Herzog Fox & Neeman Represents ParagonEx in Deal with BNN Technology and MICT Inc.
Herzog, Fox & Neeman acted for ParagonEx Ltd., a BVI company engaged in development and supply of software platforms and services for online trading in contracts-for-difference and foreign currencies, in a three-way business combination with BNN Technology Plc, a private UK company engaged in development and supply of technology, content and services to distributors of […]
Client Update | Energy & Natural Resources The Israeli Energy Minister Announces Israel’s 2nd Offshore Bid Round
On November 5, 2018, the Israeli Energy Minister announced the launching of the second bid round for exploration licences for natural gas and oil in Israel’s economic waters in the Eastern Mediterranean. The bid round details will be published in the upcoming weeks on the Israeli Energy Ministry’s website. Submission of bids is by June […]
Client Update | Change of a Business Model in Multinational Groups
This is an important update for multinational groups with business activities or affiliates in Israel, and is particularly relevant for groups contemplating a change of their business model affecting Israeli subsidiaries or the purchase of an Israeli company. Click here for the full update.
Client Update | Towards a reform in Competition Law
This update concerns two significant and inter-related steps recently taken by the Israeli Antitrust Commissioner intended to reduce the regulatory burden and allow parties to move forward towards a regime based on self-assessment rather than regulatory permits. The first is the amendment of two block exemptions – Restrictive Trade Practices Rules (block exemption for Joint Ventures) […]
Client Update | Importer’s Obligation to Complete an Electronic Affidavit for Each Supplier: Significance and Implications
As of January 2018, the Israeli Tax Authority (hereinafter: “the ITA”) has replaced the Custom Administration’s foreign trade system with a new system called “Global Gate”. From November 1, 2018, importers are now required to complete an electronic affidavit for each supplier with respect to their relationship. It should be emphasised that completion of the […]
Client Update | Collection of Names and Email Addresses Constitutes a “Database”
On November 28, 2018 the Protection of Privacy Authority (the “PPA“) issued a statement of opinion reflecting its position, according to which a list of names and email addresses constitutes a “database” as defined under the Protection of Privacy Law, 1981 (the “Law”). In its statement, the PPA determines that although the Law excludes a […]
Technology & Regulation Updates November 2018
We are pleased to present the latest edition of our monthly Technology & Regulation Client Update, which includes a variety of notable regulatory and industry compliance developments in the fields of personal data protection, cybersecurity, digital advertising and content regulations, internet platform compliance policies and more. These include the following: The new EU regulatory Guidelines on […]
Client Update | New ITA Circular | Performance-based Vesting of Employee Equity Awards
**IMPORTANT CLARIFICATION** Further to our earlier client update and following recent publications in the Israeli news alleging a wide interpretation of the circular published by the ITA, we would like to clarify that the circular applies to equity awards which vest only upon a IPO or “exit” event or are only exercisable upon a IPO or […]
Client Update | New Notice of the Israel Tax Authority Regarding Stock Based Compensation: Amendment of Tax Returns following the Supreme Court Ruling in the Kontera and Finisar Cases
On December 16, 2018, the Israel Tax Authority (the “ITA”) published a notice that companies remunerated under the Transaction Net Margin Method, on a cost-plus basis, that did not include stock based compensation charges (“SBC”) in their cost-base must file amended tax returns. Click here for the full update.
Technology & Regulation Updates December 2018
2018, which is almost over, can be characterised by the numerous, significant regulatory developments the industry has seen. We are pleased to present the latest edition of our monthly Technology & Regulation Client Update, which includes a variety of key regulatory, legal and industry compliance developments in the fields of personal data protection, cybersecurity; digital […]
Client Update | Major Competition Law Reform in Israel Passed by Fast-Track- Legislation
In a fast-track legislation procedure, taken in light of the coming elections, the Israeli parliament (the Knesset), passed a major reform to Israeli competition law (the “New Legislation”). The reform includes a long-awaited relaxation of merger filing thresholds, a major change in abuse of dominance provisions, enhancement of enforcement, including with regard to company officers, […]
Client Update | The Brokerage Market is Under Supervision: General Permit Conditions under Section 49A
Further to the client updates published on November 9, 2017, and on June 18, 2018, we would like to update you that the Israel Securities Authority (the “ISA”) has published its policy with regard to the grant of permits to foreign exchanges and brokers who wish to actively approach the Israeli public. According to the Securities Law, […]
Client Update | Intellectual Property Copyright Law (Amendment No. 5), 2019
On January 1, 2019, the Knesset approved Amendment No. 5 to Israel’s Copyright Law, 2007 (respectively, the “Amendment” and the “Law”). The Amendment adds four main matters to the Law: Indirect copyright infringement by making available to the public; Restriction of access to an internet site by court order; Exposing the identity of copyright infringers […]
Special Client Update | Technology and Regulation: DPIAs “Triggers” – Cheat Sheet
The General Data Protection Regulation (“GDPR”) requires organisations processing personal data to be proactive with respect to their data-processing activities, including by continuously monitoring and evaluating said activities to ensure they meet the GDPR’s principles and requirements. A key requirement under the GDPR is to undergo a Data Protection Impact Assessment (“DPIA”), both as an […]
Client Update | Revolution in the Field of Payment Services: Payment Services Law Approved in Fast-Track Legislation
Dear Clients and Friends, We wish to update you that on December 31, 2018, the Draft Payment Services Law, 5778-2018, was approved by the Israeli Parliament (the Knesset) (in a second and third reading), following an expedited and intensive legislation process. The new Payment Services Law will replace the Charge Cards Law, 5746-1986, and regulate […]
Client Update | Tel Aviv Stock Exchange Launches Exchanged Traded Fund Listing Rules (ETF)
