Vasil Kisil & Partners and All-Ukrainian Securities Depositary hold a joint seminar "Law of Ukraine "On Joint Stock Companies": Legislative Novelties and Market Prospects"
On December 17, 2009, Vasil Kisil & Partners and All-Ukrainian Securities Depositary have jointly held a seminar "Law of Ukraine "On Joint Stock Companies": Legislative Novelties and Market Prospects".
The main purpose of the seminar was to clarify the fundamental provisions of the Law of Ukraine "On Joint Stock Companies" dated September 17, 2008, including the specifics of the new law in terms of regulating the securities circulation, as well as the market development prospects with regard to the requirements in the new law.
Among the participants of the event were representatives of issuers, security brokers, custodians and joint stock companies concerned with the specific provisions of the Law which are primarily to affect the joint stock companies operations.
In his presentation Maksim Libanov, Head of Securities Market Legislative Development Department of the State Commission for Securities and Stock Market described how the Law of Ukraine "On Joint Stock Companies" is going to become effective, reviewed the procedure for creation and operation of joint stock companies, he also touched up joint stock company governance bodies. Mr. Libanov especially emphasized the issue of protecting shareholders' rights, in particular, the procedure for acquisition of a controlling stake in a company, buy-out of shares by the company at the shareholder's request and the matter of cumulative voting.
Irina Gnatyuk, adviser of Chairman of Board and Andrey Kovtun, Head of Account and Operational Management Assets Transactions Department of the All-Ukrainian Securities Depositary commented on the procedure to be followed by issuers in order to transfer the issued shares into the book-entry form. In their presentations these speakers also covered the steps to be taken by custodians, provided information on services and tariffs of the All-Ukrainian Securities Depositary and gave practical recommendations to securities issuers, custodians and registrars.
Anna Babych, Senior Associate of Vasil Kisil & Partners Law Firm provided a detailed explanation in respect of the novelties introduced to the Law and the specifics of transition period that joint stock companies will experience. In particular, Ms. Babych analyzed the provisions of the Law related to types of joint stock companies, procedure and timeline of bringing the constituent documents in compliance with the new requirements and procedure for the JSC authorized capital increase.
The main purpose of the seminar was to clarify the fundamental provisions of the Law of Ukraine "On Joint Stock Companies" dated September 17, 2008, including the specifics of the new law in terms of regulating the securities circulation, as well as the market development prospects with regard to the requirements in the new law.
Among the participants of the event were representatives of issuers, security brokers, custodians and joint stock companies concerned with the specific provisions of the Law which are primarily to affect the joint stock companies operations.
In his presentation Maksim Libanov, Head of Securities Market Legislative Development Department of the State Commission for Securities and Stock Market described how the Law of Ukraine "On Joint Stock Companies" is going to become effective, reviewed the procedure for creation and operation of joint stock companies, he also touched up joint stock company governance bodies. Mr. Libanov especially emphasized the issue of protecting shareholders' rights, in particular, the procedure for acquisition of a controlling stake in a company, buy-out of shares by the company at the shareholder's request and the matter of cumulative voting.
Irina Gnatyuk, adviser of Chairman of Board and Andrey Kovtun, Head of Account and Operational Management Assets Transactions Department of the All-Ukrainian Securities Depositary commented on the procedure to be followed by issuers in order to transfer the issued shares into the book-entry form. In their presentations these speakers also covered the steps to be taken by custodians, provided information on services and tariffs of the All-Ukrainian Securities Depositary and gave practical recommendations to securities issuers, custodians and registrars.
Anna Babych, Senior Associate of Vasil Kisil & Partners Law Firm provided a detailed explanation in respect of the novelties introduced to the Law and the specifics of transition period that joint stock companies will experience. In particular, Ms. Babych analyzed the provisions of the Law related to types of joint stock companies, procedure and timeline of bringing the constituent documents in compliance with the new requirements and procedure for the JSC authorized capital increase.