy Protection Authority has published its recommendation that every organization appoint a privacy protection supervisor. This supervisor’s task is to implement the privacy protection laws that apply to the organization. The PPA noted that although Israeli law does not impose such a duty, it is a best practice recommended for organizations that collect and analyze personal data.

Israeli Government Encourages Companies to Publish Corporate Responsibility Reports

A recently launched government program aims to encourage companies to publish social responsibility reports, or ESG (environmental, social, and government) responsibility reports. The Ministry of Strategic Affairs in the Prime Minister's Office announced the launch of the “Impact Nation" program, as part of a broad move to promote publication of positive economic information regarding Israeli companies, following the publication of the Israeli companies database by UN Human Rights Council.

Cyber Attack on Tower Semiconductor: What is the Effect on the Company’s Activity?

Tower identified a cyber attack on its systems and released a statement saying it had taken measures to prevent the event’s further development. Yuval Lazi and Anat Even Chen, partners from our firm that represent companies dealing with cyber breaches, were interviewed by Globes on the matter. They explained the attack’s impact on the company, the company’s different alternatives of how now to respond, and when and if a company should report a cyber attack.

Categories: Cyber | High Tech

Privacy Evolution: Europe v. Israel

A July decision by the Court of Justice of the European Union has established that in light of the fact the United States does not respect the privacy of its citizens in accordance with EU standards, the Privacy Shield mechanism allowing for personal data transfers between Europe and the US can no longer be relied upon. At the same time, in Israel, the Ministry of Justice has published a memorandum that constitutes the first step in adjusting existing law to the digital age.

Does Covid-19 Void Contracts?

The inter-ministerial team assembled to examine the consequences of the Covid-19 crisis on contractual agreements has recently published its recommendations.

Israel – How Your Business Can Avoid the Dramatic Increase in Accessibility Class Actions

Recently, there has been a dramatic increase in the enforcement of accessibility issues in Israel. More and more companies are facing requests for certification of class action suits for failing to make services accessible to people with disabilities. Such proceedings, exempt from court fees, are initiated by lead plaintiffs against big and small organizations, from both the private and public sectors.

Companies' Collection of Personal Data – an Interview with Anat Even-Chen

Globes has published a comprehensive article on technology solutions relating to the relationship between property lenders and tenants. Anat was interviewed as part of the article about the privacy of such platforms' users. Anat cited Airbnb's case as an example. The company finally agreed, after years of discussions, to hand over host data to New York City. Anat stressed that private individuals should be aware that their information can be collected and that data collection is much easier now than ever before.

 

Categories: Privacy Law | Regulation

Doing Business in Israel – Practical Law

This year, we were once again responsible for preparing the QA guide on doing business in Israel for the Practical Law website. The guide provides an overview of recent key developments that have affected doing business in Israel, including the legal system, foreign investment, employment, tax, competition, privacy, IP, etc.

Categories: Banking & Finance | Capital Markets | Corporate | Employment | Internet | Regulation | Tax

Israel: Fast-Tracked Grant Channel for Companies in Crisis

Following a previous Israel Innovation Authority call for bids for companies developing technologies to help deal with the coronavirus crisis, the IIA has opened a channel to support companies facing financial hardships due to the virus.

Israel: Extending Validity of Regulatory Approvals in Light of the Coronavirus Crisis

On March 25, 2020, emergency regulations were adopted in Israel that include, among other things, an extension of the validity of regulatory approvals that expire in the near future.

Israel Innovation Authority Updates for Companies and New Benefit Tracks

Due to the coronavirus pandemic, the Israel Innovation Authority (IIA) has issued a major easement for the companies it supports, in the manner in which payroll expenses for companies in the midst of carrying out approved plans will be recognized.

Coronavirus in Israel – Getting Your Business Seen as an Essential Service

Special coronavirus-related emergency regulations were promulgated in Israel on March 21, 2020, listing specific economic activities considered as essential that are allowed to operate with fewer limitations.

