Effective from June 4, 2017, the Ukrainian Parliament has passed the Law No. 1983-VIII “On Amending Certain Legislative Acts of Ukraine on Increasing the Level of Corporate Governance in Joint-Stock Companies" that was developed to upgrade the Ukrainian corporate regulations in line with the common standards applied in the Western corporate world. Overall, amendments have been introduced to more than 30 laws, including the Civil Code of Ukraine, the Laws of Ukraine "On Joint-Stock Companies", "On Banks and Banking Activity", "On Securing Claims of Creditors and Registration of Encumbrances", "On Securities and Stock Market". Among other changes, the new law alters the mandatory buyout procedure and introduces a new squeeze-out rights for majority shareholders of joint-stock companies (JSC) and an escrow account as a contract arrangement previously not known to Ukrainian law.
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This publication is for informational purposes only. If you would like to learn more or seek legal advice, please contact one of the following or your usual Nobles contact:
Volodymyr Yakubovskyy (partner), Denis Vergeles (counsel), Olena Stanishevska (senior associate)