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16.06.2015 Olesya Mykhailenko Studied Mediation Aspects in the Area of the Intellectual Property Law

Olesya Mykhailenko, Associate at Gvozdiy and Oberkovych Law Firm participated in a Round Table Conference named Mediation in the area of the intellectual property law (hereinafter – the IP), which was held on June 11, 2015 by the State Intellectual Property Service of Ukraine together with National Association of Mediators of Ukraine.

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Legal updates as of September 08, 2016

08.09.2016

NBU ALLOWED TO INCREASE STATUTORY FUND AT THE EXPENSE OF DEBT OBLIGATIONS DENOMINATED IN FOREIGN CURRENCIES

Respective amendments to Resolution of the NBU No. 342 dated 07.06.2016 has been in effect from 1 September 2016.

From now on, residents are entitled to prepay their monetary liabilities on the principal of the loan (borrowing) in foreign currency by offsetting the claims on the principal of such loan (borrowing) as an additional contribution by non-resident to the statutory fund of resident for the purpose of increase of the statutory capital.

In such case, the package of documents submitted to make respective amendments to the agreement on loan (borrowing) should be accompanied by a document supporting existence of commitments to carry out restructuring of the debt and documents supporting the title of the non-resident to respective share of the resident in the statutory fund.

THE NBU REDUCED ITS DISCOUNT RATE

The Management Board of the NBU resolved to decrease the NBU’s discount rate from 30% to 27% starting from 28.08.2016.

THE NBU ANNULLED THE REQUIREMENT TO OBTAIN PRICE EXPERT ASSESSMENT ACT FOR THE PURPOSE OF IMPORT OF SERVICES

According to NBU’s Resolution No. 372 dated 18 August 2016, starting from 19 August 2016 cancelled is the requirement to obtain the act of price expertise of the State Center of Monitoring of External Commodities Markets (State Enterprise "Derzhzovnishinform"), which residents had to present to pay for imported services.

We remind that earlier to pay for services (as well as works, intellectual property rights), purchased by a resident from non-resident for an amount exceeding EUR 50,000, the acquirer had to obtain the act of price expertise of "Derzhzovnishinform" attesting the contractual prices consistency to the market prices.

PROCEDURE FOR PERFORMANCE BY BANKS OF ANALYSIS AND VERIFICATION OF DOCUMENTS (INFORMATION) ON FINANCIAL TRANSACTIONS AND PARTIES THERETO APPROVED

On 1 September 2016, took effect respective Regulation approved by the NBU’s Resolution No. 369 dated 15 August 2016.

The above Regulation defines the procedure for performance by banks of analysis and verification of documents (details) on financial transactions and their participants underlying representing the basis for:

§  purchase of foreign currency for its transfer from Ukraine;

§  transfer of foreign currency out of Ukraine;

§  transfer of UAH in favor of non-residents via correspondent accounts of non-residents opened in banks;

§  transfer of funds to non-residents via bank branches opened on the territories of other countries;

§  granting consent to process transactions under agreement (including amended agreement) stipulating the residents’ compliance with debt liabilities to non-residents on loans/borrowings in foreign currency attracted from such non-residents;

§  transfer of funds in foreign currency and UAH to the investment accounts opened for non-resident investors in Ukrainian banks as refund of direct investment and profits, incomes and other funds received by foreign investor from investing activity in Ukraine, etc.

Documents (information) shall be analyzed and verified in compliance with the requirements of the laws of Ukraine on currency regulation and control to identify indicators of risky financial transactions, specified in appendices to this Regulation, in order to establish existence or absence of indications of performance by the bank of risky activities, existence or absence of suspicions or grounds to believe that the nature or consequences of the financial transactions may bring real or contingent threat to the interests of the investors or other creditors of the bank, and to improve the risk management efficiency in banks.

NEW LICENSING AUTHORITIES LIST APPROVED

On 26 August, took effect Resolution of the Cabinet of Ministers of Ukraine No. 609 that approves a new list of the licensing bodies. Noteworthy, the number of the licensing bodies and business activities subject to licensing has reduced dramatically.

From now on, the State Fiscal Service will, in particular, issue licenses on production and distribution of spirit, alcohol beverages and tobacco products; the Ministry of Social Policy will issue licenses on the intermediary activity in the area of employment abroad; the Ministry of Finance was empowered to license the distribution of lotteries and conduct of draws; and the Ministry of Economic Development will license the imports and exports of alcohol and tobacco products.

LICENSES MAY BE OBTAINED ON-LINE

Resolution of the Cabinet of Ministers of Ukraine No. 561 dated 23.08.2016 approved the Procedure for submission of soft documents to the licensing authority and issue of soft copies of documents to the applicants using telecommunication channels. This procedure shall be in effect from 24.10.2016.

The Resolution says that the documents submitted by an applicant as well as the resolutions taken by the licensing bodies shall be of equal legal effect both in paper and soft formats. Furthermore, having submitted such documents in soft format, the applicant will not be obliged to submit the same on paper carriers.

In particular, to obtain a license in on-line mode, the applicant should submit to the licensing authority soft documents stipulated by the Law and the conditions of licensing respective type of business activity. In his/her personal office, the applicant should fill up template forms and/or submit respective files signed by the electronic digital signature.

