The Ukrainian Journal of Bussines Law

[http://www.inta.org/2013AM/Pages/Overview.aspx] Counse link ANTIKA Law Firm 12, Khreshchatyk street, 2-nd floor, Kyiv , 01001 , Ukraine Phone: +38 (044) 390 09 20 Fax: +38 (044) 390 09 21 office@antikalaw.com.ua www.antikalaw.com.ua/en Arzinger 75, Zhylyanska Street., 5th floor, Kyiv , 01032 , Ukraine Phone: +38 (044) 390 55 33 Fax: +38 (044) 390 55 40 mail@arzinger.ua www.arzinger.ua Asters Leonardo Business Center, 14th floor, 19-21 Bohdana Khmelnytskoho St., Kyiv , 01030 , Ukraine Phone: +380 44 230 6000 Fax: +380 44 230 6001 info@asterslaw.com www.asterslaw.com Chadbourne & Parke LLP 25B Sahaydachnoho Street, 3 Floor, Kyiv , 04070 , Ukraine Phone: +38 (044) 461 75 75 Fax: +38 (044) 461 75 76 Kyiv@chadbourne.com www.chadbourne.com CMS Cameron McKenna LLC 6 Floor, 38 Volodymyrska Street, Kyiv , 01034 , Ukraine Phone: (044) 391 33 77 Fax: (044) 391 33 88 kyivoffice@cms-cmck.com www.law-now.com DLA Piper Ukraine, LLC 77A Velyka Vasylkivska Street, Kyiv , 03150 , Ukraine Phone: (044) 490 95 75 Fax: (044) 490 95 77 ukraine@dlapiper.com www.dlapiper.com Gvozdiy & Oberkovych 19B Instytutska Street, Office 29, Kyiv , 01021 , Ukraine Phone: +38 (044) 581 12 20 Phone: +38 (044) 581 12 21 Fax: +38 (044) 581 12 22 info@golaw.ua www.golaw.ua IMG Partners 1/8 Ihorivska str.,, Kyiv , 04070 , Ukraine Phone: +380 44 201-10-66 Fax: +380 44 201-10-66 office@imgpartners.com.ua www.imgpartners.com.ua International law firm Integrites 15-B Borysohlibska St.,, Kyiv , 04070 , Ukraine Phone: +380†(44) 391 38 53 Fax: +380†(44) 391 38 54 pr@integrites.com www.integrites.com Inyurpolis law firm (ILF) 14-A †Skrypnyka Street,, Kharkov , 61057 , Ukraine Phone: +38†(057)†728 00 00 Fax: +38†(057)†714 06 28 office@ilf-ua.com www.ilf-ua.com Konnov & Sozanovsky 23 Shota Rustaveli Street, Suite 3, Kiev , 01019 , Ukraine Phone: +380 (0) 44 490-5400 Fax: +380 (0) 44 490-5490 info@konnov.com www.konnov.com LCF Law Group 47 Volodymyrska street, Office 3, Kyiv , 01034 , Ukraine Phone: +38 (044) 455 88 87 Fax: +38 (044) 502 55 23 info@lcfgroup.com.ua www.lcfgroup.com.ua/en/ Sokolovskyi and Partners Law Firm 25 Klinichna Street, 2nd floor, Kyiv , 03141 , Ukraine Phone: +380 44 495 1928 Fax: +380 44 275 6799 pravo@lex.org.ua www.lex.org.ua Spenser & Kauffmann 3 Panfilovtsev Street, Kyiv , 01015 , Ukraine Tel./Fax: +38 (044) 288 83 83 office@sklaw.com.ua www.sklaw.com.ua VS Litigation 16/3, M. Zhytomyrska Str., Office 28, Kyiv , 01001 , Ukraine Phone: +380 (44) 227 44 99 Fax: +380 (44) 278 31 73 Kyiv@vslitigation.com vslitigation.com CURRENT ISSUE ( December 2012 ) In focus – Investment funds The diversity of investment funds worldwide is really apparent: global and domestic, public and private, etc. In many emerging markets these funds became an alternative source of finance while generating M&A activity in the middle market. The so-called investment funds industry abroad offers rather lucrative opportunities both in terms of fundraising and transacting business inside and beyond national boundariesЕ Expert Opinion New Regulation of Mutual Investment Funds: Much ado about Nothing, or a Real Step Forward? Artem V. Shyrkozhukhov, Yuriy P. Zaremba On 15 August 2012 the President of Ukraine signed the new On Mutual Investment Funds Act of Ukraine (the New Investment Funds Act). The New Investment Funds Act will come into force on 1 January 2014. Within a year after it comes into effect, Ukrainian mutual investment vehicles (Investment Funds) will have to bring their operations into compliance with the New Investment Funds Act. The New Investment Funds Act has been widely welcomed by professionals working in the field as a right step towards development of investment funds in Ukraine... In Re Investing in Distressed Financial Assets through Venture Funds: Possibilities and Challenges Zoya S. Mylovanova The financial crisis hit Ukraine hard, with most industries shrinking rapidly. What meant recession for banking sector has proven a golden opportunity for collectors and investors in distressed assets. As is often the case with the development of new forms of operations in Ukraine, the legal environment was not ready. Despite the first deals on sale of loan portfolios prior to 2008, mainly related to securitization, and experience on the market in the years passing since then, there is still no consensus among the regulators and practitioners as to how, from the legal point of view, this market is to function... Collective Investment Funds: What will the Coming Act Reveal? Yaroslav V. Abramov, Olga V. Vinglovska Collective investment funds (CIFs) continue to gain popularity