Gornitzky presents a client update on the latest developments with respect to the enforcement of Israel's bribery of foreign officials offence and suggests measures for mitigating the legal exposure (Hebrew)
As part of a trend to make it easier to do business in Israel, the Israeli government recently adopted amendments to regulations under the Israeli Companies Law - By Partners Chaim Friedland and Ari fried.
Recent Amendments to Companies Law Regulations
Make Doing Business in Israel More Friendly
As part of a trend to make it easier to do business in Israel, the Israeli government recently adopted amendments to regulations under the Israeli Companies Law.
Israeli companies whose shares are listed for trading on Nasdaq or the NYSE can now, subject to certain conditions, opt out from the Israeli Companies Law requirements to appoint “external directors” and the rules regarding the composition of its audit committee and compensation committee. Opting out would also relieve the company from the Israeli Companies Law restrictions regarding who can participate in meetings of the audit committee and compensation committee, limitations on directors’ compensation and other matters. In order to opt out, the company cannot have a controlling shareholder, as defined under Israeli law, and must comply with U.S. rules (including NYSE/Nasdaq rules) applicable to domestic U.S. companies with respect to the appointment of independent directors and the composition of the audit and compensation committees. The amendment is based upon the principle that Israeli public companies should not be subject to additional burdens if the laws of the country where its securities are listed for trading provide adequate protections to investors.
In addition, commencing May 17, 2016, companies will be permitted to file their articles of association and documents creating security interests in English with the Israeli Registrar of Companies. The English document must be accompanied by a convenience translation in Hebrew.
For further information on these developments, please feel free to contact:
This publication is provided for general information purposes only. It is not, and does not attempt to be comprehensive in nature. It should not be regarded as legal or other advice.
In his article published by Globes-Dun's 100, Gur Y. Savir gives an overview of the changes to the Partnerships Ordinance.
In their article, Dr. Zvi Gabbay and Mr. Etai Mashiah analyze the practice that has developed in the U.S. regarding internal compliance programs, in effort to learn what effective internal compliance programs look like, in practice, and how regulatory and enforcement authorities are expected to relate to them in their decisions. The article also raises a discussion of the lessons learned in this area in the U.S., with an emphasis on lessons that are relevant to the Israeli legal system, which is first starting out in this field.
A proposed amendment to the Israeli Copyright Act intends to combat online copyright infringement by focusing on "intermediaries". Our team survey the key aspects of the proposed amendment.
An amendment to the Israeli Copyright Law, recently proposed by the Ministry of Justice, offers new measures against online copyright infringement. The proposed measures are not directly aimed at the publisher of the infringing material, but at intermediaries, such as internet service providers and other individuals or entities that either host the infringing material or could identify the publisher of such material.
An interesting aspect of the proposed law, is that it seeks to provide courts with the authority to issue an order for revealing identifying details (such as the IP address) of a person who anonymously published copyright infringing material online, at the request of the copyright or moral right owner. Such orders, which according to the proposal would be issued to individuals or entities that are believed to hold information on the publisher of the infringing material, are meant to facilitate filing of lawsuits against publishers of infringing material and, as a result, to deter potential infringers. Prior to providing identifying details to the owner of the infringed rights, the court would be required to allow the publisher of the infringing information (in case the court is able to identify such a person) to object to revealing his/her details.
In addition, the proposed law would allow courts to issue injunction orders requiring internet service providers and providers of storage services to fully or partially restrict access to a website that contains copyright infringing material, provided that such infringing material constitutes the main content of such website. Although even under existing law courts can issue injunction orders to prevent copyright infringement, the proposed amendment is meant to better clarify towards whom such orders would be aimed and what the court should consider when deciding on requests to issue such injunction orders. Among others, prior to issuing such an injunction order, the court would need to consider, the severity of the claimed infringement, possible alternatives to restricting access to the site and the effects such restriction of access would have on the public. This proposal aims to provide an effective and immediate course of action for ceasing online infringements.
In addition to the abovementioned measures, the proposed amendment suggests to broaden the current definition of “Indirect Infringement” so that such definition would include making works available to the public, even without creating an infringing copy. Such Indirect Infringement would include, for example, unauthorized streaming of copyright protected films or television shows. In order to deter such forms of online infringements, which appear to be fairly popular nowadays, the proposed amendment also suggests penalizing the making of works available to the public and the broadcasting of a work, provided that such infringements were done for the purpose of making a profit.
For further information please contact:
This client update is designed to provide general information only, is not a full or complete analysis of the matters presented, and may not be relied upon as legal advice.
In their article published by Chambers Global, Gur Y. Savir and Yoav Meer give an overview of recent developments in the Israeli economy, including major legislative amendments enacted by the government, such as those to the Companies Law and the “Anti-Concentration Law”, as well as other regulatory developments.
Eyal Raz and Yisrael Spero analyze the right of first refusal as used in the corporate realm and interpreted by the Israeli courts, specifically, with regard to the revocability of the right. The authors challenge the Israeli courts' existing legal position, arguing that an offer given within the framework of a right of first refusal does not justify an irrevocable offer mechanism.
The article analyzes the right of first refusal as it used in the corporate realm and as interpreted by the Israeli courts, specifically, with regard to the revocability of the right. Authors Eyal Raz and Yisrael Spero challenge the Israeli courts' existing legal position, arguing that an offer given within the framework of a right of first refusal does not justify an irrevocable offer mechanism, given the right's underlying rationales and its particular attributes.