SGX – A New Alternative For Israeli Companies To Raise Capital

More than a decade following the successful IPO of Sarine Technologies and two years after HFN successfully represented the Israel Electricity Company in its security bonds offering on the Catalist index of the SGX, it was announced yesterday that the Trendlines Group has successfully completed its IPO in Singapore. Trendlines, an Israeli technology incubator, was able to list itself at a staggering valuation of US$90M, following a successful pre-IPO round in which it raised US$27.5M.... read more >>


A guide to negotiating US-lsraeli business transactions PERSONAL OBSERVATIONS Having worked on M&A transactions in both Silicon Valley and Tel Aviv for the last 20 years, I have observed at close hand the legal and cultural differences between the US and Israeli markets. I find that approaching a transaction with an understanding of these legal and cultural differences is key to guiding the transaction to a smooth and successful conclusion. Israeli transactions often take... read more >>

Why we LOVE Being Antitrust Lawyers (and Why You Should Be Worried)

  The end of Professor David Gilo's appointment as the Israeli Antitrust Commissioner gives us a chance to pause and think - what is it about antitrust law that we love so much? Professor Gilo's appointment period has proven quite dramatic for the Israeli antitrust and competition law. Israeli competition law was pushed from its sleepy corner, where it was "just another interesting niche," to the legal and economic forefront. From the "cottage cheese" protest of 2011 to... read more >>

Israel opts for a risk-based system to address land contamination:

Following our publication in June 2014, the Israeli Ministry of Environmental Protection (MOEP) recently published its official policy regarding contaminated land. The policy is likely to have considerable implications for the industrial and financial sectors. The publication of the policy is consistent with the continuous efforts by the MOEP in recent years to pass the “Contaminated Land Bill” in the Israeli Parliament – efforts that are expected to continue with the... read more >>

Despite reforms, Israel’s trade sanctions regimes remain perplexing: A review of common compliance pitfalls.

In an earlier post on, we discussed recent reforms to Israel’s trade sanctions regimes. These reforms show an invigorated Israeli government that appears to be preparing to enforce its sanctions laws. At the same time, the post echoed the frustrations of companies who are facing complex legal questions but have yet to receive any regulatory guidance from these authorities. This post will elaborate on some of these frustrations, first and foremost, for the purpose of... read more >>

Trimming the Hedges

Hedging would commonly be regarded as prudent business practice. However, the Israel Tax Authority (ITA) has expressed a view that could jeopardize, or at least complicate some basic hedging tactics. In a nutshell, the ITA's stance is the following: No withholding tax for hedging assets – Yes withholding tax for hedging liabilities. But let's unpack this a bit. As is all too common in Israel, the ITA uses its very broad withholding powers to take positions that are... read more >>

Beware: Israeli authorities on the prowl for unsuspecting sanctions evaders:

Reforms to trade regulations invite compliance challenges. BNP Paribas, France’s largest bank, was fined $9 billion in 2014 for violating U.S. sanctions laws. As the competent Israeli authorities are on the prowl for their own “BNP Paribas” case, it is worth reviewing Israeli sanctions laws and being apprised of important sanctions-related legal developments. Iran Springboards Sanctions Reform Israel’s stern foreign policies on Iran have been attracting increasing... read more >>

Big Yang Theory: Will China’s Outbound Investment Eclipse Inbound Investment in the Year of the Goat? And How Will It Affect the Growing Trend of Chinese Investments in Israeli Targets?

The Chinese New Year is here, and this is the Year of the "Yang" (which means "Goat" in Chinese). 2014 was the year of the "Horse", in which we saw a clear trend of growing outbound investments from China, and according to IVC Research Center, Chinese investors were involved in 32 investment transactions, whether directly into companies or indirectly via venture capital and private equity funds, valued at a total of $319M. We at HFN believe that this trend is about to grow in... read more >>

Administrative Site Visits: When the Immigration Authorities Drop in at your U.S. office.

Knock knock. Who's there? United States Immigration and Citizenship Services. Say what?! No, this is not the beginning of a bad joke, it's really happening. In an effort to curb abuse of the immigration system, USCIS created the Fraud Detection and National Security Directorate (FDNS) whose job it is to verify information submitted by U.S. employers within the context of certain employment-based work visa petitions. How do they do it? By conducting random and unannounced "site... read more >>

ESOP Transfer Pricing Audits on the Rise

In the recent meeting of the Legal and Accounting committee of the Israeli Advanced Technologies Industries, Israel's largest umbrella organization representing the high tech and life science industries, the concern of vigorous and growing number of transfer pricing audits was raised, specifically in the field of ESOP matters. The matter of employee benefits granted to the employees of related parties, such as of the granting entity's subsidiary, has been in the focus of the Israeli... read more >>
Blonde2.0 - Socializing BrandsPowered by Blonde2.0