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LEGAL HOTLINE 08.10.2021

Contents

  1. The procedure on conducting financial monitoring by attorneys and notaries has come into effect
  2. The Law on the automatic transfer of land rights upon the transfer of ownership right to immovable property has been published
  3. New requirements for consignment notes

The procedure on conducting financial monitoring by attorneys and notaries has come into effect

The Regulation “On conducting financial monitoring by primary financial monitoring entities, the activity of which is subject to the state regulation and supervision by the Ministry of Justice of Ukraine”, approved on September 10, 2021 by Order of the Ministry of Justice of Ukraine No. 3201/5, came into effect on September 25, 2021.

The Regulation applies to attorneys, notaries, legal entities providing legal services and covers the following client’s transactions:

  • sale and purchase of immovable property or property management when financing the housing construction;
  • sale and purchase of legal entities and corporate rights;
  • management of client’s funds, securities or other assets;
  • opening and/or managing bank accounts or securities accounts;
  • raising funds, necessary for the incorporation of legal entities and foundations, ensuring their operation ​or management thereof;
  • incorporation, ensuring the operation of or management of legal entities, foundations, trusts and other similar legal establishments;
  • persons providing services in incorporation, ensuring the operation or management of legal entities, when they, in particular, provide advice to the client, participate in any financial transaction acting on behalf of and/or as the client’s proxy and/or assist the client in planning or carrying out a transaction concerning incorporation, ensuring the operation or management of legal entities.

The Law on the automatic transfer of land rights upon the transfer of ownership right to immovable property has been published

The Law of Ukraine “On amendments to certain legislative acts of Ukraine concerning the unified legal share of a land plot and the real estate object located on It” was published on September 28, 2021.

The Law provides for the automatic transfer of use rights to a land plot upon the transfer of ownership right to a real estate located on the land plot from the land user to the new owner.

The Law enters into force in a month from the date of its publication.

New requirements for consignment notes

Amendments to the procedure for issuing consignment notes are implemented in Ukraine from October 1, 2021. From now, when completing a consignment note, the consignor shall indicate the vehicle and its parameters, namely: length, width, height, total weight, including loaded weight, and gross weight. These amendments were introduced by Law No. 1534 to clause 48 of the Law of Ukraine “On Road Transport”.

Anastasiia Klian

Anastasiia Klian

Associate, Attorney at law

176

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