Vasil Kisil & Partners Advises “Confidence and Guarantee” Insurance Company on Changing Its Shareholding Structure

In March 2016, “Confidence and Guarantee” Insurance Company withdrew from Russian Standard Bank Group (RF). This enabled the company to comply with the requirements introduced about a year ago by the Law of Ukraine “On Licensing Types of Business Activity”, which prevented residents of states that commit military aggression against Ukraine from exercising control over the activities of Ukrainian licensees. This also helped the company retain its insurance license and successfully appeal a license revocation decision previously adopted by the National Commission for Regulation of Financial Services Markets. According to the licensee, “Confidence and Guarantee” IC continues to operate as usual and provide quality services to its clients and partners.

Vasil Kisil & Partners provided legal support to “Confidence and Guarantee” IC on compliance with the newly enacted statutory requirements to licensing and on possibilities to appeal the license revocation decision of the National Commission for Regulation of Financial Services Markets. The firm’s lawyers prepared the application and obtained the Commission’s approval for the acquisition by a new shareholder of a substantial interest in a financial institution – the insurance company. Vasil Kisil & Partners team also drafted a set of mandatory notifications to the National Securities and Stock Market Commission, as well as other share transfer-associated documents, such as documents relating to acquisition of a substantial shareholding, a waiver of preemptive rights, documents relating to disclosure of special information, etc.

The project was led by associates Roman Riabenko and Mykola Boichuk under the supervision of Partner Alexander Borodkin.