In 2005 the Securities Law has been amended to allow for a "shelf prospectus" which is valid for 24 months after its approval by the Israel Securities Authority. This is a prospectus prepared and approved in the normal procedure but remains valid for 24 months. A company having a shelf prospectus may issue securities to the public several times based on the shelf prospectus by filing a "shelf offering report" which does not require an approval of the Israel Securities Authority. This procedure enables a company having a shelf prospectus to raise money from the public by issuing debt or equity in a quick process. We are assisting our clients in drafting and approving shelf prospectuses and thereafter in raising funds on the Tel Aviv Stock Exchange through shelf offering reports.