among large and medium-sized businesses. As of 1 July 2012 there were 1179 CIFs operating in Ukraine, 92% of which were ventures. Venture capital funds also account for about 127 of the 137 billion in total CIF assets. Practice shows that venture CIFs are often a tool of financial optimization and refinancing and used by business groups or private businesses for their own purposes, but not as instruments of collective investmentЕ Argument Up-to-date Global Challenges in Shipping Industry and Maritime Law and Ukrainian Response Nikolay V. Melnykov, Vyacheslav P. Lebedev At the newest stage of UkraineТs formation as a sovereign European state the factor of its formation as a maritime power becomes most significant. This is stipulated by several trends both of a global and local feature. We may emphasize the following among global trends: 1). Formation of new world sea trade routes, in particular, intensification between the economies of the Asian-Pacific Region and developed economies (between China and EU countries), between economies which are actively developing (China Ч Latin America) and between Africa and ChinaЕ Business Lunch Developing an Arbitration Association in Ukraine Ч is it a Challenge to Ukrainian Legal Society? An official announcement was made in mid-November about the establishment of the Ukrainian Arbitration Association. The newly-established entity is designated to unite lawyers who are professionally engaged or interested in the practices of dispute settlement in international arbitration, regardless of a particular jurisdiction. We asked its president Tatyana Slipachuk, Sayenko Kharenko, and a member of its Board of Directors, Noah Rubins, Freshfields Bruckhaus Deringer (France), to discuss the AssociationТs future plansЕ Global Legal Update International Legal Responses to Global Climate Changes Chun Hung Lin Climate change is a global problem that requires real solutions. It is a change in the statistical distribution of weather over periods of time that range from decades to millions of years. The earth intercepts solar radiation that is short wave and visible parts of the spectrum. About one-third of that radiation is reflected, and the rest is absorbed by different components of the climate system, including the atmosphere, the oceans, the land surface, and biota. The energy absorbed from solar radiation is balanced, in the long term, by outgoing radiation from the earthТs atmosphere systemЕ Crux Financing of Ukrainian Business in 2012. Findings Nataliya Drozdova According to the National Bank of UkraineТs data there is a noticeable upward trend in crediting of Ukrainian businesses in recent years. As of 1 January 2011 banks issued such loans totaling UAH 508,288 million. And as of 1 January 2012 the amount was UAH 580,907 million. On 10 January 2012, the amount was already UAH 602,122 million. However, the increase in lending in the banking system as a whole can hardly be confirmation of the increasing volume in individual banksЕ Gabriel Aslanian A UN world economy report issued in late 2011 pointed out the persistent weaknesses in the major developed economies related to problems left unresolved in the aftermath of the Great Recession of 2008-2009. The Ukrainian export-oriented economy still remains exposed to risks emerging globally. Thus, the domestic market has not seen plenty of good fund raising opportunities, in particular, due to high interest rates charged by local banksЕ Artem Shyrkozhukhov With Eurobond markets closed and bank lending significantly curtailed, 2012 has not been a particularly impressive year with opportunities for Ukrainian businesses to get debt financing. Only Ukrainian companies which are leaders in their respective sectors and have positive credit histories have been able to get access to syndicated lending this year. For example, Kernel, Milkiland, Metinvest, DTEK and CreativeЕ Yulia Kyrpa Despite some scattered signs of improvement in recent months, the world economic situation and prospects in international capital markets for 2013 continue to be challenging. After a marked slowdown in 2011 and 2012, global economic growth is likely to remain tepid in 2013. It means the presence of Ukrainian companies in the international capital markets in the forthcoming year will remain below potentialЕ HOME CURRENT ISSUE SUBSCRIBE & ORDER NEWS SPONSORSHIP & ADVERTISING GET PUBLISHED EDITORIAL CALENDAR ARCHIVE CONTACT HOME CURRENT ISSUE SUBSCRIBE & ORDER NEWS ADVERTISE GET PUBLISHED EDITORIAL CALENDAR ARCHIVE CONTACT BANNER EXCHANGE Copyright © 2003-2010 by Yuridicheskaya Practika Publishing. All rights reserved.