The technologies sector has gone through a real sustainability test during and after the recent lockdown. The global sector of hardware technologies is hugely affected – disrupted supply chains, inflationary risks on products and a decline in purchasing power. By contrast, software production and telecom services came under abnormal pressure and followed impetus for growth. E-commerce, streaming services, remote working technologies, IT security, video conferences applications and other related solutions experience an unprecedented rise.
Natalia Pakhomovska, Olena Stanishevska
Legislative reform in the telecommunications sector appears to have been on the Ukrainian Parliament’s agenda for some time. On 16 June 2020, the Ukrainian Parliament approved — in its first reading — Draft Law On Electronic Communications No. 3014 (the E-Communications Draft Law), which is aimed at novation of obsolete Ukrainian legislation in the area of telecommunications and radio frequency resources (or radio spectrum as per new draft law). The new law also adjusts existing legislation to comply with EU regulations on electronic communications.
Attention has recently been paid to Law 466 On Amending the Tax Code as to Improvement of Tax Administration, Elimination of Technical and Logical Inconsistences in Tax Legislation, including to its effect on the IT industry.
Yuriy Kotliarov, Sergiy Tsyba
Repeated cyber intrusions into Ukrainian information and industrial systems demonstrate the need for changes in its information security legal and regulatory framework.
A Ukrainian technology hub with brilliant engineering minds, R&D offices of global companies, and consistent growth for the past 10 years are often listed as a part of national investment attraction. At the same time, a lack of comprehensive enforceable privacy regulation is mentioned as one of the red flags for global companies when dealing with Ukrainian business. In this article, we will try to set out the main privacy challenges and opportunities for Ukrainian businesses and regulators.
Sayenko Kharenko advised Dobrobut
Asters advised EBRD on EUR 25 million financing to Yuria-Pharm
CMS assisted TIS Group
Asters advised EBRD on providing loan to Grain Alliance
EVERLEGAL acted as a legal partner of UNIT.City
EU court rejected claim filed by Nord Stream-2 against provisions of Gas Directive
Supreme Court confirmed bail-in legality in case of Surkis deposits in PrivatBank
Claim worth USD 5 billion filed against Google in USA for collecting data in incognito mode
Facebook lost action in dispute with German antitrust authority
Draft law on cloud services adopted in first reading
Verkhovna Rada adopted Draft Law on Joint-stock Companies in first reading
New draft law on Business Ombudsman registered with Parliament
Government approved draft law on guarantees to banks
Law on combating tax evasion is in force now
National Bank will not fine banks for certain major violations till June 2021
Moratorium on state-financed institutions bankruptcy
Powers of the Ministry of Justice in financial monitoring extended
Law on simplifying investment attraction adopted
Terms for bankruptcy proceedings extended and fines canceled
Epicentr K closed deal on acquisition of a large agricultural holding
Sales of new cars in EU fell by half
“Green” energy surpassed nuclear power in terms of production volume for first time ever
Cabinet of Ministers signed memorandum with green electricity producers
Centrenergo privatization is planned for second quarter of 2021
European Commission initiated antitrust investigation against Apple
EU leaders prolong economic sanctions against Russia over Ukraine
NBU cut lending rate to minimum historical level of 6%
Performance of all economy sectors fell in Q1 except for agro sector
The President of the American Chamber of Commerce in Ukraine, Andy Hunder, delivered the voice of members and investors at the first meeting of the renewed National Reforms Council under Ukrainian President Volodymyr Zelensky. Four key issues were on the agenda.
The global lockdown has not only changed our everyday life but also led to mass reconsideration of investment strategies. Some countries may jump into this emerging window of opportunity by presenting their great potential and consistent commitment to understandable rules of the game. How is Ukraine mapped out among other countries competing for the allocation of investment flows? What is the perception of us among foreign decision-makers and influencers? We addressed these and many other questions to Peter Teluk, a US-qualified lawyer, who recently joined the partnership of Sayenko Kharenko.
As a semblance of normality starts to return to our lives, we are left contemplating what lies ahead for businesses in what will undoubtedly be one of, if not the greatest, economic downturns of our era. In such an environment many businesses are forced to focus on negotiating and limiting losses rather than building capacity and finding sources of growth. The global economic pie has shrunk and there will be an inevitable scramble by companies, institutions and nations to maintain their share of it. In the legal services market this will result in two key conflicting trends: an increasingly litigious environment and a reluctance or inability to spend money on legal costs. How can these two conflicting trends be reconciled? Enter litigation funds.
The COVID-19 pandemic and accompanying government restrictions have dramatically impacted the economies of countries around the world, including Kazakhstan. Kazakhstan’s oil and gas industry has traditionally been the economy’s engine. As a result, recent OPEC+ developments and the reduced demand for oil and gas represent additional challenges for Kazakhstan, increasing the impact of the pandemic on the local economy.
In the context of a steady increase in consumption, the market tends towards transforming existing business entities focused on the changing preferences of the average consumer. Thus, there is a tendency towards the merger and consolidation of companies that have changed the vector of development strategy.
During the past month the UJBL editorial team monitored the most significant changes in legislature, as well as new prospective initiatives. Among the most attention-worthy ones are the draft laws On Meditation, On the Institution of the Business Ombudsman in Ukraine and On Joint-Stock Companies. New laws and drafts related to the electricity market should also be highlighted. We asked experts to provide their points of view on the mentioned and following matters.
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