The Law of Ukraine "On Amending Certain Legislative Acts of Ukraine on Improving Transparency of Extractive Industries in Ukraine" Co-authored by Experts of MFSI-II Project Approved
17 June 2015
On 16 June 2015, the Verkhovna Rada of Ukraine approved the Law of Ukraine "On Amending Certain Legislative Acts of Ukraine on Improving Transparency of Extractive Industries in Ukraine" (Reg. No. 2591 of 7 April 2015). Experts of the MFSI-II Project were part of the legislative draft's development team.
The approved law will contribute to improving the management methods in Ukraine's extractive industries, improve the investment climate in the country, and step up the fight against corruption. Also, the law will provide for participation of the public in making sure that extractive companies make payments to the State budget of Ukraine in full, as well as overseeing operations of such companies. In particular, the implementation of the law will ensure transparency of information about the lots of subsoil resources used by companies, license holders, minerals extraction and sales volumes, company investments and other details.
As the Law was passed with amendments made during the debates, an in-depth review of the Law will only be possible after its official publication.
The approved law will contribute to improving the management methods in Ukraine's extractive industries, improve the investment climate in the country, and step up the fight against corruption. Also, the law will provide for participation of the public in making sure that extractive companies make payments to the State budget of Ukraine in full, as well as overseeing operations of such companies. In particular, the implementation of the law will ensure transparency of information about the lots of subsoil resources used by companies, license holders, minerals extraction and sales volumes, company investments and other details.
As the Law was passed with amendments made during the debates, an in-depth review of the Law will only be possible after its official publication.
Glyanec