The European Cybersecurity Directive NIS2 is About to Apply
By Ariel Yosefi, Dan Shalev, Michal Kra & Yuval Glezer General Early in 2023, the Network and Information Security Directive 2022/2555 (“NIS2“) was enacted and replaced the previous cybersecurity Directive 2016/1148 (also known as the NIS Directive). NIS2 demonstrates a wider effort from the European Union to increase cyber resilience across Europe. The scope of […]
ISA Published for Public Comments a Draft Directive for Payment Companies and Basic Initiation Providers Regarding Reporting; and Published a Directive to Payment Companies regarding Ancillary Services
Dear Clients and Friends, We would like to bring to your attention that on September 9, 2024, the Israel Securities Authority (the “Authority”) published for public comments a draft directive for payment companies and holders of a basic initiation license or approval regarding reporting to the Israel Securities Authority (the “Draft Reporting Directive”). Additionally, […]
AI Governance in California: Pioneering New Safety Standards
California is poised to lead the nation in regulating artificial intelligence with several major bills awaiting the Governor’s signature. The most prominent of these, SB 1047, the Safe and Secure Innovation for Frontier Artificial Intelligence Models Act (“the AI Safety Act“), represents a comprehensive attempt to manage risks of large AI models. Along side with […]
Key Updates from the Israel Tax Authority: No Estate Tax Legislation Planned and New Voluntary Disclosure Procedure Imminent
Dear Friends, Clients and Colleagues, We wanted to bring to your attention two important matters that were discussed by the Head of the Israel Tax Authority, Mr. Shay Aharonovitz, in the annual meeting of the Tax Committee of the Israeli Bar, held on 5th of September 2024. Estate Tax legislation is not on the Table. […]
Herzog wins the most Tier-1 rankings in ITR World Tax 2025: Israel
Dear Clients, Colleagues, and Friends, We usually use these updates to keep you notified of regulatory and legal developments, but we couldn’t help but share that Herzog has been ranked Tier-1 in more practice areas in the latest International Tax Review directory than any other Israeli firm, including the BIG 4 accounting firms. We won […]
Gilad Majerowicz launched the first two forums of the IJCC
Gilad Majerowicz, Partner at Herzog’s Commercial Department and Chairman of the Israel-Japan Chamber of Commerce (IJCC) launched the first two forums of the IJCC. These forums were dedicated to discussions surrounding defense and homeland security companies, as well as Japanese firms with offices in Israel. The Guest speakers, Prof. Satoshi Ikeuchi from Tokyo University and […]
Israel-Japan high-tech forum of the Chamber of Commerce
Gilad Majerowicz, Partner at Herzog’s Commercial Department and Chairman of the Israel-Japan Chamber of Commerce (IJCC) hosted the launch event of the Israel-Japan high-tech forum of the Chamber of Commerce. Dr. Katsuhiko Kawazoe, CTO of NTT, Japan’s largest telecommunications company, was the guest of honor and keynote speaker, sharing insights on the upcoming revolution in […]
LAMF completed a business combination with Nuvo Group Ltd
Congratulations to our client, LAMF Ventures Corp. I (NASDAQ: LGVC), on the completion of its business combination with Nuvo Group Ltd., a leading innovator in women’s health and connected pregnancy care! The two companies are now wholly-owned subsidiaries of a new company, valued at approximately $300 million at closing, whose shares will begin trading on […]
Changes to the Environmental Treatment of Electric and Electronic Equipment and Batteries Law
Dear clients, We would like to inform you of the recent changes to the Environmental Treatment of Electric and Electronic Equipment and Batteries Law, 2012 (hereinafter: the Law). This update includes important information regarding the recognition of new implementation entities and the implications of these changes for clients who have contracted with the Ecommunity Corporation, […]
The Government Has Approved a Mechanism for Taxation of Greenhouse Gas and Local Pollutants Emissions
Dear clients and friends, 1.We would like to inform you that on January 15, 2024, the government approved the state budget for 2024, based on a proposal that includes a range of issues in all areas (hereinafter: the Government Decision). As part of the Government Decision, a proposal was approved for pricing local pollutants and […]
