Last week, the Antimonopoly Committee of Ukraine commenced a public discussion of strategic changes to Ukrainian competition law.
On 19 June 2020, the Verkhovna Rada of Ukraine adopted Law of Ukraine No. 738-IX “On Amendments to Certain Legislative Acts of Ukraine Regarding Liberalisation of Attracting of Investments and Introduction of New Financial Instruments” (“Law”). The Law implements the provisions of key European Union capital markets acts, including MiFID II, MiFIR, and CRD IV. The Law was officially promulgated on 15 August 2020 while the majority of its provisions will enter into force on 1 July 2021.
Latham & Watkins and Sayenko Kharenko have advised JP Morgan and Goldman Sachs as the joint lead managers and joint dealer-managers on Ukraine’s successful completion of the settlement of its new USD 2 billion 7.253% Eurobond due 2033, as well as on its first-ever intra-day switch tender offer in relation to its outstanding USD-denominated 7.75% senior notes due 2021 and USS-denominated 7.75% senior notes due 2022. Avellum and White & Case advised the Ministry of Finance of Ukraine.
In 2009, deep in the throes of the global financial crisis, Mykola Stetsenko, a partner at Baker & McKenzie in Kyiv, stepped away from that secure position to start his own law firm. His ambitious move paid off, and now, eleven years later, the firm he launched – Avellum – is among the most successful and highly regarded in Ukraine.
Under the EU-Ukraine Association Agreement of June 27, 2014, Ukraine undertook to harmonize its legislation with EU law by 2023, including the regulatory framework for IP. Subsequently, in February 2020, the Parliament of Ukraine adopted a long-awaited set of draft IP protection laws (the “Draft Laws”), which are likely to have a significant impact on companies doing business in Ukraine, as well as on the measures which may be taken by businesses in connection with IP commercialization.
On 23 May 2020, Law of Ukraine “On Amendments to the Tax Code of Ukraine Aimed to Improve Tax Administration, Eliminate Technical and Logical Inconsistencies in Tax Legislation” No. 466-IX, dated 16 January 2020 (“Law”), came into force. The Law implements changes to tax legislation, including recommendations under the OECD Action Plan on Base Erosion and Profit Shifting (BEPS) and changes to tax administration procedures. Certain changes will come into force on 1 July 2020 and 1 January 2021.