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In The Corner Office we ask Managing Partners across CEE about their unique roles and responsibilities. The question this time around: How do you do performance reviews, and how important are they to the planning and management of the firm?”

Last year Ukraine took several significant steps to encourage investments into the energy market. The Government announced a strategic goal of making Ukraine self-sufficient in energy and abandoning its dependence on imported gas.

Switching to electric vehicles has become a trend, in Ukraine as across the world. Few are aware that, according to 2017 InsideEVs (the global platform that analyzes electric vehicle markets) Ukraine is among the top ten countries with the highest rate of electric vehicle sales.

In The Corner Office we ask Senior and Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: “What is the one skill, ability, or characteristic that fresh law school graduates in your country most commonly lack?”

Ukraine has taken several important steps in recent months towards improving the country’s domestic dispute resolution mechanisms. One of those steps was the complete overhaul of the judicial system and the adoption of completely new procedural rules governing domestic litigation.

Adam Mycyk, a Ukrainian-American from the United States, is a partner in Dentons’ Kyiv office, and he has nearly 25 years of experience advising both Ukrainian and international companies, banks, investment banks and a range of other financial institutions and investors.

The judicial system of Ukraine has transformed in recent years at an unprecedented scale and speed, and new procedural legislation has been adopted in the civil, economic, and administrative codes. In addition, the Supreme Court was elected for the first time through a competitive procedure, and the structure of the courts was reformatted into a three-level system. Judges of all levels are undergoing re-qualification. An attorney-at-law “monopoly” on representing others in court has been introduced. All of these fundamental changes are occurring in a revolutionary way and in a very short time period.

After a number of important improvements to Ukrainian corporate legislation in 2017, such as the introduction of squeeze-out and sell-out procedures for joint stock companies and the concept of shareholder agreements, reform of the country’s corporate legislation is continuing, with even more significant transformations in 2018.

International arbitration is often perceived as a preferred method for international dispute resolution, due to its time/cost efficiency as well as enforceability of awards. On the other hand, enforcement of an arbitration award can be rather challenging for the parties – especially if recognition and enforcement is sought in countries like Ukraine, because for a long time, the Ukrainian judiciary has been criticized for its inefficiency and overly bureaucratic approach. However, Ukraine is on its way to changing that.

2018 has been an enjoyable year for those wanting the Ukrainian legislator to improve the country’s corporate legal framework. Since limited liability companies (LLCs) and joint stock companies (JSCs) are the most frequent forms of business in Ukraine, improvement in this direction appears to be especially important. On June 17, 2018, the Law on Limited and Additional Liability Companies (the “LLC Law”) came into force, completely replacing the outdated regulation of LLCs. Moving to JSCs, the legislator adopted a law that amended several legal acts regulating these companies and the stock market in general (the “JSC Law”). Below we will outline these major changes in the Corporate Governance in Ukraine.

Criminal law has been among the most rapidly growing practices in Ukraine over the past few years, a result of two factors: low economic activity and increased political and criminal pressure.

The main trend of 2017-2018 in Ukraine is the booming development of the renewable energy sector. The Ukrainian Government is also taking steps to increase domestic oil & gas production.

If one is an example, two is a coincidence, and three is a trend, the three major law firm mergers in Ukraine this past summer demand closer scrutiny.

On July 9, 2018, the CEE Legal Matters website reported the merger of the Avellum and A.G.A. Partners law firms in Ukraine. A month later, the website reported on a second merger, this time between Asters and EPAP, the Ukrainian office of Russia’s Egorov Puginsky Afanasiev & Partners. And in September the website reported on yet another merger, between Integrites and Pravochyn. To explore these significant changes in the market, on October 26, 2018, CEE Legal Matters sat down with a collection of prominent Ukrainian lawyers — including several from firms directly involved in the summer’s mergers — at the Kyiv office of DLA Piper.

While happiness is increasingly considered the proper measure of social progress, Ukraine occupies only 138th position among 156 nations included in the multi-index World Happiness Report 2018. The country has fought for its happiness since becoming independent in 1991 following the collapse of the Soviet Union. As part of this patient and hopeful nation, I continue to believe that happiness is coming soon, exactly as I did in that already-distant 1991, when there was almost no private business and almost no legal market in Ukraine.

Ivan Kravtsov is the Senior Legal Director of Carlsberg, Ukraine. He started his career as a lawyer at Russian Energy Company JSC in October 2003, and in 2005 he moved to Procter & Gamble. In 2009 he was named the Head of Legal of Shell Retail Ukraine, and seven years he moved to Carlsberg.

The Ukrainian competition authority focuses on investigating the status of competition in different markets in Ukraine. They are empowered to do this either by sending written requests to companies or by performing on-site inspections (e.g., dawn raids).

Currency regulations in Ukraine have always been among the most significant impediments to foreign investments and access of Ukrainian businesses to foreign markets. In 2014, substantial external imbalances, capital flight risks, and panic in the foreign exchange market prompted the National Bank of Ukraine (NBU) to adopt tight capital controls, a number of which remain in effect. Notwithstanding the alleged soundness of such temporary measures, both foreign investors and Ukrainian businesses have long called for clearer and more predictable currency regulations, as well as safeguards to protect their interests. In July 2018, Ukraine finally adopted the long-awaited “On Currency and Currency Transactions” law (the “Currency Law”) which is intended to replace the archaic currency control legislation. The effectiveness of the new legal framework, however, can only be assessed once the NBU lays out detailed rules in its regulations.

In The Corner Office we ask Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: Who was your mentor, and what was the most important lesson you learned from him or her?

Ukraine Knowledge Partner

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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