CURRENT ISSUE (May-June 2021)

In focus – Competition

Protection of economic competition generates benefits for society. Nevertheless, driven by the global consequences of economic downturn and local specifics, competition policy-making cannot be addressed from a single perspective, but requires that a much broader agenda be borne in mind.

Expert Opinion

“Investigative Powers” of AMCU: What and How does the Authority Inspect

by Oleksandr Fefelov, Olga Samoilenko

It is probably quite difficult to surprise the modern business community with inspections by law-enforcement authorities, which can appear on the doorstep of your company with a search. As corporate management is gradually developing immunity to such visits, it becomes more difficult [and not always possible] for law-enforcement officers to cope with their tasks.

Oleksandr Fefelov is an attorney at law, partner at Ilyashev & Partners
Olga Samoilenko is a lawyer at Ilyashev & Partners

In Re

The Monopolist Pays Twice: Myth or Reality?

by Olga Ivlyeva, Mykhailo Razuvaiev

Ukrainian antitrust law stipulates that damages caused by, among other things, abuse of dominance shall be compensated by the infringing party at double the amount. This rule is established by para 2 of Article 55 of the Law of Ukraine On Protection of Economic Competition No. 2210 of 11 January 2001 (the Competition Law).


Olga Ivlyeva is the head of competition practice at Wolf Theiss Kyiv
Mykhailo Razuvaiev is an associate at Wolf Theiss Kyiv

Antitrust Law Reform — Key Changes

by Valeriia Lepska, Yelyzaveta Kashyna

The Ukrainian Parliament is planning to implement comprehensive reform of Ukrainian competition law. Draft Law of Ukraine On Amendments to Some Laws of Ukraine in Relation to Competition Law Reform, No.2730, of 14 January 2020, focuses on the introduction of new merger control thresholds, settlement procedures, an improved leniency program, joint and several liability, and some other amendments.


Valeriia Lepska is an associate at AVELLUM
Yelyzaveta Kashyna is an associate at AVELLUM

News

Deals

AVELLUM advised EBRD on EUR 50 million financing of new subway cars

INTEGRITES advised Chanta Mount

Asters advised Smart Holding on closed sale of Unex Bank

Baker McKenzie advised Amtel Properties

Asters advised International Finance Corporation

AVELLUM advised Dobrobut’s major shareholders on buyback of shares from Horizon Capital

Asters advised ad hoc group of lenders on DTEK’s USD 2 billion restructuring

Cases

Philip Morris wins appeal to quash huge fines

Bank of England recognized bail-in of Privatbank Eurobonds for USD 595 million

Google won case on Java usage

Draft

Clarification of the procedure for appealing public procurement

Draft law on business ombudsman office finalized

Draft law on agricultural insurance adopted in first reading

Law digest

Law on Bureau of Economic Security now in force, greater powers from autumn

National Bank simplified conditions for placing Eurobonds abroad

E-passport regarded equivalent to a passport-booklet

Parliament adopted key law on land reform

The chamber

AmCham Ukraine launches UA2US Platform

On 20 May 2021, the American Chamber of Commerce in Ukraine launched the UA2US Platform to give members an opportunity to take their first business steps in the United States. The Platform will unite like-minded and ambitious companies that strive to expand their business horizons beyond Ukraine and see the United States as a potential destination for business expansion. 

Biznews

Cryptocurrencies

China bans financial institutions from conducting business involving cryptocurrencies

Tourism

Share of tourism in global economy slumps by half

Banking & Finance

World Bank approved loan of USD 200 million to Ukraine for upgrade of higher education institutions

Europe’s largest banks raised EUR 30 million to launch Visa and MasterCard competitor

European Investment Bank allocated further EUR 7 million for infrastructure in Ukraine

M&A

Toyota to buy Lyft division for half a billion dollars due to drones

Microsoft to acquire artificial intelligence developer Nuance for USD 20 billion

Sanctions

USA imposed sanctions on Russian vessels and firms connected to Nord Stream 2 pipeline

International Monitoring

J.P. Morgan forecasts GDP growth of 5.6% in Ukraine in 2021

Cover Story

State of Play

For the last couple of years, the approach and institutional capacity of competition regulation and enforcement handled by the Antimonopoly Committee of Ukraine has seen substantial changes, and another portion of them is on the way.

With the lack of awareness around the powers of the regulator, business experiences certain problems in formulating strategic priorities in line with best practices. We asked Yuriy Terentyev, former head of the Antimonopoly Committee of Ukraine (2015-2020), who recently joined Redcliffe Partners as a partner, to share his big picture vision of the competition landscape. Some insights from the inside out are surprising to a certain extent, though some are predictable. Our discussion has a clear mission, namely to shed light on the state of play and upcoming global trends in competition enforcement and broaden the understanding of fundamental rationale behind the decisions of various stakeholders.

Argument

Free Trade Between Ukraine and Israel

by Oleksandr Tereshchenko

The Free Trade Agreement (FTA) signed between the Cabinet of Ministers of Ukraine and the Government of the State of Israel (jointly referred to as the Parties) was signed by the Parties on 21 January 2019. After the respective ratifications by Ukraine on 11 July 2019 and by Israel on 13 August 2020, the FTA came into force on 1 January 2021. The process of negotiations was completed in 7 rounds and took more than 7 years.

Oleksandr Tereshchenko is a senior associate at Aequo Law Firm

Crux

Legal Digest

The last few months were fruitful for new legislative activities in the Ukrainian Parliament. Among attention-worthy initiatives are Drafts No. 5431-1 and No. 5431-1 on improving the activities of the Antimonopoly Committee of Ukraine, the refined Draft Law On the Institution of the Business Ombudsman in Ukraine and Draft Law No. 5309 On Making Amendments to the Law of Ukraine On Public Procurements and to Other Laws Regarding the Upgrading of the Public Procurements Complaints System. The topic of raiding and matters regarding estimating the value of real estate are also among significant amendments of late. The UJBL editorial team asked experts to provide their comments on these and other important topics.

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