LATEST NEWS

May 23, 2016

IBA ECA Forum 2016 welcome to Ukraine!

Ukrainian Bar Association has the pleasure of inviting you to the International Bar Association Europe – Caucasus – Asia Forum 2016 taking place on 15-19 June 2016 in Kiev/Lviv, Ukraine.   After a ten year record of successfully pro…

CMS promoted Olga Belyakova to a partner in Ukraine

The Kiev office of CMS Cameron McKenna promoted Olga Belyakova to a partner. Olga advises clients on corporate/commercial and competition matters with a special focus on the technology, media and communication sector (TMC). Olga has over fift…

May 19, 2016

Wolf Theiss holds a seminar on Ukraine-Poland Business Realtions and investment opportunities

On 17 May 2016 the Ukrainian and Polish offices of Wolf Theiss successfully held a seminar in Kiev, on Ukrainian-Polish Business Relations organized jointly with the Ukrainian Venture Capital and Private Equity Association (UVCA) that Wolf Thei…

 

CURRENT ISSUE (May 2016)

In focus – Occupied Territories

The ongoing hostilities in eastern Ukraine, annexation of Crimea, the frozen long-running conflict in neighboring Moldova and precedent of North Ossetia and Abkhazia in Georgia obviously have something in common The clear footprint of our big eastern neighbor. Being a sort of a déjà vu for post-soviet now independent states, the situation surrounding our country (literally and metaphorically) is not only a challenge for the rest of the world, but the first warning signal for security in Europe and other parts of the globe...

With the support of Tax Regulation

According to Article 39 of Tax Code of Ukraine (TCU) transfer price formation documentation is a set of documents or a single document, drawn up in any form, which should contain certain information that would justify the level of prices in controlled transactions. As noted by Yaroslav Romanchuk, managing partner of the International Legal Center EUCON, the Code establishes a list of essential information, but taxpayers have not received any recommendations as to content and order or sequence of preparation...

Expert Opinion

Determining the Legal Status of Crimea after Annexation by Russia

Oleksandr M. Biryukv

The occupation of Crimea had already begun by late February 2014, practically in the last days of the Revolution of Dignity. By 2 March 2014, unidentified Russian military troops without insignia, widely known in the Western press as the little green men, surrounded the Supreme Soviet of the Autonomous Republic of Crimea of Ukraine. At one of its first sessions, and in violation of the Constitution of Ukraine, the Parliament of Crimea appointed Sergey Aksyonov the Prime Minister. On 11 March 2014, the Supreme Soviet of Crimea adopted a Declaration of Independence and set a date for a local referendum on the status of Crimea. The participants in the 16 March 2014 referendum voted to proclaim a new state, the Republic of Crimea, and then to join the Russian Federation...

In Re

The Crimean Conflict as a Barrier for International Trade

Ivan V. Kasynyuk, Dmitry M. Kval

Having annexed the Crimean Peninsula, Russia nationalized numerous facilities, recognized as the state property of Ukraine, which among others, also included seaports located on its territory Yevpatoria, Kerch, Sevastopol, Feodosia and Yalta.

However, the reaction of international community and, in particular, non-recognition of annexation of the Crimean Peninsula by the Russian Federation, clearly manifested that in the modern world it is not feasible to physically capture territory and property of other country without bearing the relevant consequences for such aggressive actions...

Occupation of Territory of Ukraine in Focus of Maritime Law

Vyacheslav P. Lebedev

The history of modern public international maritime law goes back to the 1st UN Conference on the Law of the Sea held on 2429 April 1958, in Geneva. The new stage in development of international maritime law was the 3rd UN Conference on the Law of the Sea which resulted in adoption of the UN Convention on the Law of the Sea dd. 10 December 1982 (UNCLOS) which came into force on 16 November 1994. This Convention is called the Constitution of Seas for good reason, since it displays the long-term experience of progressive development of international maritime law...

