Business Continuity in Israel – the October 7th Effect
The October 7th effect: what happened in Israel on that day? What is happening right now in the region? And, whether business continues in Israel despite of the security situation Wednesday, November 29, 2023, 4:00pm to 5:00pm Japan Time | ZOOM As you all know, these are difficult days in Israel. October 7th, 2023 will […]
Allocation of Permits for the Employment of 3,000 Foreign Workers in the Industrial Sector
Dear Clients and Friends, We wish to inform you that, in order to facilitate the employment of foreign workers by the Israeli industry, the government has decided to approve the allocation of permits for up to 3,000 foreign workers in the industrial sector, in two phases. The permits granted in the first allocation will be […]
Israeli Employment Law – Did You Know? End of Year Employer ‘To-Do’ Check List
Dear Clients and Friends, We are pleased to present you with our fourth and last quarterly update for 2023. This time, we present you with our End of Year Employer ‘To-Do’ Check List. Vacation Accrual and Carry Over of Days: According to law, in general, employers are not obligated to allow employees to carry […]
Financial Assistance Program Law
Dear Clients and Colleagues, The Israeli parliament recently passed the Financial Assistance Program Law (Temporary Order – Operation Iron Swords), 5784-2023, including certain amendments regarding the payment of expenses for placing employees on unpaid leave. Below we set forth a general description of the proposed compensation; details can be found in the Law itself. […]
STAND WITH HUMANITY
ISRAEL BIG LAW FIRMS SUPPORT PLATFORM Dear Friends and Colleagues, As you have seen over the past days, these are difficult times in Israel. The unimaginable, vicious, barbarous attacks on our people and our country have caused immense numbers of casualties and the ongoing horror of Hamas captivity for hundreds of our citizens. We are […]
Israel at War – The October 7th effect
October 7th, 2023 will forever be remembered as one of the darkest days of Israel, the Middle East, and the world. Four weeks into the war, we believe it important to share with our friends and colleagues exactly what happened, what are the current developments, and how all of these events impact Israel, the Israeli […]
Leveraging Global Carbon Markets to Finance Innovative Climate Change Technologies
THE CLIMATECH COMMUNITY STANDS TOGETHER FOR RESILIENCE – CONTINUITY – GROWTH We were honored to host numerous climatech entrepreneurs, investors and carbon market experts on our webinar on November 14th. Thank you to all who participated, to our partners at PLANETech and the Israel Innovation Authority and to our amazing speakers. Speakers: Noam Sonnenberg, Director, […]
US President Issued Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence
In a significant move, the US administration has issued a comprehensive Executive Order (“EO“) addressing various aspects of regulating artificial intelligence (“AI“) and its implications across sectors. This update provides a brief overview of the key directives of the EO. AI Safety and Security Standards The EO sets forth rigorous measures to enhance AI […]
Continued Updates and Reliefs in Light of the Security Situation – Taxes & Customs and the Legality of imports
Dear clients and friends, In the middle of the fourth week of the war and following the previous customer update on the subject (click here), we continue to update regarding the reliefs given by the Tax Authority and other authorities regarding indirect taxes, imports in general and the import of donations in particular, and other […]
War and the Workplace – Continued Updates
Dear Clients and Friends, In the midst of the third week of the war, we continue to update you regarding the impact and effects the situation is having on workplaces. Outline for Compensation of Businesses and Its Effect on Workplaces At the end of last week, the Finance Ministry outlined a plan designed to provide […]
Chambers Private Wealth 2023 Global Practice Guide
We are pleased to announce that the “Chambers Private Wealth 2023 Global Practice Guide” has been published by Chambers and Partners. The Israel Trends and Developments chapter was authored by Meir Linzen, Guy Katz, and Sophie Matatyaho. The guide is now live and free to access here.
SEC Amends Rules Governing Beneficial Ownership Reporting
Dear Clients and Friends, On October 10, 2023, the U.S. Securities and Exchange Commission (SEC) amended the rules governing beneficial ownership reporting. The amendments to beneficial ownership reporting are significant, and set shorter filing deadlines for reports that are required to be filed on Schedules 13D or 13G by any shareholder beneficially owning more than […]
Client Update – Military Reserve Service
Dear Clients and Friends, We continue to update you on matters related to employment law during this difficult time of war. We take this opportunity to provide you with some high-level information regarding the unique framework of military reserve service in Israel. Background According to local law, certain individuals in Israel are required to […]
Disclosure Obligations of Israeli Companies Listed on a U.S. Stock Exchange with Respect to the War in Israel
Several clients listed on a U.S. stock exchange have inquired about their disclosure obligations with respect to the ongoing war in Israel, and specifically whether they are required to file or otherwise should file an immediate report on Form 6-K regarding the effects of the war on their business operations and financial results. As of […]
Updates and Reliefs In Light of the Security Situation – Taxes & Customs and the Legality of imports
Dear clients and friends, In light of the current security situation, the Tax Authority has issued guidelines providing the following reliefs in connection with the import of donations. These reliefs relate also to indirect taxes. We note that the Tax Authority is still discussing the provision of further reliefs and additional guidelines will follow accordingly. […]
War and the Workplace: Overtime and Foreign Workers
