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The Law on Payment Services: Overview of rules for Ukrainian payment services market
The Law of Ukraine "On Payment Services" creating a new legal landscape for the provision of payment services in Ukraine, came into force on 1 August 2022. At the same time, certain provisions of the law, which mostly relate to open banking, will become effective in 2025. Click on one of the images below to read the whole overview of the main provisions of the law, or click use the following links to read in English or in Ukrainian. Download in English: Download in Ukrainian:
Ukraine's Unbreakable Lawyers: A Buzz Interview with Alla Kozachenko of Kinstellar
The Russian invasion is still ongoing, affecting all areas of life in Ukraine, but there are slivers of hope and reasons to stay positive and optimistic, according to Kinstellar Partner Alla Kozachenko. “Russia’s full-scale invasion continues with heavy shelling of infrastructure – aiming to cut off connectivity, water, and electricity,” Kozachenko begins. “Lawyers had to adapt in order to ensure the continuity of services to their clients. With power outages for more than ten hours a day, we had to work from 'points of unbreakability,' gas stations, bomb shelters, and other locations, and we had to distribute work to colleagues outside of Ukraine as well. Our offices are now fully equipped with power generators
Ukraine: Sanctions – The edge of war and beyond
Since the outbreak of war in Ukraine, the world faces an ever-increasing number of restrictive measures and sanctions introduced in various jurisdictions. While the global sanctions landscape has been long established, it has developed rapidly after February 24, 2022. Ukraine introduced its first sanctions law in 2014 after Russia annexed Crimea (the Law of Ukraine on Sanctions No. 1644-VII, dated August 14, 2014 – Law on Sanctions). Since then, Ukraine implemented further autonomous sanctions and introduced various restrictive measures similar to sanctions in nature. Following the full-scale Russian invasion, the Ukrainian authorities have been closely monitoring and synchronizing Ukrainian sanctions with those
EUIPO offers SMEs trade mark and design grants of up to EUR 1,350
The European Commission and European Intellectual Property Office (“EUIPO”) have launched a small and medium sized business fund (SME Fund) to provide reimbursement for trademark and design application fees and pre diagnostic services. The grant scheme, designed to encourage SMEs to expand their IP portfolios, has a budget of EUR 25 million, available on a first come, first serve basis. The submission period for applications runs from 23 January to 8 December 2023. Read more in the brochure below: Download in English: In case of any questions with respect to the above, our specialists
Decentralized clinical trials: Current developments in CEE and Turkey
The rapid development of technologies and solutions in the healthcare sector is contributing to the proliferation of decentralised clinical trials (“DCTs”). The aim of DCTs is for clinical trials to be conducted more effectively and conveniently – for patients, sponsors and investigators – through the use of digital technologies. In addition, with hospital visits temporarily limited and staff capacities overwhelmed, the challenges associated with the Covid-19 pandemic have significantly underscored the necessity of performing certain elements of clinical trials remotely. Download in English:
U.S.-Ukraine Business Council re-elects Margarita Karpenko as member of their Executive Committee for 2023
Margarita Karpenko, Co-Managing Partner of Kinstellar’s office in Kyiv, has been re-elected as a member of the Executive Committee of U.S.-Ukraine Business Council (USUBC) for 2023. With over 30 years of experience in the Ukrainian business environment, Margarita has held executive roles for over 20 years. She is a knowledgeable advisor on different legal aspects of the business landscape in Ukraine and has been ranked as a top-tier lawyer in the country by legal directories such as Chambers & Partners, Legal 500 EMEA, Ukrainian Law Firms. A Handbook for Foreign Clients, Best Lawyers. Established in 1995, USUBC is a business association that advances U.S. companies’ trade and investment interests in Ukraine.
Top five decisions of Ukraine’s Supreme Court relating to land disputes in 2022
Case law cannot be overestimated. It adapts to changes faster than legislation. Case law in Ukraine evolved during peacetime and continues to do so during martial law. Diana Malysh, Associate at Kinstellar’s Kyiv office, analyses current case law and reviews the top five decisions of Ukraine’s Supreme Court adopted in 2022 relating to land disputes in an article published on the legal information platform Liga Zakon. Read the full article (in Ukrainian only):
Cryptocurrency exchanges: how to choose a reliable one?
Investing in crypto assets is a high-risk activity. The existing structure of the crypto market, its supervision and its participants, is currently such that it cannot guarantee the security of funds, even for the customers of the best-known and, seemingly, best-protected exchanges. Given these inherent risks, there are several aspects that should be considered when choosing an exchange. In a recent interview with Minfin.com.ua, a Ukrainian portal on finances and investments, Illya Muchnyk, Counsel in our Kyiv office, shared his views on possible ways to secure funds when investing in cryptocurrencies. Read the full article here (in Ukrainian only).
Specifics of ultimate beneficiary owners filings in Ukraine
The requirement to file information on the ultimate beneficial owners (UBOs) of legal entities was introduced by the Law of Ukraine "On Prevention and Counteraction of Legalization (Laundering) of Criminal Proceeds, Financing of Terrorism and Financing of the Proliferation of Mass Destruction Weapons" dated 06.12.2019 No. 361-IX. With the start of the full-scale invasion by the Russian Federation and the introduction of martial law in Ukraine, the requirement to disclose information about UBOs was suspended. On 6 September 2022, Ukraine’s Parliament adopted the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Improving the Regulation of Ultimate Beneficial Ownership and the Ownership Structure of
Setting up operations in Bulgaria
Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in Ukraine and its neighbours are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Sofia has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Bulgaria. Download in English: Download in Ukrainian:
Kinstellar named Law Firm of the Year in Central Europe at The Lawyer European Awards ceremony
Kinstellar is pleased to announce that it has been named “2022 Law Firm of the Year: Central Europe” by the leading UK and European legal publication The Lawyer at its annual European Awards ceremony. Each year the awards celebrate excellence across the European legal market and recognise firms that have demonstrated outstanding achievements through their mandates, performance, impressive strategic growth and excellence in client service. Winners are chosen from among over 120 independent law firms headquartered in Europe and global firms across the continent. Kinstellar is also proud to have been shortlisted for the “Law Firm of the Year: South Eastern Europe” and ‘’Law Firm of the Year: Ukraine’’
Setting up operations in Romania
December 2022 – Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in Ukraine and its neighbours are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Bucharest has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Romania. Download in English: Download in Ukrainian: