New Guidance from the ISA on Mass Marketing of Funds – Speak More, Say Less

On May 12, 2025, the Israel Securities Authority (the “ISA”) published a staff-position, confirming that fund managers may make “General Publications”, without triggering registration requirements. The ISA’s position outlines the conditions for making “general publications”, and introduces its most restrictive interpretation to date regarding the permissible content, explicitly excluding types of information that had previously […]

Registration now open: second cohort of “The New Currency: Entering the Carbon Market”

Registration is now open for the second cohort of the course “The New Currency: Entering the Carbon Market”, hosted by Ayana in collaboration with EY. Commencing May 21, 2025, this course is designed to equip a diverse range of stakeholders—buyers, sellers, and industry professionals—with a comprehensive understanding of carbon market mechanisms and regulatory frameworks, and […]

Announcing Herzog Fox & Neeman participation in the Carbon Data Open Protocol

We are thrilled to share that Herzog Fox & Neeman has joined the Carbon Data Open Protocol (CDOP) – a collaborative initiative uniting over 30 leading organizations to develop and harmonize carbon credit data across markets. In this endeavor we will be joining leading global carbon market experts and organizations including Sylvera, S&P Global Commodity […]

Section 102 Annual Report – Postponed Filing Date for 2024 Report

We are pleased to update that after extensive discussions with the Israel Tax Authority, the Israel Tax Authority published yesterday (28 April 2025) a formal guidance letter confirming that the filing date for the 2024 annual report has been extended to October 1, 2025. As you may recall and as previously reported, on January 1, […]

Privacy Rights and Use of Cameras in the Workplace

Security cameras have become commonplace in workplaces, raising concerns about the potential privacy violations for employees. Under what circumstances is the installation and use of these cameras considered legitimate?   To what extent is there a risk to privacy under these circumstances?   When, how, and to what extent must employers inform employees about the […]

De-risking carbon markets: Managing legal uncertainty in the treatment of carbon credits

Dear clients and friends, We are excited to share a new report co-authored by Herzog Fox & Neeman’s Environment and Climate Change practice and BeZero Carbon, exploring one of the biggest barriers to growth in the voluntary carbon market: the legal uncertainty surrounding the private law treatment of verified carbon credits. As equity and debt […]

Age Verification Rules Intensify: Key Implications for Developers and App Stores

In the past year there has been a clear trend toward stricter online child protection laws, particularly in the US where a wave of multiple states has floated age-verification bills, and lawmakers at the federal level have introduced several bills to address social media and app age gating. Similarly, in the UK and EU, regulators […]

Findings From ISA Audits in Relation to Private Placements

The Israel Securities Authority (the “ISA“) published a report detailing its findings in relation to Private Placement of Securities and Funds in Israel (the “Report“). The following summarizes the ISA’s principal findings and their practical implications for the day-to-day operations of entities involved in fundraising: Classification and Registration of Offerees The ISA clarified that anyone […]

The New US Tariffs

On April 2, 2025, U.S. President Donald Trump signed an executive order imposing new tariffs on imports from all countries, including Israel. This move aims to address the ongoing U.S. trade deficit, boost domestic industry, and reduce the national debt. Key Provisions of the Executive Order General Tariff: A baseline tariff of 10% will apply […]

ICA Publication of Pending Transactions

On March 31, 2025, the Israeli Competition Authority (ICA) started to publish currently reviewed transactions on its website. The ICA’s decision to publicize decisions is an interesting shift that will allow third parties to be more informed on ongoing investigations and to challenge them while the review is ongoing.   What has changed? To date, […]

Herzog Welcomes its Newest Partner – Shai Sharvit

We are delighted to welcome Shai Sharvit to Herzog Fox & Neeman and extend our warm congratulations on his joining our Litigation Department. Shai is one of Israel’s leading international arbitration practitioners and was recently recognized in the 2025 Lexology Arbitration Index as the only Israeli ranked as a Global Elite Thought Leader. His practice […]

Did you Know? Workplace Investigations

We are pleased to present our Second Quarterly update for 2025, which delves into the important topic of Workplace Investigations. This update aims to provide valuable insights and high-level practical guidance to help you understand the complexities of conducting investigations in the Israeli workplace. Understanding the legal framework and adhering to best practices is essential […]

Draft for Public Comments – Change in Trading Days on the Tel Aviv Stock Exchange

We would like to inform you that on March 26, 2025, a draft amendment to the bylaws and guidelines of the Tel Aviv Stock Exchange (TASE) was published for public comment. Currently, trading on TASE occurs from Sunday through Thursday. This draft proposes transitioning the trading days to Monday through Friday, starting in January 2026. […]

