We live in a period when the macroeconomic situation is at its most difficult since 1996. The banking system serves as the circulatory system of the national economy. And all kinds of obstructions in its natural functioning lead to very sad consequences for the entire system.
Transfer pricing and representations of non-residents
A representation of foreign business is an institution or a person representing the interests of a foreign business entity in Ukraine, as for this it has duly accorded the appropriate mandate and acts in its interests and favor. Pursuant to the Tax Code, a representation of a non-resident is treated as equivalent to a taxpayer carrying out its activities irrespective of the non-resident. An issue appears frequently in this connection as to whether the transfer pricing norms are applicable for transactions which are implemented by representations with residents of Ukraine. Should the representations submit reports? Who shall be part of a controlled transaction — a non-resident or its permanent representation?..
Olexander M. Droug, Olexander V. Olshansky
The dramatic economic situation in Ukraine has put many firms into financial trouble. During times of such hardship, bankruptcy and insolvency law faces a special test. The well-known goals of insolvency law are to help viable businesses survive and facilitate the removal from the market of those that are not viable. Unfortunately, the assessment provided in the 2016 Doing Business report is that the goal of saving a viable business is unlikely to be achieved in Ukraine. Although the On Restoring the Solvency of a Debtor or Recognising it Bankrupt Act of Ukraine (Ukrainian generally applicable Bankruptcy Act) was restated with effect from 2013, Ukraine is still ranked 141 out of 189 economies in the Resolving Insolvency indicator of the report. It seems further reform is necessary to rise to the challenges of this difficult time...
Andrii V. Zharikov, an associate with DLF attorneys-at-law
In 2015 Ukrainian legislation related to the acquisition of a significant shareholding in a bank was substantially amended. This was due to the harmonisation of Ukrainian legislation with EU legislation. Changes were, therefore, made to the laws of Ukraine as to the transparency of ownership structure, including the ultimate beneficiaries, of banks, increase in the liability of shareholders and related persons of the bank, etc. This article discusses the current procedure for obtaining approval from the National Bank of Ukraine on acquisition of a significant shareholding in a bank and provides practical comments in relation to some aspects of this procedure...
Oleg M. Krainsky
Throughout the last few years arbitration practice has been marked by the introduction of an entirely new category of conflicts for consideration — financial conflicts. For a variety of reasons briefly discussed below banks, the traditional adherents of litigation, turned to find arbitration a preferable means for resolving their business disputes. This contribution seeks to examine, to what extent was the substantial law of international arbitration influenced by this development. It proceeds to compare the issues that a bank’s counsel is advised to pay attention to while drafting an arbitration agreement with the issues usually emphasised in general commercial practice...
Avellum Partners advised Raiffeisen Bank International AG and PJSC Raiffeisen Bank Aval
DLA Piper advised Bomond Group
Sayenko Kharenko advised Commerzbank
Avellum Partners advised on Ukraine’s USD 15 billion sovereign debt restructuring
DLA Piper advised on re-opening of Dior boutique
Asters advised China Development Bank
Wolf Theiss advised Vienna Insurance Group
Àvellum Partners advised city of Kiev on its Eurobonds Restructuring
Sayenko Kharenko — Ukrainian legal counsel to Infracapital
Integrites — legal advisor to VTB Bank
German court rejected claim by Poland regarding Nord Stream
Employer may check social networks of employees in certain cases
Court lifted an attachment of bank accounts of Neftegazdobycha
Louis Vuitton filed suit against sale of counterfeit goods via Taobao
Public Procurement
Quorum of general meetings of limited liability companies reduced
Changes in tax legislation
Abuse of monopoly by New Systems AM LLC
Gazprom case under review
Investigation of the electrical energy and steam coal markets
Extra Protection of Intellectual Property
Amendments to the Constitution of Ukraine
Emissions
Export and credit agency
Resolution banning import of goods from Russia in effect now
Gazprom calls off tenders for construction of gas pipeline to Nord Stream 2
In-depth investigation into acquisition of Baker Hughes by Halliburton
Abandoning routine inspections till June
Chamber Meeting on Overview of European Cybersecurity Implementation
Chamber Customs Committee Meeting
Chamber Banking & Financial Services Committee
The recent non-payment crisis is facilitating banks to find the proper solution for managing their bad debt portfolios. And legal strategy is pivotal for the performance of banks in these critical and very challenging times for the banking sector. We came armed with these questions for an interview with the partners of L.I. Group — Mykola Kovalchuk and Artur Megeria. Their matter-of-course dispute practice gave us a quite clear explanation of the situation on the ground.
Tatiana A. Daniltseva, Stanislav B. Karpov
The On E-Commerce Act of Ukraine aimed to ensure the legal procedure for conclusion of agreements remotely by means of digital telecommunication technologies entered into force on 30 September 2015.
Dynamically developing digital technologies dictate usage of new distribution channels for goods and services, including insurance policies. Therefore, the On E-Commerce Act was highly anticipated by insurance companies in Ukraine...
The acts of national courts become the subject matter of the investor-state arbitration in four of the most typical categories of claims depending on which international law standard is invoked:
— denial of justice claim;
— claim on breach by the judiciary of the fair and equitable treatment (FET);
— claim on breach by the judiciary of the effective means standard;
— claim on judicial expropriation...
At the end of 2015 the III International Forum for the Promotion of Legal Services held by Yuridicheskaya Practika Publishing brought together the legal market to reveal the secrets of promoting services during a turbulent and challenging period. Legal practitioners, marketing and BD executives, representatives of professional media and consultants from Ukraine and abroad came to exchange the latest developments in promotion and development, discuss the best ways of attracting clients, effective communication channels, reputation risks in business and share their forecasts for 2016...
The end of 2015 saw new legislative changes and developments in various areas of business regulation. Thus, The UJBL editorial staff has enlisted the help of experts to comment upon some of them. Our latest digest includes, to a greater extent, innovations in the taxation system, among which are the unified social contribution, personal income tax and simplified taxation regime, changes in the banking and financial sphere, regulations of public procurement, land allotment procedure and not only...
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