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4 November 2009

Asters Partner Vadym Samoilenko Initiating Discussions of JSC Law Amendments at the Corporate Law Forum

Vadym Samoilenko, a partner with Asters Law Firm, delivered a presentation at the III Annual Corporate Law Forum held in Kyiv on October 30, 2009 and hosted by the Ukrainian Bar Association in partnership with Asters Law Firm. The Forum has proven to be the key event in Ukraine for corporate law professionals.

Attending the event were over 100 invitees, including practicing lawyers from Ukraine and Russia, scholars, judges, government officials, businessmen, and mass media reporters. The discussions at the Forum covered the controversial issues of the Unified State Registries functioning, corporate litigation practices, which attracted close attention of the lawyers and business people, as well as corporate governance under bankruptcy proceedings. However, the hottest discussion was sparkled by the legal community speakers dwelling on the Law of Ukraine "On Joint Stock Companies".

At that session, Vadym Samoilenko delivered his presentation "Enforcement issues and suggested amendments to the Law of Ukraine "On Joint Stock Companies" focusing on the deficiencies and discrepancies in the Law. Mr. Samoilenko offered for discussion a number of suggestions, among them being changes in the conceptual nodes of the law, limitation of the number of shareholders in a private JSC, the shareholders' preemptive right to extend to any types of discretionary alienation of the shares in private JSCs, mandatory listing of public JSCs with a stock exchange, etc.

At its closing session the Forum issued suggestions with respect to amendments to the Law of Ukraine "On Joint Stock Companies" as drafted by Vadym Samoilenko. The final amendments draft incorporating comments and suggestions put in by the other practicing lawyers will be sent to the SCSSM, legislative leadership entities, and all regulatory authorities whose competencies extend to corporate relations.

Besides, by the end of the current year two similar regional forums – in Donetsk and Kharkiv – are to be held to further discuss current corporate issues, including the suggested amendments to the Law of Ukraine "On Joint Stock Companies".

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