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Client updates / Banking & Finance

Fintech Companies: New Program to Facilitate Regulatory Reliefs

July 9, 2020 / Ron Shuhatovich, Rotem Orbach

Although Israel is a world leader in the fintech field, companies operating in this area face many regulatory challenges. A newly published legal memorandum aims to enable the creation of a “sandbox”, with inspiration from various programs already implemented in Japan, Australia, and Singapore. The goal is to establish a unique experimental environment, a “regulatory sandbox,” where regulatory relief is granted to companies who choose to participate in the program.

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Categories: Capital Markets | Financial Regulation | High Tech | Regulation | Start Ups

Banks Required to Share Information about Clients with Other Financial Bodies

July 7, 2020 / Ron Shuhatovich, Rotem Orbach

As part of a broad change led by the Ministry of Finance to increase competition in the banking and financial services market, a memorandum for the Provision of Financial Information Services Law was recently published for public comments.

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Categories: Banking & Finance | Capital Markets | Capital Markets Regulation

Legal Options for Israeli Companies Operating in the U.S.

May 13, 2020 / Cathy Bardenstein

How Israeli companies operating in the U.S. can use COVID-19 as a force majeure and the restructuring of debt in chapter 11 bankruptcy ?

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Categories: Banking & Finance | Corporate | Insolvency

Latest Developments in the Israeli Payments Market

December 23, 2019 / Anat Even-Chen, Neta Hershkovitz

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.

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Categories: Banking & Finance | Financial Regulation | Regulation

Payment Apps Will Enter Small Businesses

July 29, 2019 / Anat Even-Chen

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.

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Categories: Banking & Finance | Financial Regulation | FinTech | Regulation

Israeli Court Issues Principled Ruling on Banks’ Conduct with Monies Originating from Digital Currencies

May 1, 2019 / Andrey Yanai

The Tel Aviv District Court issued a ruling recently on a case concerning a bank’s conduct with funds whose source is digital currencies. The court expressly ruled that the bank’s blanket ban on the opening of bank accounts by clients engaging in digital currency activity is unreasonable.

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Categories: Banking & Finance | Capital Markets

Liability of Officers and Functionaries in an Insolvent Corporation

January 2, 2019 / Hagit Ross

Chapter 8 of the new Insolvency and Economic Rehabilitation Law addresses the liability of officers and functionaries. The law’s main innovation is that - beyond liabilities toward the corporation, which already existed prior to the enactment of the law, such as fiduciary duty and duty of care - special liability will also be imposed on the corporation’s officers and functionaries.

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Categories: Corporate | Insolvency | Regulation

Israeli Supreme Court Ruling: Property Buyer Required to Pay Betterment Tax if Seller Is Incapable Due to Insolvency Proceedings

May 2, 2018 / Maya Zisser

According to a ruling handed down recently by the Israeli Supreme Court, when a real estate asset is sold before the seller enters bankruptcy proceedings, and the seller has not paid the betterment tax, the local council is not obligated to grant the buyer approval for registering the property under his name. Thus, the buyer will be required to pay the betterment tax.

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Categories: Insolvency | Real Estate | Real Estate Transactions

A Reform in Israel's Insolvency Laws

March 8, 2018 / Ilan Blumenfeld, Sagi Gross

Recently, the Knesset has passed the Law of Insolvency and Economic Rehabilitation – which is aimed at updating the law on insolvency currently in effect in Israel. The Law will take effect in 18 months from now.

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Categories: Insolvency | Regulation