Client Update - Goldfarb Seligman
Should Courts Defer to the Regulator's Interpretation of its Own Regulation?

Dear Clients,

In a relatively rare process, the Israeli Supreme Court recently reexamined its own ruling regarding the interpretation of regulations issued by the regulator and the judicial review of such interpretations.

In this landmark ruling, commonly referred to as "The Seligman Ruling", the Supreme Court ruled that there is no deference given to the regulator's interpretation of directives it issues, explaining that each case should be examined separately, and its own unique circumstances should be considered.

It should be noted that, although in this case the Court's ruling was against the overseen entities who sought to rely upon the regulator's position, it is plausible that in future cases we will see this ruling supporting the position of overseen entities that are challenging a regulator's interpretation of its own regulations, if they perceive the interpretation as contrary to their interest.

For the full review, click here



For more information, please contact:


Rami Sofer | Head of the Corporate, Finance and Infrastructure Department
Yael Zhout | Senior Counsel, Corporate, Finance and Infrastructure Department



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