The Finance Committee of the Knesset approved second and third readings a bill for the relief of regulation for a public Israeli high tech companies.
Among other things, the number of accesses to the public for the purpose of raising capital, are exempt from mandatory filing of prospectus included recourse to national financing (crowdfunding).
The Minister of Finance will be authorised to issue ordinances allowing public companies in the high technology sector to deviate from the reporting requirements under the securities act. Including, the company will have the right to publish reports in English and in the audit rules applicable in the USA.
Another paragraph provides for the establishment of venture funds for investment in Israeli high technology companies, operating in private trust funds.
The bill was prepared on the initiative of the Department for control over securities market.