Client Update | Regulatory Updates from the Capital Markets Authority | October 2017
On the 1st of October 2017, the Capital Market, Insurance and Savings Authority published regulatory updates for October 2017. The following instructions and draft directives were published: Capital and Solvency Commissioner’s Position: Division of dividends by insurance companies Commissioner’s Position (draft): Reference to Stock Exchange clearing houses regarding capital requirements of the economic solvency regime […]
Client Update | New Private Tax Ruling Clarifies the Conditions for New Immigrants to Obtain an Israeli Residency Certificate
Under Israeli tax law, New Immigrants are entitled to various tax benefits, including an exemption from taxation with respect to non-Israeli sourced income. Due to these benefits, many taxpayers have argued that since they immigrated to Israel, they are entitled to Israeli tax residency certificate, even though they have not taken the required steps to […]
Client Update | Israeli Tax Authorities Introduce a New “Green Lane” For Transferring Funds Abroad For Investment Purposes Without Tax Withholding
Recently, the Israeli Tax Authorities (the “ITA”) published a press release introducing a new “Green Lane” which is intended to ease the process of funds transferring from Israel to non-Israeli recipients for investment purposes (the “Green Lane”). Under the new Green Lane, Israeli banks will allow the transfer of funds for investment purposes from Israel […]
Client Update | Amendments to Consumer Protection Law: Means of Cancelling Transactions; Change or Termination of the Consumer Benefits Plan
Two amendments were recently made to the Consumer Protection Law, 5741-1981 (the “Law”). On July 26th, 2017, Amendment No. 52 to the Law (“Amendment No. 52”) was published, which provides a general arrangement regarding means of cancelling a transaction and the disclosure obligations of a trader in this matter. For the full update – click here.
Client Update | Prohibition on Offering Securities-Trading Services
On July 6, 2017, Amendment 63 to the Securities Law, 5728-1968 (the “Amendment” and the “Law”, respectively), was enacted. This Amendment includes a prohibition on offering securities trading services with respect to a trading system that is not licensed in Israel. Under the new Section 49A to the Law, there is a prohibition on offering […]
Client Update | Herzog’s Technology & Regulation
We are pleased to introduce you to our October edition of the Technology & Regulation Client Update, which includes several important regulatory and industry developments in the fields of data privacy, technology compliance, content, digital advertising and information security regulations. These include the following: Updates to Google Play policies addressing quality requirements, user permissions, ads […]
Client Update | Antitrust & Competition | Major Competition Law Reform in Israel
Israeli Antitrust Authority has announced a Memorandum of Law to promote a major overhaul of Israeli competition laws. The Proposed Amendment aims at reducing regulatory burdens. It increases the turnover threshold for mergers, so that fewer mergers will have to be filed, and abolishes the reporting obligation for non-substantial changes in restrictive arrangements which received […]
Client Update | Update with regard to the Prohibition on Offering Securities-Trading Services (“Brokerage”)
On July 6, 2017, Section 49A of the Securities Law, 5728-1968, came into force, which concerns the prohibition of offering securities trading services through a securities trading system that is not managed by a stock exchange. However, alongside the prohibition, the Chairman of the Israeli Securities Authority (“ISA”) was authorized to grant a permit to […]
Client Update | Labour & Employment
Now that the holidays are over, we are returning to normal. This circular brings you three important updates in the Labour and Employment sector: Minimum wage increased to 5,300 NIS per month. Guidelines from the Privacy Authority of the Ministry of Justice with regard to the use of surveillance cameras in the workplace. Employee rights […]
Client Update | Proposed Amendment to Securities Rules (Cases where the publication of a Shelf Offering Report will require a permit from the Corporate & Securities Authority), 2016
On the 9th of November 2017, the Corporate and Securities Authority (“The Authority”) published a version on the proposed amendment to the Securities Regulations for public comment (cases in which publication of a Shelf Offering Report will require a permit from the Securities Authority), 5766 – 2016 (“the Amendment Proposal”). Until now, the Authority’s permit […]
Client Update | Regulatory Updates from the Capital Market, Insurance, and Savings Division of the Ministry of Finance | November 2017
Between the 5th – 13th November 2017, the Capital Market, Insurance, and Savings Division of the Ministry of Finance published regulatory updates for the month of November 2017. In addition, on the 30th of October 2017, the Ministry of Health published draft amendments to the Foreign Workers Order (health services available to employees). To read […]
Client Update | New Israeli Deemed Distribution Rules – Consider Action Before Year End
New Israeli Income Tax Ordinance section 3(i1), enacted on December 29, 2016 and effective January 1, 2017, states that a loan from an Israeli company which is granted to its 10 percent or more shareholders or to their related parties may be deemed to have been distributed to these shareholders. The deemed distribution takes place […]
Herzog Fox & Neeman Technology & Regulation November 2017
We are pleased to introduce you to our November edition of the Technology & Regulation Client Update, which includes several important regulatory and industry developments in the fields of data privacy, technology compliance, content and digital advertising. To read the full client update – click here.
Client Update | Assessments for the Replacement of the Custom Administration’s Foreign Trade Operation System of the State of Israel and the Implications for Import Processes
The Israeli Tax Authority (hereinafter: “the ITA”) is currently preparing to replace the Custom Administration’s foreign trade system of Israel with a new system called “Global Gate “. The new system is intended to replace the operational systems currently used by the Customs Administration and to serve all the parties involved in the foreign trade […]
Client Update | Regulatory Updates from the Capital Market, Insurance, and Savings Division of the Ministry of Finance | December 2017
On the 3rd of December 2017, the Capital Market, Insurance, and Savings Division of the Ministry of Finance published regulatory updates for December 2017. To read the full update (in Hebrew) – click here.
