COP28 Update – 8 December 2023
COP28 has seen a host of pledges and agreements, and the CMS team has been reflecting on the announcements and sharing their experiences of COP28 on the CMS COP28 Hub. Here, we roundup the latest commentary...
COP28: Global Health Under the Spotlight
Health took centre stage at the first ever ‘Health Day’ at COP28 on 3 December. The program focused the attention of world leaders on the profound public health-related issues stemming from climate...
CMS Partner Sonja Otenhajmer joined the YAAP Advisory Board
Sonja Oten­hajmer, Dis­pute Resolution Expert and Partner at CMS Austria, has been appointed as member of the Young Austrian Arbitration Practitioners (YAAP) Advisory Board.
COP28: how the law can unite, act and deliver the UN SDGs
The law, and the work of lawyers, should enable countries, communities and companies to deliver the changes needed to achieve the UN SDGs and the Paris Agreement. As COP28 urges us to unite, act and...
EU publishes Directive on distance financial services contracts in Official...
In November 2023, the EU legislator adopted the new Directive regarding financial services contracts concluded at distance.This Directive essentially aims to modernise the existing legal framework governing...
CMS launched Digital RegulationPress release | Hub providing a clear roadmap...
Press release - 05 December 2023On 28 November 2023 CMS has launched its Digital Regulation Hub, the most comprehensive resource for capturing key regulations, commentary, and guidance to assist with navigating the regulatory landscape within Europe and beyond.In the context of the European Union (EU) Commission's ‘A Europe fit for the digital age’ plan, organisations have experienced an onslaught of digital regulations over the past two years with more to come. These rules are pivotal for businesses, imposing legal obligations for fair competition, personal data protection, and responsible digital services across various industries. However, tracking and adhering to these regulations can be a challenging and overwhelming task for businesses. The Digital Regulation Hub provides a destination for guidance, materials, and events relevant to EU digital regulations and wider-reaching con­sid­er­a­tions.Jo­hannes Juranek, managing partner and head of the regional TMC Group: “Our new Digital Regulation Hub, featuring a comprehensive tracker tool, is a game-changer for General Counsels, C-suite leaders, and key decision-makers. This resource is not just a repository of information; it is a dynamic platform which is regularly updated to reflect the latest developments. In an era where regulatory compliance is non-negotiable, our hub empowers businesses to navigate complexities, providing a vital tool for informed decision-making and strategic adaptation to evolving legal landscapes.” Comprehensive guidance for AI businesses A solid grasp of regulatory frameworks is very important for responsible business practices. The EU AI Act is about to become an essential piece of legislation shaping AI ethics in the European Union. Our dedicated info page within the Digital Regulation Hub provides a one-stop resource for companies to understand and comply with the EU AI Act. Non-compliance with the EU AI Act can result in significant fines, emphasising the importance of staying informed and adherent to these reg­u­la­tions.Mar­tina Gavalec, senior associate and driving force behind the AI initiative for CMS Reich-Rohrwig Hainz: “Our Hub provides the latest and most comprehensive insights on AI regulations and their legal complexities. We are dedicated to helping organizations stay at the forefront of responsible AI development, deployment, and utilization. By centralizing critical insights and updates, our Hub empowers businesses to confidently navigate intricate regulations, foster trust, and commit to responsible AI practices. In an era where digital ethics are paramount, our Digital Regulation Hub is an essential resource for organizations aiming to seamlessly adapt to the ever-changing legal landscape and thrive.” Interactive Tracker The Digital Regulation Hub also features an interactive tracker tool which is regularly updated to reflect new developments and resources for General Counsel, C-suite leaders and key decision-makers. Grasping the opportunity in digital regulation Additionally, CMS has conducted an in-depth study on how businesses are responding to the uptick in digital regulation. The study seeks to highlight the perceived effects on innovation, competition, protection, and consistency across borders for companies operating in the following industries: plat­forms/in­ter­me­di­ar­ies, online intermediation services, content providers, life sciences & healthcare, energy & infrastructure, banking & finance and automotive.  The key findings of this study, which are available via the Hub, are: How businesses respond to regulation will determine their success in the digital age. 76% agree that only those who adapt to digital regulation will succeed in this new economy. 73% agree that acting quickly on new regulation is essential to keep pace with digital in­nov­a­tion.   Busi­nesses are underestimating the impact of the EU's non-personal data strategy. The EU is laying the foundations of a new data economy, but only: 9% consider non-personal data (NPD) to be ‘highly’ strategic to their business. 13% believe NPD regulation offers significant op­por­tun­it­ies.   AI regulation presents more opportunities than threats. 94% believe that AI regulation offers ‘sig­ni­fic­ant’ or ‘moderate’ opportunities, including the ability to compete on a safe playing field with legal certainty and security. 80% think AI regulation poses ‘sig­ni­fic­ant’ or ‘moderate’ commercial threats, suggesting some concerns of ‘over­reg­u­la­tion’.   The majority of in-house lawyers see digital platform regulation as a ‘sig­ni­fic­ant’ opportunity. 54% expect ‘sig­ni­fic­ant’ commercial opportunities to arise from digital platform regulation. This includes 71% of content providers, who have much to gain from regulation aimed at curbing the market power of recognised digital gate­keep­ers.   Most businesses have assessed the impact of digital regulation. Now it's time to act. 73% have taken steps to assess the risks of digital regulation. 63% have consulted external counsel. Only 36% have revised their digital transformation plans, despite looming deadlines. Falling behind schedule is simply not an option. Expert discussions In 2024, CMS will be hosting a series of roundtable discussions and webinars focused on exploring the digital regulation topic further. These events will encourage legal teams and decision-makers to assess the risks presented by the changing environment, and the commercial opportunities arising from ongoing regulations. In the meantime, please find more information on the events here.
