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Anti-BEPS Package Law of Ukraine: Key Takeaways
Asters, May 2020

Following the global trend for tax transparency and fighting harmful tax practices, Ukraine finally adopted its ownanti-BEPS package law, known by businesses and tax practitioners as "tax bill 1210". Asters selected the key takeaways for businesses operating across the borders. The law is in effect starting from 23 May 2020 with some provisions taking effect later. I...

Remote Holding of General Meetings in Ukraine in 2020
Asters, April 2020

On 16 April 2020, the National Securities and Stock Market Commission (the Commission) approved by its Decision No...

Ukrainian Parliament Approves Further Anti-Crisis Measures In Light of COVID-19 Outbreak
Asters, April 2020

On 30 March 2020, the Ukrainian Parliament adopted the Law "On Amendments to Certain Legislative Acts Aimed to Ensure Additional Social and Economic Guarantees Due to the Coronavirus Disease (COVID-2019) Spread" (the Law), which introduces to the Ukrainian legislative environment new complex rules aimed at minimizing the negative impact of the spread of the COVID-19 in Ukraine. The below summary focuses on key changes introduced by the Law...

National Bank of Ukraine Allowed the Banks to Relieve their Borrowers for the Quarantine Period
Asters, April 2020

Due to introduction of restrictive measures in the territory of Ukraine during the quarantine period, the National Bank of Ukraine (hereinafter the "NBU"), by its Resolution No. 39 dated 26 March 2020 (the "Resolution"), introduced special rules for application by the banks of Ukraine of the requirements of the Regulation on determination by banks of Ukraine of the credit risk on active banking operations, approved by the Resolution of the Board of the NBU No. 351 of 30 June 2016...

COVID-19 in Ukraine: Options to Postpone Tax Payment and other Fiscal Measures
Asters, March 2020

  On 18 March 2020, the President of Ukraine signed a new law that introduces social tax, land, and property tax incentives during  the quarantine period to include tax exemptions, postponement of tax audits and possibility to postpone tax payments. By possibility of postponement we mean that statutory deadlines for payment are not changed, but payment can be delayed with no penalty and interest...

COVID-19 Ukraine Legal Update
Asters, March 2020

  Below is a summary of key regulatory measures and restrictions introduced by Ukraine in response to a public health challenge caused by COVID-2019. This update speaks only as of its date. As the situation is highly dynamic, we encourage our clients to approach us directly for an up-to-date guidance. Immigration Foreign citizens are temporarily banned from entering Ukraine...

Recent Changes to Ukrainian Legislation Regulating Construction Industry
Asters, January 2020

In the final 3 months of 2019, the Verkhovna Rada of Ukraine adopted a great number of changes to construction laws. The following Ukrainian laws, among others, saw some significant changes: 1) "On Architectural Activities" No. 687-XIV dated 20 May 1999...

Obstacle Race: Dismissing Unionized Employees
Asters, February 2018

As a general tendency, the public perception of trade unions in Ukraine is rather ambiguous. On the one hand, there is common understanding of the primary role of trade unions as public institutions for protecting the rights and interests of employees...

Clouds Come Floating Into My Life
Asters, December 2017

Cloud computing, along with Big Data, social media, and mobility, is one of the current megatrends that will drive huge changes to the business ecosystem in the upcoming decade. Surveys held over the recent years unanimously confirm that organisations across the globe are rapidly and continuously moving to the cloud...

Transparent Insurance in Agribusiness - Road to a Civilized Land Market
Asters, August 2017

While the Ukrainian Parliament continues heated debates over the open market for agricultural land, one thing remains clear - the lifting of the moratorium on sale of agricultural land is an inevitable process, which is largely driven by globalization and the expansion of influence of major world corporate groups in Ukraine. However, for the land market and agribusiness to become transparent and efficient, the relevant risk management systems have to be implemented...

Asters Scores Big Win in Alleged Price-Fixing Case
Asters, May 2017

Those seeking reasons to be optimistic about Ukraine’s judicial system can rejoice: Justice prevailed, or so ruled the High Commercial Court of Ukraine, the likely final arbiter in a dispute between the state Antimonopoly Committee of Ukraine and ACNielsen Ukraine, a market research firm...

10 things to know about pharmaceutical regulation in Ukraine
Asters, October 2016

1. Pharmaceutical market players mostly deal with two regulators These are the Ministry of Healthcare of Ukraine (MOH) and the State Administration of Ukraine on Medicinal Products and Narcotic Drugs Control (SAUMP). The MOH is responsible for state registration of medicines, while the SAUMP deals with licensing, evaluation of good manufacturing practice (GMP) compliance, control over quality of medicines, and regulation of medical devices. 2...

New Merger Regulation will Simplify Fillings from 19 August
Asters, August 2016

The AMC completed revision of its procedural rules on merger notifications. The new Merger Regulation significantly reduces disclosure requirements and simplifies filing forms, especially for mergers with no or limited overlaps...

