Boom & Gloom? CMS European M&A Out­look 2023
We are pleased to share with you the 2023 edi­tion of the European M&A Out­look pub­lished by CMS in as­so­ci­ation with Mer­ger­mar­ket.
European Com­mis­sion pro­poses emer­gency mar­ket in­ter­ven­tion to tackle high...
On 14 Septem­ber 2022, the European Com­mis­sion (“Com­mis­sion”) pub­lished a pro­pos­al for a Coun­cil Reg­u­la­tion on an emer­gency in­ter­ven­tion to ad­dress high en­ergy prices (“Pro­pos­al”). This emer­gency...
CMS Green Globe
Stay in­formed about the latest sus­tain­ab­il­ity claims trends and de­vel­op­ments CMS Green Globe is an in­ter­act­ive plat­form that al­lows busi­nesses and cli­ents to stay aware and duly in­formed about all the main rap­idly chan­ging trends and de­vel­op­ments re­lated to sus­tain­ab­il­ity claims across the world.Here you will find in­form­a­tion on reg­u­la­tion and de­vel­op­ments you need to know when ad­vert­ising and mar­ket­ing your busi­ness or product by us­ing sus­tain­ab­il­ity claims as well as our key ex­perts to sup­port you in nav­ig­at­ing the world of such claims.CMS Green Globe helps you to avoid gre­en­wash­ing your con­sumer in your jur­is­dic­tion as well as across the globe. Dis­cov­er CMS Green Globe Best ex­plored on desktop
European Com­mis­sion pro­poses new Cy­ber Re­si­li­ence Act
On 15 Septem­ber 2022, the European Com­mis­sion pub­lished its pro­pos­al for a reg­u­la­tion on ho­ri­zont­al cy­ber­se­cur­ity re­quire­ments for products with di­git­al ele­ments. This draft of the Cy­ber Re­si­li­ence Act...
CMS Reich-Rohr­wig Hainz er­öffnet neue Sprech­s­telle in Linz
Ös­ter­reichs renom­miertes Arbeit­s­recht­steam ist ab so­fort auch in der ober­ös­ter­reichis­chen Landeshauptstadt mit Recht­san­walt Gregor Erler hoch­karätig präsent. 
CMS M&A-Aus­blick: Boom oder Ein­bruch?
M&A ex­pect­a­tions run high: Al­most all re­spond­ents (88%) are cur­rently con­sid­er­ing M&A.Un­der­val­ued tar­gets and dis­tressed sales to drive activ­ity: The biggest buy-side driver of M&A is ex­pec­ted to be the avail­ab­il­ity of un­der­val­ued deal tar­gets. On the sell-side, dis­tressed situ­ations are ex­pec­ted to be the biggest driver, cited by 26% of re­spond­ents.Valu­ation gaps: seller/buy­er valu­ation gaps are seen as the biggest obstacles to M&A.Cost of fin­an­cing to in­crease: As many as 87% of all re­spond­ents ex­pect fin­an­cing to be tight­er com­pared with 2021 – this in­cludes 45% who ex­pect it to be much more dif­fi­cult.ESG rises up the M&A agenda: Some 90% of re­spond­ents ex­pect ESG scru­tiny in their deal­mak­ing to in­crease over the next three years, com­pared to 72% in 2021’s sur­vey.Des­pite fa­cing a far more dif­fi­cult deal en­vir­on­ment, 73% of deal­makers ex­pect the level of European M&A activ­ity over the next year to in­crease, up from 53% this time last year, ac­cord­ing to the tenth edi­tion of the European M&A Out­look, pub­lished by CMS in as­so­ci­ation with Mer­ger­mar­ket.  