The Belgian Act of 11 July 2013 on security over movables (the “Security over Movables Act”) will modernise Belgium’s legislation in respect of security over movables. Most notably, the Security over Movables Act is expected to have a particularly beneficial effect on borrowing base/asset-based lending in Belgium.

Under the current legislation, the creation of a possessory pledge (vuistpand/gage avec dépossession) is subject to various restrictions. For example:

DBI 2017 - A5 With Bleed.indd 3 20.02.2017 8:22:56 Doing Business in Russia 2017 Baker & McKenzie - CIS, Limited Moscow Office White Gardens, 10th Floor 9 Lesnaya Street Moscow 125047, Russia Telephone: +7 495 787 27 00 Fax: +7 495 787 27 01 [email protected] St. Petersburg Office BolloevCenter, 2nd Floor 4A Grivtsova Lane St.

Conducting Business in Ukraine 2017 All of the information included in this document is for informational purposes only, and may not reflect the most current legal developments, judgments, or settlements. This information is not offered as legal or any other advice on any particular matter.

On 7 April 2017, the President of the Republic of Azerbaijan signed a decree (the Decree) approving significant amendments to the Law On Banks dated 16 January 2004 (the Amendments) and relating to local banks experiencing financial difficulties.

Financial Rehabilitation

In 2016, the Ukrainian parliament passed the Law on Financial Restructuring (the "Financial Restructuring Law") with the aim of creating a workable procedure for voluntarily restructuring debt obligations of Ukrainian borrowers. Technically, the Financial Restructuring Law became effective on 19 October 2016 but did not become operational because the required bodies envisaged in the Financial Restructuring Law were not in place.

Ever since the Companies Act, 2008 came into force, the courts have been inundated with cases pertaining to the interplay between the moratorium established by business rescue, the creditors’ claims and the effect of the business rescue plan.

The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable PledgeLaw”).

Recent Development

The Belgian Act of 11 July 2013 on security over movables (the Security over Movables Act) will modernise Belgium's legislation in respect of security over movables. On 7 November 2016, a draft bill has been published postponing the entry into effect of the Security over Movables Act until 1 January 2018 at the latest. In addition to the postponement, the draft bill also fine-tunes certain technical aspects of the Security over Movables Act to achieve maximum legal certainty and practical usefulness.

02  Employment and Pensions

2.1   Whilst some COVID-19 measures relating to employment are adopted globally (e.g., self-isolation and working from home), the implementation of such measures and employment protections vary per jurisdiction. For the latest employment law guidance, we recommend that you read our latest Global Employment Guide, which covers 11 key questions across 41 jurisdictions.

2.2   Now