Extension of the Regulations regarding Exemption From Licensing requirements for the Provision of Credit and Financial Asset Services

Financial Services Regulation|  Extension of the Regulations regarding Exemption From Licensing requirements for the Provision of Credit and Financial Asset Services Approval of an amendment to the Supervision on Financial Services (regulated financial services) (exemption from licensing obligation), pursuant to which the regulations will remain in force until the end of December 2021 Dear Clients […]

Draft Law for Regulation of Broker Dealer Activity in Israel

Dear Friends and Clients, On November 5, 2020, the Ministry of Finance published for public comments a Memorandum of Law: The Securities Law (Regulating the Activities of Broker Dealers), 5720-2020 (the “Memorandum of Law”). Currently, the activities of members of the Tel Aviv Stock Exchange (the “TASE”) are regulated in the TASE regulations and are […]

Payment Services Law – Draft Exemption Regulations

Issuance of draft exemption from the application of the Payment Services Law to payment instruments such as gift cards and low value payment cards The Israeli Ministry of Justice has published for the public’s comment the Draft Regulations for Payment Services (Exemption From the Application of the Law), 2020, which exclude means of payment such […]

Our Client TOKA GROUP successfully completed a $25M funding round

Glad to take part in, yet another, milestone for our client, TOKA GROUP, who successfully completed a $25M funding round. This will allow Toka to further its efforts to develop cutting-edge and lawful intelligence-gathering platforms and products, and advise governments on building an integrated cyber defense. Kudos to our partner Yair Geva and associate Helena Malinowski who led this Series […]

California Approved a New Privacy Act

05/11/2020 Technology & eCommerce Regulation in the Spotlight On 3 November, Californian voters have approved  the California Privacy Rights Act (“CPRA“). The CPRA will considerably revamp California’s data protection legislation, changing the current California Consumer Privacy Act (“CCPA“), both materially and procedurally (consequently being commonly referred to as “CCPA 2.0”). The CPRA was the subject […]

Client Update – Appointment of a Data Protection Officer

Dear Clients and Friends, We would like to draw your attention that on October 29, 2020, the Israeli Privacy Protection Authority (the “PPA“) has published a document calling on organizations to appoint a Database Protection Officer (“DPO“), who will be responsible for implementing the applicable laws for protection of personal data within the organization. The […]

UAE – ISRAEL FINTECH WEBINAR

A New Fintech Region  Enabling Synergies Between the Two Leading Fintech Hubs The Abraham Accords between Israel and the United Arab Emirates, have great economic potential for both sides. The financial market is one of the most interesting arenas for economic cooperation between the two countries, and there is potential for joint action in the […]

Bank of Israel Circular on banking transactions with the UAE

Dear Clients and Colleagues, Following the execution of the Abraham Accords Peace agreement between the United Arab Emirates (“UAE”) and the State of Israel in September, which also made reference to the Protocol for understandings on cooperation in banking and financial services executed by the UAE and the State of Israel on September 1st, the Bank […]

UK Data Regulator Enforces in the Data Broking Sector

28/10/2020 Technology & eCommerce Regulation in the Spotlight   On 27 October 2020, the UK Information Commissioner’s Office (“ICO“) has published an investigation report on data protection compliance in the direct marketing data broking sector. While the investigation mainly focused on the compliance of credit reference agencies (“CRA“), the investigation report contains important findings for […]

Partner Gilad Majerowicz Exclusive Interview to ISRAERU

Patrner Gilad Majerowicz was featured in the online magazine, ISRAERU, where he discussed Herzog’s Japan practice and the future of Japan-Israel relations. “We helped large Japanese clients to open offices in Israel. We helped many companies to make investments in high-tech companies. We helped one of Japan’s largest trading houses to set up an investment fund […]

FCA Prohibits Cryptoasset Derivatives and Exchange Traded Notes

21/10/2020 Technology & eCommerce Regulation in the Spotlight The UK Financial Conduct Authority (“FCA”) recently announced that it would prohibit the marketing, distribution and sale of cryptoasset derivatives and cryptoasset exchange traded notes (“ETNs“) to retail clients, in or from the UK. The prohibition will enter into force on 6 January 2021. The FCA clarified, […]

Our Client Coralogix recently completed its Series B financing round raising $25 million.

