The Ukrainian Journal of Business Law

[http://ukrainianlawfirms.com/doc/Questionnaire_eng_2019.doc] Counse link ABSOLUTE LAW AGENCY 2 Katerinoslavskiy Boulevard, TBC BOSFOR, Office 610,, Dnepr , 49044 , Ukraine 32/2, Moskovskaya Street, BC ЂSENATORї, 4th floor Kiev, 01010, Ukraine Phone: +380 44 569 1211 Fax: +380 56 732 3863 absolute@absolute.com.ua www.absolute.com.ua 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 Senator Business Center, 32/2 Moskovska street, 10th floor, Kyiv , 01010 , 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 DLF attorneys-at-law Torus Business Centre, 17d Hlybochytska Street, Kyiv , 04050 , Ukraine Phone: +380 44 384 24 54 Fax: +380 44 384 24 55 info@dlf.ua www.dlf.ua GOLAW 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 Ilyashev & Partners 11 Kudryavska Str, Kyiv , 04053 , Ukraine Phone: +38 (044) 494 19 19 Fax: +38 (044) 494 19 99 office@attorneys.ua www.attorneys.ua 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/ Sayenko Kharenko 10 Muzeyny Provulok, 7th floor, Kyiv , 01001 , Ukraine Phone: +380 44 499 6000 Fax: +380 44 499 6250 info@sk.ua www.sk.ua CURRENT ISSUE ( December 2018 ) In focus – Fintech The world keeps track of disruptive innovations, as technologies confirm their status as an indispensable part of our everyday lives. Access to financial services has taken a revolutionary step forward with the development of fintech (a portmanteau of Уfinancial technologyФ). This is among the fastest growing industries in the world, offering immense value and a global scale. Expert Opinion Cloud Technologies in the Financial Sector Oksana Volynets The global digital transformation and increased cyber security threats are triggering the stepping up of information security measures. The relevant expenditures in budgets of the corporate sector and financial institutions are growing steadily. The trend of recent years has been that of constant demand for IT outsourcing and the use of cloud computing solutions rather than investments in conventional IT models. The cloud option, as a cost-effective solution, enables the move from the CAPEX to OPEX business models... In Re 5 Things you Should Pay Attention to When Dealing with Cryptocurrency Georgi Dzhaniashvili Words like cryptocurrency, token and ICO are no longer new. Cryptocurrency is a kind of digital currency, the creation and control of which are based on cryptographic methods. As a rule, cryptocurrencies are decentralized and cryptocurrency units can be emitted through mining, forging or ICO. Smarter Bank Compliance and Regulation: What about Ukraine? Oleg Krainskyi Similar to any other process in finance that requires human input, bank compliance, regulation, and oversight can and should be assisted by technology to enhance efficiency, increase capabilities and cut costs. Bringing man and machine together in these areas goes under the name УregtechФ for those solutions that help finance business to manage compliance and УsuptechФ for those solutions that help regulators to look after exactly how well finance business is managing compliance. While not booming quite as much as the broader fintech narrative, both regtech and suptech have been hot topics in the tech community in recent years. However, in Ukraine, those developments have gone almost unnoticed so far... News DEALS Aequo advised Ipsos PwC Legal Ukraine and Linklaters advised Guala Closures S.p.A. EY advised Rozetka in connection with its merger with EVO Dentons advised BNP Paribas and syndicate of international banks CMS advised on high-profile acquisition of stake in largest Moldovan bank CASES Russia lodged appeal in УYanukovych debtФ case Megafon to go into litigation with Hewlett-Packard in California Ban on liquidation or restructuring of VTB BankТs Ukrainian subsidiary cancelled Court saw no violation of investment obligations after UkrtelecomТs privatization Quinn Emanuel Urquhart & Sullivan LLP and Asters score for Oschadbank DRAFT Introduction of new financial instruments by banks A Draft Law on Protection of EmployeesТ Rights in Case of EmployerТs Insolvency BIZNEWS Competition AMCU fined National Information Systems Master Avia and Kyiv†Airport fined for anticompetitive concerted actions Visa Policy E-visas for entering Ukraine to cost more from January Cryptocurrencies Ministry of Economic Development initiates cryptocurrency legalization in Ukraine First syndicated loan on blockchain issued Financial Services UnionPay International enters Ukraine Sanctions Russia imposed sanctions on Ukraine French bank Société Générale to pay US penalty for dealing with sanctioned nations † LAW DIGEST Changes to loans and mortgages regulations Law on reducing excise taxes on imported cars and preferential customs clearance signed Amendments to taxation Chamber News The business community met with President of Ukraine Petro Poroshenko The business community, united by the American Chamber of Commerce in Ukraine , European Business Association , and Ukrainian Entrepreneurs Union Ч has held a meeting with President of Ukraine Petro Poroshenko .