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/ Capital Markets
Israeli Private Companies and Prospectus Obligations | Barnea
November 19, 2023
/ by
Alon Anava
For Israeli private companies aiming to secure investments, it is crucial to have a solid understanding of the obligations set forth by the Israeli Securities Law. Chief among these is the prohibition on conducting public offerings of securities without a proper prospectus, which, if violated, could lead to legal scrutiny.
See full post >
Dr. Zvi Gabbay Interview with Tony Petrov on Future of Crypto
July 20, 2023
/ by
Zvi Gabbay
Dr. Zvi Gabbay, the head of our Capital Markets Department, was interviewed by Tony Petrov, the chief legal officer at Sumsub. The two discussed financial regulation, the crypto industry, and jurisdictional settings. Topics also included FTX’s collapse, the SEC charges against Coinbase, and the future of crypto regulation.
See full post >
Default Arrangements in Israeli Investment Funds – Unwritten Provisions in Partnership Agreements
June 19, 2023
/ by
Roy Engel
,
Yakov Vilenski
Many investors and fund managers are unaware that a simple reading of the relevant partnership agreement is not sufficient to get the “full picture” of the legal conditions that apply to their specific limited partnership.
See full post >
The Business Judgment Rule – a Director’s Best Friend
May 2, 2023
/ by
Zvi Gabbay
Board members looking to protect themselves from lawsuits pertaining to the proper fulfillment of their duties must fully understand the three principles of the business judgment rule. Because what is true in Delaware is also true in Israel.
See full post >
Global Trends in Law Enforcement against Corruption Crimes
April 2, 2023
/ by
Hadar Israeli
,
Anat Shubat
,
Eran Elharar
,
Shir Rozenzweig
Corruption crimes and other economic offenses are being tackled more stringently in the global arena, but it appears the Israeli government’s wave of legislation could catapult it outside the global trend, and thus subject Israeli entities and individuals to international enforcement.
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Advantage to Israeli Banks When Self-Exercising a Deposited Pledge
February 21, 2023
/ by
David (Dudi) Cohen
,
Idan Miller
Collateral in the form of a deposited pledge is an easy and inexpensive way to secure credit. However, Israeli law does not allow foreign banks to benefit from an efficient and effective mechanism enabling debt recovery by way of the self-exercise of collateral. There is no real justification for this and it harms competition in the credit market.
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2022: Trends in Israeli and International Privacy Regulations
January 18, 2023
/ by
Avishay Klein
,
Karin Kashi
,
Ben Norman
2022 saw significant regulatory developments in the field of privacy protection in Israel and throughout the world. These developments directly affect companies whose business activities in Israel and internationally involve the collection and processing of personal information.
See full post >
2022: A Turbulent Year for the Cryptocurrency Sector
January 8, 2023
/ by
Andrey Yanai
On the one hand, the cryptocurrency industry is still in the throes of the crisis caused by a series of bankruptcies and one of the biggest scandals in the world of finance. On the other hand, transparent and decentralized alternatives to the centralized financial sector demonstrate why they are so important, as well as their ability to function effectively even in times of crisis.
See full post >
2022: Developments in Financial Service Providers Regulations
January 3, 2023
/ by
Anat Even-Chen
,
Ori Rodriguez
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.
See full post >
Doing Business in Israel: Hedge Funds
November 16, 2022
/ by
Zvi Gabbay
Hedge funds can prove to be a particularly attractive channel in a small market like Israel, precisely because more sophisticated investment strategies and exposure to the international capital market are necessary to create added value over the “usual” market volatility.
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The Courts and the Metaverse – Service of Process through NFTs and Other Innovations
November 2, 2022
/ by
Haguy Kessel
Extensive business activity in the metaverse and in the crypto sector is forcing judicial systems worldwide to evolve. Will the judicial system in Israel follow suit?
See full post >
Public Corporations and Public Announcements – between the Rock of Israeli Competition Law and the Hard Place of Securities Law
August 7, 2022
/ by
Gal Rozent
,
Hagit Ross
While the Israeli Securities Law obligates public companies to report their activities fully and transparently, the Israeli Competition Authority may prosecute them precisely for doing so.
See full post >
Crypto Custody Services and Regulation – A Review
July 20, 2022
/ by
Anat Even-Chen
,
Andrey Yanai
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.
See full post >
First US Indictment for NFT Insider Trading Offenses
June 22, 2022
/ by
Andrey Yanai
The indictment (US v. Chastain) marks the first time federal prosecutors have brought charges alleging insider trading with digital assets.
See full post >
Cryptocurrencies – If You Can’t Beat Them, Regulate Them
March 15, 2022
/ by
Zvi Gabbay
Crypto regulation – It’s the authorities’ turn to act and allow for integration of the industry into conventional economic activities.
