The international wealth management market has stepped into a period of change. High net worth individuals want to house their assets in secret. Meanwhile, governments around the world look meticulously at attempts to shield wealth offshore, introducing financial transparency and global information exchange initiatives. Long-term impact on the industry is inevitable. However, globally it is an important business segment for banks and lawyers...
Tetyana Ivanovych, Volodymyr Yaremko
When structuring your investment into Ukraine use of foreign companies’ (so-called Special-Purpose Vehicles) is common practice. With it becoming more and more popular, and not without merits, involve a trust into the corporate structure in addition to one or a few SPVs. Such a structure usually substantially increases protection of an asset, though it may not be sufficient in the event of an asset’s expropriation (directly or indirectly) by Ukrainian authorities.
Compared to the world’s developed economies, Ukrainian businesses started their development relatively recently. This was back in 1991 after Ukraine became independent from the Soviet Union. Therefore, it may be stated that Ukrainian business elite is rather young and is only just beginning to think about matters related to proper asset structuring and further efficient transfer of businesses to their family.
Olga Anufriieva, Anna Nevmerzhytska
The wealth management industry is on the way to recovery after the damage caused by the global financial crisis. According to the Global Wealth Report 2016, the number of high net worth individuals has grown by 60% in the last 10 years1.
Merger clearance for Boehringer Ingelheim’s asset swap transaction with Sanofi
AVELLUM advised EBRD
AEQUO advised multiple lenders on restructuring of multi-million loan facilities
Sayenko Kharenko advised on sale of Aegon Life Ukraine
Asters advised rail operator Ukrzaliznytsia
Eurobank Ergasias S.A. sells Universal Bank to TAS Group
Mriya bondholders demand debt acknowledgement
Amsterdam Court rules to return Scythian gold to Ukraine
Gazprom set to challenge fine running into billions imposed by AMCU
Odebrecht pays largest fine in history for corruption
European Court of Justice suspended decision to expand Gazprom access to OPAL
Ban on using apartments for purposes other than those proposed
Reorganization of medical institutions
Tax burden on heat supply companies reduced
New draft on LLC proposed
Legislative initiatives on stock market
President legitimized new taxes for individual entrepreneurs
Green tariff for large solar power plants reduced
NBU lifted 120 days restriction for payments for exporters of services
Business allowed to amend customs declarations
Simplified system of medicinal products registration started its work
State-owned Oschadbank receives technical support package from EBRD
NBU introduces mechanism of emergency loan services to banks
European Commission fined three banks EUR 485 million
Korean Commission slaps huge fine on Qualcomm
McDonald’s moves its tax residence to the UK
Ukraine and Poland sign agreement on rules of GTS interaction
Alaska Air Group buys Virgin America
Ukrainian channels become paid
EBRD opens EU4Business regional offices in Ukraine
Until recently private clients practice was not a very popular area of legal services in Ukraine. However, in recent years business owners have begun to realize the need for separation of their assets and the assets of their companies and the need to structure assets in the light of the trend towards global information exchange. The world is moving toward transparency and the main issue that remains is how to disclose the information in a proper manner. The rules of the game are rapidly changing, and management of private wealth faces revelations and disclosure threats.
Igor Kalaida, Oleksandr Tereshchenko
Ukraine and Canada enjoy long-standing friendly relations. More than 1 million ethnic Ukrainians live in Canada; Canada was one of the first countries to recognize independence of Ukraine. Canada actively supports Ukraine in countering Russian aggression, providing diplomatic, technical and financial assistance.
Letters of consent are used in many countries throughout the world for the registration of identical or similar trademarks. Until recently, the Ukrainian IP Office refused to accept such letters. However, due to the change in practice, with a letter of consent received from the owner of an earlier registered trademark or a trademark earlier filed for registration, he chances of registering a similar trademark in Ukraine are pretty good.
At the end of 2016 the IV International Forum for the Promotion of Legal Services held by Yuridicheslkaya Practika Publishing brought together more than 80 speakers and over 300 delegates. Over the course of two days (13-14 December 2016), the participants received an excellent opportunity to visit 8 sessions, 7 master classes, a business breakfast, legal cinema battle and presentation of the first Bot.Lawyer in Ukraine.
Over the last few months, the public authorities have taken a number of important decisions and nominated many legislative initiatives. In this section, the UJBL editorial team has enlisted the help of experts to comment on the latest changes and the large number of proposed drafts. Our latest digest includes, to a large extent, initiatives and already adopted laws that touch upon alternative energy sources, medicine registration procedure, introducing the institution of shareholder agreements and more.
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