The Directive for Fund Managers and Large Licensees regarding the Integration of ESG Considerations into Investment Decision-Making or Risk Management Processes
Dear clients and friends, Further to the client update we issued on July 5, 2022, the Israel Securities Authority (hereinafter: the ISA) published on December 19, 2022, the final version of the directive for fund managers and large licensees regarding the integration of environmental, social, and governance (hereinafter: ESG) considerations into investment decision-making or risk […]
Recent Developments Regarding Israel’s Adaptation to Climate Change
Dear clients and friends, Earlier this year, we issued a general client update regarding Israel’s adaptation to climate change, which focused on two documents published in December 2023 concerning Israel’s climate change preparedness: the Ministry of Environmental Protection’s Ministerial Climate Change Adaptation Plan and the National Climate Directorate’s Report No. 2 on Adaptation to Sea […]
Israel’s Adaptation to Climate Change
Dear clients and friends, We would like to inform you that in recent days, a Ministerial Climate Change Adaptation Plan (dated December 31, 2023) was published by the Ministry of Environmental Protection (hereinafter: the Ministerial Adaptation Plan, the Ministry), and Report No. 2 on Adaptation to Sea Level Rise (hereinafter: the Report on Adaptation to […]
Israel’s Conservative Stance on Gambling: Legal Framework, Exceptions, and Emerging Trends
Herzog Partner Liran Barak, head of our Gaming Regulation practice, recently published an overview of Israel’s gaming and gambling regime in Beaumont Capital Markets’ authoritative International Gaming Laws and Regulations Review, 2024/5. Read below for important guidelines to anyone in the industry looking to act in Israel. Introduction Israel’s approach towards gambling activity has always […]
Founders’ Equity: Key Considerations for Israeli-Related Tech Startups
Founders’ Equity: Key Considerations for Israeli-Related Tech Startups In the dynamic ecosystem of Israeli tech startups, equity arrangements for founders are a cornerstone of the company’s long-term success. Whether your company is structured with a parent entity in Delaware or Israel, understanding the nuances of founders’ equity is crucial, especially when some or all the […]
Israeli Court Ruling Offers Insights on IP Valuation Principles for Tax Purposes
Dear Clients, Colleagues, and Friends, New Court Decision Addresses Certain Tax Aspects Related to the Valuation of IP The Tel Aviv District Court recently issued a ruling on a tax appeal filed by Western Digital Israel Ltd. (the “Taxpayer“). The case concerns a notice of deficiency issued by the Israel Tax Authority (the […]
Breaking Down the Latest Sweepstake and Social Casino Lawsuits and Enforcement in the United States and Australia
We previously reported on a growing litigation trend in the United States, as social gaming casinos and sweepstakes operators have been facing increasing legal scrutiny in the United States. In this update, we further outline the recent key developments in the field. The claims against operators stem from the offering either social casino operations, or […]
“What is Good for Europe is Good for Israel” Reform
Dear Clients and Colleagues, We are pleased to inform you that a comprehensive and significant reform in the field of imports, titled “What is Good for Europe is Good for Israel,” has recently been approved. This reform impacts four sectors: standards, food, energy efficiency in electrical products, and cosmetics. The aim of the reform […]
Manor Investment Fund invested in RP Optical Lab Ltd
It was our pleasure to represent Manor Evergreen Investments Fund Limited Partnership in its acquisition of 40% of the issued and outstanding share capital of RP Optical Lab Ltd, an Israeli company that develops and produces electro-optical modules mainly for the defense industry. The transaction reflecting a valuation of RP Optical Lab Ltd of NIS […]
Ingonyama Emerges from Stealth with $21M Oversubscribed Seed Funding