Internally Displaced Persons: Registering Place of Temporary Residence

Oleksandra R. Fedk

The armed conflict in Ukraine has changed the lives of thousands of people. Now, when it has been more than two years since the beginning of the Anti-Terrorist Operation, we still see a noticeable difference between de jure and de facto standing of Internally Displaced Persons (IDPs)...

News

Deals

Vasil Kisil & Partners advised NICMAS Group

Redcliffe Partners supported EBRD

Sayenko Kharenko advised EBRD

Cases

Microsoft sued U.S. Government

Google won action on right to scan books in USA

Volkswagen and USA reached out-of-court settlement

Tatneft sued Ukrainian businessmen in Ukrtatnafta case

United States launched investigation into Mitsubishi

Christian Louboutin won USD 364,000 from Russian companies

Law Digest

Amendments to the Land Code of Ukraine

Amendments to adopted Tax Code

Business registration transferred to local authorities

Promoting family farms activity

Procedure on granting special permits for subsoil use

Draft

Improving connection to electric power grids

Support of international arbitration in Ukraine

Local authorities can change target designation of private land lots

Amendments to the Tax Code

Biznews

Natural Resources

World's largest private coal mining company declares bankruptcy

Banking & Finance

Swiss National Bank granted National Bank of Ukraine loan of USD 200 million

State Policy

Ministry of Temporarily-Occupied Territories created

Mergers & Aquisitions

Prospective M&A

Competition

European Commission accuses Google of monopoly

Antimonopoly Committee of Ukraine

AMCU deprived Ukrainian company of rights to use REHAU brand

AMCU conducts inspections of electronic auctions for seized property

Finance

Ukraine received EUR 97 million from the European Union

Chamber News

In pursuing its mission, the Banking & Financial Services Committee of the American Chamber of Commerce in Ukraine actively contributes to the Ukrainian banking system developing and promoting high quality banking standards and values as well as in local banking environment harmonization with the best international practices.

UBA News

UBA Meeting with Craig Shank

UBAs Inaugural IT Conference

Cover Story

Testing Deeper Waters

The Ukrainian legal market, which had almost forgotten about the noisy arrival of international powerhouse law firms, was shaken by the arrival of Kinstellar at the beginning of March.

Being among the most challenging, but nevertheless, very prospective emerging markets, Ukraine seems to have been a target for Kinstellar since its establishment in 2008.

Kinstellars competitive advantages include its network of offices in nine countries across the Emerging Europe region and beyond, and its well-developed relationships with leading international law firms both of which benefit clients in Ukraine.

In Kiev, Kinstellar has already made a number of strategic hires, including most recently Andriy Nikiforov, a long-time fixture at Baker & McKenzie, who joins as a counsel and head of the Banking, Finance & Capital Markets and Restructuring & Insolvency practices...

Global Legal Update

Snapshot of Central Asian Legal Services Industry

Oybek YULDASHEV, Rauf SALAHODJAEV

According to Grand View Research2, between 2015 and 2022 the legal services market is expected to experience even higher growth rates due to increased globalisation, a more competitive environment, changing trends in foreign direct investment, economic growth and more modern business structures and transactions.

However, the global economic slowdown means more competition within the markets and less active law firms risk being overtaken by more active and aggressive ones.

Still, the legal services industry seems to be less sensitive and responsive to changes in business cycles3. The size of the global legal services industry shows that the international economic and financial crisis has so far had a negligible impact on the overall demand for legal services.

Considering that transition economies, especially post-Soviet countries, are characterised by more volatile and, therefore, more uncertain business environments, the interesting questions to address are: what are the current state and future prospects for the legal services industry in Central Asian countries, and how will the various economic, individual and social characteristics impact the legal services industry in coming years?

Crux

Legislative Update

Activity over the last month has brought in new legislative changes as well as developments in various aspects of business regulation. In this section the UJBL editorial team has enlisted the help of experts to comment on the latest changes and a large number of proposed draft acts. Our latest digest includes, to a large extent, initiatives that touch upon the intellectual property, energy, arbitration, taxation, customs spheres, and not only.

