Weitere ähnliche Inhalte Ähnlich wie Ukrainian Investment Summit - FTA WITH EU: NEW CHAPTER FOR UKRAINIAN BUSINESS (20) Kürzlich hochgeladen (20) Ukrainian Investment Summit - FTA WITH EU: NEW CHAPTER FOR UKRAINIAN BUSINESS1. Baker & McKenzie – CIS, Limited is a member firm of Baker & McKenzie International, a Swiss Verein with member law firms around the world. In accordance with the
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© 2014 Baker & McKenzie – CIS, Limited
9th
Annual Ukrainian Investment Summit, London, 9-10 December
FTA WITH EU: NEW CHAPTER
FOR UKRAINIAN BUSINESS
Legal Perspectives and Forecasts
by Ihor Olekhov, Partner, Head of International Trade Practice in the Kyiv
office of Baker & McKenzie
2. © 2014 Baker & McKenzie – CIS, Limited 2
DCFTA with EU: Association Agreement
‒ On 16 September 2014, the Parliament of Ukraine
ratified the Association Agreement between the EU and
Ukraine, which was signed by the European Union and
Ukraine on 27 June 2014
‒ Ratifications by the EU member states are pending
‒ The Association Agreement will come into effect on the
first day of the second month following the date of
deposit of the last instrument of ratification or approval
‒ Ukraine already started the process to harmonise its
legislation with the EU laws in various sectors
3. © 2014 Baker & McKenzie – CIS, Limited 3
Ambitious, Lengthy, Far Reaching
‒ DCFTA/Association Agreement between the EU and
Ukraine is so far the most ambitious document for
Ukraine and the EU
‒ 120-page Implementation Measures Plan for 2014-2017
(CM Order No. 847 of 17 September 2014) ranging from
security matters to specific details of consumer
protection and financial services: all to be adopted and
implemented in two years!
‒ some laws already passed (public procurement,
metrological standards, identification and registration of
animals etc) while numerous others are considered,
voluminous roadmaps to follow…
4. © 2014 Baker & McKenzie – CIS, Limited 4
A Long Road Ahead for Ukraine
‒ EU law will be adopted by Ukraine? Really? What
stands behind harmonisation with EU law?
‒ Will EC Commission have jurisdiction in any cases (e.g.,
competition, standards etc) in Ukraine? No.
‒ Are EU regulations directly applicable? No.
‒ ECJ (other EU courts) judgments enforceable? No.
‒ ECJ (other EU courts) judgments convincing? No.
‒ EU Directives to be automatically implemented in
Ukraine by a stated deadline? No.
‒ Are Ukrainian judges/public officers/lawyers aware of
EU law and the practice of its application? No.
5. © 2014 Baker & McKenzie – CIS, Limited 5
DCFTA: National Regime
‒ Principle set out in DCFTA, FTAs and investment
protection treaties of Ukraine, WTO agreements
‒ Practical Reality in Ukraine: Ukrainian aviation
administration adopts changes to the civil aircraft
aviation rules permitting airlines to operate routes from
Ukraine subject to Ukrainian beneficial ownership.
Luckily, the changes were suspended by the Ministry of
Justice. Direct breach of the national regime under
numerous international agreements of Ukraine.
6. © 2014 Baker & McKenzie – CIS, Limited 6
DCFTA: MFN Regime
‒ Principle set out in DCFTA, FTAs and investment
protection treaties of Ukraine, WTO agreements
‒ Practical Reality: in August Ukrainian Parliament
adopted the law permitting the sale of 49% of the shares
in companies managing the gas transit and gas storage
networks in Ukraine only to investors from the United
States or the European Union. Direct breach of the
MFN regime, Russia is already in consultations and
considering possible actions under WTO
agreements.
7. © 2014 Baker & McKenzie – CIS, Limited 7
DCFTA: Tariff Reductions and Customs
‒ gradual reduction and, in most of the cases, abolition of
import and export duties on goods originating from both
EU countries and Ukraine
‒ Ukraine temporarily enjoys preferential trade status
allowing Ukrainian companies to import their goods to
the EU free of customs duties or at reduced customs
duties rates. It was initially agreed that those measures
would be in force until 1 November 2014 but was
extended until 31 December 2015
8. © 2014 Baker & McKenzie – CIS, Limited 8
DCFTA: Financial Services
‒ Ukraine to implement international standards and a
number of EU Directives relating to banking, insurance
and other financial services. Ukraine to improve
legislation regarding accounting, capital requirements
for banks and other financial institutions, deposit
guarantees, electronic money, pension funds, anti-
money laundering,
‒ Upon entry into force of the Association Agreement,
Ukraine must ensure free movement of capital in such
areas as direct and portfolio investments and cross-
border loans from the EU followed by Liberalisation of
the FX restrictions in force in Ukraine. Realistic?
9. © 2014 Baker & McKenzie – CIS, Limited 9
Baker & McKenzie Rankings in Ukraine
Banking & Finance, Capital Markets - I
Tier
Corporate – I Tier
Intellectual Property– I Tier
Real Estate and Construction – I Tier
Dispute Resolution – II Tier
Tax – II Tier
Banking & Finance –
I Band
Corporate– I Band
Labour Law – I Band
Intellectual Property– I Band
Capital Markets– I Band
Restructuring and Insolvency –
I Band
Energy and Natural Resources –
I Band
Real Estate and Construction–
I Band
Dispute Resolution– ІII Band
Banking & Finance– I Tier
M&A – I Tier
Energy and Infrastructure – I Tier
Banking & Finance, Capital Markets -
I Band
Corporate and M&A – I Band
Tax – II Band
Top positions in Real Estate and
Construction, Land, Corporate,
M&A, IP. Employment
10. © 2014 Baker & McKenzie – CIS, Limited
Contacts:
10
Ihor Olekhov
Partner
Tel. +38 044 590 01 01
ihor.olekhov@bakermckenzie.com