NBU GRADUALLY ABOLISHES “ANTI-CRISIS” RESTRICTIONS ON FOREIGN EXCHANGE MARKET On May 25, 2016 the National Bank of Ukraine Resolution “On amendments to some legislative acts of the National Bank of Ukraine” as of 24.05.2016 № 331 came into force, by means of which the regulator cancelled some “anti-crisis” restrictions on foreign exchange market which were introduced during 2014-2015. First of all, the National Bank simplified the order of foreign investments return. Now, foreign investors who intend to return the investment contribution shall not submit to the authorized bank statement (certificate) of the authorized bank on the actual flow of foreign currency in Ukraine or documents confirming the formation of investment contribution through reinvestment. At the same time, the National Bank simplified the order of issuance of some permission for conducting foreign currency transactions. In particular, the regulator allowed clients when performing currency transactions not to submit to the authorized bank the documents which are in the public access, namely: an extract from USREOU and a copy of the certificate of estimating entity, issued by the State Property Fund of Ukraine. Also, the National Bank allowed clients not to submit to the authorized bank the Ukrainian translation of SWIFT messages and documents drawn up in Russian or text of which is set out in both foreign and Ukrainian/Russian. In addition, as proposed by EBRD, the National Bank simplified currency transactions on credit agreements concluded by residents with the international financial institutions. From now, the authorized banks will not apply additional measures of control of risky activities to foreign exchange transactions under such contracts. At the same time, it should be noted that today remain acting in Ukraine the following “anti-crisis” restrictions in the foreign exchange market:
NEWS OF ANTIKA LAW FIRM Antika Law Firm and partner of the firm Andrey Kuznetsov became the finalists of Legal Awards 2016 On May 24, 2016 the official annual ceremony outlining the winners of the Legal Awards 2016 was held by Yuridicheskaya Practika Publishing in the InterContinental Kiev Hotel. This year, Antika Law Firm became the finalist in the nomination “Law Firm of the Year in Energy”, and Andrey Kuznetsov, a partner of the firm, in the nomination “The Best Trial Lawyer”. ______________________________________________________________ This Legal Alert is intended as a general overview of latest changes in legislation of Ukraine and does not constitute a legal advice. For further information please contact Antika Law Firm: 12, Khreschatyk Str., 2nd floor, Kyiv, 01001, Ukraine tel./fax.: +38 044 390 09 20/21 |
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