Protecting Privacy despite the Coronavirus

The global effort to fight the spread of coronavirus has prompted new privacy related questions around the world. Much has been written for and against the use of privacy-compromising measures to protect public health. Therefore, we have chosen to concentrate on the practical implications of privacy principles on companies and businesses.

The Israeli Ministry of Environmental Protection Issues Guidelines for Permit and License Holders for Foreseeable Future

On March 18, 2020, the Israeli Ministry of Environmental Protection issued a set of guidelines for adjustments to businesses and factories with permits and licenses issued by it for toxin permits, emission permits, and business licenses with environmental conditions.

Israel’s Privacy Protections and Data Security Recommendations for Telecommuting due to Coronavirus Spread

The Israeli National Cyber Security Authority published recommendations for business and organizations related to privacy protections and data security for telecommuting due to coronavirus spread.

Firm Partners Lecture at TAU Entrepreneurship Center

As part of the firm's collaboration with Tel Aviv University's Entrepreneurship Center, we were invited to lecture students on the relevant legal aspects of entrepreneurial activity. We discussed the basics behind founders’ agreements and why it's important to make such an agreement. Yuval Lazi explained the methods, possibilities, and challenges of venture capital raising, from family and friends to exits. Anat Even-Chen concluded with a lecture on online business activities, including what website policies should contain and how to build a business correctly so as not to be exposed to privacy issues.

Categories: High Tech | Privacy Law | Regulation | Start Ups

Protect Your Business by Learning How to Handle Data

In an attempt to assist businesses in addressing the privacy challenges they face, we prepared a short guide on the key principles of handling data.

Chambers TMT Guide 2020: Law in Practice

As experts in the TMT field, our firm was asked to contribute the Israeli law and practice overview for the Chambers Israel TMT guide. In their overview, Micky Barnea, Daniel Lorber, and Anat Even-Chen discuss legal considerations for big data, machine learning, and artificial intelligence. They also address key data protection principles, the challenges with IT service agreements, privacy matters, and more. As a whole, the TMT guide offers insights for each jurisdiction.

 

Categories: Blockchain | Cyber | High Tech | Privacy Law | Regulation

New Standards in Cyber Protection for Companies in the Government, Infrastructure, and Finance Sectors

The Governmental Cyber Security Unit has published a new directive according to which material service providers to government, infrastructure, and finance bodies will be required to adopt a common and unified standard for cyber protection.

Latest Developments in the Israeli Payments Market

The Bank of Israel recently led several important developments in the Israeli payments market, which are designed to encourage competition and to advance the implementation of innovative technologies.

Meetup for Women in Ecommerce

We hosted today a meetup for female entrepreneurs in the ecommerce field. Harel Perlmutter and Anat Even-Chen lectured to the participants on the taxation and regulatory issues that could affect them.

Categories: E-commerce | Internet | Regulation | Tax

What You Should Know before Launching a Website or App

When a company is looking to start operating on-line via a website or an app, it must ensure its relationship with its users is defined not only from a marketing point of view but also from a legal perspective. Watch the video to learn more.

Event: The Future of Money Transfers

Our firm hosted today ACC members for a seminar on money transfers. Dr. Zvi Gabbay reviewed the regulations and guidelines that exist today in Israel and around the world on the handling of money transfers. In addition, we conducted a panel discussion addressing the challenges and opportunities facing businesses who need to know how to solve problems that may arise. Participating in the panel were Anat Even-Chen, our regulation expert; Doron Cohen, CEO of Covercy; Idit Froim, General Counsel of Colu; Yitz Raab, Managing Partner of Tzur Management; Rami Sasson, Chief Compliance Officer of Discount Bank; and Ronen Siman-Tov, CTO of IBM Blockchain World Wire.

Categories: Banking & Finance | Corporate | Regulation

Israel's Attorney General Guideline to Advance Transition to Digital Services in Government Ministries

In October 2019, Israel's Attorney General published a detailed guideline document addressed to the legal counsels of various government ministries.

