The Israel Securities Authority recently published a staff legal position addressing the licensing requirements for businesses operating in the “Buy and Sell” or “Reseller” model in online marketplaces. The position clarifies...more
12/4/2024
/ E-Commerce ,
Exemptions ,
Internet Retailers ,
Israel ,
Israel Securities Authority (ISA) ,
Licenses ,
Online Marketplace ,
Online Platforms ,
Payment Systems ,
Resales Agreements ,
Supply Contracts ,
Third-Party Service Provider
Recently, the issue of price tagging in supermarkets and grocery stores has gained attention. This follows a public consultation issued by the Consumer Protection and Fair Trade Authority (CPFTA) seeking input on...more
The Israel Securities Authority recently published a draft of a new directive for payment companies and holders of basic initiation licenses or approvals regarding reporting to the Authority. According to the Draft, payment...more
Most of the focus over the past year has been on the events of October 7 and the ensuing war. Not only the citizens, but also the legislative and regulatory authorities in Israel have been devoting most of their time to deal...more
9/18/2024
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Bank of Israel ,
Capital Markets ,
Corporate Governance ,
FATF ,
Financial Institutions ,
Israel ,
New Regulations ,
Payment Systems ,
Privacy Laws ,
Risk Management
Recently, the Consumer Protection and Fair-Trade Authority issued a position paper regarding the disclosure obligations businesses must meet when making changes to product characteristics or components. According to the...more
The emerging risks in the financial services market and the inception of the Regulation of Payment Services and Payment Initiation Law prompted the Capital Market, Insurance and Savings Authority (CMISA) to amend a series of...more
8/14/2024
/ Banking Sector ,
Capital Markets ,
Compliance ,
Corporate Governance ,
Cybersecurity ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Guidance Update ,
Insurance Industry ,
Israel ,
New Guidance ,
p2p ,
Payment Systems ,
Related Parties ,
Risk Management
As part of its actions to increase competition in the payments market, and alongside the entry into force of the Regulation of Payment Services and Payment Initiation Law, 2023, the Bank of Israel has opened access to...more
Recently there has been a significant increase in administrative enforcement proceedings, warning letters and motions to certify class actions in relation to the Processing of Packaging Law. The law, enacted back in 2011,...more
On June 6, 2024, the Regulation of Payment Services and Payment Initiation Law came into effect. Relevant entities may now submit license applications for providing payment and payment initiation services....more
7/16/2024
/ Bank of Israel ,
Customer-Loyalty Programs ,
E-Commerce ,
Exemptions ,
Financial Services Industry ,
Foreign Entities ,
Foreign Financial Institutions (FFI) ,
Israel ,
Israel Securities Authority (ISA) ,
Licensing Rules ,
New Legislation ,
Payment Systems
The Haifa District Court recently handed down a ruling in a motion to certify a class action filed against Ofir Tours Ltd. by its customer. The plaintiff bought an Eilat hotel vacation through Ofir Tours, paying in credit...more
9/6/2023
/ Class Action ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Cards ,
Disclosure Requirements ,
Interest Rates ,
Israel ,
Pricing ,
Regulatory Requirements ,
Surcharges ,
Transaction Fees
“A small country surrounded by enemies” is a well-known Israeli proverb. This state of mind has an impact on Israeli policy regarding foreign direct investments (FDI). While FDI are encouraged by the State of Israel,...more
About two years ago, motions to certify class actions were filed against dozens of public companies and reporting corporations in Israel, alleging violations of provisions of the Equal Rights for Persons with Disabilities...more
3/31/2023
/ Case Consolidation ,
Class Action ,
Corporate Governance ,
Disability Discrimination ,
Dismissals ,
Employment Litigation ,
Investors ,
Motions in Limine ,
Publicly-Traded Companies ,
Reporting Requirements ,
Warning Letters
Most international companies prefer operating in Israel through domestic business partners, rather than setting up their own local operation. Such local partners – distributors or agents – assume all or a portion of the local...more
For financial service providers in Israel, including of non-bank credit and financial asset services, 2022 was the year of regulatory creation. Regulatory authorities published a number of circulars and directives that...more
Unsolicited telemarketing using consumers’ phone numbers often constitutes infringement of Israeli residents’ privacy. Moreover, it is a real nuisance and has become fertile ground for crimes of fraud of one kind or another....more
Providing medical information about a person is a highly sensitive personal matter. Asking for it as part of the hiring process raises difficulties in relation to both Israeli labor and privacy protection laws. Employers may...more
The Israeli Privacy Protection Authority (PPA) recently published a document for public comments entitled, “Protecting Patients’ Privacy When Transferring Medical Information via Digital Devices and Undesignated Software.”...more
In light of the increase in fraud crimes in the digital space, a team from the Israeli Justice Ministry has formulated recommendations for defining a policy to contend with ransomware attacks. The recommendations relate to...more
To make it easier for fintech companies to operate in Israel, the Knesset Finance Committee has passed regulations to exempt several types of credit providers and financial service providers from a licensing duty....more
The Israeli Capital Market, Insurance and Savings Authority (CMISA) recently published drafts of two important circulars regulating financial asset service providers, including provisions regarding protection of virtual...more
Sephora, the cosmetics giant of the LVMH group, must pay a USD 1.2 million fine for failure to comply with the California Consumer Privacy Act (CCPA), after receiving a warning from the California Attorney General and time to...more
IoT products are fraught with risks when it comes to privacy, personal data, and cyberattacks, and consumers must be informed of these risks before purchasing. A new draft directive published by the Israeli Consumer...more
8/25/2022
/ Consumer Protection Laws ,
Cyber Threats ,
Disclosure Requirements ,
Importers ,
Internet of Things ,
Israel ,
Manufacturers ,
Policy Drafting ,
Public Comment ,
Retailers ,
Security Risk Assessments
Israel’s Privacy Protection Authority (PPA) recently published its position on the duty to inform when collecting and using personal data. This is an important position, as it clarifies how to design the interface with the...more
8/8/2022
/ Algorithms ,
Artificial Intelligence ,
Consent ,
Consumer Privacy Rights ,
Data Collection ,
Duty to Inform ,
Enforcement Authority ,
Israel ,
Outsourcing ,
Personal Data ,
Privacy Laws ,
Third-Party ,
WhatsApp
Institutional investors, corporations, exchanges, individuals, and crypto miners all have strong demand for crypto custody services, as provided by special market participants. These services intend to safeguard customers’...more
7/21/2022
/ Bitcoin Mining ,
Crypto Exchanges ,
Cryptocurrency ,
Custody ,
Digital Assets ,
EU ,
Financial Services Industry ,
Insolvency ,
Institutional Investors ,
Investment Advisers Act of 1940 ,
Investors ,
Israel ,
OCC ,
Proposed Regulation ,
Regulatory Authority
Israel’s Capital Market, Insurance and Savings Authority (CMISA) recently published two new risk management circulars for financial service providers. The first circular pertains to risk management in its broadest sense,...more