hhsdr hmSHpTy hHl `l pyrmydvt SHlyTh bHvk hryKHvzyvt vhSHp`tv `l SHvk hhvn vhmSHk hySHr?lyy? mymTS?y? r?SHvnyy? (The New Legal Arrangement Re Stock Pyramids and its' Effect on the Israeli Economy and Financial Market: Preliminary Findings)
tkTSyr b`bryt: hHvk lkydvm htHrvt vlTSmTSvm hryKHvzyvt nHkk lpny KHSHlvSH SHnym, vhSHp`vtyv hrASHvnyvt `l hmSHk v`l SHvk hhvn rAvyvt lbHynh. hmAmr mAbHn mgmvt AHdvt SHnTSpvt bSHnym hAHrvnvt bSHvk vSHnytn lyyHsn gm lhlyKHy Hkykt hHvk vlKHnystv ltvkp: mHykt mnyvt mmsHr bbvrsh `kb myzvgym bHbrvt AHrvt hmvHzkvt `l ydy b`l hSHlyTh; rKHySHh vmyzvg SHl Hbrvt ySHrAlyvt bydy Hbrvt zrvt bd bbd `m mgmh m`vrbt byHs lHbrvt `m rySHvm KHpvl; gydvl bSHy`vr hHzkvt hTSybvr bmnyvt Hbrvt TSybvryvt bd bbd `m hkTnt Hlkm SHl b`ly h`nyyn bHbrvt Alh. bmAmr Ay`zr bnytvH SHl KHl AHt mmgmvt Alh `l mnt lbHvn At htKHlyvt SH`vmdvt mAHvry Hkykt hHvk vAt hAvpn SHbv hsdr mSHpTy vrgvlTyby mSHpy` `l SHHknym bmgrSH. mhnytvH bmAmr `vlh KHy lpHvt Hlk mn hAmTS`ym SHnnkTv bHvk myv`dym lptvr b`yvt mmSHl tAgydy hnvb`vt mhhprdh byn b`lvt lSHlyTh. nvsp `l KHKH `vlh mhnytvH KHy hhSHlKHvt SHl hmsgrt hmSHpTyt mHyybvt rAyyh rHbh SHl kvb`y mdynyvt, SHKHn htvp`vt hnlvvt Aynn bhKHrH Alh SHnytn hyh lTSpvtn mrASH, vlA bhKHrH yvbylv ltv`lt gdvlh yvtr bTvvH hArvKH. bsvpv SHl yvm, hKHrHy lbHvn Am hhsdr hmSHpTy hKHvll hHl `l Hbrvt hpv`lvt Av nsHrvt bySHrAl hnv kvhrnTy dyv vmTSlyH lyTSvr At mydt hvvdAvt hndrSHt bHyym h`skyym, vhmAmr msyy` bbHynt svgyh zv. English Abstract: The Israeli law for Promoting the Competition and Decreasing the Concentration (hereinafter the law) was enacted approximately three years ago. Its initial effects on the economy and the financial market are worth a closer look. The paper points to several phenomena in latest years that could be attributed to the Law and its legislation process. First, mergers between the company and other companies held by the same controlling shareholder leading to a delisting a company's securities from trading in the stock market. Second, mergers and acquisitions of Israeli companies by foreign ones coupled with a mixed trend regarding dual listed companies. Third, an increase in the rate of securities held by the public as opposed to the rate held by interested parties. The paper analyzes each of these phenomena in order to investigate the goals behind the law and the manner in which a legal and regulatory arrangement affects the parties involved. The discussion shows that at least some of the measures chosen in the law are actually designed to confront and solve corporate governance issues, mainly those which arise from the separation of ownership and control. Furthermore, the paper demonstrates why policy makers should broadly and thoroughly examine the future possible implications of a legal arrangement proposed. As the paper indicates, these implications are not necessarily easily predictable and careful review may lead to the conclusion they might not yield the expected results or may generate more costs than benefits in the long run. Finally, it is crucial to examine whether the legal framework in which companies operate or enlisted in Israel is coherent and manages to create the required certainty for businesses and the paper helps to shed light on this question.