Following a period of debt restructuring, Ukrainian companies are gradually coming back to international capital markets. The opportunities to raise capital by means of equity or debt issue have drawn more attention because of the general overload with banking loans across all sectors of the Ukrainian economy…

Placement of Shares on Foreign Stock Exchanges by Ukrainian Issuers

Glib V. Bondar, Mykola V. Stetsenko

Despite the fact that Ukrainian legislation on securities has changed substantially in recent years, share placement by a Ukrainian issuer (Issuer) on foreign stock exchanges remains poorly regulated. This article is a short comparative summary of advantages and disadvantages of alternative structures of initial offerings of either shares or global depositary receipts (GDRs) by the Issuer on an international stock exchange (IPO)…

Disclosure Obligations in Debt and Equity Offerings

Andrei G. Liakhov, Artur V. Yalovyy

Whether it’s a start-up project or a successfully running company, at some point in time every business faces the need to raise money for a variety of reasons. There are two basic ways to raise capital: either debt or equity. Choosing between them is one of the most important decisions facing managers, since such a choice could later have a substantial impact on the success of a business…

Access to Foreign Capital Markets: Stumbling Blocks of Currency Regulation

Nazar A. Chernyavsky, Andriy S. Finogin

This article focuses on issues of currency regulation that arise when Ukrainian borrowers take loans from foreign lenders. The conclusion of loan agreements with foreign lenders takes place not only within the traditional bank lending. The foreign loan transaction is also employed, for example, in cases where Ukrainian businesses wish to issue debt securities (notes, bonds, etc.) in foreign capital markets. …

Tax Implications for Ukrainian Agricultural Holdings Approaching International Capital Markets

Viktoriia Yu. Fomenko, Dmytro S. Kiselyov

Despite the economic crisis Ukraine is showing substantial economic growth in the agricultural sector. The potential of agricultural development in the country remains considerable. During recent years, investors increased own interest in the agrarian complex of Ukraine, which assisted to attracting portfolio investments to the industry at the level of nearly USD 2 billion beginning from 2007 period…

Forthcoming Changes in Disclosure Requirements: What should Issuers be Aware of?

Oleksandr I. Vygovskyy

The need for harmonization of Ukrainian legal requirements with European and international regulatory standards for securities offerings seems to be more than an acute. This is particularly apparent in view of the exigency to lure foreign investors and vivify frustrated Ukrainian securities market, not yet recuperated after the recent financial crisis…

The Future of Derivatives Regulation in Ukraine

Alexander S. Zadorozhnyy, Ttatjana A. Khrystyuk

During the past few years there have been numerous proposals to launch a “civilized” derivatives market in Ukraine. Several draft acts were submitted, yet none was adopted at the end. But are derivatives really something new for Ukraine, what are the drawbacks of the most recent proposed draft act and, finally, what prospects does derivatives regulation have in Ukraine…

Acquisition Finance: Ukrainian Peculiarities

Illya O. Tkachuk, Igor V. Krasovskiy

One of the most significant issues to be considered when structuring any acquisition is how to finance it. During the last two years we have witnessed a dramatic decrease in available financing. Ensuring financing is, thus, one of the key aspects to consider when structuring the acquisition scheme…

Moving in the Innovative Track: International Trademark Association held its 133rd Annual Meeting

Olga A. Usenko

The 133rd Annual Meeting of the International Trademark Association (INTA) was held at the Moscone Center West, San Francisco, California, in the period of 14-18 May. More than 8,700 delegates attended the central IP event this year. Educational sessions have continued to encompass the hottest IP issues of the last couple of years…