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 […]
Client Update | A New Tax Treaty between Israel and Australia
On March 28, 2019, Israel and Australia signed their first ever tax treaty (the “Treaty”). The purpose of the Treaty is to eliminate double taxation with respect to taxes on income, without creating opportunities for non-taxation or reduced taxation through tax evasion or avoidance. Amongst other benefits, the Treaty gives greater certainty to Israeli and […]
Client Update | New EU Directive on Copyright in the Digital Single Market
On March 26, 2019, the European Parliament approved the controversial Directive on Copyright and Related Rights in the Digital Single Market (the “Directive”). Although the Directive seeks to facilitate access to online content while providing proper remuneration for copyright owners, it imposes onerous obligations on internet platforms, which might ultimately adversely affect users’ access to […]
Herzog is Israel’s Most Innovative Law Firm for 2019 (IFLR Europe Awards)
We are delighted to announce that Herzog Fox & Neeman was crowned as the Most Innovative Law Firm in Israel of the Year 2019 by the IFLR Europe Awards. For further reading, click here.
Client Update | Removal of Barriers to TASE Membership | TASE will Grant Membership to Israeli Entities Operating Only for Nostro Accounts
On April 7, 2019, the Tel Aviv Stock Exchange announced its suggested proposals to the TASE Rules to further the removal of barriers to the entry of new members to the stock exchange. The removal of the barriers will allow for the first time Israeli entities to become stock exchange members even if they only […]
Last Call for Brokerage Permits | New Deadline for the Submission of Brokerage Permit Applications
Further to the client update of April 1, 2019, the Israel Securities Authority (the “ISA“) has published today some clarifications with regard to section 49A permit applications and the applicability of the new permit regime. Please note that the ISA has provided an extension thus permit applications may be submitted until May 30, 2019. To view the full […]
Last Call | The Brokerage Market is Under Supervision | Are You All Set for April 27th?
Further to the client updates published on November 9, 2017, June 18, 2018, and on January 1, 2019, we would like to remind 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 […]
Client Update | Herzog’s Technology & Regulation
Dear Clients and Friends, 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 first […]
Client Update | CCPA Compliance Playbook for GDPR Compliant Companies
At the beginning of next year (2020), the new data protection reform in California (the California Consumer Privacy Act, or the “CCPA”) will come into effect, which will dramatically change the current data protection regulatory framework in the most populous state in the US. The underlying aim of the CCPA is to grant consumers greater control over the […]
Client Update | Value Added Tax | Tax Liability in a Transaction for the Sale of Shares on Credit
The Israeli Tax Authority recently published a tax decision (the “Decision”), which concerns the issue of liability for value added tax (VAT) with regard to the sale of shares, where the proceeds for such sale will be paid partly in cash and partly by way of credit. In accordance with the Decision, the interest component […]
Client Update | New USPTO Guidelines | Registration of Trademarks for Cannabis-Related Goods is now Allowed in the US
On May 2, 2019, the United States Patent and Trademark Office (the “USPTO”) issued new guidelines with respect to the examination of trademarks for cannabis and cannabis-related goods and services (the “New Guidelines”) following the recent signing into law of the 2018 Farm Bill. According to the New Guidelines, trademarks filed after December 20, 2018, for […]
Client Update | Technology and Regulation | May 2019
Dear Clients and Friends,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 digital advertising and content regulations, personal data protection, cybersecurity, internet platform compliance policies and more. These include the following: The Interactive Advertising Bureau’s […]