Pharmaceutical Antitrust in Ukraine 2016
Asters, May 2016

1 Which legislation sets out the regulatory framework for the marketing, authorisation and pricing of pharmaceutical products, including generic drugs? Which bodies are entrusted with enforcing these rules? The relevant legislation includes the following: • Law on Medicines 1996;

10 things to know about telecom in Ukraine
Asters, October 2015

Ukrainian telecom market has developed gradually from a state-controlled monopoly to a competitive sector. Over the recent years, Ukrainian telecom policy makers and regulator have been striving to establish pro-competitive regulations aimed at liberalizing the telecom market at large. For instance, in 2011, the Ukrainian Parliament abolished licensing of three out of eleven types of telecom services that required a telecom license...

Shedding Light on Bank Ownership
Asters, July 2015

Ukrainian banking sector reform process promotes transparency and greater accountability. The ongoing geopolitical and economic turmoil in Ukraine, which started back in 2013, has revealed the multiple drawbacks of Ukrainian banks and the vul­nerability of the country's banking system as a whole. This exposure has led to a major reform effort across the banking sector that remains ongoing, with one of the key focuses being efforts to increase the transparency of Ukrainian bank ownership...

Restraints of Trade and Dominance in Ukraine: Overview
Asters, June 2015

Restraints of trade - Scope of rules: 1. Are restrictive agreements and practices regulated? If so, what are the substantive provisions and regulatory authority? Restrictive agreements and practices may qualify as anti-competitive concerted practices (that is, practices that resulted or may result in prevention, elimination or restriction of competition). There is a general prohibition of anti-competitive concerted practices, unless an exemption applies (see Question 3)...

Merger control in Ukraine: Overview
Asters, June 2015

Merger control in Ukraine: overviewRegulatory framework1. What (if any) merger control rules apply to mergers and acquisitions in your jurisdiction? What is the regulatory authority?Regulatory frameworkMergers and acquisitions, as well as establishment of an undertaking and appointments to corporate positions under certain circumstances, are subject to merger control in Ukraine...

Ten Things To Know About Leasing And Financing Aircraft in Ukraine
Asters, March 2015

Registration of an aircraft: Civil aircraft are registered in the Civil Aircraft Register maintained by the State Aviation Administration of Ukraine (SAAU). Application for an aircraft's registration may be submitted by the owner of an aircraft or a person authorised by the owner. Record of person's ownership in the Civil Aircraft Register does not evidence title to an aircraft. Information recorded in the Civil Aircraft Register is published on the SAAU's website...

Dispute Resolution Procedure for .УКР Domain
Asters, January 2015

The top level domain .УКР was delegated to Ukraine by the Internet Corporation for Assigned Names and Numbers (ICANN) on 28 February 2013. The Ukrainian Network Information Center (UANIC) became administrator and manager of .УКР domain. Registration in the .УКР domain opened on 22 August 2013. Thus, this domain became the fourth Cyrillic domain of top level after the Russian .P$, the Serbian .CPS and the Kazakh .КАЗ...

Verkhovna Rada of Ukraine Reforms the Management System of the Ukrainian Unified Gas Transportation System
Asters, August 2014

On 14 August 2014, Verkhovna Rada of Ukraine adopted in the second reading and in its entirety Law of Ukraine "On Amending Certain Laws of Ukraine on Reforming the Management System of the Ukrainian Unified Gas Transportation System" No...

Verkhovna Rada Amends the Laws Regulating Taxation of Energy Companies
Asters, August 2014

On 3 August 2014, Law of Ukraine "On Amending the Tax Code of Ukraine and Certain Other Legislative Acts of Ukraine" No. 1621-VII which was adopted on 31 July 2014 for creating conditions to increase financial inflow into the state budget (the "Law"), came into force. Implementation of the proposed regulations will provide a possibility to boost in 2014 the resources of Ukraine's unified budget for nearly UAH 10.3 bn...

Placing Emphasis Where it Belongs: Combating Illegal Hostile Takeovers
Asters, April 2014

On March 28 2014 Law 642/2013 - a milestone of the government's anti-corporate raider policy - entered into force. Revival of the bill, which had previously gathered dust in parliamentary committees for several years, was a response to numerous calls from the international community to take measures to counter illegal takeovers and acquisitions of businesses...

The Content Dictates Form
Asters, November 2013

"For the full transition to the European principles and standards in Ukraine should ensure transparency in the area of ​​registration and transfer of ownership of land holdings"As the market is structured agricultural land in Ukraine? What is it different compared to European countries?

Production Sharing Agreements as the Most Efficient Legal Regime for Subsoil Use in Ukraine
Asters, October 2013

In 2012, the Ukrainian government has conducted three tenders for production-sharing agreements (hereinafter - SRS) in respect of hydrocarbons that will be produced on land for 2 subsurface areas and in one section of the Black Sea shelf...

 

 

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