#11 November 2011

In focus – Regulatory & Government Affairs

The outgoing year was noted for being an extremely rich one in regulatory reforms and various government incentives. Ukrainian society felt numerous changes across almost all spheres of political, business and social life

Expert Opinion

Challenging a Regulatory Act of the Highest Authority: The Door is in Place but there is no Handle

Svitlana M. Romanova, Kseniia V. Pogruzhalska

The right to challenge the results of regulatory activity of all state authorities is proclaimed by certain provisions of the Constitution of Ukraine. In particular, Article 55 foresees that each individual is guaranteed the right to challenge legal acts or regulations, actions or omission by executive bodies, institutions of local self-governance and officials...

In Re

Stock Exchanges Committee: Regulatory Force in Ukrainian Stock Market

Vitalii V. Mazur

The Ukrainian stock market was founded in 1991 with the adoption of the On Securities and the Stock Exchange Act. Though Ukrainian legislation has been under constant development since that date it still has a long way to go. Today several government bodies participate in the regulation of Ukrainian stock markets the Ukrainian Parliament, the President, the Cabinet of Ministers of Ukraine, the National Bank and others. However, until recently, the State Committee on Securities and Stock Market was the primary regulator of Ukrainian exchanges

Increasing Government of Land Regulation and Cultivation of Agricultural Products

Vyacheslav M. Lytvynets

For the implementation of economic policy and social development the state uses a variety of means and mechanisms of regulating economic activity that involves the market and a state regulation mechanism. In recent years, considering the global problem of food security, agriculture is recognized by Ukrainian and international experts as one of the most promising sectors of Ukrainian economy. Thus, the attention of investors in this business is on the rise. The dynamics of the further development of Ukrainian agriculture are related to the introduction of an agricultural land market

Restrictive Covenants in the Sale of Business Context

Anna V. Putintseva

If you are acquiring a successful Ukrainian business, one of the major concerns is to ensure that the companys trade secrets, know-how, business connections and practices are preserved and protected after the deal is completed. After all, it is these very assets that made the acquired business successful and you want to make sure that they do not leave the company with the departing seller

Argument

The Undervalued Values of Arbitration: Impartiality and Independence

Pavlo I. Byelousov, Galyna M. Shyller

Any arbitration practitioner always bears in mind a truism that a high-quality arbitration is a result of joinder of (a) fairness and professionalism of parties (their counsels), on the one hand, and (b) diligence, expertise, independence and impartiality of arbitrator(s), on the other.

In fact, both (i) parties standing in front of a choice of appointing or challenging an arbitrator or (ii) arbitrator analyzing his or her status in order to accept or decline an appointment are puzzled when it comes to the process of defining the exact scope and limits of impartiality and independence

Global Legal Update

Impact of the Global Financial Crisis on National Regulators in European Countries

Sergey V. Kovalchuk

The financial crisis, whose signs emerged just a few years ago, and became clearly defined at the end of 2008, gave rise, in different countries and for different reasons, to a debate on the measures taken by regulatory agencies.

The European organization of Supreme Audit Institutions (EUROSAI) pays special attention to all aspects of the global financial crisis and, in particular, to the changes it caused in the regulatory environment of European countries. During the VIII EUROSAI Congress that took place in Lisbon in June 2011 public auditors from 49 Supreme Audit Institutions (SAIs) discussed, among other themes, the direct and indirect impacts that the crisis has had on regulators in European countries

Hot Issue

Green Tariff: Ukrainian Version

Yaroslav A. Petrov

In 2010-2011 we could observe the commissioning of several large renewable energy projects in Ukraine, in particular the first stage of the Novoazovskiy wind park, Rodnikovoye solar plant and one of the largest solar plants in Europe, Ohotnikovo. It is rather interesting that these projects were implemented with the technical assistance of German and Austrian companies; however, beneficiaries of these projects are high-profile Ukrainian businesses. Foreign investors are also assessing whether Ukraine is a potentially interesting place for the implementation of their own renewable energy projects

Crux

Handle with Care

Oleh Gromovoi

White collar crime is usually defined as a crime committed by a person of respectability and high social status in the course of his or her occupation. white-collar crime, therefore, overlaps with corporate crime because the opportunity for fraud, bribery, insider trading, embezzlement, computer crime, copyright infringement, money laundering, identity theft, and forgery are more available to white collar employees

Vitalyi Serdiuk

The globalization of the world economy has made the issue of protection of interests of officials of legal entities in conflict situations with the state, including law-enforcement bodies, an extremely topical question. These conflicts, first of all, are connected with economic crimes. Complaints by law-enforcement bodies about the activity of enterprises often led to attempts to institute criminal proceedings against the senior management of enterprises

Svitlana Kheda

Over the past year many local law firms have started to actively develop their white collar crime/compliance practices. The coming into force of the new Ukrainian anti-corruption laws (the new laws) and the UK Bribery Act 2010, as well as the increased enforcement of the US Foreign Corrupt Practices Act (FCPA) may be viewed as the most influential factors in this regard

Yaroslav Petrov

We would agree that interest in the area of white collar crime practice has been reinforced recently both worldwide and in Ukraine. On the global scale it is due to the entering into force of the UK Bribery Act, which is much tougher than the US Foreign Corrupt Practices Act

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