Effective May 25, 2018, the European Union’s General Data Protection Regulation (GDPR) imposes sweeping new requirements for many website operators that collect and process information about individuals living in the European Economic Area (EEA). U.S. companies with e-commerce and other web activities reaching persons living in the EEA need to understand GDPR, since penalties for violations can reach the greater of four percent of global revenue or EUR 20 million.
The CFTC has asserted that Bitcoin is, and other virtual currencies may be, commodities under the Commodity Exchange Act. As such, pursuant to Section 2(c)(2)(D) of such Act, “off exchange” financed retail transactions in virtual currency are prohibited unless an exception applies. One exception found in Section 2(c)(2)(D)(ii)(III)(aa) provides, in relevant part, that such a prohibition shall not apply to a “contract of sale that results in actual delivery [of the commodity] within 28 days.” On December 15, 2017 the CFTC issued a proposed interpretation and requested comments on the meaning of “actual delivery” in the context of virtual currencies and retail financed transactions.
This GT Advisory discusses whether secured financing can be maintained while satisfying the CFTC’s interpretation of “actual delivery”. Moreover, the advisory considers whether the “actual delivery exception” is available for retail finance transactions that are not “contracts of sale.”
To read the full GT Advisory, please click here.
Florida Governor Rick Scott recently was in Israel leading a delegation of business and academic leaders, under the auspices of Enterprise Florida, focused on enhancing economic development and trade between Florida and Israel. GT, which has eight offices in Florida, is the only international law firm with a registered, full-service office in Israel, and had two attorneys, Fred Karlinsky and Gary Epstein, included in the delegation. GT had the opportunity to participate in the delegation programming. In addition to hosting a client dinner with the governor and delegation members, Gary also spoke about legal aspects of doing business in Florida and participated in a panel discussion on Florida as a Gateway to Latin America. Additionally during the trip, the delegation was also hosted for a dinner at the home of Simon Falic, a client of the Miami and Tel Aviv offices, attended a reception at the residence of the U.S. Ambassador to Israel, David Friedman, visited Yad Vashem and Har Herzl, where a wreathe was laid at the tomb of Shimon Peres, toured a desalination plant designed and operated by IDE, a client of the firm, and engaged in various other activities.
In Tel Aviv, Greenberg Traurig has hosted or participated in multiple economic missions from various jurisdictions, including Nevada, Virginia, Miami-Dade County, and numerous others.
Best wishes for a wonderful Chanukah!
חנוכה שמח מגרינברג טראוריג
On Nov. 22, UK Chancellor Phillip Hammond announced dramatic changes to the UK real estate market in the 2017 Budget. The Government has announced an intention to extend the scope of UK tax so that disposals of all UK commercial and residential property by non-resident companies, JPUTs, individuals, and other persons are subject to UK tax with effect from April 2019. In addition, the Budget proposes to extend the UK tax net to profits derived by non-residents on disposals of companies, JPUTs and other vehicles, including REITs and funds, which derive over 75 percent of their gross value from UK property. Companies will be subject to corporation tax and other non-residents will be subject to capital gains tax.
“We are honored to be able to welcome the delegation, which is exploring ways to increase business between Miami and Israel,” said Joey T. Shabot, Operating Shareholder of Greenberg Traurig’s Tel Aviv office and a member of the firm’s Mergers & Acquisitions Practice. “Given our firm’s strong ties in both communities, we are thrilled to encourage a dialogue that we hope will be beneficial to all.”
Shabot co-hosted the event, along with Tel Aviv office attorneys Lawrence Sternthal, Adam Snukal, Ephraim Schmeidler and Devora Y. Snyder. Other Greenberg Traurig attorneys in attendance were Shareholders Kerri L. Barsh, Robert L. Grossman, and Richard N. Bernstein from the Miami office; Shareholder Steven M. Felsenstein from the Philadelphia office; and Shareholder Jolanta Nowakowska-Zimoch from the Warsaw office.
