Business welcomes consideration of proposals on restarting ARMA competitions ahead of second reading

29/ 05/ 2025

News updated: 30 May The draft Law No. 12347-d, dated 11 February 2025, aimed at strengthening the institutional capacity of ARMA, is currently awaiting its second reading in the Verkhovna Rada. The European Business Association supports the adoption of this draft law and the overall intention to enhance the efficiency of the Agency’s operations and align its procedures with European standards. The EBA also expresses its gratitude for the inclusion of business community proposals regarding the restart of competitions in the table of amendments for the second reading. In particular, the EBA proposed that the draft law be supplemented with a provision requiring the restart of competitions for the selection of asset managers that have not been completed before the new legislation comes into force. According to the business community, enforcing the new legislation without addressing the issue of ongoing but incomplete competitions may pose risks to the transparency and effectiveness of further management of seized assets. The European Business Association hopes that the draft law will be adopted in the second reading with due consideration of the proposals submitted by the business community and remains open to cooperation in improving the legislative framework.

News updated: 30 May

The draft Law No. 12347-d, dated 11 February 2025, aimed at strengthening the institutional capacity of ARMA, is currently awaiting its second reading in the Verkhovna Rada.

The European Business Association supports the adoption of this draft law and the overall intention to enhance the efficiency of the Agency’s operations and align its procedures with European standards. The EBA also expresses its gratitude for the inclusion of business community proposals regarding the restart of competitions in the table of amendments for the second reading.

In particular, the EBA proposed that the draft law be supplemented with a provision requiring the restart of competitions for the selection of asset managers that have not been completed before the new legislation comes into force. According to the business community, enforcing the new legislation without addressing the issue of ongoing but incomplete competitions may pose risks to the transparency and effectiveness of further management of seized assets.

The European Business Association hopes that the draft law will be adopted in the second reading with due consideration of the proposals submitted by the business community and remains open to cooperation in improving the legislative framework.