Our Client, Coralogix, recently completed its Series B financing round raising $25 million. Coralogix develops management and analytics tools for log files and security data of information systems. Recently, it has announced a new product that provides its consumers with data management flexibility and pricing model that allows them to set priorities for the level […]

Our client, Glassbox, has acquired its British competitor SessionCam.

We are glad to announce that our client, Glassbox, has acquired its British competitor SessionCam. Both companies provide user experience analysis, to allow their clients improve their digital assets and increase their revenue as a result. Glassbox will now be able to offer its tools to more companies in a wider variety of sectors. Thank you to […]

Update on green countries and new procedure for business visitors from green countries

Dear Clients and Colleagues, On October 15, 2020, the Israeli government amended its Public Health Order (New Coronavirus) (Home Isolation and Various Instructions) (Temporary Instruction), Amendment No. 3 – 2020 (the “Order”), updating the list of “green countries,” from which individuals can enter Israel without mandatory self-isolation. Under the current version of the Order, a […]

Going Public in the US by Merging into a SPAC: Weighing the Pros and Cons

Special purpose acquisition companies (SPACs) continue to grow in popularity and insignificance in the United States.  Despite the COVID-19 pandemic, the US capital markets remain active for SPAC IPOs.  Many emerging companies are receiving indications of interest from SPACs that are seeking acquisition candidates.  Our session focuses on helping management teams and boards of directors […]

Webinar | Trends in U.S Privacy Law

Join us for a webinar that will walk you through the expected changes in U.S law. Tuesday, 20.10, at 15:00-16:00. For information and registration >> click here 

Proposed Amendments to Petroleum Partnership Regulations

Dear Clients, Colleagues and Friends, The Income Tax Regulations (Rules for Calculation of Tax in connection with the Holding and Sale of Participation Units in an Oil Exploration Partnership) of 1988 (the “Petroleum Partnership Regulations“) establish and clarify the rules for calculating the tax due to the holding and sale of participation units in an […]

Easing of Restrictions

Dear Clients and Colleagues, Following the restrictions that were imposed as of September 25, 2020, which prevented the opening and operation of certain workplaces, the government has enacted regulations whereby as of today, October 18, 2020, workplaces are permitted to re-open. In this update, we will summarize the main elements of the government’s decision, in […]

Public Consultation on Carbon “Tax” on Imports to the EU

Dear clients, colleagues and friends, The European Commission recently published a consultation on the possible adoption of a Carbon Border Adjustment Mechanism (CBAM). The consultation is open for public feedback until 28 October, 2020. View the consultation published on the Commission’s website >> Click Here The proposed mechanism is designed to ensure that the price […]

Herzog’s client Augury secured $55 million in a new funding round

Our client Augury, a leading provider of AI-based Machine Health solutions, secured $55 million in a new funding round. Qumra Capital led this Series D round with participation from existing investors, including Insight Venture Partners, Eclipse Ventures and others. Augury enables digital transformation by providing its customers—some of the world’s largest manufacturers—with visibility and insights into the health […]

Papaya Global has completed another funding round, led by our client Scale Ventures

In times like this, some companies find their strengths. Papaya Global has completed another funding round, raising a total of 40M dollars, led by our client Scale Ventures. Papaya Global develops automated payroll systems and other HRIS tools, which help companies manage their workforce, especially while so much are working remotely. Head of Hi-Tech Department Hanan Haviv and […]

Client Update: Master File and CbCR in Israel, Implementation of BEPS Action 13

The Israeli Ministry of Finance and the Israeli Tax Authorities (“ITA”) published yesterday a draft amendment to the Israeli Tax Ordinance (the “Ordinance”) as well as to the Israeli transfer pricing regulations (the “Regulations”), which aim to implement the Master File and Country by Country Report (CbCR) concepts and reporting obligations in Israel. The suggested […]

Relying on the Customs Tariff as Published on the Israeli Tax Authority’s Website.

Dear clients and colleagues, On September 14, 2020, the Magistrate’s Court in Rishon Lezion published the ruling in the case of Jerusalem Wineries v. The Tax Authority (civil case no. 49524-01-13). The ruling discussed whether the importer may rely on the Customs Tariff Order as it appears on the website of the Tax Authority. The ruling was given […]