Representing License Holders of the Ishai Gas Reservoir

Advs. Zohar Lande and Anat Even-Chen are representing the license holders of the Ishai gas reservoir. This reservoir shares its gas with the Aphrodite field in Cyprus. Our firm is accompanying the license holders in their appeal to the Ministers of Energy, Foreign Affairs, Justice, and Finance to secure their rights further to the agreement signed by the Aphrodite license holders with the Cypriot government.

Categories: Administrative Law | Gas | Infrastructure | Litigation

The Fine Print of Terms of Use

The United States Court of Appeals for the Ninth Circuit (in California) recently held that the scraping of data from public websites without any prior consent is lawful, even if it contradicts the provisions of a website's terms of use.

Innovation Authority Grants - What to Know in Advance?

The Israel Innovation Authority runs a series of programs that support entrepreneurs and companies in the various business stages. It is important to recognize the limitations the receipt of such funding from the Authority imposes upon a project.

 

Risk Management and the Latest Word on KYC and Preventing International Money Laundering

Together with Clifford Chance, we held a workshop for compliance officers and risk management department staff at Discount Bank and Bank Leumi. The workshop included discussions on money laundering enforcement trends, banks' obligations, and how to manage risk and provide service.

Categories: Banking & Finance | Banking Regulation | Regulation

Article: Powerful Regulation Is Not the Way to Build a Stable and Functioning Market

In a Globes op-ed, Adv. Anat Even-Chen calls for cooperation between the Capital Market, Insurance and Savings Authority and the private market in order to create better regulation for fintech and financial services companies.

Categories: Financial Regulation | FinTech | Regulation

Barnea Represented ISS Global in the Disposition of Its Holdings in Israel

Our firm represented the Danish catering and cleaning services company ISS Global in the disposition of all its holdings in Israel. ISS was advised by Advs. Simon Jaffa, Yuval Lazi, Danny Boguslavsky, and Chen Nadir.

Categories: Corporate | Investments

Entities with Relatively Small Market Shares May Also Be Deemed Monopolies

Six months after the amendment to the Economic Competition Law took effect, the Competition Authority published its position regarding the circumstances in which even an entity with less than a 50% market share may be deemed a "monopoly holder."

Payment Apps Will Enter Small Businesses

Bank of Israel published a position paper with respect to the activity of banks' payment apps in the B2C market. The position paper is the conclusion of a long battle waged by credit card companies against the banks.

When the Privacy Watchdogs Bare Their Teeth

July 2019 brought an escalation in the enforcement of privacy infringements by companies around the world. These events underscore the trend that began with the GDPR taking effect and should lead any business entity coming across personal information.

Barnea Represented Bridgepoint in the Acquisition of Qualitest

Our firm represented the private equity group Bridgepoint in the acquisition of control in the Israeli software testing company Qualitest from Marlin Equity Partners for approx. USD 420 million.

Categories: High Tech | Investments | Tax

The Israeli Payment Market Is Lagging Behind

The payment market in Israel and around the world is marching toward revolution. Still, Israel lags far behind compared to the rest of the world, and the rate of adopting innovation in the field of payment services is very slow.

Lecture on Israel Innovation Authority Grant Programs

Adv. Anat Even-Chen lectured to members of "The Library," the Tel Aviv Municipality's urban innovation space. The lecture focused on the Israel Innovation Authority's (IIA) grant programs and the various considerations entrepreneurs must take into account before applying for a grant from the IIA.

Categories: High Tech | Start Ups

Article: The Israeli Payments Market Remains Behind

Adv. Anat Even-Chen, a partner and our regulation expert, published an article in Globes describing the advancement of the payments market in Israel and its opening up to competition. This move requires courageous measures by regulators - the Capital Market Authority and the Bank of Israel.

Categories: Banking & Finance | Banking Regulation | FinTech

Barnea Represented Axcel in the Acquisition of Phase One

Our firm represented Axcel in the acquisition of Phase One from Silverfleet Capital. Axcel is a leading Nordic private equity firm focusing on mid-market companies. It has a broad base of both Nordic and international investors.

