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Securities Law Update | October 2020

Companies Listed on The Tel Aviv Stock Exchange to be Permitted to Submit Reports in English

The Finance Committee of the Knesset (Israeli parliament) approved yesterday the proposal of the Israel Securities Authority to enable companies listed on the Tel Aviv Stock Exchange (“TASE”) to report in the English language.

This welcomed development is expected to further open the Israeli capital market to foreign companies, investors, and analysts who will now have access to TASE company reports in English. Until now, only companies dual listed on the TASE and on specific foreign stock exchanges and companies with shares included in the TASE Tech-Elite index were permitted to report in English.

This step follows other actions taken by the Israel Securities Authority in recent years to encourage the entry of foreign players to the Israeli capital market, including the change of the ownership structure of the TASE; the expansion of the dual listing regime to the Toronto, Singapore and Hong Kong Stock Exchanges, and the implementation of the XBRL(Xtensible Business Reporting Language) standard  for reporting by TASE listed companies.

The new regulations permitting reporting in English will become effective three months after their publication in the Israeli official records.

 

For more information please contact your GKH attorney.


Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co. (GKH), is one of the leading law firms in Israel, with some 170 attorneys. GKH specializes, both in Israel and abroad, in various fields of law including Mergers and Acquisitions, Capital Markets, Technology, Banking, Project Finance, Litigation, Antitrust and Competition, Energy and Infrastructure, Environmental Law, Intellectual Property, Labor Law and Tax.
This alert is prepared as an informational service to clients and colleagues of Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co. (GKH) and the information presented is not intended to provide legal opinions or advice. Readers should seek professional legal advice regarding the matters about which they are particularly concerned.

Perry Wildes

Phone +972-3-6074547

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