As part of the Israel Security Authority's measures towards
easing some of the existing regulations, yesterday the ISA
published an order (Amendment to the First Addendum to the
Securities Law). The amendment significantly liberalizes the
definition of "accredited investor" to whom securities
may be offered or sold without having to publish a prospectus.
One of the most significant amendments to the law is that, while
today, two cumulative qualification criteria must be met in order
for an investor to be deemed an "accredited investor"
once the amendment comes into effect, such an investor may be
deemed as "accredited investor" even if he fulfills only
one of the relaxed criteria prescribed in the amendment. Another
amendment concerns an offeror's active
examination of an accredited investor's fulfillment of the
quantitative thresholds prescribed in the amendment. The amendment
will come into effect on March 25, 2016.
