Afik News 218 23.11.2016

Afik News 218 23.11.2016


Legislative Updates

November 15, 2016

Running an unlicensed forex platform might lead to limitation on officers and severe fines

A forex trading company continued to run its trading platform even after the entry into force of the amendment to the Israeli Securities Act and the Israeli Securities Regulations requiring a license for trading platform.  The company filed an application for a license but continued to manage the trade room without a license and with knowledge that it is against the law...

October 31, 2016

An exclusivity agreement requiring a duel station to purchase only from one supplier is a restrictive trade arrangement and the agreement is terminated

An owner of a fueling station claimed the termination of an agreement dated 1973 with a fuel supplier under which against financing of the construction of the station the station must purchase fuel products exclusively from the fuel supplier for 49 years in a manner that enables the fuel supplier to arbitrarily set the price by which it sells to the station...

November 1, 2016

Royalties to holder of trademark will be part of the price of the product for customs purposes if the owner could have prevented the importation into Israel

Importers of fashion products paid consideration for manufacturing of the products and royalties to owners of the trademarks used in the products. The Tax Authority demanded customs payment for the full amount - consideration to the manufacturer of the products and royalties...

November 6, 2016

Employer must notify employee about tax deduction that was not deducted originally from salary

An asylum seeker filed a claim for social benefits upon termination of employment. The employee also raised a contention that the employer set-off from his salary, without his knowledge, debts to the Tax Authority and due to failure of the employer to inform the employee of such set-off the employee should not bear the debt...

October 26, 2016

When an employee is a partner in a certain project and is not entitled to salary therein a clear distinction need be in place

An employee filed a claim for payment of full rights due to disconnection of employer-employee relationship. The employer argued that it was agreed that the employee will be a partner in a joint venture of the employer and the employee and for activity will not be an employee but a partner sharing profits and losses...

October 31, 2016

A transaction leaving the rights of the common property ‎attached to an apartment with the seller is invalid

An apartment owner claimed that when he sold his apartment the transaction did not include the apartment’s roof and the building rights attached to it...