See full post >
Dual-Listed Companies – a Fly in the Ointment
February 23, 2022
/ by
Eran Elharar
When dual-listed companies have no real link to Israel, the ISA needs to check its considerations, and investors even more so.
See full post >
Between an Offering Prospectus and a Shelf Prospectus
February 20, 2022
/ by
Hagit Ross
The prospectus has four key objectives: to give investors information so that they make rational investment decisions; to deter the company and its executives from inappropriate behavior; to encourage public trust in the capital market; and to increase efficiency in the securities market.
See full post >
Will NFTs Push Regulators to Regulate the Metaverse?
January 3, 2022
/ by
Zvi Gabbay
Currently, most regulators and governments are on the fence with regards to NFTs, waiting to see what other jurisdictions do or how the market develops. In some instances, governments and regulators are trying to address this issue more actively, but with very different outcomes.
See full post >
Implications of European Whistleblower Protection Directive on Israeli Companies
July 13, 2021
/ by
Zvi Gabbay
By October, companies in the European Union employing at least 50 employees will be required to operate an internal reporting system for reporting misconduct that may indicate compliance violations. Furthermore, all companies in the EU, regardless of size, will be required to ensure the protection of whistleblowers from all types of retaliation. The EU Whistleblower Protection Directive originally came into force in October 2019. It gave EU member states two years to prepare to incorporate the directive into their national legislation. Prior to the enactment of the directive, no uniform binding legislation applied to all EU member states and only 10 member states had enacted national legislation in this regard. The upcoming inception of national whistleblower protection laws throughout the EU will naturally trigger a ripple effect.
See full post >
Five Key Points on Capital Raising for Hedge Funds
May 9, 2021
/ by
Roy Engel
The cornerstone of a successful hedge fund is a successful investment strategy. That is self-evident. However, if the managers of the potential hedge fund are not successful in raising capital, this potential will never be tested or realized. We list below the five key points we believe hedge fund managers should take into account when raising capital for their funds.
See full post >
Technology IPOs – A Meeting of Cultures at the Tel Aviv Stock Exchange
March 16, 2021
/ by
Michael Barnea
Israeli tech companies have recently joined the wave of initial public offerings on the Tel Aviv Stock Exchange. This is not the first time tech companies have gone public on the TASE and it will take some time to see if this is a real trend or a temporary phenomenon motivated by the tide of capital markets activity in the coronavirus era.
See full post >
SPAC: A Dream Worth Half a Billion Shekels
February 21, 2021
/ by
Zvi Gabbay
,
Hagit Ross
In recent months, the IPO market has reached a boil. It seems anyone with any kind of business is dreaming about joining the Israeli stock market. Lets look at the figures. From 2008 (the outbreak of the subprime crisis) through 2019, 76 new companies entered the Israeli stock market through an IPO process (an average of approximately 6.33 companies per year). In 2020 alone, 27 new companies entered the Israeli stock market, and in January 2021, seven new companies entered the Israeli stock market*.
See full post >
Decentralized Finance (DeFi) –The Future of Finance?
October 15, 2020
/ by
Andrey Yanai
What is DeFi? The first cryptocurrency, Bitcoin, is still the most well-known application of blockchain. However, this technology has since rapidly evolved and expanded in many other areas. The initial hope with Bitcoin was to make both money and payments decentralized and universally accessible. Although Bitcoin failed to live up to this promise, decentralized finance based on blockchain (“DeFi“), also called open finance, is a fledgling technology with potential. DeFi is operated by decentralized, permisionless (without any central authority) applications, called DApps, built on a blockchain network, most commonly Etherum. Visionaries see this as an open-source alternative to every financial service we use today: from savings, loans, and trades, to insurance and even more, all globally accessible.
See full post >
Blockchain and Digital Currencies Regulation
September 21, 2020
/ by
Zvi Gabbay
Dr. Zvi Gabbay examines in a short video the topic of digital currencies and recent developments in blockchain regulation in Israel.
See full post >
Crowdfunding Regulation in Israel
June 21, 2020
/ by
Zvi Gabbay
In a short video, Dr. Zvi Gabbay explains the crowdfunding model, which has become an attractive channel for both investors and companies seeking funding, and overviews current regulation in Israel.
See full post >
Do You Hold Digital Currencies? Learn about Tax Regulation in Israel
January 29, 2020
/ by
Harel Perlmutter
Over 2000 (yes, 2000!) types of digital currencies exist today. If you are developing, mining, investing in, or using digital currencies, you should watch our video for some clarifications on the topic.
See full post >
IPO – What’s Important to Know
December 16, 2019
/ by
Barnea
A private company considering an IPO should know it is a complex and long process, and one that may pose many challenges. Therefore, before deciding to undertake an initial public offering, a deep examination of the process is recommended.
See full post >
Compliance and Ethics in Corporations
November 6, 2019
/ by
Hadar Israeli
The clear advantages of inculcating an enforcement and compliance culture are expressed not only in routine times, but also in times of crisis, and they can “tip the balance” and make all the difference.