The re­port of­fers a com­pre­hens­ive as­sess­ment of deal­mak­ing sen­ti­ment in Europe’s M&A mar­ket. It re­flects the opin­ions of 330 cor­por­ates and private equity firms based in Europe, the Amer­icas and Asia-Pa­cific about their ex­pect­a­tions for the European M&A mar­ket in the year ahead. Louise Wal­lace, Head of the CMS Cor­por­ate/M&A Group, said: "Des­pite on­go­ing geo­pol­it­ic­al un­cer­tainty, rising in­fla­tion and in­terest rates, 2022 has seen M&A largely above or in line with pre-pan­dem­ic levels with of a num­ber of large M&A deals, par­tic­u­larly in the In­dus­tri­als, Tech­no­logy, Real Es­tate and Con­sumer sec­tors.  Fin­an­cial spon­sors re­main very act­ive and cor­por­ate ex­ec­ut­ives con­tin­ue to dis­cuss pos­sible deals, and all are send­ing clear and strong sig­nals that deal-mak­ing activ­ity is likely to con­tin­ue at a high level in the com­ing months." While re­spond­ents’ ex­pect­a­tions may be high, seller/buy­er valu­ation gaps are ex­pec­ted to be the biggest obstacle to M&A as sellers struggle to let go of pre­vi­ous all-time high valu­ations and buy­ers wish to ac­quire re­priced as­sets. They are also keenly aware that bor­row­ing will be more costly and less read­ily ac­cess­ible. No less than 87% of re­spond­ents say they ex­pect fin­an­cing mar­ket con­di­tions to be tough­er than last year, in­clud­ing 45% who ex­pect them to be sig­ni­fic­antly more chal­len­ging. Ham­mer­ing home this real­ity, not a single re­spond­ent be­lieves that fin­an­cing con­di­tions will be easi­er than last year.  A more chal­len­ging busi­ness en­vir­on­ment will have its up­sides how­ever: just over a fifth (21%) of deal­makers cite un­der­val­ued tar­gets as the biggest buy-side driver of activ­ity, while 26% view dis­tressed situ­ations as the biggest driver on the sell-side. The oth­er key fo­cus for re­spond­ents is the rise of en­vir­on­ment­al, so­cial and gov­ernance (ESG) factors. As many as 90% of re­spond­ents an­ti­cip­ate ESG com­ing un­der closer fo­cus in their deal­mak­ing over the next three years, com­pared with 72% in last year’s sur­vey. The pro­por­tion of re­spond­ents ex­pect­ing ESG scru­tiny to sig­ni­fic­antly in­crease has nearly doubled to 48% from 26% 12 months ago. The trend could not be clear­er. Malte Bruhns, Co-Head of the CMS Cor­por­ate/M&A Group, said: " In­vest­ments that in­cor­por­ate ESG met­rics can help you in­vest suc­cess­fully for the long term. In our view, so­ci­ety is un­der­go­ing a paradigm shift to­wards sus­tain­ab­il­ity, and com­pan­ies, in­vestors and gov­ern­ments need to pre­pare for a sig­ni­fic­ant shift of cap­it­al. It is be­com­ing in­creas­ingly im­port­ant for com­pan­ies to im­ple­ment a clear sus­tain­ab­il­ity strategy, with in­sti­tu­tion­al in­vestors hav­ing im­ple­men­ted ESG com­mit­ments in­to their in­vest­ment de­cisions." In terms of sec­tor-level activ­ity, buy­ers are more up­beat on TMT than any oth­er sec­tor, which is jus­ti­fied giv­en that it has con­sist­ently claimed the largest share of M&A value in Europe over the past dec­ade, cor­rel­at­ing with in­creas­ing rates of di­git­al­isa­tion and con­nectiv­ity. A third (33%) of re­spond­ents ex­pect it to see the highest growth over the next 12 months, a fur­ther 35% an­ti­cip­at­ing it to be the sec­tor which de­liv­ers the second-highest growth.
Any way you see it: CJEU Ad­voc­ate Gen­er­al is­sues Opin­ion on parts of designs...
