Ukrainian Arbitration Association submitted its proposals for changes to the legislation to the VRU Committee on Legal Policy

On 7 May 2024 Ukrainian Arbitration Association submitted to the Verkhovna Rada Committee on Legal Policy its proposals for changes to the legislation, which, according to the arbitration community of Ukraine, will make Ukraine a better and more attractive place for arbitration and improve its investment attractiveness.

Wider opportunities for consideration of disputes in international arbitration, effective judicial control and support of international arbitration are important factors for foreign investors when making investment decisions.

Among the proposed UAA changes are the following:

Expanding the range of disputes that can be referred to international commercial arbitration for resolution;

Bringing the text of the Law of Ukraine "On International Commercial Arbitration" into compliance with the UNCITRAL Model Law "On International Commercial Arbitration" of 1985 and supplementing it with certain provisions from the 2006 version (for example, regarding the execution by courts of measures to secure a claim provided by arbitrators, as well as regarding the form arbitration agreement);

Filling gaps in civil procedural legislation on judicial control and judicial support for international arbitration;

Elimination of gaps and contradictions in the Civil Procedural Code of Ukraine and the Code of Commercial Procedure of Ukraine, which were discovered in the process of their application after the 2017 reform;

Establishing for arbitrators the same confidentiality guarantees that are already established for mediators and judges;

Exemption from proving the circumstances established by the operative part of the decision of the international commercial arbitration, in respect of which a court decision was issued in Ukraine on the recognition and granting of permission to execute the decision of the international commercial arbitration, on the recognition of the decision of the international commercial arbitration that is not subject to compulsory execution, or on the refusal to annulment of such a decision;

Prohibition of lawsuits, the sole requirement of which is to declare the arbitration agreement invalid, void, or unenforceable.

You can read the text of the letter to the VRU Committee HERE. UAA's proposals for improving the arbitration legislation of Ukraine dated 05/06/2024 (comparative table (with comments)) can be found by the LINK

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Ukrainian Arbitration Association submitted its proposals for changes to the legislation to the VRU Committee on Legal Policy

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