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
BDI Code has published its 2018 Israel Legal Rankings, where, once again, our firm has been ranked the leading Israeli

BDI Code’s Ranking for 2018: Herzog Fox & Neeman ranked leading law firm in Israel!
Following our Client Update of November 9, 2017 (to view the client update – click here), the Israeli Securities Authority (“ISA”)

Client Update | Prohibition Against Trading Foreign Securities – General Permit Conditions according to Section 49A – Draft for Public Comment
On the 3rd and 6th of June 2018, the Capital Market, Insurance and Savings Authority published its regulatory updates for

Client Update | Regulatory Updates from the Capital Market, Insurance, and Savings Authority | June 2018
On June 1, 2018, the provisions of the Supervision of Financial Services (Regulated Financial Services) Law, 2016 (the “RFS Law”),

Client Update | Postponement of the Regulated Financial Services Law regarding Providers of Services in Financial Assets
Herzog Fox & Neeman’s Capital Markets and Securities Department advised the Israel Electric Company (“IEC”) and its Board of Directors

Herzog Fox & Neeman Represents IEC in Multi-Billion Dollar Reform of Israel’s Electricity Sector
In recent years, crowdfunding as emerged as a novel source of fundraising, whereby the premise is the collection of a

Crowdfunding Platform | Everything you ever wanted to know!
We are delighted to inform you that Herzog advised BlackRock, one of the world’s most prominent fund managers, in the

Herzog Fox & Neeman is Proud of another Successful Registration of a Foreign Fund in Israel
Herzog Fox & Neeman represented Foamix Pharmaceuticals Ltd., an Israeli bio-tech company, as they successfully filed their first prospectus as

Herzog Fox & Neeman Represented Foamix Pharmaceuticals Ltd. in Its First Prospectus as a Domestic U.S. Filer
Adler Real Estate AG, a publicly-traded German real-estate company, completed an acquisition of a controlling stake in Brack Capital Properties

Herzog Fox & Neeman Advised Adler Real Estate AG in Completing Its Acquisition of a Controlling Stake in Brack Capital Properties N.V.
We are delighted to have been crowned the Largest Israeli Law Firm by Dun’s 100, for the fourth consecutive year.

Herzog Fox & Neeman Recognised as Israel’s Largest Law Firm by Dun’s 100
On February 28, 2018 the Knesset amended the Electronic Signature Law, 2001 (the “Law”). This is the first major amendment

Client Update | Revision of Israel’s Electronic Signature Law
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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