We are pleased to announce that the TASE is to allow global-traded funds to be listed. The registration for trade of global funds is a dual listing, i.e. the fund’s units are listed for trade on an “authorised” stock exchange outside Israel. Amendment 23 to the Joint Investment Trust Law, 1994, (and the regulations promulgated […]
Client Update | Intellectual Property | Trademarks and Patents: Amendments to Registering Licenses and Charges
On December 31, 2018, the Commissioner of Patents, Designs and Trademarks published amendments to two Commissioner Circulars (the “Circulars”) dealing with the recordal of authorized trademark users, the recordal of charges, and the transfer of ownership of encumbered patents. The changes came into effect that same day. Key Contact: Karen Elburg | Partner Head of Intellectual Property […]
Technology and Regulation Updates January 2019
We are pleased to present the latest edition of our monthly Technology & Regulation Client Update, which includes, amongst others, a variety of notable regulatory and industry compliance developments in the fields of personal data protection, cybersecurity, digital advertising and content regulations, as well as Internet platform compliance policies. These include the following: Brazil creates a […]
Client Update | Banking & Finance | January 2019
On November 15th, 2018 a draft of the Prohibition of Money Laundering Order (Identification, Reporting and Record-Keeping Requirements of Financial Services Providers to Prevent Money Laundering and Terror Financing) (Amendment), 5778-2018 (the “Order”) was submitted for approval by the Constitution, Law and Justice Committee of the Knesset. The draft proposes the application of provisions of […]
Client Update | Revisions to Tax Treaty between Israel and the United Kingdom
On January 17, 2019, Israel and the UK signed a significant Amending Protocol to the 1962 Income Tax Treaty between the two contracting States. The Amending Protocol will enter into force once ratified by both countries (not expected before January 1, 2020). Click here for the full update.
Client Update | New Tender for Environmental and Sustainability Innovation Lab in Israel
The Israeli Innovation Authority (“IIA”) and Israel’s Ministry of Environmental Protection and Ministry of Economy are calling multinationals and Israeli corporations to submit bid proposals, to form and operate an Environmental and Sustainability Innovation Lab, with government support under a three year franchise. The deadline for submission of bid proposals is June 25, 2019. Click here for […]
Client Update | Eligibility for .EU Domain Names Following Brexit
Should the UK leave the EU without a deal on 30 March, 2019, the EURid, the registry manager of .eu domain names, will no longer allow registration of any new domain names where the registrant’s country code is either Great Britain or Gibraltar. If you currently hold any .eu domain names on the basis of […]
Client Update | Imposing Instructions on a Direct Importer to Support Parallel Import
This update concerns the first application of the Israeli Competition Commissioner’s new power to impose instructions on an importer who buys directly from a manufacturer abroad. The Israeli Competition Authority is contemplating using this new power in the case of toothpaste importer Shestowitz, prohibiting the importer from reporting incidents of parallel import to the manufacturer. […]
Technology & Regulation Updates February 2019
We are pleased to present the latest edition of our monthly Technology & Regulation Client Update, which includes a variety of notable regulatory and industry compliance developments in the fields of personal data protection, cybersecurity, digital advertising and content regulations, internet platform compliance policies and more. These include the following: The UK’s new regulations to guide […]
Client Update | Israeli District Court: In an IP/FAR Tax Case the Burden of Proof is on the Taxpayer
The Tel Aviv District Court recently delivered a decision in a tax appeal of Broadcom (Tax Appeal 17419-02-18), finding that the burden of proof is on the taxpayer regarding whether a transaction has to be treated as an intellectual property sale (as was reported by the taxpayer) or as a business restructuring in which the […]
Client Update | Israel Securities Authority’s Staff Position regarding Equity Swaps and Reporting with Respect to Underlying Shares
On 28 February 2019, the Israel Securities Authority (the “ISA“) published position paper no. 101-22, regarding reporting obligations with respect to shares that are the underlying assets in Swap transactions (the “Position Paper”). This Position Paper cancels the previous ISA position with respect to minimum public holding requirements. Pursuant to the Position Paper, swap transactions are […]
Client Update | Israel Approves CRS Regulations on the Exchange of Financial Information
New Israeli Income Tax Regulations, which were officially published on 6 February 2019 (the “Regulations”), implement the Common Standard on Reporting and Due Diligence for Financial Account Information (“CRS”), which was developed by the OECD. Under the Regulations, Israeli financial institutions are required to report to the Israeli Tax Authority annually concerning international residents with financial accounts […]
Client Update | The Submission Date for the Reporting of Tax Positions as Required by the VAT and Customs Authorities for the 2018 Tax Year
Dear Clients, Colleagues and Friends, We are writing to inform you regarding a notice published by the Israeli Tax Authority (ITA) concerning the postponement of the submission date for the reporting of tax positions to the VAT and Customs Authorities, which require reporting for the 2018 tax year. According to the VAT Law and the […]
Client Update | Herzog Fox & Neeman Represents the Israel Poultry Breeders Association in a Petition to the High Court of Justice
Herzog Fox & Neeman is representing the Poultry Breeders Association and 13 egg-growers in a petition to the High Court of Justice against a decision made by the Agriculture Ministry to increase the egg import quotas. The petition, filed by Litigation’s Dana Kashi, argues that the increase was likely to undermine the stability of the egg […]
Client Update | Preparation for the Annual Filings of Israeli Non-Profits
On March 31, 2019, the Amutot Regulations (Forms) (Amendments), 2018 (the “Regulations”) came into force, according to which, Amutot and Charitable Companies will be required to submit their Annual Reports and all the ancillary documents for 2018, together with their applications to obtain a proper management certificate for 2020, in accordance with the new format […]