First Economic Affairs Court opens

It will now be possible to file claims and indictments on equity matters.

December 15, 2010 00:49
1 minute read.
A gavel strikes at the issuing of justice

311_gavel. (photo credit: Ariel Jerozolimski)

History will be made in Israel’s judicial system on Wednesday, with the launch of the Economic Affairs Court, four years after the Economic Affairs Court Law was presented and six months after the Knesset plenum passed the law in its second and third readings.

The new court is inaugurated in the presence of Justice Minister Yaakov Ne’eman, President of the Supreme Court Judge Dorit Beinisch, and Israel Securities Authority chairman Zohar Goshen, who initiated the court.

The launch of the Economic Affairs Court means that, from Wednesday, it will be possible to file claims and indictments on equity matters. The court is due to begin hearing cases in a few weeks.

The Economic Affairs Court is modeled on the Delaware Court of Chancery, an equity court that has been active for many years. The Economic Affairs Court aims to streamline and improve the enforcement of Israel’s financial laws, professionalize the management of legal proceedings in the field, and increase certainty in it.

The Economic Affairs Court will function as a department of the Tel Aviv District Court.

The first judges of the new court are Tel Aviv District Court judges Chaled Kabub, Danya Kareth Meyer, and Ruth Ronnen who will henceforth only hear equity cases. Each judge will serve on the Economic Affairs Court for at least four years.

The Economic Affairs Court will hear indictments for infringements of the Securities Law (5728-1968). It will also hear most of civil cases involving the Companies Law (5759- 1999) and the Securities Law, including derived suits and class-action suits. The court will also hear administrative petitions against decisions by the Securities Authority, the Tel Aviv Stock Exchange (TASE), and the Registrar of Companies, as well as appeals against decisions by the disciplinary committee pursuant to the Investment Advice and Investment Portfolio Management Law (5755-1995).

The Economic Affairs Court will not hear settlement proceedings aimed at company recovery, financial aspects of family law, appeals against fines levied by the Registrar of Companies, and other financial and equity issues.

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