Category: News

The global landscape of mergers and acquisitions witnessed a notable downturn in 2023. In Israel, the significance of M&A activity transcends mere financial transactions; it is a critical driver of economic growth, innovation, and global competitiveness, particularly in the high-tech sector.

Partners, Galit Farkash and Ron Abelski in a piece for Global Legal Media 2024 Edition on the Trends and Outlook for Israel and the Saving Grace of the High-Tech Nation.

 

Galit Farkash is our Partner in the firm’s High-Tech & Start-Ups, and Corporate and M&A Practices.
Ron Abelski is our Partner in the firm’s M&A and Private Equity practices and head of the Germany desk.

 

For the full article, click here: https://bit.ly/442IHDX

 

Yoav Zahavi, Partner and co-head of the Real Estate, Urban Renewal, and Hospitality department at ERM interviews for the Real Estate Centre Magazine.

‘The face behind urban renewal’ with attorney Yoav Zahavi, co-head of the real estate, urban renewal and hotels department at the ERM law firm. Where does his drive come from, what moment in front of tenants left him speechless, what does he offer to the municipalities operating according to Standard 21, and why is he really not kidding when he says he works for his wife?

 

For the full article in Hebrew, click here: https://bit.ly/4d0D2T1

The US Federal Corporate Transparency Act (CTA) took effect on January 1, 2024. The CTA represents a significant shift in the regulatory landscape concerning corporate ownership transparency in the United States. The primary objective of this legislation is to combat money laundering, terrorist financing, and other illicit activities facilitated by the misuse of corporate structures, by mandating that current and new businesses registered in the United States disclose their direct and indirect owners.

Key Provisions of the Corporate Transparency Act:

  1. Reporting Requirements: Under the CTA, “Reporting Companies” who are required to file beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) include US-formed entities as well as foreign entities registered to do business in the US. US entities include corporations, limited liability companies (LLCs), and other entities who are required to file with a secretary of state or similar office. Foreign reporting companies include entities formed under the law of a foreign country but who are registered to do business in the US. Reporting requirements include details about individuals who directly or indirectly own or control 25% or more of the Reporting Company’s ownership interests.
  2. Exemptions: While many entities are subject to reporting requirements, some businesses are exempted from compliance. These exemptions include, inter-alia, certain publicly traded companies, large operating companies with more than 20 full-time employees and over $5 million in gross receipts or sales and US operations, and a number of regulated entities such as financial institutions.
  3. Penalties for Non-Compliance: Failure to comply with the reporting requirements of the CTA may result in significant penalties, including fines and potential criminal liability for willful violations.
  4. Implementation Timeline: The CTA imposes a phased implementation approach, with the specific timeline for compliance varying depending on the date of formation of a Reporting Company. For example, an entity which was formed or registered to do business prior to January 1, 2024, will have until January 1, 2025 to file its initial report. New entities formed on or after January 1, 2024 and before January 1, 2025, will have 90 days following their formation to report. Entities formed on or after January 1, 2025, will have 30 days to report following their formation. It is crucial for affected businesses to stay informed about their respective compliance deadlines and take appropriate steps to ensure timely and accurate reporting.

 

Implications for Your Business:

Given the complexities and potential legal ramifications associated with the CTA, business owners should be proactive in assessing their obligations under the new law and take measures to ensure compliance. This may involve conducting internal reviews of corporate structures, identifying beneficial owners, and preparing and submitting the required reports to FinCEN.

Our team is available to provide guidance, answer questions, and offer tailored solutions to ensure compliance with this important legislation.

The review was written by Galit Farkash, Partner in ERM’s Corporate and M&A and High-Tech Departments.

* This newsletter is provided for informational purposes only, is general in nature, does not constitute a legal opinion or legal advice and should not be relied on as such. If you are seeking legal advice, it is essential to review the specific facts of each case in detail with a qualified lawyer.

 

 

In an interview with Germany Trade & Invest (GTAI), Ron Abelski, partner in our Corporate, M&A, High-tech, and Venture Capital practices, explained that the new law is a game-changer. Its adoption will make the application of UNCITRAL principles the default option when an Israeli and a foreign company entry into a commercial contract with an arbitration clause.

 

For the full article in German, click here: https://bit.ly/441WLOf

Along with all the usual benefits, at the firm Epstein Rosenblum Maoz (ERM), an internationally oriented firm, we offer a path to jump-start your career, while learning and deepening your knowledge of the legal world by handling the leading cases and transactions in the economy. Attorney Chen Weiss, a partner in the firm who started her career as an intern, talks about the firm’s unique value proposition for interns.