Oleksiy Stolyarenko

Reform proposed by the Draft Concept on reforming of the state system of intellectual property protection in Ukraine is long overdue. Structural problems with three level subordination in the state IP system are quite evident, where all of the levels do align, duplicate and conflict with each other at the same time in terms of the scope of authority, funding and official duties...

Oksana Krasnokutskaya

The Draft Act On Limited Liability Companies and Additional Liability Companies prepared by the Ministry of Economic Development and Trade of Ukraine in collaboration with representatives of the legal community and Commercial Law Centre took into account the current needs of business and filled the gaps of current regulation on LLCs...

Anna Bukvych

The Draft Act On Amendments to Certain Legislative Acts of Ukraine on Improvement of Connecting to Electric Networks was developed according to the Governments plan approved in order to upgrade Ukraines rating in the Worlds Bank Doing Business. In the last few years recent achievements in the Rating were gained mostly by improving Ukraines position in certain topics of the Rating...

Dmytro Shemelin

Draft Act No.4351 is in general terms a positive step towards the pro-arbitration stance of Ukrainian courts. The key positive feature of the Draft is that arbitration-related cases are now in the jurisdiction of the Kiev Court of Appeal. The removal of these cases from the jurisdiction of courts of first instance drastically reduces the reaction time of the courts and stimulates the unification of arbitration-related practice...

Sergiy Gryshko

Despite its less than appealing name, Draft Act No.4351 On Amending Certain Legislative Acts of Ukraine with Regard to Judicial Control and Assistance to the International Commercial Arbitration is a revolutionary piece of legislation which, if adopted, will completely change the regulatory framework for international commercial arbitration in Ukraine...

Serhiy Yaroshenko

Introduction of a special 15% tax for transactions with corporates established in offshore jurisdictions through Draft Act No.4413 will likely affect the ease of doing business in the country. The need for its adoption is unclear, as a year ago similar provisions known as thin capitalisation rules were re-incorporated in Article 140 of the Ukrainian Tax Code..

Igor Reutov

The Cabinet of Ministers of Ukraine has approved reorganization of tax administrations dealing with compliance of large taxpayers (Resolution No.247 of 30 March 2016). All such tax administrations will merge with the State Tax Service Office for large taxpayers. There are 1725 large taxpayers (in 2016) in Ukraine and they anticipate that the said reorganization will have more effect than just change of name...

Sergiy Kyrych

The Ukrainian Finance Ministry presented the Draft Act On Amendments to the Customs Code of Ukraine (on the authorized economic operator and simplified customs procedures).

Under the Draft there are plans to introduce in Ukraine the Institute of authorized economic operators (UEO) similar to that which functions in the European Union and throughout the civilized world...

Katerina Lysechko

International financial institutions(IFI) and the IFChave had a great recordin local business loan financing.However, their share inthe total credit exposure issmall. The NBU Resolutionunder review should first ofall look attractive to small andmedium-sized businesses thatwill benefit from the nationalcurrency loans extended bytheir Western partners. Still,the main point is what bankswill give loans and on whatterms and conditions

Sergii Korniienko

The changes made by the Cabinet of Ministers of Ukraine as of 6 April 2016 through Resolution No.277 to the Procedure on issuing special permits for subsoil use and Procedure of conducting auctions for the sale of special permits for subsoil use, in general, can be considered as a positive step towards attracting investment in developing mining operations...

Sergey Protasov

On 10 November 2015 Draft Act No. 3448 On Amendments to the Tax Code of Ukraine as to the Peculiarities of Criminal Proceedings in Tax Relations and Administration of Taxes and Duties was submitted to the Verkhovna Rada of Ukraine. Draft Act No.3448 proposes several amendments to some legislative acts of Ukraine...

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