UAA submitted its comments on Draft Law № 5347
On May 11, 2021, the UAA submitted its comments on Draft Law № 5347 to the Verkhovna Rada of Ukraine.
On April 8, 2021, the Verkhovna Rada of Ukraine registered the draft Law on amendments to certain legislative acts of Ukraine on improving the arbitration activities under registration № 5347 ("Draft Law № 5347").
According to the Explanatory Note, the need to adopt Draft Law № 5347 is justified by the need to improve legislation governing the creation and operation of permanent arbitration institutions in order to develop an alternative method for resolving international commercial disputes, reduce the burden on state courts, and improve the investment climate for large business in Ukraine.
By letter from the Committee on Legal Policy of Verkhovna Rada of Ukraine dated April 29, 2021, the UAA was invited to express its position on Draft Law No. 5347 and submit its proposals.
The UAA, within the framework of its Working Group I on improving the arbitration legislation of Ukraine, analyzed the changes proposed by Draft Law № 5347 and the possible consequences of their acceptance. In addition, on April 30, 2021, the UAA, together with the Committee on Alternative Dispute Resolution, acts as part of the Ukrainian National Bar Association, a round table on the topic "Draft Law № 5347: What to Expect for the Arbitration Community?" took place, which was attended by, among other things, representatives of the judiciary, the arbitration community and the ICAC at the Ukrainian Chamber of Commerce and Industry (the recording of the event is available on the YouTube channel of the UAA).
Based on the results of the discussion on May 11, 2021, the UAA submitted its comments on Draft Law № 5347 to the Verkhovna Rada of Ukraine.