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Eight months after the European Union’s General Data Protection Regulations came into force, the French regulator issued Google a EUR 50 million fine, the highest fine issued so far under the GDPR.
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.
The Israel Securities Authority published an announcement to investors with various emphases about public companies operating in the medical cannabis market. Its announcement calls investors’ attention to several parameters they should consider when deciding whether to invest in securities of public companies operating, or expecting to begin operating, in the medical cannabis market.
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.
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).
On December 23, 2018, the Israeli ministerial committee approved a draft bill on the subject of real-estate purchasing groups. This draft bill is designed, on the one hand, to protect members of purchasing groups and, on the other hand, to enable their continued existence as a means to construct residential apartments while cutting costs.
The Law for Reducing the Use of Cash, which is scheduled to come into effect on January 1, 2019, will have a significant impact on the real-estate sector.
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.
Recently, the Israel Tax Authority published a circular discussing business restructuring in multinational groups.
A new circular by the Israel Tax Authority determines the terms for granting options to employees when the vesting of such options is contingent upon performance milestones or the occurrence of an IPO or exit event.
With an eye to these other major markets, the Israel Securities Authority (ISA) has promulgated draft regulations for public comment that enable all reporting companies in Israel, who so desire, to publish their reports in English.
The Israeli Privacy Protection Authority (PPA) recently published a pronouncement whereby a collection of email addresses and the names of their owners also constitutes a database.
The Delaware Court of Chancery issued a precedent recently, whereby an acquisition agreement may be cancelled due to the occurrence of a “Material Adverse Effect” (MAE) in the acquired entity.
The Israeli Ministry of Energy published on November 26, 2018, a second call for bids, inviting international energy players to submit offers for the exploration of offshore soil.
A recently promulgated memorandum of law to amend judicial procedures proposes to add the possibility of filing claims against foreign entities in Israel for damage they caused in Israel as a result of acts or omissions performed outside of Israel.
The Israel Electricity Authority recently published a public tender for solar energy generation in vast photovoltaic fields connected to the national electric grid, with contenders bidding on the lowest price for the sale of solar energy to the national grid.
Recently, the UK Information Commissioner’s Office decided to take action against a non-European entity following an alleged breach of the GDPR.
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Privacy Law
Israeli signed the The Multilateral Instrument (MLI) Treaty, which will come into effect on January 1, 2019. The treaty will affect both Israeli and international corporations operating in Israel and overseas.
In light of the increasing magnitude and scope of cyber threats, as well as growing concerns about disruptions to public companies’ operations, the Israel Securities Authority (ISA) has published a Staff Position Statement addressing public companies’ required disclosures for all cyber-related issues.
The Ministry of Construction and Housing recently published a memorandum of law that prescribes a payment schedule for the first time that is specifically defined for urban renewal projects involving the addition of new apartments to existing buildings.