LEGAL UPDATES
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8 April 2015

Ukraine Introduces Measures on Deregulation and Simplification of Business Practices: Impact on Agrobusiness

On 05 April 2015, the Law of Ukraine “On Amending Certain Legislative Acts of Ukraine with Respect to Simplification of Business Practices (de-regulation)” came into force.

12 March 2015

New Regulations for Re-Registration of Branches and Representative Offices of Foreign Companies effective since March 16, 2015

6 March 2015

Legal alert: Preliminary unofficial clarifications on personal data localization rules

New amendments to the Federal Law dated 27.07.2006 No. 152-FZ “On Personal Data” that inter alia introduce personal data localization rules take effect on 1 September 2015. The new rules therefore will enter into force sooner than initially announced, giving personal data operators less time to prepare for the upcoming changes.

5 March 2015

Legal alert: Extension of the restrictions of the National Bank of Ukraine aimed at atabilisation of the situation on Ukrainian FX market

The National Bank of Ukraine (the “NBU”) has adopted the resolution No.160 dated 3 March 2015 (the “Resolution 160”) aimed at stabilisation of the situation on Ukrainian FX market. According to Resolution 160, the NBU has extended most of the existing restrictions set out in the NBU’s previous similar resolution No. 758 as of dated 1 December 2014 and introduced several additional restrictions.

25 February 2015

Legal alert: New FX restrictions affecting Ukrainian importers

On 23 February 2015, the National Bank of Ukraine (the “NBU”) adopted resolution No.124 “On Peculiarities on Carrying out of Certain Foreign Currency Transactions” (the “Resolution 124”) which, in addition to already existing FX transfer limitations, introduces restrictions on certain FX transactions carried out by Ukrainian importers. In the situation of economic deterioration and Ukrainian hryvnia devaluation, the Resolution is reported to aim at further prevention of capital outflows from Ukraine.

21 January 2015

Legal Alert: Ukrainian Tax Amnesty Program in 2015

With Tax Amnesty Law coming into effect on 17 January 2015, the final details of Ukrainian tax amnesty program have become public.

16 January 2015

Legal alert: Ukrainian Tax Reform in 2015 will affect businesses

Recently adopted Law on Tax Reform introduced important changes to Tax Code coming into effect in 2015. Some minor taxes are cancelled, new taxes on businesses introduced, tax rates increased and tax administration procedures changed significantly for some key taxes.

13 January 2015

Legal alert: New personal data localization rules in Russia – UPDATE

The President of the Russian Federation signed the Federal Law on amendments to the Russian personal data legislation on 31 December 2014. This law changes the date of entry into force of recent amendments related to personal data processing in information telecommunication networks to 1 September 2015 instead of 1 September 2016.

4 November 2014

Legal alert: Ukraine introduces new disclosure and transparency requirements for beneficiaries of local companies and owners of real estate

On November 25, 2014, the recently adopted Law “On Introduction of Changes to Certain Legal Acts of Ukraine Related to Determination of Ultimate Beneficiaries of Legal Entities and Public Figures” (the “Beneficiaries Law”) will come into force.

31 October 2014

UPDATE: Cancellation of Certain Restrictions on Foreign Currency Transactions

The National Bank of Ukraine (the “NBU”) has adopted the Resolution dated 30 October 2014 No. 685 “On introducing certain amendments into the regulations of the National Bank of Ukraine” (the “Resolution 685”). Resolution 685 has withdrawn certain foreign currency restrictions previously introduced by the NBU in Resolution No. 540 dated 29 August 2014 in an attempt to limit outflow of funds from Ukraine.

28 October 2014

Legal alert: Taxation of the Controlled Foreign Companies (CFC): Revised Draft Bill Submitted to State Duma

On October 22, 2014 a draft law on the taxation of the Controlled Foreign Companies was submitted to the State Duma of the Russian Federation. The Duma’s specialized committees should provide their comments on the draft before November 2, 2014.

23 September 2014

Legal alert: UPDATE: Restrictions on Foreign Currency Transactions and Mandatory Sale of Foreign Currency Revenues

Effective as of 23 September 2014, the National Bank of Ukraine (the “NBU”) has amended certain restrictions aimed at stabilisation of the situation on Ukrainian foreign exchange market, which were introduced by the NBU in the end of August – beginning of September 2014 and formalised by Resolutions of the NBU no. 515 dated 20 August 2014 (the “Resolution 515”) and no. 540 dated 29 August 2014 (the“Resolution 540”).

16 September 2014

Pharmacy and Pharmaceuticals Market Regulation News

Egorov Puginsky Afanasiev & Partners publish an update on Pharmacy and Pharmaceuticals Market Regulation News.

12 September 2014

Legal alert: Taxation of Controlled Foreign Companies: Updated Draft Law

On September 2, 2014 the Russian Ministry of Finance posted the third revision of the draft law on taxation of controlled foreign companies - CFCs (hereinafter the “Draft Law”) on its site.

10 September 2014

Legal alert: Reformation of Management of Gas Transportation System of Ukraine

On 14 August 2014, Verkhovna Rada of Ukraine has adopted the Law No. 1645-VII “On Amendments to Certain Laws of Ukraine with respect to Reformation of the Management System of the Uniform Gas Transportation System of Ukraine” (the “Law”) which comes into force on 10 September 2014. The Law allows, among other, participation of non-resident legal entities in the management of Uniform gas transportation system of Ukraine (the “GTS”).