December Edition 2019

31 (“ CMISA ”) published revised, more lenient guidelines for the licensing of regulated financial services (the “ Revised Guidelines ”), defined under the Supervision of Financial Services (Regulated Financial Services) Law. The Law reflects the recognition of the Israeli government that the market would benefit from the provision of financial services by entities that operate independently of a bank, thereby offering new and improved services to the public while increasing competition in the financial sector. At the same time, the providers of these financial services ought to be regulated and their activities ought to be licensed in order to protect the public . Read more. Employees Organization of Colloquial Economy - Erdinast Ben Nathan Toledano & Co. The modern employment market poses new challenges and requires updated solutions with respect to contemporary employment modes. It is entirely conceivable that the near future will entail digital employment organizations as a way of addressing the need to protect the rights of digital service providers in the “Gig Economy” era. See Miriam Kleinberger-Attar, Head of our Labor Law Department and Associate Matan Szatmary, in an opinion article published in TheMarker about the possible consequences of digital employment organizations . Read more. Legal Update - Establishment of Advisory Committee on Foreign Investment - Yigal Arnon Israel’s security cabinet recently approved the establishment of an advisory committee on foreign investments in Israel. The committee will be comprised of senior representatives from the Ministry of Finance, Defense Ministry and the National Security Council, as well as observers from the Foreign Ministry, the Ministry of Economy, the National Economic Council and an additional representative from the Ministry of Finance. The purpose of the committee is to provide a mechanism for regulators to take national security considerations into account when reviewing transactions in the communications, infrastructure, finance, energy and transportation sectors. Where a transaction raises potential national security concerns, regulators may consult with the committee on a voluntary basis in order to engage in a multi-disciplinary consultation from various perspectives. Read more. TASE-Foreign REITs that are not organized as companies to list under the dual-listing regim - Gornitzky The Tel Aviv Stock Exchange announced its intention to allow foreign REITs that are not organized as companies to list under the dual-listing regim e. Readmore.