With 2014 and the first four months of this year being so tough for the Ukrainian economy, business actors are confident that those of them who survive can come out of the crisis much stronger. This optimism is not easily maintained by either domestic or international investors. The government understands this pretty well, as only predictability and certainty have always been factors in deal making.
Practice shows that the process of preparing annual reports on controlled transactions triggers a lot of questions from taxpayers. According to Yaroslav Romanchuk, managing partner of International Legal Center EUCON, these are requests for advice and practical assistance in the preparation of reports. “We see that not everybody understands that in addition to the reports it is also necessary to prepare documentation that justifies prices in controlled transactions”, says Mr. Romanchuk.
Oleksander A. Plotnikov
The troublesome state of financial and economic affairs in Ukraine, redoubled by RussiaТs escalating aggression in the East and the earlier annexation of Crimea are the reason why defaults may be expected on the part of some Ukrainian borrowers in 2015. Such defaults may involve Eurobonds as well as bilateral and syndicated loans. Thus, large-scale (in local terms) corporate debt restructuring processes will be inevitable in 2015.†††
Oleh P. Zahnitko
The stress-testing of secured instruments in 2009-2014 has exposed a lack of clarity in statutes, weak interpretation skills by courts and a knowledge gap present in regulators and the legislature. The DCFTA between the EU and Ukraine gives a helpful hand in this respect: it offers a good view on the functioning of security instruments of the modern interdependent economies operating in 28 various legal environments and able to achieve commercial goals. For secured transactions, financial pledge directives: 2002/47/EC, 2009/44/EC and 98/26/EC can be found to be particularly useful. Taken in the historical prospective, member states proceeded from the finality of settlement in the security-trading systems under 98/26/EC to the pledge of cash under 2002/47/EC and, finally, collateralization of credit claims pursuant to 2009/44/EC.
Maryna A. Fedorenko, Denys V. Kulgavyi
Today modernization and development of infrastructure and production facilities are widely regarded as the fundamental pre-conditions for boosting the growth of various sectors of the Ukrainian economy. Thus, modernization of the transport network, power supply objects, construction and development of sea ports and agricultural infrastructure etc. are often seen as essential for expanding the export capacity and production efficiency of Ukrainian producers, attracting new customers, as well as for giving an overall positive impulse to further development of the economy.
Dr. Roland Maass, Olexiy O. Oleshchuk
The vast majority of CIS-based entities, which want to raise capital abroad, went/go public in London and/or New York. So far only a few companies tried an IPO or a bond placement in Germany. One often hears as explanation that the infrastructure for CIS emigrants and their families is better in London and/or New York and that there are simply more CIS-based companies, so this is a standard and tested way to access the capital markets abroad.† Also, reference sometimes is made to other soft factors for families of the owners of such companies, like education offerings or Уbetter shopping opportunitiesФ. While all of these factors are certainly important and may play a role in determining which jurisdiction to select to tap the capital markets for only the first time, they should not be the only reason for an IPO or bond financing in a specific financial place. Below we will try to provide an overview on the conditions for going public in Germany.
Over the last five years the city of Lviv, known asthe capital of Western Ukraine, has become thecentre of attraction for business, tourists, investorsand cultural venues. Initiatives undertaken bythe local administration have created a uniqueclimate for investment activity in the region, whilethe deteriorating trends with the Ukrainian currencyand distressed value of assets confirm thisis the right time for those, who are willing to riskand use the fantastic opportunities that WesternUkraine offersЕ
On 9 April 2015 the Verkhovna Rada (Parliament) approved the On the Market of Natural Gas Act of Ukraine (further Ч the Act) in its second reading. To a large extent, the Act met requirements of the Secretariat of the European Energy Community. It will come into effect in October. Its objective is to streamline the operation of market participants according to market rules and to ensure that the market is open to all providers. Therefore, we propose discussion of some provisions of the Act.
-CMS advised on the acquisition of RBSТs business interests-
-Arzinger supported OSI Group-
-EPAP Ukraine advised supplier of products and solutions for steel industry-
-Alfa-Produkt LLC owes UAH 136,000 for Lemonade
-CMS Cameron McKenna represented mBank
-Kiev Commercial Court of Appeal rules in favor of Belvedere S.A.
-ECOVIS Bondar & Bondar proved the illegitimacy of the order of air route operating permits
Stabilization of the financial condition of Naftogaz Ukraine
Application of bail improved
Reduction of regulatory functions of government agencies
Timely Public Procurement
Foreigners staying in Ukraine
Regulation of the energy system in the ATO area
High Council of Justice should restore credibility of the judiciary in Ukraine
Improving the Program of Financial Market Development in Ukraine
UBA Committee on Banking, Finance and Insurance Law
UBA Taxation Committee Meeting
-National Bank of Ukraine launches bank survey
Renewable energy’s attractiveness
Energoatom takes step to further Ukraine’s energy independence
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