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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Asters

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NBU Introduces Changes to Cross-Border Loan Registration Procedure

July 2012 - Finance. Legal Developments by Asters.

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On 15 June 2012, the Board of the National Bank of Ukraine (the "NBU") adopted Regulation No. 246 introducing amendments (the "Amendments") to the procedure of obtainment by residents of foreign-currency loans from non-residents and providing by residents of foreign-currency loans to non-residents (the "Procedure") set forth in NBU Regulation No. 270. The Amendments shall come into force 4 months after the date of registration by the Ministry of Justice, which occurred on 9 July 2012.

Ukrainian Competition Authority Threatens with Maximum Fines for Unauthorized Mergers

June 2012 - EU & Competition. Legal Developments by Asters.

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On June 18, 2012 the Antimonopoly Committee of Ukraine (AMC) announced that starting from July 1, 2012 it will be imposing the maximum statutory fines for unauthorized mergers. Thus, companies closing transactions without the Ukrainian clearance may be hit with a fine of 5% of their global group-wide annual turnover. This announcement followed after the largest fine in AMC's history (approx. EUR 41.5M) was imposed last week on the manufacturers of wood-based panels, members of a bid rotation cartel.

Overview of Recent Legislative Changes in Ukrainian Aviation Industry

June 2012 - Transport. Legal Developments by Asters.

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I. Ratification of the Cape Town Convention

On 6 June 2012 Ukrainian Parliament ratified the Convention on International Interests in Mobile Equipment and the Protocol thereto on Matters Specific to Aircraft Equipment, both dated 16 November 2001 (together the "Cape Town Convention").

Liability for Violation of Personal Data Protection Law

June 2012 - Corporate & Commercial. Legal Developments by Asters.

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Recently adopted Law on Personal Data Liability (Law of Ukraine No. 3454-VI of 2 June 2011 "On Amendments to Certain Legislative Acts of Ukraine as to Increase of Liability for Violation of the Personal Data Protection Law") comes into force on 1 July 2012.

Tax Stimulus for IT-Industry

June 2012 - Tax & Private Client. Legal Developments by Asters.

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Recently, the Ukrainian parliament adopted new legislation introducing certain amendments to the Tax Code of Ukraine and other laws and regulations. The draft laws ("Laws") are specifically aimed to support Ukrainian IT-industry, granting certain tax benefits to IT-companies. If the Laws are finally adopted, the tax benefits shall become effective from 1 January 2013 and remain valid for a 10-year period.

Ukraine to Conduct Two Tenders for Exploration and Production of Oil & Gas at Foros and...

June 2012 - Projects, Energy & Natural Resources. Legal Developments by Asters.

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Skifska fields of the Black Sea under Production Sharing Agreements

On 23 May 2012 the Ukrainian Government approved terms for 2 tenders on execution of production sharing agreements for production of oil and gas at deep water parts of the Black Sea by Resolutions No. 454 (the "Foros Resolution") and 455 (the "Skifska Resolution"). Resolutions become effective on 30 May 2012.

New Rules for Arrest of Sea-going Ships Effective in Ukraine

May 2012 - Transport. Legal Developments by Asters.

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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.

Securities Commission Adopts New Regulation on Consolidation and Subdivision of Shares

April 2012 - Corporate & Commercial. Legal Developments by Asters.

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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.

Securities Commission Adopts Rules for Acquisition of Professional Securities Brokers

April 2012 - Finance. Legal Developments by Asters.

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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.

New Tax Circulars

February 2012 - Tax & Private Client. Legal Developments by Asters.

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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:

Amendments to the PSA Tender Terms for Oles'ka and Yuzivs'ka Subsoil Blocks

February 2012 - Corporate & Commercial. Legal Developments by Asters.

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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.

Royalties decrease in 2012

January 2012 - Tax & Private Client. Legal Developments by Asters.

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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.

Ukraine: Changes in Mechanism for Entering into Production Sharing Agreements

December 2011 - Litigation & Dispute Resolution. Legal Developments by Asters.

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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.

Tenders for Production Sharing Agreements Won't Be Limited to the List of Subsoil Resources Plots

November 2011 - Corporate & Commercial. Legal Developments by Asters.

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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.

NBU Main Department in the City of Kyiv and Kyiv Region Specifies Requirements to Loan Agreements...

November 2011 - Finance. Legal Developments by Asters.

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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. 

Rules for Provision of Consumer Loans in Ukraine Changed

November 2011 - Finance. Legal Developments by Asters.

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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.

Recognition and Enforcement of Foreign Court Judgments Will Be Secured By Interim Measures

October 2011 - Corporate & Commercial. Legal Developments by Asters.

