During its meeting on Thursday, January 9, the parliament passed the bill in its second reading with 248 deputies voting in favor, as reported by the Servant of the People party's website.
Key Provisions of Draft Law No. 6013
Draft law No. 6013, titled "On the Features of Regulating Entrepreneurial Activities of Certain Types of Legal Entities and Their Associations During the Transitional Period," introduces substantial changes by terminating the existing Economic Code of Ukraine. Additionally, the law amends the Civil Code of Ukraine and other related statutes to align with the new regulatory standards.
Transitional Period for Implementation
According to People's Deputy Pavlo Frolov from the Servant of the People parliamentary faction, the law establishes a three-year transitional period. During this time, enterprises must update their charters and internal regulations to comply with the new legislation, ensuring that all changes do not conflict with the provisions of the new law.
Move Towards De-Sovietization of Legislation
Speaker of the Parliament Ruslan Stefanchuk highlighted that the repeal of the Commercial Code is a strategic move towards the de-Sovietization of Ukrainian legislation. He emphasized that the bill aims to harmonize Ukraine's legal framework with European Union standards, supporting the country's integration efforts under the Ukraine Facility program.
Stefanchuk noted that draft law No. 6013 underwent extensive public consultations, including discussions with judges, legal experts, and representatives of civil society, before being recommended for the second reading by the Council's Committee on Economic Development in October of the previous year.
Retention of Certain Provisions
While the Economic Code is being repealed, Stefanchuk clarified that some provisions of the Commercial Code of Ukraine will remain in effect during the transitional period. Importantly, the draft law does not aim to eliminate commercial courts or commercial jurisdiction, ensuring continuity in the judicial handling of commercial matters.
Implications for Ukrainian Businesses
The approval of draft law No. 6013 signifies a pivotal shift in Ukraine's approach to economic regulation, providing a modernized and EU-aligned legal environment for businesses. This legislative change is expected to facilitate smoother operations for enterprises, attract foreign investment, and support the overall economic recovery and growth of the country.
Conclusion
The Verkhovna Rada's decision to repeal the Economic Code and implement draft law No. 6013 underscores Ukraine's commitment to legislative reform and alignment with European standards. As the country navigates through the transitional period, businesses will play a crucial role in adapting to the new regulations, paving the way for a more robust and dynamic economic landscape.
