FAQ's about TASE Up
An innovative trading arena where tech, real estate and other companies can stay private, and trade continuously on the TASE platform without being subject to ongoing disclosure requirements under the Israeli Securities Law.
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.
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 Real Estate Funds specializing in property investments abroad 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.
No.
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.
Pricing, Clearing & Settelment, Listings
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.
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.
No.
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.