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
Between the 5th – 13th November 2017, the Capital Market, Insurance, and Savings Division of the Ministry of Finance published
Client Update | Regulatory Updates from the Capital Market, Insurance, and Savings Division of the Ministry of Finance | November 2017
On the 9th of November 2017, the Corporate and Securities Authority (“The Authority”) published a version on the proposed amendment

Client Update | Proposed Amendment to Securities Rules (Cases where the publication of a Shelf Offering Report will require a permit from the Corporate & Securities Authority), 2016
On July 6, 2017, Section 49A of the Securities Law, 5728-1968, came into force, which concerns the prohibition of offering
Client Update | Update with regard to the Prohibition on Offering Securities-Trading Services (“Brokerage”)
Partner Nir Dash from the Corporate & Securities Department has been named as one of the 40 Promising Young Lawyers

Herzog Fox & Neeman’s Nir Dash named as one of 2017’S 40 Promising Young Lawyers by The Marker
Herzog Fox & Neeman represented Plasto – Cargal Group Ltd in a private placement in which 20% of Plasto-Cargal’s shares

Herzog Fox & Neeman Represents Plasto – Cargal Group in a Private Placement
On July 6, 2017, Amendment 63 to the Securities Law, 5728-1968 (the “Amendment” and the “Law”, respectively), was enacted. This

Client Update | Prohibition on Offering Securities-Trading Services
Herzog Fox & Neeman represented William Blair & Company and Needham & Company with their NASDAQ issuing of Radcom Ltd,

Herzog Fox & Neeman Represented William Blair & Company and Needham & Company with their NASDAQ issuing of Radcom Ltd.
IFLR has published its 2018 Financial and Corporate guide- Once again, Herzog Fox & Neeman continues to lead the Israeli

IFLR has Published its 2018 Financial and Corporate Guide- Once Again Herzog Fox & Neeman Continues to Lead the Israeli Market
On the 1st of October 2017, the Capital Market, Insurance and Savings Authority published regulatory updates for October 2017. The

Client Update | Regulatory Updates from the Capital Markets Authority | October 2017
Further to the licencing requirement of bodies providing credit services (which are not banks or financial institutions), which came into

Client Update | Supervision of Financial Services Regulations (Organised Financial Services) (Licence-exempt) (Temporary provisions), 2017 – Second Draft
Herzog Fox & Neeman represented WeWork, the international co-working space giant, in connection with a lease agreement for a building

Herzog Fox & Neeman Represented WeWork in Connection with a Lease Agreement for Their Largest Location in Israel
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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