Practices

Government relations

7

EU directives
IMPLEMENTATION IN UKRAINIAN LEGISLATION

Summary

We recognise the real impact that government action or inaction can have in achieving business objectives. Our team advises businesses on policy, legislation, and regulation and applies the best international practices in cooperation with government entities to help clients consider and address the legislative, regulatory, and judicial options available to them.

Clients

We represent private companies, non-profit organizations, and the full range of entities and individuals with issues relating to laws, regulations, and government policies. Our experts help to navigate a highly regulated business environment and set up communication with key government leaders.

Approach

As a member of local and international business associations, advisory commissions, and councils to state authorities, we offer a unique approach to identifying emerging regulatory risks and advise on their mitigation.

Our services

• Acting for clients on privatizations, concessions, and PPP-projects
• Monitoring and analyzing legislative and regulatory activity
• Assessing regulatory & compliance impact
• Drafting and commenting on draft laws and resolutions
• Draft reviewing to determine key issues and legislative acts to track
• Evaluation of emerging regulatory risks and development of means to mitigate them
• Development of working relationships with government bodies
• Representations before governmental bodies

Key experience

ASSISTED ON PREPARATION OF THE DRAFT LAW “ON INVESTMENT FUNDS” BASED ON UCITS AND AIFM EU DIRECTIVES

National Securities and Stock Market Commission

PARTICIPATED IN THE WORKING GROUP ON VAT REFORM AT THE MINISTRY OF FINANCE OF UKRAINE

Ministry of Finance of Ukraine

PARTICIPATED IN THE PREPARATION OF LEGISLATION ON THE ABOLISHMENT OF THE COMMERCIAL CODE OF UKRAINE

Ministry of Justice of Ukraine

REGULATIONS WITHIN THE FRAMEWORK OF UKRAINIAN SOVEREIGN DEBT RESTRUCTURING, AMENDMENTS TO THE LAW “ON SECURITIES AND STOCK MARKET”

Ministry of Finance of Ukraine

Related materials

News

AVELLUM’s client defeats a challenge to a USD20 million LCIA Award with the UK High Court

In a Judgment dated 20 January 2023, the UK High Court dismissed each of the four grounds of challenge to the award made under s. 68 of the Arbitration Act 1996. The full version of the decision is available via the link. The judgment resolves the ambiguity created by P v D [2019] EWHC 1277 on applicability of the rules on […]

Posted on August 18, 2022

Legal alerts

NEW LAW ON LEASE OF STATE AND MUNICIPAL PROPERTY AND CANCELLATION OF THE LIST OF OBJECTS WHICH MAY NOT BE PRIVATISED

On 25 December 2019, the President of Ukraine signed the new Law of Ukraine “On Lease of State and Municipal Property” (“Law”). The Law will become effective and apply starting from 1 February 2020.

Posted on August 18, 2022

News

AVELLUM ADVISES THE MINISTRY OF FINANCE OF UKRAINE ON OFFICIAL LOANS EXTENDED TO UKRAINE BY ITALY AND CANADA

AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine.

Posted on August 18, 2022

News

AVELLUM ACTS FOR UKRAINE ON CONSENSUAL DEFERRAL OF EXTERNAL DEBTS WORTH OVER USD25 BILLION

AVELLUM acted as the Ukrainian legal counsel to (i) the Ministry of Finance of Ukraine, (ii) Private Joint Stock Company “National Power Company “Ukrenergo” (“Ukrenergo”), and (iii) the State Road Agency of Ukraine (“Ukravtodor”).

Posted on August 18, 2022

Newsroom

AVELLUM CLOSES 2020 WITH 3 MORE SUCCESSFUL EUROBOND DEALS

AVELLUM advised on all largest private and sovereign Eurobond issuances and liability management transactions out of Ukraine in 2020.