† Cover Story Legal Creativity As stated in the Global Fintech Report Q2 2018, published by CBINSIGHTS, during the first half of 2018 fintech projects attracted around UDS 57.9 billion of financing globally. Traditional institutions, bankers and big corporate players are facing an increasing lack of trust, and with that Ч the need to adjust to innovations. Fintech companies are here to close this gap and transform the financial market. However, the fintech industry is facing constant disruptions caused by the lack of regulation, cyber-attacks, the absence of the so-called Уhuman touchФ, limited access to financing and the unreadiness of the banking sector to diversify. Among the many fintech market players, there exist fintech and crypto lawyers that make up the vast fintech legal sector. We went to Brightman FinTech Law Firm , a boutique law firm, located in Kyiv, Ukraine, and is now focusing on the US emerging fintech market, having established in the fall of 2018 its representative office in New York City. Despite the companyТs УfreshnessФ on the Ukrainian legal market, its core team became engaged with the fintech and crypto industry from the first days of its formation in Ukraine. Providing ongoing legal support to the Ukrainian and foreign fintech and e-commerce start-ups, IT companies, cryptocurrency platforms, ICOs and venture capital investors, BrightmanТs co-founders refer to the fintech market as a blockbuster whose footage evolves furiously. Krystyna Nyemchynova and Dmytro Honcharenko , the fintech Уmovie crewФ, claim that it is now the right time to sit and watch fintech supersede conventional finance. Argument Use of the Escrow Account in Ukraine and Abroad Anastasiia Poels Almost every major transaction in Ukraine, whether shares or real estate or other pricy goods at stake, goes through the famous Ostap BenderТs negotiating phase: chairs in the evening, money in the morning. Where the goods cannot be handed over from hands to hands simultaneously with† consideration for it, long negotiations Уwho is first?Ф and consequent complicated schemes of enforcement of obligations are put in place to ensure that every party gets what it is expecting under the contract... Hot Issue Taxation of Permanent Establishment Financing in Ukraine: The Never-Ending Story Vitalii Trachuk , Khrystyna Knygynytska Not many foreign companies today would be brave enough to choose conducting business in Ukraine through a registered representative office for obvious reasons of legal uncertainty and scrutiny of the tax office. Nevertheless, when the Ukrainian tax system was being formed, registration of a representative office was a rather favored option by foreign companies. For tax purposes, such representative offices would normally be registered as permanent establishments (PEs), even if they were to serve Уnon-commercialФ purposes (i.e., to conduct merely preparatory and auxiliary activity for its head office)... How To Contracts and Legal Drafting Ч Where Obsession and Rationality Collide Vitalii Kacherovskyi Law is one of the best and oldest professions. And, to be frank, one of the most crucial in the modern world. It helps us be more adapted for life difficulties, be well-educated and look cool, kind of like superheroes. All of us who decided to study law and dive into this interesting adventure, had their own reasoning and motivation. Someone went to help others, someone went to make life of other people easier and protect their rights, while someone just wanted to make money or just because it was a prestigious career path... Crux Legal Digest There was a portion of legislative novelties from Parliament this month, which prompted lots of questions for consideration. In this section the UJBL editorial team has enlisted the help of experts to comment on some of them. Our latest digest includes economic sanctions on Ukrainian business imposed by the Russian Federation; draft laws† Amendments to Certain Laws of Ukraine†Regarding Improvement of Financial Restructuring Procedure;Ensuring Principles of Procedural Justice and Increasing Efficiency of Proceedings in Cases on Violations of Legislation on the†Economic Competition;† methodical recommendation on using the term УcontrolФ. Our team also enquired about the law† On Electronic Trust Services;† draft laws† On Changes to the Law of Ukraine†On the Ukrainian Parliament Commissioner for Human Rights; On Protection of EmployeesТ†Rights in Case of EmployerТs Insolvency† and more. Foreign update Doing Business with Belarus What makes Belarus an interesting proposition for Ukrainian business? What forms of presence are available for a foreign business? What nuances of state administrative influence business, and what peculiar features of public procurement and commercial bidding are there in the Republic of Belarus? These and other issues were discussed at the Doing Business with Belarus Conference organized by REVERA Law Firm (Minsk) with information support of Yuridicheskaya Practika Publishing at the site of educational project Legal High School... Subscribe Subscribe to The Ukrainian Journal of Business Law right now and enjoy the most relevant issues on doing business in Ukraine on your device or in print. All this for just USD 9.99 a month. 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