News (#7-8 July-August 2020)

Draft

Draft law on cloud services adopted in first reading

The Verkhovna Rada adopted Draft Law No.2655 On Cloud Services in its first reading, which, in particular, regulates legal relations on data processing and protection when using cloud computing technology and providing cloud services.

The document, in particular, proposes to define the concepts of cloud computing, cloud services, cloud service provider, cloud service user, cloud resources, data processing centre at the legislative level. It will also introduce definitions and list of cloud services and ways of their provision into legislative terminology and set requirements for the cloud service providers dealing with public customers. It is also proposed to determine characteristic features on the provision of cloud services and their use by public authorities, authorities of the Autonomous Republic of Crimea and local self-government authorities.

Verkhovna Rada adopted Draft Law on Joint-stock Companies in first reading

The Verkhovna Rada adopted Draft Law No.2493 On Joint-Stock Companies in the first reading. The document, among other things, permits companies to choose the model of corporate governance. The Draft Law, in addition to the already existing two-tier corporate governance system, introduces a one-tier one. It also envisages that the general meeting of the joint-stock company can be held in electronic form, and the position of advisor on corporate issues will be introduced to assist shareholders.

New draft law on Business Ombudsman registered with Parliament

Draft Law No. 3607 On Establishment of the Business Ombudsman in Ukraine was registered on the Verkhovna Rada website. The new version of the Draft Law:

 determines the change of institutional status to a non-governmental non-profit organization;

 sets the possibility of establishment of regional representative offices;

 establishes the right to arrange a meeting with all state officials, including the Prime Minister, as a matter of priority. Sets the possibility of attending meetings of the Cabinet of Ministers, the Verkhovna Rada;

 classifies criteria for filing and rejecting complaints, determines a clear procedure for handling complaints;

 establishes the obligation to cooperate with the Business Ombudsman for bodies that are not part of the Cabinet of Ministers of Ukraine;

expands the responsibility of state officials for illegal refusal to provide accurate information in a timely manner at the request of the Business Ombudsman Office;

determines the mechanism for the establishment of the Supervisory Board, entry criteria and possibility for voluntary withdrawal of business associations from the Supervisory Board.

Government approved draft law on guarantees to banks

The Cabinet of Ministers has approved proposals on legislative changes enabling small and medium-sized businesses that have suffered financial losses as a result of COVID-19 to access financial resources by obtaining loans with a partial state guarantee. The Draft was heard in the sectoral committee and finalized in accordance with proposals made by MPs.

Guarantees will be provided to businesses entities by the Ministry of Finance under a pool of loans to be issued by lending banks. Following approval of the relevant amendments to the Budget Code of Ukraine and the Law of Ukraine On the State Budget for 2020, the Government will establish conditions for the selection of banks and the procedure for providing such guarantees via individual decisions.

Subscribe
The Ukrainian Journal of Business Law

Subscribe to The Ukrainian Journal of Business Law right now and enjoy the most relevant issues on doing business in Ukraine on your device or in print.

All this for just USD 9.99 a month.

 

Subscribe now

.