On 13 December 2011 the President of Ukraine signed the recently
adopted Law of Ukraine "On Amendment of Some Legal Acts of
Ukraine (Regarding Humanization of Liability for Offences in the
Sphere of Business)" (the "Law"). The Law aims to
improve the legal climate for business in Ukraine by removing
certain business practices from the purview of criminal law and,
accordingly, law-enforcement authorities. The Law came into force
on 18 January 2012.
The Law decriminalized the following offences to the level of
the administrative infractions: (a) unlawful actions with
privatization papers; (b) failure to comply with terms and
conditions of privatization for state and municipal companies; (c)
working in certain areas of business without proper authorization;
(d) failure to return to Ukraine earnings in foreign currency; (e)
concealment of permanent insolvency; (f) illegal actions in the
course of bankruptcy; (g) issuance of securities without
registration; (h) coercion
