This Law cancels recent changes of the investment legislation. Let us remind you that the Ukrainian Law “On Amendment of Certain Ukrainian Laws with the View to Eliminate the Negative Impacts of the Financial Crisis” of June 23, 2009 No. 1533-VI (hereinafter referred to as the “Ukrainian Law No. 1533-VI”) amended Ukrainian Law “On the Regime of Foreign Investments” which factually introduced obligatory registration of foreign investments in monetary form and a number of changes in investment legislation which made the regime of foreign investment more strict to follow. The order of foreign investments registration did not exist for a long period of time after introduction of the mentioned changes and further after the mentioned order was ratified many problems (often of formal kind) raised during the procedure of foreign investment registration because of different interpreting of the mentioned order by investors and subdivisions of National Bank of Ukraine.
After the Ukrainian Law No. 2155-VI entered into force on May 15, 2010 the obligatory registration of foreign investments in monetary form is cancelled. In future, foreign investments registration shall be done voluntarily according to the order which existed before introduction of the obligatory registration by subdivisions of the National Bank of Ukraine.
Besides, the Ukrainian Law No. 2155-VI cancelled the requirements according to which foreign investments had to be done by means of investment accounts, foreign investments in monetary form on the territory of Ukraine had to be done exclusively in the national currency of Ukraine and the foreign currency could be transferred into investment accounts only in case if this foreign currency is recognized by the National Bank of Ukraine as a free converted currency.
Also, the Ukrainian Law No. 2155-VI cancelled restrictions as per decrease of terms and pre-term fulfillment of the contacts on obtaining credits (loans, returnable financial help) by residents from non-residents in foreign currency, which were introduced by the Ukrainian Law No. 1355-VI.