Dear Clients and Friends, We continue to update you on matters regarding the workplace during times of combat. Overtime Employment As a follow-up to our previous update and as on October 9, 2023, a General Authorization (Temporary) to Employ Workers during Overtime, 5784-2023, under the Working Hours and Rest Law, was declared, we would like […]
Client update – Iron Swords
Dear clients and friends, The State of Israel is undergoing a very difficult time. We are faced with a complex and challenging reality which also affects the workplace and work routines. The Minister of Defense has recently signed a declaration, currently applying to the entire State, stating that Special Conditions apply to the homefront, following […]
Together we will overcome
Dear Clients, Colleagues and Friends, Over the last 24 hours, the State of Israel has been viciously attacked by terrorists in the most inhumane manner. We have suffered large numbers of casualties, predominantly civilian. The terrorists who invaded our country committed a series of atrocities and have taken multiple hostages. As we write this message, […]
Draft Guideline regarding the Role of the Board of Directors in Fulfilling the Corporation’s Obligations According to the Protection of Privacy Regulations (Data Security), 2017
We would like to draw your attention that on September 10, 2023, the Protection of Privacy Authority (the “PPA“) published, for public’s comments, a draft guideline regarding the role of the board of directors in fulfilling the corporation’s obligations according to the Protection of Privacy Regulations (Data Security) , 2017 (the “Regulations“). The fundamental position […]
The Digital Markets Act – Key Impacts on the Digital Ecosystem
Dear clients and friends, The Digital Markets Act (“DMA“), which was enacted alongside the Digital Services Act, aims to regulate the digital landscape in the European Union. Its primary objectives include promoting competitiveness, fairness, and equality within digital markets. The DMA came into force on 1 November 2022, and most of its obligations will enter […]
The UK Enacts the Online Safety Act to Increase Obligations for Internet Platforms
On 19 September 2023, the British Parliament had approved in a final vote the Online Safety Bill (the “Bill”). The Bill’s main goal is to protect children and adults online, and increase the responsibility and obligations of internet platforms with regards to the safety of their users. The UK Office of Communications (“OFCOM”) will be […]
FinTech-Aviv Winter Event 2023- Cancelled
It is with deep regret that we must inform you of the cancellation of the upcoming FinTech-Aviv event, scheduled for the upcoming Wednesday, October 11th, due to the ongoing situation in Israel. We share your hopes for peace and stability in the region and hope to see quieter days soon. Herzog is glad to be […]
California Privacy Regulator Published Draft Risk Assessment and Cybersecurity Audit Regulations Under CCPA
By Ariel Yosefi, On Dvori & Kobi Plotkin. The California Privacy Protection Agency (“CPPA“) has recently published its draft regulations for Risk Assessments and Cybersecurity Audits (“Draft Regulations“), complementing the California Consumer Privacy Act and regulations promogulated thereunder (“CCPA“). The CPPA is yet to start its formal rulemaking process, and the Draft Regulations are meant […]
Election Day for Municipal Authorities and Regional Councils, 2023
Dear Clients and Friends, As you know, in nearly two months, on Tuesday, October 31, 2023, elections for municipal authorities and regional councils will be held. Below is a short review of the implications of this Election Day relating to labor and employee matters. As per Amendment 44 to the Local Authorities (Elections) Law, 5725-1965, […]
Publication of the Supervision of Financial Services (Regulated Financial Services) (Amendment No. 14) Memorandum of Law, 2023 for public comments
Dear Colleagues and friends, We would like to bring to your attention that a few days ago, the Ministry of Finance has published for public review and comments a proposed amendment to the Supervision of Financial Services (Regulated Financial Services) Law, 2016 (the “Memorandum” and the “Law“, respectively). Comments can be submitted until 21st of […]
Herzog represented Essence Partners
Our team represented Essence Partners, one of Israel’s leading infrastructure investment funds, controlled by the Weil family, and part of the controlling group of Tomer Energy Royalties (2012) LTD (“Tomer”) (also acting on behalf of the other group members), in multiple aspects of a complex transaction for the purpose of taking private Alon Gaz Energy […]
Global Tax Perspectives- Cancelled
We sadly announce the cancellation of this event. Insights into Israeli and US Transfer Pricing and International Taxation Developments. Monday October 9 2023 | 09:30-12:00 IST | Herzog tower 6 Yitzhak Sadeh St Tel Aviv Israel US and Israeli structures are a growing interest for both companies and the tax authorities. Herzog, Sullivan and The […]
The Future of Carbon Markets | PLANETech World 2023-Cancelled
We sadly announce the cancellation of this event. Monday | October 16th, 2023 | 09:00-13:30 IST | Herzog Tower, 6 Yitzhak Sadeh St, Tel Aviv, Israel Join us for a deep dive into the dominant trends defining carbon markets today, and the transformative technologies and cutting-edge financing tools enhancing the role carbon markets play in […]
Boosting Growth: New Tax Exemption on Interest Income for Global Banks Lending to Israeli Tech Companies
Israel has recently introduced a new tax exemption for interest on loans from non-Israeli financial institutions to certain Israeli private and public technology companies. This tax exemption is part of a broader package of tax benefits granted under a new law to Israeli technology companies and their investors (you can find more details in our […]
Mind-Splitting Transaction
We are pleased to announce that Motive Partners, a fintech private equity firm, has committed US$50 million to Splitit Payments Limited, an Israeli company publicly traded on the ASX. Mind-splitting for its innovative nature – a two stage major investment, coupled with a going private merger from Israel to the Cayman Islands! This is a great boost […]
