Corporate
Capital Markets & Securities
Our Capital Markets & Securities department is the largest and most prominent department in Israel and has been consistently involved in the most significant, complex and ground-breaking deals in Israel. The department is recognised as a leader in both international and domestic guides.
Our team's in-depth knowledge and experience in this field allows us to provide creative legal advice to address our clients’ specific needs. Moreover, our deep connections with regulators and authorities in Israel as well as familiarity with the U.S., European markets, enable us to find innovative solutions in a highly regulated and complex environment.
Our team is well known across the Israeli market as the team of choice for complex capital markets advice, and has successfully negotiated some of the largest and most complex administrative-enforcement settlements between Israeli companies and the Israeli Securities Authority ("ISA"). We specialise in all aspects of capital and debt funding and have special expertise in securities-related transactions. We are experts in advising on public equity and debt offerings, corporate finance transactions, asset management activity, as well as on ongoing activities, reporting and regulatory requirements, investment banking and more.
Our department principally provides advice in the following areas:
- Publicly-Traded Companies and Public and Private Issuances of Securities – advising on public offerings (equity and debt) and private placements of securities globally, in various Stock Exchanges (e.g. the Tel Aviv Stock Exchange, New York Stock Exchange, NASDAQ, London Stock Exchange, AIM, Singapore Exchange and more).
- Ongoing Advice to Publicly-Traded Companies – advising on ongoing activities, reporting requirements and other regulated matters such as: M&A, finance or bond transactions, partnership and joint-venture ongoing advisory services, shareholder agreements, voting agreements, advising management, board and independent committees, advising on officer service agreements and compensation, compensation policies, option plans and agreements, change of control agreements (including during proxy fights), anti-takeover measures and minority protectionissues
- Alternative Investment Practice – advising in this regard includes "out of the box", unique, and unprecedented public offering structures, discussions with the ISA and preparation of public offering prospectuses.
- Asset Management – assisting entities in their investments, capital market-related activity and in adapting their internal work procedures to comply with the ever-changing regulatory requirements. We advise on issues concerning provident funds, mutual funds, portfolio management, stock-exchange members’ activity, ETFs and underwriting, distribution of traded securities and insurance agencies' activity.
- Regulatory Advice on Corporate and Securities Matters – advising on regulatory requirements, market customs and Fintech products offerings for transactions, general investment matters, ongoing activity of provident fund and mutual fund managers as well as portfolio management issues.
- Private Investment Funds, Foreign Stock Exchanges and Online Financial Platforms – advising international regulators (such as FCA, SEC, etc.) with respect to their entrance into activity in Israel.
- Advising on cross-border investment management, investment banking and securities brokering, as well as the regulatory and licensing implications of cross-border services.
- Social Finance & Crowdfunding
- Anti-takeover measures and strategic investors – including advice on dealing with activist shareholders, hostile takeovers and similar issues. Our department is a pioneer in this field, advising on ground-breaking issues which have not yet been brought to courts in Israel.
- The Israeli Anti-Concentration Law – advising entities and high net worth individuals and families by analysing the applicability of the Anti-Concentration Law on a case-by-case basis, in order to provide a "tailor-made" solution for the client, including with respect to cross-holding issues.
- Trading platforms, stock exchanges and distribution of financial assets – advising international and Israeli trading platforms and stock exchanges in various unique fields related to their activities, with respect to both regulatory issues and business-legal issues. The team also provides regulatory advice to worldwide leading investment houses, investment marketers, portfolio managers, investment advisors, local distributors, numerous private funds, international banks and other financial institutions in various issues related to public offerings and investment advice, including in connection with global funds.
- Prime Services, Equities – advising foreign financial institutions in relation to settlement/payment systems and custodian and clearing arrangements on the TASE and TACH, both in their capacity as market traders and as prospective members of the TASE.
Capital Markets & Securities News & Insights
Herzog Fox & Neeman represented Jefferies LLC as the lead underwriter of the initial public offering of the Tel Aviv

