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Knesset Committee Approves Economic Court

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Monday, August 9th, 2010

The Knesset Constitution, Law and Justice Committee unanimously approved a bill to establish an economic court separate from the Tel Aviv District Court to deal solely with economic cases.

The bill, which had been suggested by Israel Securities Authority chairman Zohar Goshen, proposes that the economic court will deal with most of the legal proceedings related to criminal, administrative, and civil enforcement of the Securities Law (5768-1968) and the Companies Law (5769-1999).

The economic court’s three judges will also handle administrative petitions against rulings by Securities Authority, decisions by the Tel Aviv Stock Exchange (TASE), and decisions by the Registrar of Companies.

The bill still requires approval by the Knesset plenum in a second and third reading.