In: International Business Lawyer Issued by International Bar Association, page 233-235
On Jan. 29, the National Bank of Ukraine adopted a regulation on the procedure for granting residents individual NBU licenses to transfer hard currency outside Ukraine as payment for monetary assets. According to this new regulation, prior to making a payment in hard currency to a non-resident seller of monetary assets - except for external government T-bills -, a resident purchaser must obtain from the NBU an individual license authorizing the remittance ...
Legal Framework for Advertising and Restrictions on Advertising of Tobacco Products and Alcoholic BeveragesAdvertising activity in Ukraine is regulated mainly by the Advertising Act1 and the Television Act2. The Advertising Act contains several various restrictions and bans relating to the advertising of tobacco products and alcoholic beve-rages. One of the most stringent restrictions applies to tobacco products and alcoholic beverages advertising on TV and radio ...
Mobile TeleSystems, Russia's leading mobile communications operator and one of the largest mobile operators in Eastern Europe, has acquired a 57.7% stake in Ukrainian Mobile Communications (UMC), the second largest Ukrainian mobile operator, for €194.2 million. In November 2002 Mobile TeleSystems signed a purchase agreement for 57.7% of UMC's shares. Under the agreement, Mobile TeleSystems was to acquire the 16 ...
Incoming Call ChargesIn February 2003 the Ukrainian Parliament overruled President Kuchma's December 2002 veto against an amendment to Article 12 of the Communications Law 1995. The amendment prohibits all telecommunications operators from charging their customers for incoming calls. On March 13 2003 the president duly signed the amendment, which will come into effect six months after its official publication (ie, on September 18 2003) ...
The Internet is a rather young, but a very popular source of information for Ukrainian businesses and consumers. The Internet segment of the market has been actively developed recently and has acquired a high level of commercialization. According to the Ukrainian mass media, the number of Internet users in the Ukraine increased by over 70 % in 2002 ...
Project financing in emerging markets has been in use for some time, primarily for financing large new projects without any prior track record or operating history — greenfield projects. Emerging markets are in instant need of project financing as an effective instrument for economic investments. It facilitates attracting new investments by structuring the financing around the project's own operating cash flow and assets, without the additional guarantees of sponsors ...
Aspects of Application of Period of Limitation in Promissory Note and Bill of Exchange Matters In recent years, a substantial growth of the bill of exchange and promissory note circulation has been observed in Ukraine. To a considerable extent, this growth was fostered by the expansion and normalization of the regulatory framework for negotiable instruments ...
On 10 July 2003 the Verkhovna Rada of the Ukraine adopted the Amendment to the Land Code of the Ukraine (Amendment) Act of the Ukraine. The Amendment came into force on 31 July 2003. Under this Amendment, Article 82 of the Land Code of the Ukraine (Land Code) is amended, the very article which regulates land ownership of legal entities ...
Interruption of Statute of Limitations It was interesting for the author hereof to read the article by Denis Mirgorodskiy “Application of the Civil Code in Promissory Note and Bill of Exchange Disputes” (Yuridicheskaya Praktika, #37, September 16, 2003). The author hereof appreciates Mr ...
Ukrainian Exchange Controls Have Always Been, if Anything, Overprotective. As More Ukrainian Companies Are Seeking Finance Abroad, Ukraine Has to Consider Adding Clarity and Certainty to its Exchange Controls in Order to FacilitateCross-Border Finance Regulatory imperfections. The system of Ukrainian exchange controls is based on the Decree of the Cabinet of Ministers of Ukraine On the System of Currency Regulation and Currency Control (the “Decree”) adopted back in 1993 ...
The Labour Code approved by Law no. 99/2003 of 27 August will come into force on 1 December next, the first stage of the labour law reform thus coming to a close. Driven by the pressing need to endow the country with more flexible and investment, productivity and employment generating labour laws, the reform was at first enthusiastically backed by the employers’ confederations and firmly opposed by the trade unions ...
From among the innovations brought by the Labour Code, noteworthy is the express recognition of what are known as “personality rights” set forth in Articles 15 to 21 of the Code. To be considered, however, is that our legal system has long acknowledged the existence of this category of rights, which characteristically encompass the vital aspects of human personality and are acquired at birth and, as such, classifies such rights as universal ...
From among the special forms of contracting employment, special reference should be made, as it is an innovation, to the possibility of an employee being bound simultaneously to several employers provided there are corporate or organisation relations between them, by way of a contract in writing stating which of the employers represents the others in the performance thereof. Where these requirements are not met, the employee will be free to choose to which employer he/she wishes to be bound ...
In the area of salary, to be emphasised is that the Code has established that the calculation of supplementary and fringe benefits must be based on the basic salary and length of service payments. Also noteworthy are the new rules relating to special pay for exemption from regular working hours, which is after all justified by the fact that the Code provides for three different forms of exemption (vide III above) ...
The amendments made to occupational mobility, also known as functional polyvalence, are quite significant and resorting to this mechanism has become more flexible. This matter, which was governed by Article 22 (rendering of work by the employee not included or object of his/her contract) of the Employment Contract Law, is now addressed by Article 151 (Performance of Duties), Article 152 (Effects on Remuneration) and Article 314 (Occupational Mobility) of the Code ...
In terms of geographical mobility, the Labour Code has maintained the prohibition of the employer transferring the employee to another workplace, save where the interests of the company so require and this change does not entail a serious loss for the employee, where the transfer results from the total or partial moving of the establishment where the employee works, in the cases provided for in collective bargaining agreements or where the employee agrees to the transfer ...
The system applicable to the transfer of a company or part thereof set forth in Articles 318 to 321 of the Labour Code is aimed at rendering this system compatible with Community Law, notably with Council Directive of 12 March 2001, which focuses on this issue on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of companies or establishments ...
The system governing collective bargaining is that which the Code has changed the most. Among these changes, the most important is undoubtedly the provisions applicable to the survival of collective agreements. Under the prevailing law, once a collective bargaining agreement had reached its term, it would remain in force for an unlimited period of time until it was replaced by a new one ...
Considerable publicity and a sense of shock surrounded a judgment of the Competition Appeal Tribunal (CAT) published on 3 December in relation to a proposed merger of two companies involved in the supply of data systems to the NHS. The judgment focuses on how decisions are reached by the bodies responsible for UK merger control and, in particular, the degree of discretion given to the OFT to clear cases without ordering a full four month inquiry ...
Corporate law issues in Ukraine are mainly regulated by the 1991 Enterprises Act, 1991 Companies Act, 1991 Ownership Act, 1991 Securities and Stock Exchange Act, and 1996 State Regulation of the Stock Market in Ukraine Act. As we can see, the majority of Acts laying down the basic concepts and principles of Ukrainian corporate law date back to 1991, when Ukraine gained its independence ...
