The Kyiv office of Baker McKenzie assisted with drafting new regulations of the National Securities and Stock Market Commission of Ukraine for the issuance of UAH-denominated bonds by international financial institutions in Ukraine.
According to Baker McKenzie, whose work was funded by the IFC, the new regulations, which became effective in early April 2020, "are expected to significantly simplify the procedure for the issuance of IFI bonds in Ukraine." According to the firm, "the regulations will abolish obsolete procedural and documentation requirements and introduce a "fast-route" procedure for those IFIs of which Ukraine is a member or that signed an international treaty with Ukraine."
“New regulations for the issuance of UAH-denominated bonds by IFIs is a significant milestone for Ukraine’s capital market development,” said Jason Pellmar, IFC Regional Manager for Ukraine, Moldova, and Belarus. “The new regulation will help IFC develop local currency solutions for its clients, enhancing their credit profile and mitigating risks, including risks associated with currency fluctuations.”
"We trust that these regulations will help to revitalize the Ukrainian capital markets, will provide investors with a new attractive investment instrument and will enable Ukrainian borrowers to receive local currency funding from IFIs on attractive terms," commented to Baker McKenzie Managing Partner Serhiy Chorny, who led the firm's team on the project. Chorny was assisted by Baker McKenzie Associate Bogdan Dyakovych and Law Clerk Stanislav Demianiuk.