Categories: Corporate | Investments | Mergers and Acquisitions

Event Invite: Privacy Regulations – Is Your Business Ready?

The entry into force of the GDPR and the Israeli information security regulations are undoubtedly among the most important legal events of recent years. Their impact on the activity of organizations and businesses concerns not only local companies but also any company wishing to operate in those jurisdictions. We invite you to attend an event where you will receive important instructions and tips on how to implement the obligations that apply to you.

Categories: Privacy Law

An Investigation in Ireland Against Google: Privacy Infringement for the Purposes of Targeted Advertising

Adv. Anat Even-Chen in an interview for TheMarker in response to an investigation launched by the Irish Data Protection Commission against Google for violating the GDPR Regulations. According to Anat, the investigation focuses on the service of Internet advertising, and its findings may affect many companies around the world and in Israel, which operate in the field of Adtech.

Categories: Internet | Privacy Law | Regulation

Barnea Represented Danel Ltd. in the Acquisition of Levinger Group

Our firm represented Danel Ltd. in a deal to acquire 51% of Levinger Group. This marks a strategic move by Danel to expand into the private health field.

Categories: Corporate | Investments | Mergers and Acquisitions

Hosting a Delegation of French Transport Companies

Our office hosted today a delegation of transport companies from the French government agency Business France. The delegation arrived in Israel for a series of meetings to gain familiarity with the local market.

How Phone Numbers Became a Dangerous Identification Device

Adv. Anat Even-Chen, our regulatory consulting partner, was interviewed by TheMarker on the growing reliance on phone numbers as a means of identity verification, a phenomenon that raises the risks associated with information security and privacy.

"In order to give access to certain sensitivity actions, a person is required to verify that he is the one who should have access, by three factors," explains Anat, "something you know (password for example), something you have (like a telephone), and something that is part of you (biometric finger identity, for example). Israeli financial entities will not invest in this sector without pressure from the regulator—pressure that currently does not exist. "

Event Invite: The Impact on Your Business of New Amendments to the Restrictive Trade Practices Law

Our firm is holding a seminar on March 18 about the ways in which recent amendments to the Restrictive Trade Practices Law meet the daily needs of a corporation and its officers. A representative from the Israel Competition Authority will also take part.

Categories: Antitrust and Competition | Litigation

Event Invite: The Legal Advisor's Role When Dealing with a Company in Crisis

Together with the Association of Corporate Counsels, we are holding on February 6th a seminar on the legal advisor's role when a company is in crisis. The seminar will feature a simulation of a multi-crisis event, with participants focusing on managing the crisis opposite regulators, media, business partners, and employees.

Amendment to the Israeli Restrictive Trade Practices Law

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.

Amendment to Hazardous Drugs Ordinance Promotes Regulation in 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).

Update to Block Exemptions for Joint Ventures and Restraints Ancillary to Mergers

Two important block exemptions have been updated recently: the exemption for joint ventures and the exemption for restraints ancillary to mergers. The amendments transfer the examination of the intensity of the harm to competition deriving from these arrangements from the Israel Antitrust Authority to the business sector.

Email Addresses Considered “Personal Information” Pursuant to Israeli Privacy Protection Law

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.

Tax Policy Could Undermine Israel’s IP Outreach

Adv. Anat Even-Chen was interviewed by Bloomberg BNA following the implementation of new rules regarding the licensing of IIA-funded know-how for use by multinational corporations outside of Israel.

Categories: High Tech | International Taxation | Tax

Hosting a Delegation of French Companies from the Aerospace Industry

Barnea hosted today a French delegation of major aerospace companies. The delegation's participants came to Israel to initiate commercial partnerships and technological cooperation with their Israeli counterparts.

Categories: Corporate

Israel’s Innovation Authority Issues New Know-How Licensing Rules for Multinational Corporations

Israel’s Innovation Authority (the IIA, formerly the Office of the Chief Scientist) has issued new rules regarding the licensing of IIA-funded know-how for use by multinational corporations outside of Israel.

