The Ukrainian Journal of Business Law

[https://pravo.ua/event/crime2020/] 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 ( January-February 2020 ) In focus – Banking & Finance The Ukrainian banking sector has undergone turbulent times and has not yet recovered from two massive downturns. The last couple of years became a period of “clearance”, with just 76 banks of them remaining now compared to 180 in early 2014... Expert Opinion Financing of Infrastructure Projects Oleksander Plotnikov The issue of infrastructure improvement has long been one of the most pressing ones in Ukraine. Certain signs of improvement have been seen lately, but in general the issue still remains unresolved, especially given the challenges faced by the Ukrainian economy in recent years. In Re Green Finance: What 2019 Brought Us Stepanyda Badovska Green finance remains one of the most dynamic fields of finance in the world. Rapidly increasing interest in green investments and portfolios as well as the widely spreading trend of implementation of sustainable goals makes the green finance domain grow at an exponential rate. The year 2019 was another promising one in terms of green finance news coming from various markets. This article provides an overview of some of the most important developments in the green finance area that took place in 2019. Impact of New Legislation on Ukrainian Banks Oleksandr Kamsha The Bankruptcy Proceedings Code came into force in Ukraine on 21 October 2019. This regulatory act was very much in demand on the part of the core community due to the urgent need to regulate the bankruptcy procedures of individuals. In addition, a year after the introduction of the Code, the Law On Moratorium on the Recovery of Property of Ukrainian Citizens Granted as Security for Loans in Foreign Currency will be abolished (paragraph 2(3) of the Final and Transitional Provisions). News Deals DLA Piper advised NEQSOL Asters advised EBRD on EUR 10 million financing to Grain Alliance Group AVELLUM advised Van Leeuwen Pipe and Tube Group AEQUO acted as legal advisor to Dragon Capital Kinstellar advised DEG on USD 20 million credit facility for Astarta AVELLUM Ч Ukrainian legal counsel to†DTEK Renewables Asters advised Green Genius Asters advised EBRD on financing to Kormotech Cases Court discovered allocation of illegal agricultural subsidies in 2018 PrivatBank case: NBU won first victory in determining companies affiliated to bank EU imposed another fine on Google worth EUR 150 million Swiss court ordered RF to pay indemnification to Ukrainian companies Draft Final version of draft law on land market submitted to Parliament Verkhovna Rada wants to renew already canceled law on bankruptcy Law digest Cabinet of Ministers approved list of enterprises that cannot be privatized Parliament adopted law on regulating amber extraction Verkhovna Rada adopted law on excise taxes on fuel and alcohol Last law required for Уindustrial visa-free regimeФ with EU now adopted Biznews Agribusiness Ukraine in top three exporters of agricultural products to EU Brexit UK Parliament adopted Brexit Treaty Energy Ukraine and Russia signed memorandum on continuing gas transit through Ukraine Ukraine and Slovakia signed inter-operator agreement on gas transit Competition AMCU allowed acquisition of Idea Bank by Dragon Capital Major gas stations obliged to cut petrol and diesel fuel prices Trade Policy USA and China ended trade war by signing first phase of trade agreement EU announced new trade claim to Ukraine Sanctions USA extended sanctions against the Democratic PeopleТs Republic of Korea † † Cover Story Equitable Solutions Year over year the Ukrainian banking sector finds itself in the flux of new changes. Mindful upgrading of the regulatory field entails a new wave of debate between various stakeholders. Oleg Malinevskiy , managing partner of EQUITY law firm, explained why the trust in the banking system has not been restored yet, diving into certain paradoxes of the current situation and the most recent court practice. It turns out that bank owners are still in search of equitable solutions. Going further, we argued about whether the non-performing loans market disposes of such lucrative opportunities, and what it could actually mean for legal professionals. Global Legal Update Implied Duty of Good Faith in English Contract Law Gavin Chesney, Mikhail Movshovich, Charles Low This article discusses recent significant developments in English law regarding the implication of a duty of good faith in commercial contracts. It also addresses certain concerns that may arise in practice and outlines recommendations that should be considered when negotiating and performing a deal. Hot Issue The Implementation of the Fifth Anti-Money Laundering Directive in German Law Ч Tightening of the Screw? Dr. Timo Holzborn, Olexiy Oleshchuk In the course of the УPanama PaperФ scandal, EU Directive 2015/849 on prevention of the use of the financial system for the purposes of money laundering or terrorist financing Ч known as 4. Anti-Money Laundering Directive (У4. AMLDФ) Ч was amended by EU Directive 2018/843, which is known as the Fifth Anti-Money Laundering Directive (У5. AMLDФ), despite being only an amendment to 4. AMLD. 5. AMLD came into force in mid-2018. Each EU member state must transpose 5. AMLD into national legislation by 10 January 2020. In general, the 5. AMLD implements the following changes: Argument Tax Amnesty 2020, or Last Chance for УForgivenessФ of Tax Debts? Karina Pavlyuk A tax amnesty has been discussed in Ukraine for several years now. But the probability of adoption of the relevant law increased significantly only after the rise of the new government. Crux Legal Digest The end of the previous year was rich in legislative activities at the Ukrainian Parliament, many of which became items for discussion. A number of amendments to the Tax Code were offered and adopted, as was† the significant Law No. 2261, which abolished the monopoly held by lawyers, which had existed since 2016. Another notable initiative is Draft Law No. 2635, which, if adopted, will terminate the Commercial Code of Ukraine . The UJBL editorial team asked the views of experts on these and other recent legal topics. † 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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