Client Update | Tax Authorities Published a New Voluntary Disclosure Procedure
The Israeli Tax Authority (the “ITA”) published today (December 12, 2017) a new Voluntary Disclosure Procedure (the “VDP”) which shall remain in force as of today until December 31, 2019. In summary, the VDP enables taxpayers to apply for a voluntary disclosure procedure in three main routes. To read the full client update – click here.
Herzog Fox & Neeman Technology & Regulation December 2017
Towards the end of 2017, we are pleased to introduce you to our December edition of the Technology & Regulation Client Update, which includes a significant number of material regulatory, self-regulatory and industry-compliance developments, in the fields of technology compliance, digital advertising, content, eHelath, data privacy and data security. To read the full client update […]
Client Update | Shared Areas in Tel Aviv to be Exempt from Municipal Taxes
We would like to bring your attention to a recent important legal update from the Administrative Affairs Court, who have ruled on the exemption from municipal property tax on shared areas in non-residential properties in Tel Aviv-Jaffa. To read the full update (in Hebrew) – click here.
Client Update | Antitrust and Competition | 2017 Summary
As we approach the end of 2017, we bring you the event highlights of 2017 in the field of Antitrust and Competition, namely: Increased enforcement of penalties, demonstrated in the number of indictments issued over the last year and fines imposed Ruling from the High Court enforcing a gradual increase in penalties for antitrust violations […]
Client Update | Publication of Report Summarising Findings regarding Immediate Reporting by the Israeli Securities Authority (ISA)
On Monday, 8th of January, 2018, the Israel Securities Authority (“the Authority”) published a report on the findings regarding immediate reporting (the “Report”) after conducting a sample audit to examine the compliance of companies within the provisions of Articles 36 and 37A2 of the Securities Regulations (Immediate and Periodic Reports), 5730-1970 (“Reporting Regulations”), which dictate a […]
Client Update | New Israeli Reporting Liabilities Relating to Foreign Residents, New Immigrants and Trusts
Under Israeli law, a taxpayer taking a certain tax position, is required to report it to the Israeli Tax Authority (“ITA”) by submitting a special form as part of the annual tax return. The reporting liability arises only if the position results in a tax saving of NIS 5 million in the relevant tax year, […]
Client Update | Antitrust & Competition | Competition Law in Israel – Looking Forward to 2018
In this update we will summarize the main trends and events in Israeli competition law in 2017 and the changes and trends expected in 2018. Looking forward to 2018: The Israeli Antitrust Commissioner stated that the Israeli Antitrust Authority will study the activity of technology giants, such as Google and Facebook, and may confront them […]
Client Update | The Rise and Fall of the New Israeli Deemed Distribution Rules to Non-Israeli Affiliates
In our client update of 23 November, 2017 (see here), we informed you about the new Israeli deemed distribution rules, which are set out under the newly enacted Section 3(i1) of the Israeli Income Tax Ordinance (the “Ordinance”). Under these rules, a loan from an Israeli company, which is granted to its 10 percent or more […]
Herzog Fox & Neeman Technology & Regulation Updates January 2018
We are pleased to introduce you to our January 2018 edition of the Technology & Regulation Client Update, which includes several important regulatory and industry developments in the fields of digital advertising, data privacy and technology compliance. To read the full client update – click here.
Client Update | Israeli Tax Authorities Published New Guidelines for the Voluntary Disclosure Procedure
Further to our circular of December 12, 2017 regarding the new Voluntary Disclosure Procedure of the Israeli Tax Authority (the “ITA”) (the “VDP“), the ITA recently published (February 15, 2018) guidelines for the implementation of the VDP (the “Guidelines“). For the first time, the Guidelines shed some light on the way the ITA is expected […]
Client Update | New Regulation on the Use of Health Data for Research and Commercial Purposes
Dear clients and friends, In Israel, health information is constantly being processed and recorded on a large scale, and due to the significant advantages of the Israeli health system, the information is linked throughout the chain of medical treatment. In recent years, with the advancement of information technology and analysis tools in the field of […]
Client Update | More Clarity on Who Will Be Allowed to Acquire Israel’s Credit Card Companies
The Bank of Israel this week published Guidelines setting out the criteria to be satisfied by potential purchasers of the credit card companies currently owned by Israel’s two major banks, Isracard (controlled by Bank Hapoalim) and Leumi Card (controlled by Bank Leumi). To read the full client update – click here.
Client Update | Herzog Fox & Neeman Technology & Regulation
We are pleased to introduce you to our February edition of the Technology & Regulation Client Update, which includes several notable regulatory and industry developments in the fields of digital advertising, data privacy, cybersecurity and technology compliance. To read the full client update – click here.
Client Update | Summary of 2017 in Employment Law and Trends Towards 2018
The field of employment law and employment relations is always active, and 2017 has been no exception. This past year has been characterized by frequent and challenging developments, both in legislation and in labour court rulings. The many frequent developments in employment law require us to “keep our figure on the pulse” and accordingly, throughout […]
Client Update | Breaking News: Modifications to the Hours of Work and the Work Week in the Market
Further to our previous updates on the matter, we wish to advise you regarding three significant developments that have taken place over the past few days, in relation to, the shortening of the work week in the market and overtime hours of work. To read the full update – click here.