Increasing Privacy Protection Enforcement

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.

P2P Lending Platforms Will Be Allowed to Provide Loans from Their Nostro Accounts

In July 2018, the Commissioner of the Capital Market, Insurance and Savings Authority published draft guidelines that will enable P2P lending platform operators to operate a system that offers loans from their own nostro accounts.

Competition in the Communications Market and Preventing Margin Squeeze

Recently, the Ministry of Communications ordered Bezeq to begin implementing a “wholesale market” and selling its competitors access to telephony infrastructure at a regulated price. The objective of this directive is to expand competition in the fixed-line telephone market and to establish a separation between the infrastructure market and the communications services being purchased by consumers.

Control of Financial Asset Services – Update

Moments before the new supervisory regime over financial asset service providers came into effect on June 1, 2018, the Minister of Finance signed an order postponing the effective date until the earlier of the following: October 1, 2018, or the issue date of the Prohibition on Money Laundering Order that addresses financial asset service providers.

Financial Services Law Postponed

Adv. Anat Even-Chen gave several media interviews (in Heb) following the Knesset Finance Committee's decision to postpone the entry into force of the Financial Services Law. This law was supposed to regulate the trading of digital currencies for the first time.

Categories: Capital Markets | Financial Regulation

Anti-Spam Law to Be Expanded – Prohibition on Soliciting a Return Call

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. 

Is It Mandatory for My Business to Be Licensed as a Financial Asset Service Provider?

On June 1, 2018, another central part of the regulatory reforms under the Control of Financial Services Law (Regulated Financial Services) will come in effect. This part addresses the activities of financial asset service providers.

Apple Israel CEO Questioned by the Consumer Protection Authority

Adv. Anat Even-Chen was interviewed by several local newspapers following the investigation of Apple Israel's CEO by the Consumer Protection and Fair Trade Authority. It is suspected that Apple Israel did not disclose material information to consumers about the slowdown in updated versions of its cellular phones.

Categories: Consumer Protection | High Tech

Law Reducing the Use of Cash

The Knesset recently approved the Law for the Reduction in the Use of Cash. This law imposes bans and restrictions on the making and receiving of payments using cash and checks at the sums therein prescribed.

Barnea Represented Cellebrite in the Sale of the Mobilogy Division to a US Fund

Our firm represented Cellebrite in the sale of the Mobilogy Division to the American ESW Capital Fund. The Mobilogy division, which operates as a separate brand, offers technological solutions for operators, retailers and aftermarket  that enhance the customer experience in-store & beyond.

Categories: Corporate | High Tech | Investments | Mergers and Acquisitions

Fintech and Privacy

It goes without saying that technological advancement has come with a slew of risks attached. This is particularly true where financial technology (fintech) is concerned. With large-scale data breaches occurring at regular intervals and with greater frequency, fintech and data privacy are being put to the test.

Supervision of Service Providers Engaging in Digital Currencies

While some uncertainty exists with regard to the regulatory regime that applies to public offerings of digital coins (ICOs), in the area of services related to digital currencies, regulations are expected to come into effect on June 1, 2018, within the scope of the Control of Financial Services Law.

Developments in the Relations between Banks and Fintech Companies

The Tel Aviv District Court recently issued its ruling in a proceeding that has been underway for several months. The proceeding concerns a fintech company who filed a motion for an injunction that would prevent a bank from unilaterally modifying the terms and conditions for the fintech company’s bank account.

Barnea & Co. Represented EXO Technologies in Acquisition by Lear

Barnea represented Israeli startup EXO Technologies, a developer of GPS technology for autonomous and connected vehicle applications, in its acquisition by the American corporation Lear.

Categories: Corporate | High Tech | Investments | Mergers and Acquisitions | Start Ups

Accessibility of Websites and Applications

Adv. Anat Even-Chen lectures on the accessibility of online services. She discusses for whom the regulations apply, the guidelines and what is required to be accessible, who is liable legally, the sanctions prescribed in the regulations, and the most important ones to implement.

