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Long-awaited changes to the competition law in Ukraine
Yesterday, 9 August 2023, the Ukrainian parliament adopted long-awaited amendments to the country’s competition law (the "Amendments"), which is the first step towards an extensive overhaul of Ukraine’s antitrust and merger control rules. The Amendments are pending the signature of the president and are expected to come into force on 1 January 2024 (except for certain provisions, which will take effect after the cancellation of martial law). Although the final text of the Amendments is not yet available, it has been reported that the key changes are aimed at: i) the implementation of additional antitrust rules to boost the leniency program in Ukraine, ii) the introduction of the concept of the infringer’s joint and
Kinstellar advises YouGov on the acquisition of GfK's consumer panel business
Kinstellar, in conjunction with DLA Piper, has advised international online research data and analytics technology group YouGov plc on the acquisition of the European Consumer Panel Business of GfK, a German market research firm, for EUR 315 million. Listed on the London Stock Exchange, YouGov has one of the world's largest research networks. Its products and services draw upon a detailed understanding of more than 24+ million registered individuals to deliver accurate, actionable consumer insights. GfK CP compasses over 100,000 households with panels across 16 European countries collecting and providing data on household purchases and insights intо the FMCG sector. The acquisition is subject to customary closing
Ukraine Parliament mandates electronic presence for court proceedings
The Ukrainian parliament has passed the Law “On Amendments to Certain Legislative Acts of Ukraine Concerning Mandatory Registration and Use of Electronic Offices in the Unified Judicial Information and Telecommunication System or Its Separate Subsystem (Module) that Ensures Document Exchange”. The law is due to take effect on 18 October 2023. The Law mandates that each participant in court proceedings in Ukraine register their electronic presence in the system by opening their respective electronic office within it. The principal purpose of this new requirement is to ensure the quick, flawless and guaranteed exchange of procedural documents among all participants in court proceedings in Ukraine. Key provisions
Currency restrictions in Ukraine: Changes to the rules for external debt financing
Following the outbreak of the full-scale Russian invasion, the National Bank of Ukraine (NBU) implemented temporary restrictions on cross-border foreign currency transactions. These restrictions were outlined in Resolution No. 18 of the NBU Board "On the Operation of the Banking System during the Period of Martial Law" (NBU Resolution No. 18). NBU Resolution No. 18 established an exclusive list of cross-border foreign currency transactions permitted during the martial law period. In late June 2023, the NBU took significant steps to expand the capacity of Ukrainian businesses to attract and service external loans and borrowings. This newsletter provides an overview of the provisions outlined in NBU Resolution No. 18 concerning
Ukraine resumes large-scale privatisations
On 20 June 2023, President of Ukraine Volodymyr Zelenskyy signed Draft Law No. 8250 amending, among others, the Law of Ukraine “On the Privatisation of State and Municipal Property” (Law), signalling that Ukraine has once again set a course for large-scale privatisations. This time, however, the search for investors in large state-owned enterprises (SOEs) comes from the on-going war and mounting budget deficit. The Law unblocks the sale of SOEs with book value of over UAH 250 million (approx. USD 6.76 million). It enables the State Property Fund of Ukraine (SPFU) to impose post-privatisation obligations on investors in large SOEs, including maintaining the SOE's core business and paying off wage and tax arrears. The
Ukraine increases transparency in the international arena and implements CRS
The exchange of information upon request between tax authorities is an important means of promoting transparency and allows tax authorities to obtain information necessary to ensure compliance with tax laws. Ukraine is a party to various international legal instruments under which information may be provided by one country to another. In this regard, Ukraine has recently become a party to the exchange of financial information under the Common Reporting Standard. Click on one of the images below or click on the following links to read the overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Council of Europe Summit creates the International Register of Damage Caused by the Russian Aggression against Ukraine
The Council of Europe announced the establishment of the Register of Damage Caused by the Aggression of the Russian Federation against Ukraine through an Enlarged Partial Agreement dated 12 May 2023. The Register is signed by 43 member states of the Council of Europe and representatives of the European Union, the USA, Canada, and Japan. Click on one of the images below or click on the following links to read in English or in Ukrainian. Download in English: Download in Ukrainian:
Kinstellar advises Rheinmetall on the cooperation agreement with Ukraine’s state-owned defence industry concern, Ukroboronprom
Kinstellar is proud to have advised Rheinmetall on the signing of a cooperation agreement with Ukraine’s state-owned defence industry concern, Ukroboronprom. The two major defence manufacturers intend to create joint capabilities domiciled in Ukraine through setting up a joint venture, which is expected to be operational from mid-July 2023. Starting with the maintenance of military vehicles, the parties plan to move to the transfer of technology, joint production of selected Rheinmetall products in Ukraine, to potentially joint development of military systems, including for subsequent export from Ukraine. The entrance of Rheinmetall marks a new exciting chapter in the development of Ukraine’s defence industries
Kinstellar announces new promotions to Partner and Counsel
Kinstellar is delighted and proud to announce the promotions to Partner of Tomáš Melišek (Bratislava), Levente Hegedűs (Budapest), Bulut Girgin (Istanbul), Anastasiya Bolkhovitinova, Natalia Kirichenko, Oleg Matiusha, Illya Muchnyk (all in our Kyiv office), and to Counsel of Dominika Bajzáthová (Bratislava). PARTNERS Tomá š Melišek, Bratislava Tomáš is the Head of the local Banking & Finance service line. He has 15 years of experience in banking and finance, focusing on project and acquisition financing as well as on financial regulations. Tomáš has substantial experience advising clients on significant financing transactions in the areas of real estate, energy, infrastructure, automotive, media
Setting up operations in Slovakia
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 counties such as Ukraine or Moldova are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Bratislava has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Slovakia. Download in English: Download in Ukrainian:
Ukraine introduces a new law to strengthen IP rights protection
A new Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on Strengthening the Protection of Intellectual Property Rights” No. 2974-IX (the “Law”), entered into force on 15 April 2023. The Law’s aim is to strengthen IP rights protection in Ukraine and harmonise Ukrainian intellectual property legislation with EU standards on the protection of IP rights. Click on one of the images below to read the overview of the main changes introduced by the law or click the following links to read in English or in Ukrainian. Download in English: Download in Ukrainian:
Loot boxes – still a mystery in CEE?
The recent resolution of the European Parliament on video games calls on the European Commission to take the necessary steps to bring about a European approach to loot boxes which could lead to more restrictive regulation. Kinstellar’s TMT team looked into the national framework for loot boxes in Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia, Turkey, Ukraine to conclude that, while no specific local laws exist, the developments around gambling regulation should be monitored, as loot boxes have already been discussed in the context of national rules on gambling in some countries. Click on this link or the image below to read an overview prepared by our TMT experts in each jurisdiction.