Effective as of 8 March 2015, the new Law of Ukraine “On Introduction of Changes to Legislation of Ukraine relating to Responsibility of the Bank’s Related Parties” (the “Related Parties Law”) came into effect. The Related Parties Law is aimed at enhancing and extending the responsibility of Ukrainian banks’ related parties under the banks’ liabilities and thereby improving stability of the banking system in Ukraine.
Experts: Tax changes have clear flaws. Ukraine is trying to create a simpler and fairer tax system that also encourages people to pay their share rather than evade taxes. But recent changes still fall short of the goal, according to some critics.
In February of this year CEE Legal Matters reported on the issuance by TransFin-M PC's of convertible bonds with a nominal value of RUB 3 billion, which Egorov Puginsky Afanasiev & Partners – the firm working with TransFin-M on the matter – described as "unique for the Russian market."
New amendments to the Federal Law dated 27.07.2006 No. 152-FZ “On Personal Data” that inter alia introduce personal data localization rules take effect on 1 September 2015. The new rules therefore will enter into force sooner than initially announced, giving personal data operators less time to prepare for the upcoming changes.
Legal alert: Extension of the restrictions of the National Bank of Ukraine aimed at atabilisation of the situation on Ukrainian FX market
The National Bank of Ukraine (the “NBU”) has adopted the resolution No.160 dated 3 March 2015 (the “Resolution 160”) aimed at stabilisation of the situation on Ukrainian FX market. According to Resolution 160, the NBU has extended most of the existing restrictions set out in the NBU’s previous similar resolution No. 758 as of dated 1 December 2014 and introduced several additional restrictions.
On 23 February 2015, the National Bank of Ukraine (the “NBU”) adopted resolution No.124 “On Peculiarities on Carrying out of Certain Foreign Currency Transactions” (the “Resolution 124”) which, in addition to already existing FX transfer limitations, introduces restrictions on certain FX transactions carried out by Ukrainian importers. In the situation of economic deterioration and Ukrainian hryvnia devaluation, the Resolution is reported to aim at further prevention of capital outflows from Ukraine.
Mergermarket reports Egorov Puginsky Afanasiev & Partners advise Belarus' National Agency of Investment and Privatisation on the confectionery factory Konfa and the Minsk Margarine Plant privatisation
Belarus' National Agency of Investment and Privatisation (NAIP) is preparing to reissue privatisation tenders for the confectionery factory Konfa and the Minsk Margarine Plant (MMP), said Olga Rutkovskaya, head of the privatisation department at NAIP. The launch is expected in the middle of February, she said.