 

Seminar on Data Protection and Privacy

Barnea is hosting today another round of lectures for startups and entrepreneurs on the subject of data protection and privacy. Also to be discussed is the obligation of accessibility on the Internet. In addition, the seminar will feature a guest lecture from the Israeli Digital Organization.

Categories: Internet | Privacy Law | Start Ups

Barnea & Co. represents HP in its acquisition of Samsung Electronics Co. Printer Business

HP Inc. completed its acquisition of Samsung Electronics Co., Ltd.’s printer business in a deal valued at $1.05 billion. HP Inc. was represented by Barnea

Categories: High Tech | Intellectual Property

Fair Lending Law Finally Approved

The Knesset recently approved Amendment No. 5 to the Regulation of Nonbank Loans Law, which is now called the Fair Lending Law. This comes after years of deliberations and in the long wake of recommendations submitted in 2013 to increase competition in the banking system.

New Lending Platform Regulations

Recently, the Knesset approved an amendment to the Supervision of Financial Services Law, which regulates the activities of online lending platforms that broker between people and businesses under a peer-to-peer (P2P) model.

The Israel Innovation Authority Issues New Directives regarding Royalty Payments and Know-How Transfers

The Israel Innovation Authority (IIA) announced last week that it issued new directives regarding royalty payments and know-how transfer. These are the first significant directives to be issued by the IIA since it was established in January 2016 and the activities of the Chief Scientist were transferred to it.

Draft Legislation Permitting Corporations to Obtain Loans Through Crowdfunding

Last week, the Israel Securities Authority published draft legislation for public comments that will permit corporations to obtain loans through crowdfunding with an exemption from the prospectus requirement.

Barnea & Co. Represented GBI Racing before the Knesset Reform Committee

Barnea is representing GBI Racing, a British company which provides betting services to Toto (the Israel Sports Betting Board). Adv. Zohar Lande participated in the Knesset Reform Committee meeting, which discussed the decision to cancel the permit given to Toto as proposed in the Economic Arrangements Law.

Categories: Administrative Law | Litigation

New Financial Services Law Establishes Mandatory Licensing Requirement for Financial Service-Providers

The Law establishes a mandatory licensing requirement for financial service-providers – credit providers or providers of financial asset services. One of the main innovations in this Law is that Financial Services Providers will be subject, for the first time, to supervision by a new financial regulator. 

Barnea & Co. Represents GBI Racing

Adv. Zohar Lande, Head of the Litigation department at Barnea is representing GBI Racing, a British company which provides betting services to Toto (the Israel Sports Betting Board). The company applied to the Minister of Finance, Moshe Kahlon, to reconsider the decision to ban horse racing wagering, which was approved by a government committee chaired by treasury Director General, Shai Babad.  The company contends that it was never given the opportunity to present other data to the committee on its behalf.

Categories: Administrative Law | Litigation

New Financial Reforms

During July, the Knesset passed the Control of Financial Services (Regulated Financial Services) Law. The Law is a harbinger of efforts to regulate the provision of financial services that had not been supervised up until now, apart from certain aspects pertaining to money laundering and the Regulation of Nonbank Loans Law. The Law also unifies the handling of all matters relating to the regulation of these services under one roof.

Antitrust – New Amendments to Nine Block Exemptions

The Antitrust Commissioner intends to renew the validity and to amend nine block exemptions.

New R&D Law – More Flexibility in Supporting Technological Innovation

On July 29, 2015 the Knesset passed the 7th Amendment to the Encouragement of Research and Development in the Industry Law. The purpose of the amendment is to allow the State of Israel to effectively and efficiently continue its support of the various companies which promote technological innovation and address the current challenges this industry faces in light of the importance of the high tech industry to the Israeli economy.

 

Barnea & Co. is growing

Barnea continues its expansion. The firm has recruited three new attorneys that will work in the firm’s commercial department – Adv.  Ilan Blumenfeld, Adv.  Anat Even Chen and Adv. Karin Kashi. The firm now comprises of a team of 35 lawyers.