The Knesset approved a series of legislative amendments this past July designed to promote competition in the money market – money market mutual funds, deposits and government bonds (short-term loans maturing in less than one...more
In recent years, a new field called “prop trading” has emerged. It enables traders to trade financial products such as stocks, commodity bonds, cryptocurrencies, CFDs, and forex products without using their own money, but...more
On June 6, 2024, the Regulation of Payment Services and Payment Initiation Law came into effect. Relevant entities may now submit license applications for providing payment and payment initiation services....more
The Israel Securities Authority’s Financial Sanctions Committee recently issued two different decisions to impose financial sanctions on companies. These sanctions were for financial activities violating provisions of the...more
In recent times, there has been an increasing trend of supervision by the Israel Securities Authority (ISA) over non-supervised entities. This may seem paradoxical: if these entities are not under supervision, why does the...more
As of February 10, 2024, new rules will apply to foreign entities that want to offer securities brokerage services via their marketers in Israel. The Israel Securities Authority promulgated these rules in December 2023, as...more
A considerable number of Israeli private companies raise funds and approach prospective investors without a comprehensive understanding of the regulatory obligations mandated by the Securities Law. A pivotal provision in this...more
Companies’ public statements regarding their business situation is a recurring concern in competition law discussions. Recent headlines have spotlighted the ambiguity in this field and the regulatory tension that emerges...more
The Israel Securities Authority recently promulgated its revised legislative proposal addressing the applicability of securities laws to digital assets. The proposed legislation aims to determine how securities laws will...more
In recent years, we have witnessed a sharp increase in the number of lawsuits filed in Israel against officers and directors of companies and a broadening of the scope of their liability. As a result of their roles, directors...more
The Israel Securities Authority (ISA) is currently amending the directive that outlines the requirements for holders of investment consulting, investment marketing, and investment portfolio management licenses to provide...more
As part of the Arrangements Law for the years 2023-2024, the Israeli government makes extensive reference to expanding and creating a regulatory infrastructure in the digital assets field. As part of the draft bill (also...more
The Israel Securities Authority is proposing to apply the same laws to digital assets as apply to financial assets, which are under the ISA’s supervision. The legislative amendments include revisions to definitions of the...more
The Israel Securities Authority recently published a draft bill to amend the Securities Law. The amendment would give the ISA the power to investigate related offenses committed in addition to securities offenses. Under the...more
The Israel Securities Authority is looking to toughen the conditions under which it will grant a permit to entities applying to offer foreign brokerage services in Israel. This includes obligating foreign brokers to bear...more
The investigation of the Meron disaster raises an important legal question regarding the connection between responsibility and accountability. The Israeli Supreme Court answered this question recently in a completely...more
On March 30, 2022, the Israel Securities Authority (ISA) published a new staff position statement: “Disclosure Required When Convening a General Meeting of Shareholders Whose Agenda Includes the Appointment of an Auditor.”...more
The Israel Securities Authority (ISA) recently published an updated version of its guide regarding the IPO process in Tel Aviv. This guide explains the IPO process in Israel and provides essential information to...more
A wave of IPOs continues to flood the market, prompting the Israel Securities Authority to publish a new staff position paper discussing three key topics. Information disclosures In principle, the Israeli Securities Law...more
Over the past year, raising capital through SPACs (special purpose acquisition companies) has become a hot trend on Wall Street. A SPAC is a company with no business operations formed solely to raise capital through an IPO...more
In light of global capital market investors’ growing interest in the topic of responsible investments, the Israel Securities Authority recently published a proposed outline for corporate responsibility and ESG risk...more
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)...more
The Israel Securities Authority recently established guidelines on when a cryptographic currency (token) is considered a security. The ISA determined that Kirobo tokens meet the definition of a security. This is primarily...more
The Israel Securities Authority (ISA) has announced that, temporarily, it will not initiate or recommend taking enforcement measures against corporations licensed in portfolio management, investment advising, and investment...more
Earlier this month, the Israel Securities Authority published a legislative memorandum aimed at regulating the broker dealer field in Israel. While the activity of most financial intermediaries is regulated and supervised...more