On 24 October 2014, Ukraine's Parliament approved Law 5114, which requires legal entities to disclose information on their shareholder structure and details of ultimate beneficiaries to Ukrainian authorities. The law will take effect one month after its publication in the official gazette. It will apply for newly established entities formed after it takes effect, while existing entities will have 6 months to comply.
For the purpose of the law, an ultimate beneficial owner is defined as an in…