Changes to Legislation Regarding Recuperation Pay and New Ruling Regarding Weight-Based Discrimination
Dear Clients and Friends, We would like to update you regarding two important topics: First, changes to recuperation payments in 2024, namely, freezing the value of recuperation payments, reducing the payment per recuperation day while transferring the amount by which it is reduced to the State. Second, a new and precedent-setting ruling relating to a […]
Reliefs for Israeli companies whose securities are listed for trading on a stock exchange outside of Israel
Dear Clients and Colleagues, We wish to inform you that on March 12, 2024, an amendment to the Companies Regulations (Reliefs for Israeli Public Companies Listed on Stock Exchanges Outside of Israel) was published in the Official Gazette, which is intended to relax certain requirements currently applicable to Israeli companies, whose securities are traded on […]
The EU Artificial Intelligence Act
Dear client and friends, On 13 March 2024, the European Parliament approved the Artificial Intelligence Act (the “AI Act“). The AI Act stands as a pioneering legislative framework, marking the world’s first cohesive and harmonized approach to regulating artificial intelligence. To assist with understanding and navigating between the novel requirements under the AI Act, we […]
Small and Medium-Sized Corporations Financing Channels for Market Consultation
Dear Clients, We would like to bring to your attention that in a document published on the Israel Securities Authority (“ISA“) website, the ISA expressed interest in exploring avenues to diversify and refine current fundraising channels governed by the Securities Law, 1968, with the aim to facilitate financing opportunities for SMEs while safeguarding public […]
Recent Developments in IP Case Law on Generative AI (3rd Update)
China The courts in China continue to issue ground-breaking decisions concerning Gen-AI and copyrights. While in November 2023 the Beijing Internet Court ruled that AI-generated images are works of authorship (see here), last month (February 2024) the Guangzhou Internet Court ruled that a service provider of a Gen-AI tool is liable for copyright infringement for […]
War and the Workplace
Dear Clients and Friends, As combat operations continue, we would like to update you regarding the latest developments affecting the workplace, employee rights, and employer obligations. This update will focus on the following topics and significant changes: Changes relating to limitations on dismissals of individuals in reserve service; Additional days of absence granted to spouses […]
Herzog Tech Division Presents: What’s Market in SaaS?
We are happy to publish the results of a survey covering several standard legal terms used in SaaS contracts during 2023. Throughout this survey, we aimed to shed light on the most frequently discussed or negotiated legal terms, establishing a benchmark for what was considered standard in the SaaS industry during 2023. We hope you […]
The Implementation of the “Israel Invoices” VAT Reform Will be Postponed Until May 5, 2024
Dear friends and colleagues, Further to our previous client update on the matter, we would like to bring to your attention that the Tax Authority has decided to delay the implementation of the “Israel Invoices” VAT reform until May 5, 2024. In addition, we would like to inform you that on top of having […]
Protection of Patients’ Privacy in the Transfer of Medical Information Through Digital Means
Dear Clients and Colleagues, On March 5th, 2024, the Protection of Privacy Authority (the “Authority“) published a document regarding the protection of patients’ privacy in the transfer of medical information through digital means. The document examines the phenomenon and the relevant legal provisions, raising clarifications and recommendations aimed at clarifying the obligations imposed in […]
Published for Public Comments: Rules for License Applications and a Directive Regarding Technological Means and Information Security
Dear Clients and Friends, We would like to bring to your attention that on February 26, 2024, the Israeli Securities Authority (the “Authority“) published for public comments a draft “Licensing Rules for Payment Services or Basic Initiation Services, 2024”, which proposes rules to determine the details and documents that an entity applying for a payment […]
Israeli Employment Law – Did you Know? Gender Wage Gaps – Upcoming Reporting Obligation
Dear Clients and friends, We are pleased to present you with our quarterly update for Q1 of 2024, which we have dedicated as a reminder of the upcoming deadline for preparing and publishing local gender wage gap reports. This update obviously cannot cover all aspects of this complex issue, but it will hopefully provide […]
Proposed bill to cancel reporting exemptions for new immigrants and mandate reporting of beneficial owners
Dear Clients, Friends, and Colleagues, On February 21, 2024, the Ministry of Finance released a proposed bill aimed at enhancing transparency in tax law and aligning with international information exchange standards. This bill, currently open for public comment, has not yet been ratified by the Israeli government or Knesset. It’s crucial to note that […]
FinTech-Aviv Annual Summit 2024
FinTech-Aviv’s Annual Summit will bring together Start-Ups, Investors and Corporates, seeking quality content, networking and groundbreaking FinTech innovations! We are happy to be hosting the FinTech-Aviv – The Israeli FinTech Association ‘s annual summit in Herzog’s conference center. The summit brings together an amazing community of fintech enthusiasts, start-ups, investors and corporates, to network and hear […]
Recent Developments in IP Case Law on Generative AI (2nd Update)
This brief review covers the latest updates on intellectual property case-law related to generative AI and AI in general from various countries. Patents US New (?) Guidelines for the examination of AI-assisted inventions On February 12, 2024, the U.S. Patent and Trademark Office (the “USPTO”) published an inventorship guidance for AI-assisted inventions (the “Guidance”). […]
The Adoption of the UNCITRAL Model Law into Israeli Legislation
Dear Clients and Friends, We are pleased to update that on 12 February 2024, the new International Commercial Arbitration Law, 5784-2024 successfully passed its third reading in the Knesset plenum. Consequently, after much anticipation, the central tenets of the UNCITRAL Model Law have been officially incorporated into Israel’s legislative framework and will apply to […]
Herzog partners with PIL Global to deliver data driven securities laws advice
Herzog has proudly integrated PIL Global’s regulatory platform. Using PIL’s platform we leverage streamlined most up to date regulatory information including recent cases, rulings and regulatory data bases, and deliver cutting edge securities laws and regulatory advice.
