vLex Israel

Books and Journals

  • Israel Securities Authority: Tokens may be classified as securities

    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 because the The Israel Securities believes investors would intend to purchase the tokens for financial purposes. In addition, these investors would anticipate their… (See Article)

    Jan 26, 2021 7:33 AM

  • New Supreme Court Ruling Considers Municipal Property Taxes for Common Areas in Malls and Shopping Centers

    The Tel Aviv Municipality sent the Ramat Aviv Mall a municipal property tax bill for its common areas. The mall’s management argued that shop tenants must pay municipal property tax payments for these areas, under their lease agreements with the mall. Conversely, the municipality’s property tax administrator argued that shop tenants must pay only for rented… (See Article)

    Jan 19, 2021 7:32 AM

  • Collecting Employee Information? It's Time to Wake Up

    Employers collect data about their employees. It starts with employees’ salary data, resumes, and work hours. It continues with fingerprints and images from security cameras, followed by employee meals and business trip information. Employers also collect medical information, personal messages on company phones, and location data of the company car for private trips. It goes… (See Article)

    Jan 13, 2021 7:32 AM

  • Israel Competition Authority Increases Enforcement against Exclusivity Arrangements

    On December 30, 2020, the Israel Competition Authority (ICA) notified SOS, a company in the field of fueling services, it was imposing a financial sanction of NIS 6.3 million on the company. In addition, it imposed a financial sanction of NIS 350,000 on an executive officer in the company. (See Article)

    Jan 12, 2021 7:32 AM

  • Prepare Your Workplace for Lockdown Number Three (and a Half)

    Israel entered another general lockdown, which began at midnight (January 8, 2021) and will continue until January 21, 2021. For your convenience, we have summarized the main guidelines concerning workplace activity during lockdown. The final and binding version of the regulations regarding workplace activity during lockdown have yet to be published. Therefore, the following guidelines… (See Article)

    Jan 11, 2021 7:32 AM

  • Relief from Insurance Requirements for Portfolio Managers and Investment Advisors

    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 marketing that have not fulfilled professional liability insurance requirements. (See Article)

    Jan 5, 2021 7:31 PM

  • Insurance Requirements for Portfolio Managers and Investment Advisors

    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 marketing that have not fulfilled professional liability insurance requirements. (See Article)

    Jan 5, 2021 7:32 AM

  • Epidemiological Investigations and Privacy Protection | Barnea

    Israel’s Privacy Protection Authority published its guidelines and emphases for protecting the privacy of individuals when conducting COVID-19 epidemiological investigations in workplaces. In light of the complexity of the issues relating to protection of employees’ privacy, specific guidelines for conducting epidemiological investigations in workplaces were defined... (See Article)

    Dec 30, 2020 7:32 AM

  • Update on Service Users’ Obligation to Hold Hearings for Service Providers’ Employees

    Last July, the National Labor Court issued an important ruling on a service user’s obligation to take part in the termination and hearing process for contract workers employed on site.   According to that ruling, the extent of the service user’s participation in the hearing depends on the circumstances. Accordingly, in our previous update, we… (See Article)

    Dec 29, 2020 7:32 AM

  • Contracts in Israel: Doing Business in Israel

    Law has a major role in Israeli business. Israelis feel their freedom to act is determined by what is allowed under law, and this includes what has been agreed to in a binding agreement. Therefore, legal contracts form the basis of the Israeli business environment. The existence or absence of a binding agreement is the… (See Article)

    Dec 22, 2020 9:32 AM

  • An Act of Deterrence against a Polluting Plant - Gadiv

    The Ministry of Environmental Protection imposed a financial sanction of NIS 634,000 on Gadiv Petrochemical Industries of the Bazan Group, following the company’s violation of the terms of an emission permit. (See Article)

    Dec 22, 2020 7:32 AM

  • New Rules on Consumer Credit Marketing and Management

    The Bank of Israel recently published a draft directive on proper banking management. It details various provisions in favor of changing the conduct patterns of consumer credit providers toward their clients, both from the perspective of credit marketing and the prevention of problematic practices in this context, and from the perspective of proper credit and… (See Article)

    Dec 15, 2020 7:32 AM

  • Israel's Abraham Accords: Unlocking New Business Opportunities

    What does "normal" mean in a year like 2020? For the state of Israel, surprisingly even by COVID-19 standards, it means the establishment of formal political, diplomatic and economic ties, through the signing of the Abraham Accords Peace Agreement, with the Kingdom of Bahrain (Bahrain) and the United Arab Emirates (UAE), with other countries in… (See Article)

    Dec 9, 2020 7:32 AM

  • Amendment to Consumer Protection Law Restricts Telemarketing Calls

    Israel’s Knesset recently passed an amendment to the Consumer Protection Law. The amendment aims to prevent aggressive telemarketing, particularly for vulnerable groups such as senior citizens and new immigrants. (See Article)

    Dec 8, 2020 7:32 AM

  • Things to Consider before Purchasing Rights in Agricultural Land

    Opportunities to purchase rights in agricultural land that may be rezoned to residential are often presented to the public. Indeed, the purchase of such agricultural land may prove to be of great potential. However, there are several important points to keep in mind before purchasing agricultural land. This is so as not to discover you… (See Article)

    Dec 3, 2020 7:32 AM

  • Regulation of Broker-Dealer Activity

    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 (e.g., portfolio managers, investment advisors, underwriters, and distributors), the activity of brokerages and dealers is not supervised or subject to specific regulation. (See Article)