Herzog Fox & Neeman Represents Jefferies LLC in its Historic IPO
The Israel Securities Authority (the “ISA”) and the Tel Aviv Stock Exchange (“TASE”) have recently approved the listing of companies

Special Cannabis Update | Recreational Cannabis Companies Granted Permission to List on the Tel Aviv Stock Exchange
Herzog Fox & Neeman represented Altshuler Shaham Provident Funds and Pension in its IPO through an offer for sale. The

Herzog Fox & Neeman Represents Altshuler Shaham in its IPO
The Israeli Securities Authority (“ISA”) has published a draft for the public’s comments regarding the Regulation of Investment Advice, Investment

Client Update | Investment Tech | General Investment Advising Regulation
Herzog Fox & Neeman advised French, global, biotech group ‘Solabia’, producer of natural ingredients for cosmetics, in their acquisition of

Herzog Fox & Neeman Represents Solabia in Acquisition of Algatech
Herzog Fox & Neeman represented Superbet, operator of retail betting shops in Romania and Poland as well as online betting,

Herzog Fox & Neeman Represents Superbet in an Investment by Blackstone
Further to the client update of April 1, 2019, the Israel Securities Authority (the “ISA”) has published today some clarifications with regard

Last Call for Brokerage Permits | New Deadline for the Submission of Brokerage Permit Applications
On April 7, 2019, the Tel Aviv Stock Exchange announced its suggested proposals to the TASE Rules to further the

Client Update | Removal of Barriers to TASE Membership | TASE will Grant Membership to Israeli Entities Operating Only for Nostro Accounts
Herzog Fox & Neeman acted as lead counsel to Elbit Systems, in a $185,000,000 offering. The offering was conducted as

Herzog Fox & Neeman Represents Elbit Systems
Further to the client updates published on November 9, 2017, June 18, 2018, and on January 1, 2019, we would like to remind

Last Call | The Brokerage Market is Under Supervision | Are You All Set for April 27th?
Herzog advised Brigend, a subsidiary of 888 Holdings, on the acquisition of Costa Bingo, the largest company in the online

Herzog Fox & Neeman Advises Brigend in the Acquisition of ‘Costa Bingo’
Nir Dash
Partner
Capital Markets & Securities, Corporate, Mergers & Acquisitions, Privatisation & Restructuring
Ran Hai
Partner
Capital Markets & Securities, Commercial, Corporate, Hi Tech, Mergers & Acquisitions
Ayelet Regavim Kahanov
Partner
Banking & Finance, Capital Markets & Securities, Corporate, Financial Regulation
Daniel Kaczelnik
Partner
Banking & Finance, Capital Markets & Securities, Corporate, Financial Regulation
Joshua Ravitz
Partner
Capital Markets & Securities, Corporate, Litigation & Disputes, Mergers & Acquisitions
Ohad Graub
Partner
Capital Markets & Securities, Commercial, Corporate, Financial Regulation, International Trade & National Security, Mergers & Acquisitions
Or Hoffer
Partner
Capital Markets & Securities, Corporate, Financial Regulation, Mergers & Acquisitions
Ory Nacht
Partner
Capital Markets & Securities, Commercial, Corporate, Hi Tech, Mergers & Acquisitions
Ron Ben-Menachem
Partner
Capital Markets & Securities, Corporate, Corporate Finance, Mergers & Acquisitions, Telecom & Media
David Azimov
Associate
Capital Markets & Securities, Commercial, Corporate, Hi Tech, Investment Funds & Private Equity, Mergers & Acquisitions
Haguy Kessel
Associate
Arbitration & ADR, Capital Markets & Securities, Corporate, Gaming, Internet & E-commerce, Litigation, Litigation & Disputes
Maria Oren Leyfer
Associate
Arbitration & ADR, Capital Markets & Securities, Commercial Litigation, Corporate, Corporate & Securities Litigation, Crisis Management, Litigation, White Collar
Shai Emanuel Yamin
Associate
Capital Markets & Securities, Corporate, Hi Tech, Mergers & Acquisitions
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