The resolution taken on the application, signed by the electronic digital signature of the officer of the licensing authority, will be submitted to the applicant to his/her personal office on the portal and posted on the web-site of respective licensing authority. Such resolution shall be accompanied by the scanned copies of respective documents, including resolution on issue of the license, refusal to issue the license, etc.

PROCEDURE FOR REGISTRATION OF IMPORTED MEDICINES SIMPLIFIED

On 31 August 2016, took effect Resolution of the Cabinet of Ministers of Ukraine No.558 dated 08.08.2016 that modified the procedure for the state registration (reregistration) of medicines.

From now on, state registration of the medicines registered by the competent authorities of the USA, Switzerland, Japan, Australia, Canada and the medicines registered by a competent EU body under centralized procedure shall be carried out based on an application and expert conclusion of the Ministry of Health Care of Ukraine.

The applicant should enclose to the application the materials of the registration file that underlie the registration of the medicine by the competent authority of respective country. The term of review of such applications is limited to 10 business days.

NEW PROCEDURE FOR STATE REGISTRATION OF TITLES TO PROPERTIES AND ENCUMBRANCES THEREON APPROVED

Procedure for state registration of titles to and encumbrances of immovable property was set forth in a new wording prescribed by Resolution of the Cabinet of Ministers of Ukraine No. 553 “On Amendments to and Cancellation of Certain Resolutions of the Cabinet of Ministers of Ukraine” dated 23 August 2016.

The new wording, in particular, implements a procedure for communication and information flows between the State Register of Property Rights to Immovable Properties and the Uniform Register of documents that entitle applicants to perform preparatory and construction works and certify commissioning of completed objects, return for elaboration, refusal to issue requested documents, and cancellation and annulment of respective documents.

In particular, the details of a document that attests the fact of commissioning of a completed object will be transferred to the state registrar in on-line mode directly from the above register.

The above procedure for communication shall be implemented within two month term following the date of enforcement of the resolution.

STATE SERVICE FOR INTELLECTUAL PROPERTY TO BE LIQUIDATED

On 23 August 2016, the Cabinet of Ministers of Ukraine announced adoption of resolution on optimization of activity of the central executive authorities in the area of protection of the intellectual property.

According to the announcement of the Cabinet of Ministers of Ukraine, the State Service for Intellectual Property will be liquidated and the functions related to the implementation of the state policy in the area of the intellectual property will be delegated to the Ministry of Economic Development. Furthermore, certain responsibilities of the Service will be assigned to the Ministry of Economic Development, State Enterprise “Ukrpatent”, State Organization “Ukrainian Agency for Copy Rights and Allied Rights” and State Enterprise “Intelzakhyst”. State Service of Intellectual Property performed a number of functions, including expert assessment of applications for intellectual property right objects, issue of respective patents and certificates, registration of intellectual property objects, agreements on assignment of rights, licensing agreements, and maintenance of registers.

It is, however, necessary to point out that as of today there is no information on the timing of official publication of the above resolution.

As such, from the moment of publication of respective resolution and up to adoption of an ad hoc resolution of the Government as regards peculiarities of carrying out by the Ministry of Economic Development of its powers as regards implementation of the state policy in the area of intellectual property, the State Service of Intellectual Property of Ukraine will continue to perform its current functions.

NEW STANDARD FORMS OF VAT REIMBURSEMENT DOCUMENTS IMPLEMENTED

On 23 August, took effect Order of the Ministry of Finance No. 606 dated 13.07.2016 on approval of standard forms of documents to be used to administer the VAT reimbursement procedures.

The Order approved the standard forms of the following documents:

§  Conclusions as regards VAT amounts subject to reimbursement;

§  Register of conclusions on the amounts of the VAT subject to reimbursement, transferred by the local authorities of the State Fiscal Service to the State Treasury Service;

§  Register of conclusions as regards VAT amounts subject to reimbursement, transferred to the State Treasury Service bodies;

§  Log of registration of conclusions as regards VAT amounts subject to reimbursement to be received by the State Treasury Service bodies from UKRINOFRM bodies;

§  Motion for financing to ensure VAT reimbursements;

§  Resolution on transfer of funds for the purposes of VAT reimbursement.

Conclusions as regards the amounts of the VAT subject to reimbursement and the Register of conclusions as regards the amounts of the VAT subject to reimbursement will be transferred to the State Treasury Service of Ukraine by the bodies of the State Fiscal Service of Ukraine in electronic format on the day immediately following the day of their execution on paper carrier.

EMPLOYERS ENTITLED TO REIMBURSEMENT FOR ATO PARTICIPANTS EMPLOYMENT

On 30 August 2016, took effect Law of Ukraine No. 1436-VIII, according to which participants of the anti-terroristic operation are categorized as citizens having extra guarantees as regards facilitation of their employment.

Employers hiring the ATO participants to new positions for a period at least two years will on a monthly basis collect reimbursements of their actual costs in the amount of uniform social contribution.

The above changes and amendments shall apply only to the persons registered as unemployed.

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