News (#9 September 2020)

Law digest

Law on reducing green tariffs now in force

Law No. 810-IX On Amendments to Certain Laws of Ukraine on Improving the Conditions of Support for Electricity Production from Alternative Energy Sources was promulgated.

It provides for the following:

The amounts of green tariffs for solar and wind power facilities are cut by setting reduction factors;

The possibility is introduced to compensate the unbalance of electricity of the Guaranteed Purchaser according to this Law and the rules of operation of the balancing group of the Guaranteed Purchaser;

Within one month from the date of enactment of this Law, the mechanism of compensation for underspent electricity produced by Renewable Energy Sources producers due to the execution of the transmission system operators commands will be determined;

State guarantees are provided for the immutability of the legislation in force on the date of adoption of this Law for producers in accordance with the green tariff and investors.

Law on legalization of gambling business came into force

On 13 August most of the provisions of Law No. 768-IX On State Regulation of the Activities and Conduct of Gambling came into force.

The Law introduces comprehensive regulation of the gambling market in Ukraine:

An exclusive list of gambling activities allowed in Ukraine is being introduced: casinos, online casinos, bookmaking activities in betting shops and the Internet, organizing and conducting games in slot machine halls, organizing and conducting of poker games on the Internet;

A system of licensing activities in the field of gambling is being introduced with a differentiated fee for licenses depending on the type of activity, the location of the gambling establishment, etc.;

Requirements are set for the financial condition of gambling organizers and the compliance of gambling equipment used for gambling;

restrictions are being placed on gambling venues and the law on advertising is being amended to impose restrictions on gambling advertising.

The gambling business will be able to operate and earn fully from 2021.

Law on patent law reform came into force

The Law of Ukraine No. 816-IX On Amendments to Certain Legislative Acts of Ukraine on Patent Law Reform has come into force. The Law expands the list of technology objects that are not subject to legal protection. In particular, these are plant varieties and animal breeds, semiconductor product layouts, surgical or therapeutic methods of treating a person or animal, diagnostic methods, cloning processes, and new forms of a medicinal product known from the technology level.

The following items do not correspond to the concept of invention, and are not recognized as an invention under this Law if they act as an independent object:

Discovery, scientific theory and mathematical method;

Scheme, rules, and method of conducting games, competitions, auctions, physical exercises, intellectual or organizational, particularly economic, activities;

Computer program;

Form of presenting information (for example, in the form of tables, diagrams, graphs, using acoustic signals, pronouncing words, visual demonstrations, in particular on the screen of a computer device, books, audio and video discs, symbols, including road signs, route diagrams, codes, fonts, etc., schedules, instructions, projects or layouts of structures, buildings, territories);

The appearance of products (in particular, items, structures, territories) aimed at satisfying aesthetic needs.

The law on attracting investment came into effect

Law No. 815-IX On Amendments to Certain Legislative Acts of UkraineonSimplification of Investment Attraction and Introduction of New Financial Instruments has come into force.

This document unifies the approach to the organization of asset trading in commodity markets so as to ensure the transparency of prices that are formed in such markets, and prevent manipulation in them.

The document expands the list of financial instruments by classifying money market instruments as financial instruments, as well as introducing new types of securities bank certificates of deposit, green bonds, option certificates, and depositary receipts.

The Law provides for the settlement of relations arising from the placement and circulation of securities, the conclusion and execution of derivative contracts, and transactions with them.

The rights of bondholders are protected, including by envisaging the institution of a meeting of bondholders and a collective representative of corporate bondholders.

The document also contains a list and description of professional activities in the capital markets and organized commodity markets, as well as a description of the requirements imposed on professional participants and their activities, in particular obligations to clients.

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