Tuca Zbarcea & Asociatii Partner Gabriela Anton, Gecic Law Counsel Miodrag Jevtic, ACI Partners Head of Banking/Finance Marina Zanoga, Avellum Managing Partner Mykola Stetsenko, NazaIi Tax & Legal Partner Nilay Goker Duran, PRK Partners Senior Attorney-at-Law Norbert Hink, and Schoenherr Bulgaria Local Partner Tsvetan Krumov look at how the financial services landscape in the CEE region has been shifting, as local non-banking financial institutions (NBFIs) are gradually gaining ground in an area historically dominated by the banking sector.

Since the onset of the Russian invasion in 2014, and particularly since the full-scale invasion that began on February 24, 2022, Ukraine has found itself in the epicenter of a new and challenging reality. This ongoing conflict has sparked a remarkable surge in Ukraine’s defense technology sector.

Amidst the tumultuous backdrop of a war-torn Ukraine, the legal market in the country finds itself navigating a complex landscape marked by uncertainty, according to Avellum Senior Partner Kostiantyn Likarchuk who talks about Ukraine's quest for investment, the status of its judicial reforms, and the pivotal role of antitrust legislation in this challenging environment.

This article explains the tools available under Ukrainian competition law that allow interested third parties (customers, suppliers, competitors, etc.) to participate in the merger review process and protect their rights and interests. It also addresses merging parties’ potential risks associated with the involvement of third parties.

While international private equity players still dominate blockbuster deals in CEE, locals and regional players are gaining more and more ground – especially in terms of volume. PRK Partners Co-Head of Corporate and M&A Practice Group Milan Sivy, Tuca Zbarcea & Asociatii Managing Partner Gabriel Zbarcea, and Avellum Managing Partner Mykola Stetsenko provide an in-depth analysis of the PE landscape in the Czech Republic, Romania, and Ukraine.

On 30 August 2023, the President of Ukraine signed Law of Ukraine “On Digital Content and Digital Services” No. 3321-IX (“Law”), designed to implement EU Directive 2019/770. The principal provisions of the Law enter into force on 2 March 2024.

On 3 September 2023, Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on the Regulation of Activities of Separate Subdivisions of a Legal Entity Established in Accordance with the Laws of a Foreign State” No. 3257-IX, dated 14 July 2023 (“Law”), entered into force.

Avellum Managing Partner Mykola Stetsenko has been elected as the new President of the Ukrainian Bar Association.

Law of Ukraine “On Amendments to the Bankruptcy Code of Ukraine on the Application of Bankruptcy Procedures during the Period of Martial Law” No. 3249-IX dated 13 July 2023 (“Law”) entered into force on 29 July 2023.

On 29 July 2023, Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on the Application of Sanctions” No. 3223-IX, dated 13 July 2023 (“Law”), enters into force.

In addition to the modernisation of corporate governance in joint stock companies (“JSCs”), the new version of the Law of Ukraine “On Joint Stock Companies” (“Law”) introduces partial amendments concerning corporate governance in limited liability companies (“LLCs”).

On 2 May 2023, the Ukrainian Parliament adopted Law “On Amendments to the Laws of Ukraine Regarding Improvements of Legal Regulation of Notarial and Registration Actions When Acquiring the Land Plots” No. 3065-IX (“Law”).

On 5 July 2023, the President of Ukraine signed Law of Ukraine “On Consumer Protection” No. 3153‑IX (the “CP Law”). Most provisions of the CP Law will become effective one year after its publication, which is yet to be made, but not earlier than the date of termination or cancellation of martial law in Ukraine.

The National Bank of Ukraine (“NBU”) recently allowed Ukrainian borrowers to transfer foreign currency (“FX”) funds abroad to fulfil their obligations under the following categories of loans from foreign lenders:

Sayenko Kharenko has advised Citibank and UK Export Finance on a GBP 26.3 million equivalent export loan provided to Ukraine under UKEF’s guarantee, to finance the reconstruction of bridges around Kyiv.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. Keeping in mind last year’s complexities and the uncertainties ahead, this time we asked: Has your team shrunk or increased in the last 12 months and what are your expectations for 2023?

Following a tumultuous year marked by the ongoing conflict in the region and rising financing expenses, we reached out to experts across CEE to gain a deeper understanding of the real estate landscape, including key factors driving the industry and the primary obstacles it faces.

On 11 April 2023, the President of Ukraine signed Law of Ukraine “On Collective Bargaining Agreements and Contracts” No. 2937-IX, dated 23 February 2023 (“Law”).