Draft Law of Ukraine

"On Amendment of the Commercial Code of Ukraine"

The Commercial Code approved by the Verkhovna Rada of Ukraine of January 16, 2003, comes into effect on January 1, 2004.

The draft envisages expanding the list of economic spheres, in which state control and monitoring shall be exercised over activities of subjects of entrepreneurial activity. Such spheres shall include natural monopolies – on issues related to adhering to legislation on natural monopolies.

State registration of business entities is to be performed within the term not exceeding three days from the date of submitting the necessary documents for registration. The current wording of the Code envisages performance of such registration within 10 days.

The draft also suggests prohibiting creation and activity on Ukraine’s territory of enterprises acting on the basis of collective ownership (collective ownership enterprises).

The list of types of securities shall include order securities.

Local self-government bodies shall be granted the right to determine an additional list of economic spheres, in which it might be possible to perform concession activity on objects of communal ownership right.

The draft, if approved, will contribute to adjusting provisions of the Commercial Code of Ukraine to norms of the Constitution of Ukraine and the Civil Code of Ukraine (which comes into effect on January 1, 2004).