ROAD TO COP28: What to expect?
With record temperatures sweeping, wildfires raging, and the onset of the hottest week ever documented worldwide in early July, there is much less to be optimistic about the climate change since COP27...
Hague 2019 and recognition and enforcement of foreign judgments – a welcome...
UK Government confirms entry into Hague 2019On 23 November 2023 it was confirmed that the UK government will sign the Hague Convention of 2 July 2019 on the Recognition and Enforcement of Foreign Judgments...
EU Competition Law Briefings
The EU Competition Law Briefings have been created to provide a platform for our clients and other competition law experts to stay up to date on the developments of EU Competition Law. Every month CMS...
CMS | Empowering COP28 with comprehensive legal support
Press release - 27.11.2023Em­power­ing COP28 with comprehensive legal supportCMS will deliver broad-ranging legal pro bono support for COP28, which will be hosted by the United Arab Emirates from 30 November to 12 December 2023. The support includes sustainable finance, data privacy and security, trademark registration, brand protection, reputation management, event-related advice, UN-related partnerships, in­ter­gov­ern­ment­al cooperation, technology platforms for start-ups, and relevant agreements with global tech companies.The initiative is led by Dr. Döne Yalçın, partner and key member of the global CMS Sustainability and ESG leadership team. She is supported by Munir Hassan, partner and head of the CMS Energy & Climate Change Group, and more than 160 CMS colleagues from around the world. The project is strengthened by collaboration with stakeholders across the firm to ensure a comprehensive and effective approach.This achievement marks a significant milestone for the firm and reaffirms its commitment to climate action. As demonstrated by its engagement with the UN Global Compact, CMS actively contributes to the world's largest corporate social responsibility initiative. This commitment covers four key areas: the environment, human rights, labour and anti-corruption. CMS prioritises climate action, as evidenced by ambitious carbon reduction targets, and firmly believes that a successful transition to a more sustainable future requires thoughtful regulation that recognises its integral role in driving meaningful change.The Paris Agreement aims to reduce global emissions by 50% by 2030. As we approach the six-year mark, the gathering of government representatives, policymakers, NGOs, citizens, and businesses at COP28 will be crucial for assessing progress and developing plans to achieve this goal. Immediate and collaborative efforts across both the public and private sectors are essential to the success of these efforts.By empowering governments and businesses to live up to their responsibilities and by strengthening their capacity to deliver impactful change at scale, CMS is committed to building a better working world - one that is future-facing, sustainable, and inclusive.Dr. Döne Yalçın, managing partner, International Co-head of ESG and Sustainability, “It is a privilege and an honour for us to have been selected as a provider of legal services for COP28. This appointment is a testament to our commitment to embed sustainability in our DNA. We are excited to support an event that has the potential to create positive global change in addressing the climate crisis. Our approach aligns seamlessly with 'Unite, Act, Deliver' and demonstrates our unwavering commitment to advancing global sustainability efforts.”Learn more about COP28 UAE - United Nations Climate Change Conference
CMS advises Alder Investment III
Press release - 23.11.2023Alder Investment III, a Nordic private equity fund, which focuses on the development of environmentally sustainable companies, recently closed a transaction to acquire a majority stake in Insort, a maker of high-tech imaging solutions for the food industry, used for optical sorting of food products. Alder was advised by CMS on all legal aspects and certain tax aspects of the trans­ac­tion. "Our ability to cover all relevant legal aspects of the transaction enabled us to provide highly specialised advice on a wide range of topics, which is particularly helpful for investment in a high-tech company. It has been a pleasure working with Alder on this transaction. Congratulations to all parties involved," said Peter Huber, Partner and Head of Corporate Transactions at CMS Vienna.The Corporate/M&A team consisted of lead partner Peter Huber, senior associate Marco Selenic and associate Livia Landskron. Tax structuring issues were handled by partner Sibylle Novak and senior associate Thomas Aspalter.Other team members who provided extensive due diligence and transaction documentation support were senior associate Jia Schulz-Cao (IP), partner Daniela Krömer and associate Shima Babanzadeh (employment), partner Marlene Wim­mer-Nistel­ber­ger (regulatory), partner Dieter Zandler and senior associate Vanessa Horaceck (com­pet­i­tion).About Alder Alder is a Nordic investment fund with the aim of creating the best possible conditions for long-term development of environmentally sustainable technology and services companies. With a mix of industrial and financial expertise and with an interest in entrepreneurship as a driving force, Alder creates profitable growth in close cooperation with companies. For more information, visit www.alder.se.About Insort Founded in 2011, Insort GmbH is a global technology leader in vision solutions for the food industry. Insort GmbH focuses on the development, production and marketing of digital sorting and control systems based on its proprietary Chemical Imaging Technology (CIT®). CIT® is a hyperspectral imaging technology designed for maximum performance, which enables the classification of food products based on their chemical composition and is used in-line and in real time.In a very short time, Insort has managed to establish itself globally in the highly competitive digital sorting market with its successful machine series called Sherlock. The company currently employs around 60 people at three locations (Austria, USA, Canada). For more information, visit www.insort.at.
CMS launches International Digital Regulation Hub providing a clear roadmap...
All businesses should be prepared to grasp the opportunities in digital regulation