A proposed directive for payment companies regarding the safeguarding of customers’ funds was published for public comments
Dear Clients and Friends, We would like to bring to your attention that on 31 January, 2024, the Israeli Securities Authority (the “Authority“) published for public comments a proposed directive that regulates the required safeguarding model for the protection of funds of payments companies’ customers, pursuant to its authority under the Regulation of Payment Services […]
Funding and Structuring Defense Tech Startups
Join us in a stimulating panel on tech’s hottest field: defense. Industry expert and giant of Israeli-based global venture capitalism Michael Eisenberg is joined by leading lawyers, Herzog’s Tech and M&A department head Yair Geva and Public International Law, Defense, and Homeland Security partner Daniel Reisner, as they discuss changes to the funding and structuring […]
Apple Updates its Policies Concerning App Distribution and In-App Purchases
Apple has recently announced material changes to its policies, including changes in the App Review Guidelines and App Store, to accommodate for regulatory changes in various territories. Such changes include the long-awaited updates to payment processing and app distribution on iOS. In this update we highlight the main policy changes and their practical implications, per […]
Herzog’s Updated Comparative Guide on Key Rights in US States Privacy Laws
By Ariel Yosefi, On Dvori & Kobi Plotkin Dear clients, colleagues and friends, The legal landscape surrounding data protection in the United States continues to evolve and expand over the past couple of years. Since the beginning of 2024, 2 US states (New Jersey and New Hampshire) have enacted comprehensive general privacy laws, joining the […]
Herzog proudly partners with DocuSign for comprehensive integrated e-signature services
Herzog proudly partnered with DocuSign to provide integrated e-signature services to our clients. E-signature services allow for efficient and streamlined execution of transactions, agreements repository, contract life cycle management and enhanced identity verification.
Herzog partners with Carta
We are thrilled to announce our partnership with Carta and offer our clients cutting edge and innovative equity management service. Automated equity management platforms provide efficiency and streamline startups’ captable management including with respect to equity issuances and equity benefits matters. We are also in the process of working with Carta on integrating the platform […]
Mastering Clinical Trial Agreements: A Comprehensive Guide for Biotech Companies
In the dynamic intersection of technology and healthcare, clinical trials represent a critical juncture. For tech companies embarking on this journey, Clinical Trial Agreements (CTAs) are foundational documents that require careful navigation. As a commercial tech lawyer, my expertise lies in helping clients understand and negotiate these complex agreements. This comprehensive guide outlines the pivotal […]
New Hampshire is the 14th US State to Adopt Comprehensive Privacy Legislation
On 18 January 2024 the legislature of New Hampshire passed the Act Relative to the Expectation of Privacy (the “Act“). The Act is pending the approval of the state’s governor, after which New Hampshire will be the 14th state in the US to enact comprehensive legislation safeguarding consumer personal information. Similarly to the new privacy […]
We represented Sun Pharma in the acquisition of the minority interest in Taro
It was our pleasure to represent Sun Pharmaceutical Industries Limited (SUN.NS), in its acquisition of the minority interest in Taro Pharmaceutical Industries (TARO.N). The transaction represents a valuation of Taro of approximately $ 1.65 billion, and the total amount of the transaction is expected to be approximately $ 350 million. This transaction was led by […]
The Tax Authority Will Assign Numbers to Invoices in Transactions Between Dealers as Part of Its Fight Against Fictitious Invoices
Dear friends and colleagues, We would like to bring to your attention that the Knesset approved an amendment to the Value Added Tax Law (temporary provision for five years) within the framework of the Economic Plan Bill (Legislative Amendments for the Implementation of the Economic Policy for the Budget Years 2023 and 2024) (the “Economic […]
53 million NIS was raised in the Meitav Trade IPO
The first IPO of 2024 (and one of the few IPOs in the past year) was completed! Our corporate and Securities team represented Meitav Trade (a member of Meitav Group) in the initial public offering of its shares. A total of 53 million NIS was raised in the offering, reflecting a company value of approx. […]
New Amendment to the Import and Export Ordinance
Dear clients and colleagues, On January 17, 2024, an amendment to the Import and Export Ordinance [New Version], 5739-1979 (the “Ordinance“), was published in the official records (the “Amendment“). The Amendment incorporates various changes and reliefs, with the majority coming into effect on July 1, 2024 (which may be deferred by up to three […]
European Data Protection Regulatory Board Issues Investigative Report on the Role of Data Protection Officers
The European Data Protection Board (EDPB) has issued a comprehensive report which focuses on the designation and position of Data Protection Officers (DPOs). The report is the result of an EU-wide coordinated investigation and lists the obstacles currently faced by DPOs, along with a series of recommendations to further strengthen their role, such as mandatory […]
New Jersey is the 13th US State to Adopt Comprehensive Privacy Legislation
On 16 January 2024 the Governor of New Jersey signed into law the state’s Data Privacy Act (the “Act“), marking its entry as the 13th state in the US to enact a comprehensive legislation safeguarding consumer personal information. The new Act will enter into force one year after its enactment – on 16 January 2025. […]