We are proud to announce that our client, Ingonyama – Zero Knowledge Proof Hardware Acceleration, has emerged from stealth with $21M in oversubscribed seed funding, led by Walden Catalyst Ventures, Geometry Ventures, IOSG Fund, and BlueYard Crypto. We couldn’t be more proud to advise yet another Unit 81 up-and-coming success story and work alongside Omer […]
Israeli Employment Law – Did you Know? Remote Work
Dear Clients and friends, We are pleased to present you with another quarterly update for 2024, which, in the spirit of the summer holidays and upcoming holidays, we have dedicated to remote work. This update obviously cannot cover all aspects of this trendy issue, but it will hopefully provide you with some important insights and […]
Israeli Minister of Finance Announces Expected Implementation of Global Minimum Tax (Pillar 2) in Israel
Dear Friends, Clients and Colleagues, Last week the Israeli Minister of Finance has announced that Israel will move forward with legislating a qualified domestic minimum top-up tax (“QDMTT”) in accordance with the OECD’s “two pillar solution”. The two-pillar solution is intended to combat international tax planning by multinational enterprises and to distribute the taxing […]
Amendment No. 13 to the Israeli Privacy Protection Law
Dear Clients and Colleagues, On August 5th, 2024, the Israeli Parliament has officially approved Amendment No. 13 to the Privacy Protection Law, 5741-1981 (hereinafter: the “Amendment” and the “Law“, respectively). The Amendment includes substantial changes to the Israeli privacy legislation, and its main objectives are to adapt the outdated privacy legislation to current challenges […]
Roy Schöndorf has been elected to the International Chamber of Commerce Court for the 2024-2027 term!
We are delighted to announce that Herzog partner and head of our International Dispute Resolution practice, Roy Schöndorf, has been elected to be a member of the International Chamber of Commerce Court (ICC) for the 2024-2027 term. Having a partner in our firm assume the honor and responsibility of this seat is a great […]
Law of the draw: next level
Following the success of our last “Law of the Draw” event, we’re thrilled to announce our upcoming follow-up event together with Taylor Wessing LLP. Join us for a half-day event on Sunday, September 8th 2024, filled with fresh insights into the latest legal challenges and opportunities in the gambling and gaming sectors. We’ll dive […]
The Singapore Convention on Mediation
The Implementation in Israeli Law of the United Nations Convention on International Settlement Agreements Resulting from Mediation, signed 7 August 2019 Dear Clients and Colleagues, On 22 July 2024, the Israeli parliament amended the Courts Law [consolidated version], of 5744-1984, adding a provision allowing Israeli courts to give a mediation agreement, to which […]
Expansion of Obligations under the Law for Prevention of Sexual Harassment in relation to Service Contractor Employees
Dear Clients and Friends, We wish to update you regarding an amendment to the Law for the Prevention of Sexual Harassment, 5758-1998, which expands the obligations of an employer under the law to cover employees of contractors providing services to the employer. The Law for the Prevention of Sexual Harassment is intended to address, […]
New Rules for Short-Term Sick Leave Certificates
Dear Clients and Colleagues, On June 20, 2024, an amendment to the Sick Pay Regulations (procedures for payment of sick pay), 1976, was published. The amendment allows employees to present a sick leave certificate and receive sick pay from their employer, without visiting a doctor. Until the amendment, in order to be eligible for […]
Rhode Island Passes Data Privacy Act; Vermont Privacy Act Vetoed by Governor
Following our recent update regarding the passage of the new privacy bill by the Vermont state legislature, the governor of Vermont has decided to veto the act. This is the first time that one of the 19 comprehensive privacy laws enacted by US states legislatures in recent years was vetoed. The governor cited concerns over […]
Reform of Standardization – “Do Not Stop at the Port”
Dear Clients and Colleagues, Today, July 1, 2024, the “Do Not Stop at the Port” reform comes into effect, amending the Import and Export Order [New Version], 1979 (the “Order“). The amendment to the Order was published in the Official Gazette on January 17, 2024, with some of the amendments taking effect upon publication […]
