The Council has approved the ARMA reform: what changes can we expect?

The Verkhovna Rada has adopted a new version of bill 12374-d concerning the reform of ARMA as a basis. A total of 233 deputies voted in favor.

As reported by MP Yaroslav Zheleznyak,

According to him, the project includes:

• an independent selection process for the head of ARMA (with a preference for international candidates);
• significant improvements in management processes;
• enhancements to the institution's operations.

"This also fulfills the Ukraine Facility requirements with a deadline by the end of March 31," emphasized the MP.

As previously clarified by ARMA, bill No. 12374-D, unlike the government version, completely alters the procedures for managing seized assets, particularly introducing provisions for determining asset managers through an automated asset distribution system, and changes for asset managers who are arbitration managers and private executors.

Furthermore, the newly revised bill proposes, among other things:

• to establish a procedure for asset identification at the stage before a preliminary court judge or court resolves the issue of transferring the asset to the National Agency for the purpose of evaluating the economic feasibility of such a transfer;
• to determine the asset's value prior to its transfer to ARMA if the property has not been appraised, or more than six months have passed since the appraisal report was issued;
• to introduce an automated system for determining managers from among arbitration managers and private executors;
• to provide for the creation of a special fund to cover the National Agency's expenses related to the necessity of paying for services regarding the storage, management of assets, preparation for their transfer to management, and their realization, as well as to identify the sources for funding such a fund;
• to regulate cases in which a manager, while managing assets in the form of shares in charter (contributed) capital or stocks, does not need to coordinate their actions with the asset owner, specifically when a preliminary court judge or court has determined that the owner is the Russian Federation, the Republic of Belarus, etc.

Background. Previously, Mind reported that the Council approved the reform of the Accounting Chamber. The law was adopted in its entirety.