The Legal 500

Oleksandr Aleksyeyenko, partner - oleksandr.aleksyeyenko@integrites.com

Artur Yalovyy, head of London office – artur.yalovyy@integrites.com

Generally, a loan, credit or other similar agreements governed by the law other than the law of the borrower’s jurisdiction, is affected by the “local” law in a limited way. Usually, such “local” law sets the procedure of execution of the agreement by the borrower and the validity of the agreement as well as of the respectful corporate authorization.

On 13 January 2012 the Law of Ukraine "On Amending the Tax Code of Ukraine Regarding Review of Certain Tax and Duties Rates"(the "Amendments") became effective. The Amendments change the procedure for calculation of adjustment index used for royalties' calculation.

UNCITRAL Arbitration Rules

On 27 October 2011, the presidium of the Chamber of Commerce adopted new rules of assistance allowing ICAC Ukraine to act as an appointing authority or offer administrative services to ad hoc arbitrations under UNCITRAL rules. The new rules refer to the UNCITRAL rules of 2010 and generally follow UNCITRAL's Recommendations to Assist Arbitral Institutions and Other Interested Bodies.  

Author: Eugene Blinov
Published in: NYSBA New York Internation Chapter News

To dismiss the application within twenty days from date of receipt of the notice of the application:

a. the arbitration agreement is valid as a result of the incapacity of a party according to the applicable laws;

Arbitration - Ukraine

Contributed by Astapov Lawyers International Law Group

When ratifying the New York Convention, Ukraine made the reservation that "with regard to awards made in the territory of non-contracting states, it will apply the convention only to the extent to which those states grant reciprocal treatment". The same approach towards reciprocity was incorporated into several instruments of Ukrainian legislation, in particular the Code of Civil Procedural Code. 

On 17 November 2011, the Parliament of Ukraine adopted amendments to the Law of Ukraine "On Production Sharing Agreements" (the "Law") aiming at improvement of the mechanism for entering into Production Sharing Agreements and establishment of additional grounds and opportunities for the development of exploration and production companies fully or partially owned by the state. The Law is awaiting the President's approval.

On 21 October 2011 the Parliament of Ukraine amended the Law of Ukraine "On Production Sharing Agreements" as to the list of subsoil resources plots. The amendment was signed by the President on 11 November 2011 and shall come into force upon official publication.

We set out below most recent changes in Ukrainian corporate law:

• legislation on reorganization of legal entities was modified;
  

•  Ukrainian SEC explained the standard of compliance with the duty of public companies to have their shares admitted to listing on a stock exchange;

• Ukrainian SEC provided more details on the functioning of joint stock companies; and

• On-line access to the Unified State Register of Legal Entities and Individual Entrepreneurs was launched following the Order of the Ministry of Justice of Ukraine.

with Foreign Lenders Submitted for Registration

On 31 October 2011, the Main Department of the NBU in the city of Kyiv and Kyiv region (the "NBU Kyiv Department") issued a letter (the "Letter") clarifying requirements that apply to loan agreements with foreign lenders and the set of documents submitted with the NBU Kyiv Department for registration. 

On 16 October 2011 the Law of Ukraine "On Making Amendments to Certain Laws of Ukraine Regarding Regulation of Relations between Creditors and Consumers of Financial Services" dated 22 September 2011 (the "Law") entered into force.