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Legislative news digest: LEGAL HOTLINE 05.04.2018

Contents

  1. Changes in the Operation of the Unified Register of Tax Invoices
  2. The NBU changes the Procedure for Approving the Officials of Banking Institutions
  3. The CMU Allowed Using the European Construction Standards
  4. The National Depository of Ukraine (NDU) Introduces a New Service
  5. The NBU Weakens the Requirements for Conducting Foreign Exchange Transactions Again

Legal news for your attention:

Changes in the Operation of the Unified Register of Tax Invoices

On March 24, 2018, the Resolution of the Cabinet of Ministers of Ukraine (CMU) No. 204 of February 21, 2018, which amends the Procedure for Maintaining the Unified Register of Tax Invoices, came into force. From now on, the operational day for submitting tax invoices or settlement adjustments will last from 8 am until 8 pm on weekdays.

The Resolution also stipulates that if the 15th or the last day of the month falls on a non-business day, a holiday, or a non-working day, that day will also be considered an operational day.

In the event the registration of tax invoices and/or settlement adjustments is terminated, an appropriate receipt shall be drawn up and sent simultaneously to the supplier (seller) and the recipient (buyer), i.e., the taxpayer.

The NBU changes the Procedure for Approving the Officials of Banking Institutions

As from now,while appointing the manager of a bank or the head bank’s internal audit department, the Regulator shall be provided with:

  • justification of the candidate’s compliance with the relevant position;
  • information about the bank manager’s official duties and powers;
  • a schematic representation of the bank’s organisational structure indicating the place of the manager’s position;
  • copies of documents on additional education, knowledge, managerial experience, and practical skills that are necessary or desirable for the person to perform his/her official duties (i.e., testimonials / certificates / diplomas on the completion of trainings, advanced training, etc).

Also, an application form for a candidate on the position of independent director is provided for, whereby such person declares his/her compliance with the requirements of independency. Moreover, a bank may contact the Regulator for the preliminary approval of the candidate to such position and verification of his/her business reputation on the basis of the provided information and in view of the results of testing and/or interviews conducted.

The CMU Allowed Using the European Construction Standards

The Government amended the Regulation on using the construction standards developed on the basis of the national technological traditions and construction standards harmonised with the regulatory documents of the European Union (EU).

These amendments will allow applying harmonised Eurocodes while designing all construction facilities, eliminating technical barriers in trading with the EU, in particular, construction products trading.

The document has removed the restrictions on development of project documentation for buildings and facilities (new construction and reconstruction), which belong to objects with significant (СС3) impact (according to the class of impact (responsibilities), based on the construction standards harmonised with the EU’s regulatory documents.

The National Depository of Ukraine (NDU) Introduces a New Service

From March 26, 2018, within the framework of the implementation of international standards of servicing the issuers of securities, the NDU introduces the service of electronic forming the register of shareholders. Such a service shall be required by joint stock companies, which need to get the relevant register to convoke and hold their mandatory annual general meetings.

In order to use the service, it is required to register the account, have an electronic digital signature and a seal to confirm the authority of the person who orders such a register.

The NBU Weakens the Requirements for Conducting Foreign Exchange Transactions Again

By its Resolution No. 32 of March 29, 2018, the National Bank of Ukraine continues to mitigate the monetary policy through the liberalization of the currency regulation. From now on, resident debtors with an individual license for transferring funds abroad will be able to transfer currency outside Ukraine without any limitations as to the amount for the execution of court decisions, decisions of the international commercial arbitration, or satisfying the claims of persons as regards the execution of court or arbitration decisions, claims for the collection of judicial, executive, or administrative fees, as well as expenses of judicial and enforcement proceedings imposed on the debtor according to the legislation of the foreign state.

Also, the list of business operations, incomings from which are not subject to mandatory sale, was also expanded. In particular, the resident company is allowed not to sell the funds received on a credit or loan, if a foreign person, to which a foreign state is a shareholder, participates in its implementation (by crediting, insurance, or guaranteeing) in whole or in part.

Kateryna Manoylenko

Kateryna Manoylenko

Partner, Head of Litigation and Dispute Resolution practice, Attorney at law

  • Recognitions
  • The Legal 500 EMEA 2020
  • Best Lawyers in Ukraine 2021
  • Who's Who Legal 2020
  • Ukrainian Law firms. A Handbook for Foreign Clients 2020

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