The Court of Justice of the European Uni­on (CJEU) Ad­voc­ate Gen­er­al Szpunar (AG) has de­livered his Opin­ion in a re­quest for a pre­lim­in­ary rul­ing by the Fed­er­al Pat­ent Court of Ger­many (Bundes­pat­ent­gericht)...
Skin­teg­rated Cos­me­ceut­ic­als - is Pharma be­com­ing sexy (again?)
Case Study: Skin­tegra, Skin­teg­rity Cos­me­ceut­ic­als are sexy right now.  They’re less reg­u­lated than the phar­ma­ceut­ic­al in­dustry (al­though don’t let that fool you in­to be­liev­ing you can say whatever...
CMS Em­ploy­ment Snack | Alles für den Herbst
CMS Em­ploy­ment Snack 
CMS bi­etet Start-ups ex­klus­iven Zugang zu glob­aler Rechts­ber­a­tung: equIP-Pro­gramm...
Die in­ter­na­tionale Start-up-Ini­ti­at­ive von CMS nim­mt wieder neue Kan­did­aten:innen in das equIP-Pro­gramm auf. Die Be­w­er­bung­s­phase star­tet am 15. Septem­ber 2022.In­nov­at­ive Start-ups sind mit kom­plex­en Rechts­fra­gen kon­fron­tiert, die viele un­ter­schied­liche Rechts­bereiche be­tref­fen und oft auch in­ter­na­tionale Di­men­sion­en auf­weis­en. Hin­zu kom­men tech­no­lo­gis­che In­nov­a­tion­en, die völ­lig neue recht­liche Frages­tel­lungen aufwer­fen. Ist das der Fall, ist es für junge Un­terneh­men von es­sen­ti­eller Bedeu­tung, er­fahrene Ex­pert:innen mit Start-up-Kom­pet­enz an ihr­er Seite zu haben, so­dass recht­liche Stolp­er­steine frühzeit­ig erkan­nt und aus dem Weg ger­äumt wer­den. Die glob­al tätige An­walt­skan­zlei CMS nim­mt hier mit dem equIP-Pro­gramm, das den teil­nehmenden Start-ups unter an­der­em ein­en ex­klus­iven Zugang zu einem gren­züber­s­chreit­enden Rechtsser­vice bi­etet, eine in­ter­na­tionale Führung­s­pos­i­tion als Leg­al Ac­cel­er­at­or ein.equIP-Pro­gramm star­tet neue Be­w­er­bung­s­runde Im Herbst star­tet das equIP-Pro­gramm in die näch­ste Runde: Ab 15. Septem­ber 2022 können in­teressierte Start-ups unter cms.law/start-ups ihre Be­w­er­bung­sun­ter­la­gen für die Teil­nahme ein­reichen. Die Be­w­er­bung­s­phase läuft bis Ende Ok­to­ber (31.10.2022). Er­st­mals wer­den heuer je­w­eils drei ex­klus­ive Plätze für Start-ups mit klar­em ESG-Schwer­punkt sow­ie mit zu­mind­est 50% Frauen im Gründer:innen­team vergeben. Aus den eingegan­gen­en Be­w­er­bun­gen wählt eine Fachjury die in­nov­at­ivsten und chan­cenreich­sten Start-ups für das equIP-Pro­gramm aus. Mit­glieder der Jury sind Klaus Pat­eter, Head of Start-up Desk & Di­git­al­isa­tion bei CMS, CMS Part­ner­in Gab­ri­ela Staber, Recht­san­wält­in für In­tel­lec­tu­al Prop­erty, Life Sci­ences & Health­care, sow­ie Kambis Ko­hansal Va­jar­gah, Head of Star­tup-Ser­vices der Wirtschaft­skam­mer Ös­ter­reich.Vorteile für equIP-Mit­glieder Klaus Pat­eter, Recht­san­walt bei CMS und ver­ant­wort­lich für das equIP-Pro­gramm: „Mit equIP bi­etet CMS jun­gen Un­terneh­men während der Wach­stum­s­phase ein ein­z­igartiges An­ge­bot. equIP-Mit­glieder er­hal­ten nicht nur in Ös­ter­reich, son­dern in­ter­na­tion­al Zugang zu einem Net­zwerk von An­wält:innen, die eine Leidenschaft für Start-ups haben und auch über die reine Rechts­ber­a­tung hinaus zum Er­folg beitra­gen möcht­en.