Posted on August 18, 2022
AVELLUM advised on all largest private and sovereign Eurobond issuances and liability management transactions out of Ukraine in 2020. Despite the global turbulence during the year, we are proud to close 2020 with the following successful Eurobond offerings and liability management transactions: USD300 million Eurobond offering and tender offer by Kernel AVELLUM acted as the Ukrainian legal counsel to Kernel Holding S.A. (“Kernel”) on USD300 million offering of 6.75% guaranteed notes due 2027 combined with a tender offer for the notes maturing in January 2022. Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc and Natixis acted as joint lead managers of the Eurobond issue and joint dealer managers for the tender offer. Kernel is the world’s leading and the largest in Ukraine producer and exporter of sunflower oil, and a major supplier of agricultural products from the Black Sea region to world markets. Kernel exports its products to more than 80 countries. Since November 2007, the shares of the company are traded on the Warsaw Stock Exchange (WSE). USD600 million tap issue of outstanding 2033 Eurobonds by Ukraine AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on USD600 million tap issue of Ukraine’s outstanding USD2 billion 7.253% notes due 2033. The additional issuance was priced at a 6.20% yield, the lowest on a public USD Eurobond in the history of Ukraine. BNP Paribas and Goldman Sachs International acted as joint lead managers of this tap issue. Eurobond cash tender offer by Ukreximbank AVELLUM acted as the Ukrainian transaction counsel to Joint Stock Company “The State Export-Import Bank of Ukraine (“Ukreximbank”) as borrower and Goldman Sachs International as dealer manager on USD316 million cash tender offer. Ukreximbank for the first time among Ukrainian issuers of Eurobonds carried out the tender offer transaction without the simultaneous placement of a new issue. Ukreximbank is 100% state-owned bank acting as the sole financial agent of the Government of Ukraine with respect to loans from foreign financial institutions, which are borrowed or guaranteed by Ukraine. Notwithstanding the unprecedented challenges of 2020, AVELLUM remains a true market leader in legal support of capital markets transactions out of Ukraine. We are grateful to our clients for entrusting us with these challenging and exciting projects and hope that more to come. * * * * * The AVELLUM team working on these transactions* was led by senior partner Glib Bondar with support from senior associate Anastasiya Voronova and associates Oleg Krainskyi, Anna Mykhalova, Anastasiya Zhebel, Mariana Veremchuk, Mykola Falko, Viktoria Bilenko, and Vladyslav Kostin. Partner Vadim Medvedev, senior associate Anton Zaderyholova and associate Oles Bidnoshyia provided support on tax matters of the transactions. *transactions are listed in the alphabetical order

News

AVELLUM ADVISES ON OVER USD1.5 BILLION OF UKRAINE’S SOVEREIGN FINANCINGS

AVELLUM advised the Ministry of Finance of Ukraine on an open market repurchase of Ukraine’s outstanding GDP-linked warrants funded through a tap issue of sovereign Eurobonds and a new macro-financial assistance programme from the European Union.

Posted on August 18, 2022
AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with: an open market repurchase of Ukraine’s outstanding GDP-linked warrants funded through a tap issue of sovereign Eurobonds; and a new macro-financial assistance (MFA) programme from the European Union. The goal of the repurchase was to proactively tackle potential liabilities under Ukraine’s GDP-linked warrants issued in the course of its sovereign debt restructuring in 2015. Ukraine tapped its USD1.36 billion 7.75% notes due 2020 to effect settlements in relation to the purchased warrants. The tap notes principal amounted to USD328.79 million and both the original notes and the tap notes were redeemed in full on 1 September 2020. The MFA negotiated by Ukraine with the EU in parallel is aimed at helping to overcome economic ramifications of the Covid-19 pandemic. To that end, the programme includes a total of EUR1.2 billion financing. The funds will be disbursed in two EUR600 million tranches, the first of which will be granted after the related loan agreement and the memorandum of understanding take formal effect. On 25 August 2020, the Parliament of Ukraine passed the ratification law required to complete effectiveness formalities. “The proactive debt management strategy implemented by the Ministry of Finance is important to secure macro-financial stability of Ukraine in these uncertain times,” senior partner Glib Bondar commented. “We were pleased that our strong capabilities in both bond and loan financing helped the Ministry to successfully execute these two transactions at practically the same time.” The AVELLUM team was led by senior partner Glib Bondar with support from associates Oleg Krainskyi, Mariana Veremchuk, and Mykola Falko.

Key contacts

MYKOLA STETSENKO

Managing Partner

mstetsenko@avellum.com

GLIB BONDAR

Senior Partner

gbondar@avellum.com

KONSTIANTYN LIKARCHUK

Senior Partner

klikarchuk@avellum.com

Team

VADIM MEDVEDEV

Partner

vmedvedev@avellum.com

YURIY NECHAYEV

Partner

ynechayev@avellum.com

MAKSYM MAKSYMENKO

Partner

mmaksymenko@avellum.com

MYKYTA NOTA

Partner

mnota@avellum.com

ANDRIY ROMANCHUK

Counsel

aromanchuk@avellum.com

LYUDMYLA VOLKOVA

Counsel

lvolkova@avellum.com

Practice

Finance

Our pre-eminent finance practice is well-known in the market for its cutting-edge expertise and exemplary service.

Practice

Private clients

We provide services related to personal tax matters, succession planning, change of tax residency, asset structuring, charity structuring, shareholders, and family disputes.

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