    Dec 1, 2020 9:32 AM

  • Payments to Employees Absent from Work Due to Mandatory Quarantine

    Under a statutory amendment to the Economic Assistance Program Law (Novel Coronavirus) (Temporary Order), an employee must be paid salary during absences from work due to mandatory quarantine. The employer and the State will split the cost of such salary. (See Article)

    Dec 1, 2020 7:32 AM

  • Second Phase of Financial Assistance Grants for Third Sector Kicks Off

    Last May, the Social Affairs Division in the Accountant General Department in the Ministry of Finance published a number of steps designed to assist third-sector organizations (’Amutot’ and public benefit companies), and civil society. Several days ago, the second phase of financial assistance commenced. This phase expands some of the eligibility conditions for a grant… (See Article)

    Nov 25, 2020 7:32 AM

  • New Investment Products: Hedged Mutual Funds and Hedged Mutual Funds of Funds

    With the goal of expanding the public’s investment options, the Israel Securities Authority published in February 2020 a first draft of a document for public comments. The document details the core characteristics of two new financial products: a hedged mutual fund and a hedged mutual fund of funds. (See Article)

    Nov 23, 2020 7:32 AM

  • Repurchasing of Shares Is Not a Tax Event for Remaining Shareholders

    In a bold step, the Haifa District Court rejected the Israel Tax Authority’s position on a company’s repurchasing of shares, and in effect split with a ruling of the Tel Aviv District Court, who considered a similar issue several years ago. (See Article)

    Nov 19, 2020 7:32 AM

  • ISA: Expanding Disclosure on Independent Committees

    The Israel Securities Authority (ISA) will soon require public companies to disclose details about independent committees tasked with overseeing transactions with controlling shareholders. The staff position, published in late October, was put together due to the increased need for supervision and oversight of decision-making processes in transactions between public companies and their controlling shareholders. This… (See Article)

    Nov 18, 2020 7:32 AM

  • COVID-19, From Crisis to Opportunity

    Much has been written about instability in the corporate world brought on by COVID-19. Alongside the health risks caused by the virus, it has also resulted in a serious economic crisis at every level. Parallel to these crises, this challenging period is also a call to executives and officers. Uncertainty and despair can serve as… (See Article)

    Nov 4, 2020 7:32 AM

  • COVID-19 does not justify breach or deviation of a contract When Its Arrival in Israel Was Foreseeable

    An Israeli court recently rendered an interesting ruling on the impact of COVID-19. The case is question involved the lease agreement for the operation of a hotel. The lease agreement, executed in February 2020, provided payment of rental fees for the month of March, but payment for the months of April and May had not… (See Article)

    Nov 3, 2020 7:32 AM

  • Israel M&A tracks global deal downturn in wake of crisis - Deal activity fell dramatically in 2020, but Q3 shows signs of recovery

    Global dealmaking slowed dramatically in 2020, as the world grappled with the health, economic and political consequences of the COVID-19 pandemic. Lockdowns hobbled economies across the globe, driving deal value and volume down to levels not seen since the global financial crisis. (See Article)

    Nov 2, 2020 7:32 AM

  • An Urban Renewal Project Agreement Is Not Transferrable

    In urban renewal projects, residents or owner’s rights holders select the company with whom they are willing to embark upon this long journey, based on relationship of trust and competence. The trust required leads both parties to execute a binding agreement. Understandably, residents expect the company which whom they have contracted with to remain unchanged… (See Article)

    Oct 30, 2020 7:32 AM

  • Israeli Government Encourages Companies to Publish Corporate Responsibility Reports

    A recently launched government program aims to encourage companies to publish social responsibility reports, or ESG (environmental, social, and government) responsibility reports. The Ministry of Strategic Affairs in the Prime Minister’s Office announced the launch of the “Impact Nation” program, as part of a broad move to promote publication of positive economic information regarding Israeli… (See Article)

    Oct 28, 2020 7:32 AM

  • The Legal and Business Impacts of the Israel – UAE “Abraham Accords”: A Historic Opportunity for Bilateral Trade and Commerce

    On September 15, 2020 the United Arab Emirates (the “UAE”) and the State of Israel officially signed the “Abraham Accords Peace Agreement: Treaty of Peace, Diplomatic Relations and Full Normalization Between the United Arab Emirates and the State of Israel” (the “Abraham Accords”). The Abraham Accords were officially announced and jointly issued on August 13, 2020 by H.H. Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Israeli Prime Minister Benjamin Netanyahu, and U.S. President Donald J. Trump. (See Article)

    Oct 26, 2020 5:32 PM

  • Decentralized Finance (DeFi) –The Future of Finance?

    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… (See Article)

    Oct 21, 2020 9:08 AM

  • Israel Follows Europe’s Lead on Privacy Shield

    Israel’s Privacy Protection Authority recently announced that Privacy Shield can no longer be relied on for data transfers between Israel and the United States. Israel did not have a direct Privacy Shield arrangement with the U.S., instead permitting the many Israeli companies that exchange data with their American counterparts to rely on a provision of its Privacy Protection Regulations that allows for transfers of data to any country that receives data from the EU under the same terms of such transfer... (See Article)

    Oct 14, 2020 6:32 AM

  • Employment: Paid Sick Leave for Time In Quarantine

    Yesterday the Court granted the State’s request to extend the period during which employees may use paid sick leave for time in quarantine until October 28, 2020.     As you may remember, the Supreme Court repealed an order from the Ministry of Health, according to which a sweeping medical certificate was given to employees… (See Article)

    Oct 5, 2020 6:32 AM