Miami-Dade Mayor Carlos Giménez led the delegation, which was an effort to continue building bridges toward increased cooperation and business activities between Miami and Israel and to celebrate El Al Airline’s Nov. 1, 2017 launch of direct flights to Miami International Airport.
Greenberg Traurig is the only major international law firm with a multidisciplinary, registered office in Tel Aviv. The office acts as a gateway for Israeli businesses and entrepreneurs seeking legal counsel in relation to opportunities in the Americas, Europe, Asia, and throughout the world as well as for companies exploring opportunities within Israel. The Tel Aviv location offers clients the global reach of Greenberg Traurig’s international network, connecting Israel to major commercial centers across the globe.
Greenberg Traurig clients from a variety of industries attended the event, including representatives of Israeli companies active in the water, transportation, real estate, and security businesses.
Members of the Miami delegation who attended the event also included Miami-Dade County Commissioner Sally Heyman; Director of Miami-Dade Water and Sewer Services Lester Sola; Miami-Dade County Chief of Police Juan Perez; Director of Port Miami Juan Kuryla; and Miami-Dade County Mayor’s Chief of Staff Alex Ferro.
As recently reported by the Virginia governor’s website (September 2017), Greenberg Traurig’s client Oran Safety Glass (OSG) announced a $4.45 million expansion through its Emporia plant located in Virginia, adding 55 jobs to the plant. Virginia Governor Terry McAuliffe joined the company leaders in making the announcement last month in Virginia. OSG was founded in Israel in the late 1970’s and specializes in glass manufacturing. The company expanded its operations to Virginia in 2006.
A team of Greenberg Traurig attorneys recently represented Intec Pharma Ltd. (NASDAQ and TASE: NTEC) on the closing of its offering of approximately 12.2 million of its ordinary shares, at a public offering price of $4.70 per ordinary share, which included a full exercise by the underwriters of their over-allotment option in the amount of 1,594,500 ordinary shares, for gross proceeds of approximately $57.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
Intec Pharma intends to use the net proceeds from the offering to fund its Phase III clinical trial for Accordion Pill Carbidopa/Levodopa, the company’s leading product candidate for the indication of treatment of Parkinson’s disease symptoms in advanced Parkinson’s disease patients, for working capital and for general corporate purposes.
The GT Deal Team included:
Robert Grossman, Corporate & Securities, (Miami); Joshua Samek, Corporate & Securities (Miami); Ilya Ross, Corporate & Securities (Boston); Eliott Rimon, Corporate & Securities, (Miami); Barry Schindler, IP-Prosecution, (New Jersey); Natalie Salem, IP-Prosecution, (Boston); Seth Entin, Tax, (Miami); and Ephraim Schmeidler, Corporate & Securities, (Tel Aviv).
Greenberg Traurig’s Tel Aviv and Germany offices jointly advised a group of Israeli institutional investors who acquired the Eschborn Plaza office complex in a joint venture lead by Aurec Capital. The group was comprised of Migdal Insurance Group, Bank Leumi Pension Fund, and IDI Insurance Company as well as a leading Israeli provident and pension fund.
The landmark building, located near Frankfurt am Main, Germany, was purchased for EUR 236 million from two closed-ended funds managed by Commerz Real. The property includes approximately 42,000 square meters of office space and its main tenant, a large auditing firm, has
Greenberg Traurig represented the Israeli institutional investors in all legal matters regarding the joint venture, acquisition and financing.
Our Tel Aviv office’s International Real Estate Practice led by Lawrence Sternthal regularly advises the Migdal Group and represents a number of Israeli institutional investors (pension funds and insurance companies) in cross-border real estate activities. This transaction marks GT’s first major Israeli-German cross-border real estate acquisition.
GT legal team to advise on this matter:
Shareholders: Lawrence Sternthal (lead attorney, Israel, Real Estate/Joint Venture), Dr. Christian Schede (lead attorney, Germany, Real Estate/M&A), Claudia Hard (Finance)
Associates: Devora Y. Snyder (Israel, Real Estate/Joint Venture), Martin Dobias, Dr. Johannes Steinfort (both Germany, Real Estate/M&A)