FAQ

FUNDS

Since the last market price settles according to the market supply and demand, the last price can potentially match below or above fund NAV which means the fund can potentially be traded at a premium or a discount..

Yes, the platform will be open for viewing only to the general public.
Investors who are neither institutional nor qualified investors will be able to view corporate valuation but not to trade on the platform.

Yes, the partnership shall  stipulate in its listing document the decision undertaken by Israel’s Tax Authority regulating the manner  in which partnership unit holders are taxed and subject to withholding tax.  It is possible to anonymously examine tax rolls  with the  Tax Authority . In addition, a streamlined and highly efficient process for addressing this issue has been created for funds seeking fast-track listing.

There is no such obligation, but publication may well create value and consequently, a possible solution is that the fund publishes contact information on TASE’s MAYA website, so that interested potential investors can contact the issuer directly.
In this manner, the information remains private rather than public.

Yes, they can list for trading on the TASE UP platform subjected to a lawyer statement from the origin company which approves the listing for trade in ISRAEL.

No, listing the units of a venture capital fund can only occur in the event of fully paid units.

The conditions that were agreed upon in the partnership agreement are attached to the units sold. Since trading on the platform is anonymous, limitations like identity of the investor can not be forced.

The Israel Securities Authority  (ISA) granted permission for these funds to operate for two years, effective as of the end of June, 2020.  At the end of two years. Funds will no longer be able to issue new participating units, but the one listed prior to the end of that period will continue to trade on the platform.

IAS 40.5  stipulates that “Investment property is property (land or a building or part of a building or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both.” The definition excludes 1)  property used in the production or provision of goods and services for administrative purposes, and 2) properties sold during the normal course of business.  The definition of investment property  does include , however,  income-generating residential property.

Subject to the confirmation by a CPA that the entity meets the listing criteria regarding the type of  issuer, they can list securities for trading on TASE UP.

PRIVATE COMPANIES

Yes, the platform will be open for viewing only to the general public.
Investors who are neither institutional nor qualified investors will be able to view corporate valuation but not to trade on the platform.

Yes, they can list for trading on the TASE UP platform subjected to a lawyer statement from the origin company which approves the listing for trade in ISRAEL.

There is no such obligation, but publication may well create value and consequently, a possible solution is that the fund publishes contact information on TASE’s MAYA website, so that interested potential investors can contact the issuer directly. In this manner, the information remains private rather than public.

Yes, there are no limitations on the incorporation place.

Regular and preferred shares can be listed for trading , subjected to TASE approval.

Yes, in such case when the anti-dilution mechanism is evoked, the anti-dilution shares will be distributed to the company current shareholders.

A company can decide to list only part it’s shares. For example, to list only class B preferred which accounts for 20% of the companies total outstanding shares.

INVESTORS

Yes, as long as they comply with the criteria stipulated in Israel’s Securities Law-1968 regarding qualified investors.

Non qualified investors duly registered as shareholders with the nominee company are entitled to see the securities in their bank accounts, but will be blocked from trading in them.

No, All securities holders will appear as a single line item under the name of the nominee company.

There is no such obligation, but publication may well create value and consequently, a possible solution is that the fund publishes contact information on TASE’s MAYA website, so that interested potential investors can contact the issuer directly.
In this manner, the information remains private rather than public

No, The only limitation is that those engaging in trading on the platform must be qualified investors.

PRICING, CLEARING & SETTLEMENT, LISTING

The responsibility for vetting the transaction is placed  squarely on the investor. Since the platform is designated for qualified investors, underling assumption is that they are fully capable of analyzing the transaction.

Yes, market makers can be appointed.

The company will transfer the entire amount to the nominee company and the TASE clearing department will transfer all the amount due via the exchange members the directly to the investor account.

Yes, TASE charges a fee of NIS 5,000 for placement clearing and settlement services, and all operations are administered by TASE.

Through the platform’s third-party partners and other capital market participants. The company can engage an underwriter to conduct the placement throughout the roadshow process and meetings with potential investors. In addition, investors can turn to the company individually and request materials accompanying the placement.

The list of the companies will be published at the TASE website.