See full post >
Seven Important Points before Fundraising through Crowdfunding
September 23, 2019
/ by
Alon Anava
Crowdfunding is by now not a new fundraising option for corporations in Israel. These seven points helps explain the ins and outs of the process and the players involved.
See full post >
2019 Opportunities in the Israeli Market
July 17, 2019
/ by
Michael Barnea
In 2019, Israel remains “the Start-Up Nation” and a leader of technological innovation. Thanks to its strong currency, active economy, and robust export industries, it also continues to attract noteworthy international investments.
See full post >
The Law of Facebook Is Not the Law of Small Companies
July 4, 2019
/ by
Zvi Gabbay
On June, two seemingly unrelated events took place: the SEC filed suit in federal court against the company Kik Interactive and Facebook announced the expected launch of a new digital currency – the Libra. What’s the connections ?
See full post >
Crowdfunding – The New World of Investments in Israel and in the United States
March 21, 2019
/ by
Zvi Gabbay
,
Hagit Ross
The crowdfunding model enables the general public investment opportunities that were previously reserved only for sophisticated or institutional investors. In this article we examine the Israeli and American models and why the Israeli legislators should find ways to make the crowdfunding channel more attractive, for both investors and companies seeking funding.
See full post >
Blockchain Now and Into the Future – What We Can Expect
January 9, 2019
/ by
Zvi Gabbay
Blockchain has a well-established presence in the ecosystem, with a variety of use cases across a broad range of sectors, including Fintech, advertising, security, telecommunications and others. Here is an overview of the latest developments regarding blockchain regulations in Israel.
See full post >
What You Always Wanted to Know About Fintech Regulation, But Were Afraid to Ask…
December 31, 2018
/ by
Zvi Gabbay
For Fintech companies looking or hoping to work in Israel, the regulatory developments could either serve as an opportunity or as a barrier, and should be carefully considered. Click to read an overview of the Israeli Fintech regulatory situation.
See full post >
Doctor, Can I Get a Prescription for Blockchain?
December 16, 2018
/ by
Barnea
While still widely identified with digital currencies, blockchain technology is also beginning to revolutionize the healthcare industry. See how pharma companies and medical institutions have begun to rely on this technology to resolve problems faster and more efficiently.
See full post >
2/20 Vision – Are We Over the Hedge?
December 4, 2018
/ by
Barnea
The presence of over 100 domestic hedge funds showcases the recent considerable growth of the industry in Israel. Here’s why hedge funds have become so popular.
See full post >
Asset-Backed Digital Currencies: Advantages and Challenges
July 1, 2018
/ by
Zvi Gabbay
The race to develop a new, unique and reliable digital currency with low volatility has prompted entrepreneurs to scale the link of blockchain technology and mainstream investments, thus creating a new wave of cryptocurrencies backed by commodities or assets.
See full post >
Crypto Predictions for 2018
February 21, 2018
/ by
Zvi Gabbay
2017 was a significant year for the blockchain industry in general and for cryptocurrencies in particular. 2018 is expected to be an equally interesting year for the cryptocurrencies industry, as new trends take shape and regulation becomes even more refined. Check out some of our digital currencies predictions for the year.
See full post >
Glossary for Beginners in the World of Digital Currency
November 30, 2017
/ by
Karin Kashi
Do you keep hearing people talk about blockchain, bitcoins, and ICOs with no idea what they mean? – Here’s a short glossary to help you understand what the fuss is all about.
See full post >
ICO Whitepaper
September 19, 2017
/ by
Zvi Gabbay
ICO is the abbreviation of Initial Coin Offering, a term inspired by the capital market term IPO (Initial Public Offering). This is when a company recruits debt or capital by publishing a prospectus offering of its securities to the public for the first time. A prospectus is a profound legal and accounting document that furnishes information about the company, its management, its businesses, and its financial position. Once a company’s securities are held by the public, it becomes a public company.
See full post >
Risks in Boards of Directors’ Work
August 16, 2017
/ by
Barnea
“How did the board approve this?” Headlines like this pop up each time it is announced the Israel Securities Authority is investigating a public company’s transactions with its controlling shareholder, such as the latest allegations of deals between Bezeq and its controlling shareholder. But the real question that should be asked is, “Was the board given the right tools to perform its work?”
See full post >
How Blockchain will Revolutionize a Paper World
February 26, 2017
/ by
Barnea
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.
See full post >
Less Remuneration, More Responsibility
November 23, 2016
/ by
Barnea
The issue of officers’ responsibility in general, and of directors in particular, is one of the key issues addressed in companies and securities laws in Israel. The subject has been deliberated, analyzed and gradually expanded over the years and, without doubt, onerous and extensive responsibility is imposed on directors in the current legal environment.
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