FBC

Tel Aviv

Founded in 1958 – and celebrating its 60th anniversary in 2018 - Fischer Behar Chen Well Orion & Co (FBC) is one of Israel's premier and largest full service law firms. FBC acts for prominent multinational and Israeli clients and offers professional excellence and personal attention across the spectrum of multidisciplinary legal services. The firm's attorneys pride themselves, first and foremost, on their business and legal acumen and ability to bring matters to closure, integrating commercial sensitivities of attorneys experienced in handling large-scale matters with in-depth knowledge of first-class practitioners.

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Updates

Banking

Law for the Reduction of Cash Use introduced
Israel | 11 January 2019

The Law for the Reduction of Cash Use, which came into force on 1 January 2019, imposes certain restrictions on the use of cash and cheques that do not name the payee. The law aims to reduce cash transactions in an effort to fight financial crime and money laundering and foster the use of more modern and efficient payment methods. Violation of the law may constitute a criminal offence, resulting in financial penalties and imprisonment.

Capital Markets

New bulletin aims to clarify dual listing process
Israel | 15 January 2019

The Corporate Finance Department at the Israel Securities Authority recently issued its Staff Legal Bulletin on dual-listed companies. The bulletin is a summary of the most up-to-date information on the issuance, reporting, listing and delisting of dual-listed companies and is intended to clarify and reflect these processes for dual-listed companies and companies considering dual listing.

Committee report on promotion of publicly traded infrastructure investment funds
Israel | 04 December 2018

An inter-ministerial committee was recently set up to promote the establishment of publicly traded funds for investment in infrastructure. The committee was formed to examine and recommend measures and actions that would encourage the establishment of traded infrastructure funds in order to increase the availability of financing sources for infrastructure projects, reduce the financial costs of these projects and enable small investors to directly participate and own these projects.

Supreme Court reaffirms application of foreign law to dual-listed companies
Israel | 06 November 2018

The Supreme Court recently confirmed that the liability for breaches of reporting obligations in the secondary market by dual-listed companies is governed by the securities laws of the foreign trading jurisdiction. The governing law with respect to the liability of a dual-listed company's external auditors is also the law of the foreign jurisdiction in which the company's shares are traded.

Demutualisation of Tel Aviv Stock Exchange: opportunities and challenges
Israel | 28 August 2018

The Israeli Securities Law was recently amended with the goal of making the Tel Aviv Stock Exchange (TASE) more competitive, efficient and profitable, by changing its ownership structure. This change of ownership structure will allow private investors, in addition to institutional investors, to acquire means of control over TASE. This can be viewed as a privatisation of sorts, as TASE is Israel's only stock exchange and is widely viewed as a national asset.

Israel bond financing of US commercial real estate – an overview
Israel | 17 July 2018

Israel has seen a growing trend in debt initial public offerings by US and Canadian real estate companies with income-producing real estate, as well as in the listing of the bonds for trading on the Tel Aviv Stock Exchange. In recent years, more than 30 such real estate companies have completed public debt offerings in Israel, the large majority of which were initial public offerings.

Immigration

Foreign worker permits: frequently asked questions
Israel | 15 February 2019

Israeli and international organisations seeking to employ foreign workers in Israel in management positions or in positions that require special expertise or training must apply for a foreign expert work permit (B/1 permit) from the Population and Immigration Authority. The employment of foreign workers without a proper work permit constitutes a criminal offence, which may lead to fines and other criminal penalties being levied on the employer and its senior management, as well as on the employees.

Insolvency & Restructuring

Insolvency and Economic Rehabilitation Law introduced
Israel | 19 October 2018

This update has been removed on request by the contributing firm.