Publications| Capital Markets & Securities
Dubi Gross (Partner) together with Latham & Watkins review how foreign private equity sponsors and their lenders are finding solutions to local law structuring issues.
Dubi Gross (Partner) and Yair Shiloni (Partner) review the new innovative ISA regulation designed to open the Israeli retail mutual funds market to foreign fund managers without undergoing the Israeli regulatory process.
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.
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.
Current regulation of publicly-traded companies is extremely cumbersome, especially for smaller companies, thus imposing enormous costs and creating significant barriers on the ability of such companies to raise capital. Following the recently enacted American CROWDFUND Act and JOBS Act, authors Dr. Zvi Gabbay (Partner) and Yoav Meer call for the adoption of similar measures by the Israeli legislature.
Current regulation of publicly-traded companies is extremely cumbersome, especially for smaller companies, thus imposing enormous costs and creating significant barriers on the ability of such companies to raise capital. Following the recently enacted American CROWDFUND Act and JOBS Act, authors Dr. Zvi Gabbay (Partner) and Yoav Meer call for the adoption of similar measures by the Israeli legislature, including allowing certain companies to raise money through crowdfunding (without considering such action a "public offering") and by providing regulatory exemptions to emerging growth companies and mini-offerings.
Dr. Zvi Gabbay describes the hardship imposed on publicly-traded companies in Israel and the consequential costs, which may result in the shifting of costs to the end-consumer. Gabbay also makes reference to the de-regulation trend in America and asserts that the pendulum is now shifting to the de-regulation end, what may seem to many as a counter intuitive reaction to the 2008 financial crisis.
Although there are repeating opinions to empower the liability of the gatekeepers - underwriters, lawyers and accountants, a recent ruling given by the Israeli Supreme Court in the matter of "Trade Bank" seams to be doing the opposite and limits those liabilities.
An article by Dr. Yael Aridor Bar-Ilan
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.
Elite Elkon (Partner) surveys the major changes anticipated to take place in the Israeli Credit Market in a featured article in the prominent UK legal magazine - "The Lawyer"
Elite Elkon (Partner) surveys the major changes anticipated to take place in the Israeli Credit Market, mainly aimed to reduce concentration and to increase and diversify the sources of credit for retail and SMEs, in a featured article in the prominent UK legal magazine - "The Lawyer". In her article, regarding financial law in Israel, Mrs. Elkon sheds light on the changes and new contemplated opportunities arising, including, among others, The Shtrum committees' recommendations to sell the major Israeli credit card companies held by the country's leading banks and easing the regulatory regime on payment card companies.
Dr. Zvi Gabbay analyses the first decision rendered by the newly established Administrative Tribunal, which hears enforcement cases brought by the Israel Securities Authority (ISA), in which the Tribunal criticized the ISA for entering into a settlement with defendants that were not required to admit to the facts alleged in the settlement. The author demonstrates the appropriateness of such settlements and their pragmatic advantages, in light of the SEC's policy in these situations and US District Court Judge Rakoff's criticism of "neither admit nor deny" settlements.
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.
Years have passed since the Supreme Court revealed that Yitzhak Shamir, Israel's former arch-conservative Prime Minister, endorsed one of the greatest revolutions the Israeli legal world has known. An article by Mr. Moriel Matalon.
For two and a half years Dr. Zvi Gabbay was the Head of Enforcement at the Israel Securities Authority and fought against securities offenders. Now, as the leading corporations advocate, he sees things differently.