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On 22 September 2011 the Parliament of Ukraine adopted the Law amending Civil Procedural Code concerning granting interim measures during recognition and enforcement of a foreign court judgment.

Ukrainian Leniency Rules to be Detailed

October 2011 - Corporate & Commercial. Legal Developments by Asters.

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On 30 September 2011 the Antimonopoly Committee of Ukraine (the AMC) published draft Regulation detailing rules and procedures applicable to leniency applications in cartel cases (the Regulation). Beyond all doubt, the document is an important step towards better prevention, detection, and fighting cartels.

Ukraine's National Bank Exempts Payments by Ukrainian Sureties to Foreign Lenders from the...

September 2011 - EU & Competition. Legal Developments by Asters.

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Licensing Regime

On 25 July 2011, the National Bank of Ukraine (the "NBU") adopted an amendment (the "Amendment") to the Regulations enacted by NBU's Resolution No. 266 dated 17 June 2004, pursuant to which payments by Ukrainian sureties to foreign lenders in connection with loans provided to Ukrainian borrowers were exempted from the NBU licensing regime (the "Exemption") which previously required obtainment of an NBU's individual license for each such payment. The Exemption applies, if such payment is made to fulfill Ukrainian borrower's obligations under a loan agreement registered by the NBU. The Amendment has come into force on 5 September 2011.

Liberalization of Telecoms: Recent Amendments to the Telecommunications Law

September 2011 - TMT ( Technology, Media & Telecoms). Legal Developments by Asters.

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Important amendments to the Law of Ukraine "On Telecommunications" were recently introduced by Law no. 3566-VI (the "Market Access Law") and Law no. 3610-VI (the "National Commissions Law") which became effective on 27 July and 7 August 2011 respectively. The new laws are aimed at facilitating access to the market in telecommunications services and introduce serious changes in the organization of state authorities regulating this market.

Fiscal incentives for energy efficiency and alternative energy

June 2011 - Projects, Energy & Natural Resources. Legal Developments by Asters.

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Sustainable energy use has a significant place in Ukraine's energy policy. The Energy Strategy to 2030 and the Economic Reform Programme for 2010 to 2014 both identify switching to alternative energy sources and achieving greater energy efficiency as key priorities.

Taxation in Ukraine: Major Developments In 2010

June 2010 - Tax & Private Client. Legal Developments by Asters.

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It has become a tradition in Ukraine when approval of the annual state budget law is followed by amendments to Ukrainian tax laws. This process usually takes place in late December each year. This year, however, the state budgeting process was completed only in April in the wake of presidential elections, formation of the new parliamentary coalition and appointment of the new government.

Capital Markets 2010

June 2010 - Finance. Legal Developments by Asters.

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Please give a brief overview of the equity market(s) in your jurisdiction and initial public offering (IPO) activity generally. What were the large deals over the past year? Have there been many listings of overseas companies on your market(s)?

The Dispute Resolution Review

June 2010 - Litigation & Dispute Resolution. Legal Developments by Asters.

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Ukraine is a civil law country with the Constitution being a principal source of law. The main sources of civil and commercial law are acts promulgated by the legislative and executive branches of state power. International treaties ratified by the Parliament become part of national law and prevail in a conflict with domestic law. Judgments issued by courts of general jurisdiction are not recognised as a source of law in U kraine, but play a significant role in its interpretation.

How the crisis changed M&A

June 2010 - EU & Competition. Legal Developments by Asters.

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The global financial crisis significantly affected cross-border M&A transactions in Ukraine. The overall value of M&A declined substantially in 2008 and 2009. According to M&AIntelligence, 87 major M&A transactions with a total value of $21.49 billion were announced in 2007. In 2008 this figure dropped to 36 transactions with a total value of $3.69 billion, rising again in 2009 with 37 deals valued at $13.94 billion. The 2009 increase was primarily due to the acquisition of shares in a leading Ukrainian mobile telecom operator, Kyivstar, by the Russian VimpelCom for $13.08 billion. This deal was a part of a larger transnational restructuring between ultimate owners of Kyivstar and VimpelCom, Norway’s Telenor and Russia’s Alfa Group. Another major deal was the acquisition in early 2010 of one of the major industrial groups, Industrial Union of Donbas (ISD), by a group of Russian investors funded by Vnesheconombank, which reportedly valued ISD group at approximately $2 billion.

Vertical Agreements 2010

June 2010 - EU & Competition. Legal Developments by Asters.

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What are the legal sources that set out the antitrust law applicable to vertical restraints?