For the full article with The Marker magazine (pg. 16): https://bit.ly/interns-ERM  

Honoured to once again be named as one of Israel’s leading law firms according to Dun’s100!
We were ranked in numerous categories: International Trade, Hotels & Hospitality, Banking & Finance, Investment Funds, Real Estate, High-Tech & Start Ups, M&A, Projects, and Urban Renewal. Additionally, we were added to the rankings in two new categories: Commercial Litigation, and Cyber.

We are excited to keep this momentum going and continue to be a dominant force in cross-border transactions.

 

For the complete rankings: https://bit.ly/Duns100-2024

We are honored to once again be ranked as a top-tier law firm in Israel according to the prestigious The Legal 500!
We are extremely proud that 80% of our partners were recognised across 9 different practice areas for our local and cross-border work in the 2024 rankings.

ERM was ranked in these 9 practice areas:

Energy; Dispute Resolution: Mediation and International Arbitration; High-Tech and Start Ups; Infrastructure; Real Estate and Construction; Commercial, Corporate, and M&A; Dispute Resolution: Legal Litigation Arbitration; Competition/Antitrust; Banking & Finance – Tier 1

We’re only getting started…

 

For the entire publication: https://bit.ly/TheLegal500-2024

In an unusual step and contrary to the trend in rulings, the court ruled that the refusal of a pair of tenants to sign an eviction-construction agreement is reasonable, “and not for extortionate reasons”. The reasons: the age of the tenants, their health and the renovation they carried out • The ruling may be used by quite a few individual tenants and thwart similar projects • Experts analyze the difficulties and anomalies of the decision.

Attorney Yoav Zahavi, a partner in the Real Estate and Urban Renewal department at the Epstein Rosenblum (ERM) law firm, says that the outcome of the verdict is unlikely. “A ruling should also include what it agrees to. What solution, and not just a statement that this is a legitimate refusal. This is not a sufficient statement. Housing prices will not decrease until we increase the supply. This is a point that hurts the supply in the end”.

for the full article in Hebrew: https://bit.ly/3IVIdGb

274 new apartments: Azurim Company announces the expansion of the urban renewal project in the Iceland complex in Jerusalem, after reaching agreements with the residents of the adjacent building at 16 Columbia Street. The expansion of the project allows the company to make significant progress in the planning process.

The partners from Epstein Rosenblum Maoz (ERM) Yoav Zahavi and Aharon Shimon together with attorney Nofar Driks from the firm’s real estate and urban renewal department represent the company Azorim, which today (Monday) announces the joining of the Columbia 16 building to the urban renewal project in the Island 19 complex- 21, in which they signed an eviction agreement contract with 78% of the apartment owners. Within a few days, the company managed to reach over 60% signatures in the Columbia 16 building and the required majority in the expanded complex.

For the full article in Hebrew: https://bit.ly/3xfLz4f

Dunn & Bradstreet held the annual Duns 100 forum of senior real estate law executives. On the agenda: What steps should the state take to respond to the growing precision crisis? Should the state create a special loan mechanism for entrepreneurs and contractors to help them succeed in the current period and how Is the trend in the real estate market towards new immigrants or foreign residents noticeable?

Attorney Yoav Zahavi, partner in the real estate and urban renewal department at the Epstein Rosenblum Maoz firm (ERM): “The gap between the supply of apartments in Israel and the demand is unfathomable. On the one hand, there is a lack of tens of thousands of housing units, and with the rate of births compared to the rate of construction, the gap is only growing And worse and it is clear to anyone who can understand that this is also the main obstacle to lowering housing prices. In Jerusalem, for example, they announced years ago that ‘planning leads’, which means that when a plot of land can support a high volume of construction, lawsuits of suitable scope are approved for it, even if “forbidden” the developers and the existing owners profit from it . Other municipalities see things differently. Allows entrepreneurs to build on a scale that will allow minimal profitability and maybe a little more. As they say in the municipality of Reg – every additional tenant costs us money. I suggest that the authorities take as an example the engine of construction in Israel – urban renewal. Establish a mechanism that allows the collection of an improvement levy for the rights that exceed the minimum profit according to standard 21. This will encourage the municipalities to grant rights to the maximum extent and the entrepreneurs to build more. Everyone benefits from this.”

For the full article in Hebrew: https://bit.ly/4cAfzrw