Legal Update - Capital Markets - November 2019
Dear Clients and Colleagues,
In this legal update we review recent enforcement developments in corporate and securities law:
1. The effectiveness of an internal corporate compliance plan as a factor in the decision not to criminally prosecute a company – The issue was dealt with in a guideline released by the State Attorney on its policies with respect to the criminal prosecution and sanctioning of companies.
2.Recently released decisions of the Securities Authority in which the Authority imposed monetary sanctions against five companies for breaching disclosure and reporting obligations pursuant to the Securities Law.
3. The qualitative test to determine if a substantive mistake was committed in the company’s financial statements through the company’s mistaken transfer of funds to the controlling shareholder.
The legal update was written by Adv. Inbal Gaon who recently joined FBC’s Securities Law team. Before joining FBC, Adv. Gaon headed the enforcement department in the Securities Authority’s corporate section.
Click here to read the full update in PDF format.
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