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16 June 2010

Asters holds a workshop on the new Joint Stock Companies Law

On June 16th Asters held a workshop named "Joint Stock Companies Law: Everything You Wanted to Know but Did Not Know Whom to Ask". Speakers at the workshop were partner Vadym Samoilenko, who is recommended by Ukrainian and global independent researches, in particular, PLC Which Lawyer? and Best Lawyers International, as one of the best specialists on Ukrainian corporate law, and associate Oles Kvyat, the author of numerous publications on corporate law, securities, taxation and bankruptcy.

Despite the general progressive motivation underlying the Joint Stock Companies Law, which entered into force on 30 April 2009, it has many inconsistencies and problematic provisions that require clarification and even revision. Vadym Samoilenko, who is a member of the Expert Council on Corporate Governance working under the auspices of the State Securities and Stock Market Commission, told the audience about the main problems in practical application of the law and about the work of the Commission in issuing clarifications and regulations aimed at resolving complex issues and clarifying procedures prescribed by the new law. He discussed his role and the role of the Expert Council on Corporate Governance in preparing interpretations of the law which were intended to reduce regulatory burden on the joint stock companies, in particular the interpretation which intends to simplify the process of sending notices about upcoming general meetings of shareholders.

This subject is of great interest to anyone dealing with Ukrainian corporate law and corporate governance today. The workshop gathered at the same table managers and in-house lawyers of joint stock companies in automotive, agricultural, energy and telecommunications industries, as well as heads of securities departments of domestic and foreign banks operating in Ukraine. The audience received not only valuable analytical information about the changes in regulation of joint stock companies but also practical advice of Asters' legal specialists about the application of the law to the existing and newly created companies. Vadym Samoilenko said: "We are very pleased with this workshop, because, as professionals, we feel our responsibility for informing the business community about the changes in the rules of the game in corporate law. We alerted the audience to the practical problems that joint stock companies could face and outlined ways for resolving some complexities of the law."

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