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Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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On 16 May 2012 the International Convention for the Unification of Certain Rules Relating to the Arrest of Sea-Going Ships (1952), known as Brussels Convention, and implementing amendments to the procedural legislation entered into force in Ukraine.
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Article 15 of the Code of Civil Procedure provides that applications for recognition and
enforcement of awards issued in international commercial arbitration are considered
by the courts of general jurisdiction following the procedure set out in the code.
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On 13 April 2012 the new Regulation on Consolidation and Subdivision of Shares in Joint Stock Companies (the "New Regulation") adopted on 6 March 2012 by the Ukrainian National Commission on Securities and Stock Market (the "Commission") became effective and replaced the old Regulation on Registration of Shares in the Course of Change of Nominal Value and Quantity of Shares without Change of the Share Capital Amount approved by the Commission on 14 September 2000.
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On 13 March 2012 the Ukrainian National Commission on Securities and Stock Market (the "Commission") adopted the Regulation (the "Regulation") on granting a permit (the "Permit") for equity acquisition in a professional securities market participant, such as a security broker, asset management company, custodian, depositary, etc., resulting in direct or indirect holding or control over 10, 25, 50 or 75 percent of equity (the "Significant Shareholding"). The Regulation will be effective upon its approval by the Ministry of Justice.
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On 23 February 2012 the Ukrainian Parliament adopted the Law of Ukraine “On the Specifics of Establishment of Public Joint Stock Company of Public Railway Transport” (the “Public Railroad Transport Company Law”), which became effective as of 22 March 2012, and the Law of Ukraine “On Amendments to the Law of Ukraine “On Railroad Transport” (the “Railroad Amendment Law”), which will become effective from the date of state registration of the Company according to the Public Railroad Transport Company Law.
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From May 2011 and until January 2012, as a result of unification effort against inconsistent practice of the lower courts,the Supreme Court of Ukraine (the “Supreme Court”) re-examined inconsistent rulings of Ukrainian cassation courts on disputes arising out of, inter alia, mortgage and suretyship agreements and made a number of important decisions providing guidance on application of the relevant legislation in similar cases.
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Recently Ukrainian State Tax Service (STSU) published a number of tax circulars containing STSU's interpretations of the tax law. The above circulars cover a variety of issues. Some of the key points are as follows:
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On 6 February 2012 the Cabinet of Ministers of Ukraine amended its Resolutions No. 1297 and No. 1298, dated 30 November 2011 (the "PSA Resolutions"), which determine tender terms for conclusion of production sharing agreements ("PSA") on exploration and production of hydrocarbons, in particular non-conventional gas, in Oles'ka and Yuzivs'ka subsoil blocks.
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Oleksandr Aleksyeyenko, partner - oleksandr.aleksyeyenko@integrites.com
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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.
The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
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International conference entitled «International Commercial Arbitration in Ukraine and the World: yesterday, today, tomorrow», dedicated to the 20th anniversary of the ICAC at the UCCI.
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Sayenko Kharenko acted as legal counsel to the lenders in the course of restructuring of financial obligations of “Potok8” (former Mirax Group), one of the leading Russian construction and development companies, under the outstanding USD 180 million credit linked notes.
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22 May 2012. Senior Associate of International law firm Integrites in his speech at Ukrainian M&A Congress touched upon the current situation and prospects of Ukrainian market of mergers and acquisitions, particularly M&A deals in Ukraine in a comparative perspective and the most common deal breakers.
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Our Managing Partner met with Senator George Mitchel of DLA PIPER in New York on Monday 7th. They discussed possibilities of further cooperation between Cyprus and the US and the enhancement of the cooperation between Pamboridis LLC and the DLA Piper Group.
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Asters lawyers have successfully completed collection of a large debt on behalf of Public Joint-Stock Company "Credit Agricole CIB", the Ukrainian subsidiary of Credit Agricole Group. Credit Agricole CIB is one of Ukraine's most reliable banks and a leader in M&a deals in the country, according to Expert rating agency.
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USD100 million secured medium term loan facility
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Asters acted as a legal counsel to the European Bank for Reconstruction and Development (EBRD) in connection with financing arranged by EBRD for Eco-Optima to finance construction of a 12.5 megawatt wind power plant in Starosambirskyi district of Lviv region.
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RECOGNIZED BY CHAMBERS EUROPE 2012
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Kyiv, 15May 2012 – Avellum Partners is proud to inform that it has won the Chambers Europe Award for Excellence 2012 for Ukraine and was recognized as Ukraine Law Firm of the Year. The award ceremony was held in Amsterdam on 10 May 2012.
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Sayenko Kharenko acted as legal counsel to European Bank for Reconstruction and Development (“EBRD”) in connection with USD 50 million loan to JSC “The State Export-Import Bank of Ukraine” (“Ukreximbank”).