Webinar: Employee Benefits in Israel

Join us for our upcoming webinar where our experts provide insight into the intricacies of employee benefits in Israel, featuring Liat, a senior partner in Herzog’s labour and employment law-department. Date: Monday, 28 April 2025 Time: 4:30pm-5:15pm (IST, UTC+2) Agenda: Welcome and introduction On topic discussion Q&A and closing   Why attend? Employee benefits are the […]

Update on Minimum Wage and First Extension Order in the Catering Industry

We are pleased to present you with a brief update on the recent increase in the minimum wage, the publication of an extension order in the catering industry and the changes to legal provisions affecting engagements with service providers in the catering, security, and cleaning sectors. If you have any questions about the topics covered […]

Freezing and Reducing Recuperation Payments in 2025

Last year, due to the deficit caused by the ongoing war and following a collective agreement, legislation was passed to freeze the value of recuperation days for 2024 and reduce recuperation payments to employees. Given the continued hostilities, similar provisions have been included in the recently enacted Law for Achieving Budget Targets and Implementing Economic […]

Israel Tax Authorities Publish New Position Paper on Double Trigger Acceleration

On March 11, 2025, the Israeli Tax Authority (the “ITA“) published a new position paper (1/25) (the “Paper”) in which they describe their position regarding the tax implications of acceleration of equity awards pursuant to double trigger acceleration provisions under Section 102 of the Israeli Income Tax Ordinance [New Version] 1961 (the “Ordinance“). Double Trigger […]

Fintech Regulatory Updates

We are pleased to highlight below some key regulatory developments and events from the recent months, affecting various sectors in the fintech industry, including crypto, online trading and derivatives, payments and financial services. In the weeks since President Trump’s inauguration, the US administration is undergoing a broad shift in its economic and regulatory policy, affecting […]

Roy Schöndorf on the Meaning of Plausibility in ICJ’s Provisional Measures

Roy Schöndorf, in his article, provides a comprehensive analysis of the concept of plausibility in the context of the International Court of Justice’s provisional measures. He explores the complexities surrounding the application of this standard and examines its implications for the Court’s decisions. For the full article << click here

The European Accessibility Act: Key Considerations for E-Commerce Providers

By Ariel Yosefi and Yuval Ram   In just 4 months, effective 28 June 2025, the European Accessibility Act (“EAA”) will apply across the European Union through national implementing legislation in each member state.   Scope of Application The EAA imposes harmonized accessibility requirements on a wide spectrum of products and services, including e-commerce services, […]

Publication of a Proposed Law for Regulating Securitization Transactions, 5785-2025

We would like to bring to your attention that on February 18, 2025, a Proposed Law for Regulating Securitization Transactions, 5785-2025 (the “Proposed Law”), was published in the Official Gazette of the State of Israel (Reshumot). The Proposed Law is based on the report of the Inter-Ministerial Team for the Promotion of Securitization in Israel, […]

Directive for Payment Companies Regarding the Implementation of Anti-Money Laundering Obligations Using Online Identification Technology

Following the publication of the Prohibition of Money Laundering (Identification, Reporting and Recordkeeping Duties of a Payment Company for the Prevention of Money Laundering and Terror Financing) Order, 2024 (“the AML Order”), on February 13, 2025, the Israel Securities Authority (“the ISA”) published a directive for payment companies regarding the implementation of anti-money laundering obligations […]

Did you Know? Change of Employers – Employee Transfers

We are pleased to present you with our first quarterly update for 2025, focusing on the local Israeli treatment of employee transfers during changes in employers.  Israeli Market Delivers! Despite the ongoing security situation, the local market has shown remarkable resilience. Israel’s dynamic and innovative economy continues to attract interest from both domestic and international […]

Alternative Investments in Infrastructure: Challenges and Opportunities in 2025

We are pleased to invite you to a unique morning session on Alternative Investments in Infrastructure: Challenges and Opportunities in 2025. In this event, held in collaboration with Schroders, we will explore global trends and opportunities in infrastructure investments in 2025, discuss equity and debt structures, and delve into the financial, regulatory, and legal aspects […]

New York Legislature Passes the Health Information Privacy Act

The New York Assembly and Senate have passed the New York Health Information Privacy Act (the “Act“), establishing a comprehensive framework for the processing of health data. The Act joins other state-level health privacy laws in the US, such as the Washington My Health My Data Act and the Nevada Consumer Health Data Privacy Law […]