“  equIP-Mit­glieder er­hal­ten für drei Jahre ein­en Ra­batt von 50% auf die Stand­ard­hon­or­are – bei einem jähr­lichen Leis­tung­sum­fang von bis zu 12.500 Euro (Wert: 25.000 Euro). Dabei steht die Be­r­a­tung bei der Gründung und Fin­an­zier­ung von Start-ups, Mit­arbei­t­er­beteili­gungs-pro­gramme und Arbeit­s­recht, geistiges Ei­gentum und IT- und Datens­chutzrecht sow­ie Gew­erbe- und Auf­sicht­s­recht im Mit­telpunkt. Pat­eter: „Darüber hinaus stellt CMS den equIP-Mit­gliedern sein Net­zwerk aus In­vestor:innen, In­dus­trie und rel­ev­anten Ak­teur:innen der Branche zur Ver­fü­gung.“  Zu den Start-ups, die sich bereits im equIP-Pro­gramm befind­en bzw. in den let­zten Runden auf­gen­om­men wur­den, zäh­len ADA Power Wo­man, Blueground, Brick­wise, Com­mon­sun, Hy­drofi, loob, My­First­Plant, NOVID20, Schrankerl, VERDI Solu­tions, Zer­olens.Kom­pet­ente Part­ner:innen für Start-ups Mit equIP wer­den vor al­lem Start-ups in der Wach­stum­s­phase an­ge­sprochen, die in neue Tech­no­lo­gi­en oder neue Märkte in­vest­ier­en wollen. Kambis Ko­hansal Va­jar­gah, Head of Star­tup-Ser­vices der Wirtschaft­skam­mer Ös­ter­reich, ken­nt das Prob­lem: „Un­ter­schied­liche Recht­sord­nun­gen stel­len diese Un­terneh­men in vielen Fäl­len vor Heraus­for­der­ungen, die al­lein nicht zu be­wälti­gen sind. De­shalb braucht es neben der guten Idee, großem En­gage­ment und dem Mut zur Ex­pan­sion auch kom­pet­ente Part­ner:innen, die be­ratend zur Seite stehen. Die Ex­pert:innen der Wirtschaft­skam­mern in Ös­ter­reich sow­ie die An­wält:innen von CMS sind hier wichtige An­s­prech­per­son­en.“In­teressierte Start-ups können sich ab so­fort zur Be­w­er­bung an­melden: cms.law/start-ups
Wa­ter­Row­er is “ar­gu­ably” a work of artist­ic craft­man­ship
The In­tel­lec­tu­al Prop­erty En­ter­prise Court (IPEC) has ruled that there are “real pro­spects” of es­tab­lish­ing that a wa­ter res­ist­ance row­ing ma­chine is a work of artist­ic crafts­man­ship un­der the Copy­right...
Open secrets? Guard­ing value in the in­tan­gible eco­nomy
Some leaks can’t be fixed “Con­fid­en­tial in­form­a­tion is like an ice cube... give it to the party who has no re­fri­ger­at­or or will not agree to keep it in one, and by the time of the tri­al you have just a pool of wa­ter.” This, from the so-called Spycatch­er case (1987), ap­plies well to cor­por­ate as­sets: fail to store them cor­rectly and all you might have left is an ex­pens­ive mess.The con­sequences of even a minor ex­pos­ure of a trade secret can be huge. As this re­port re­veals, the pro­tec­tion of trade secrets is rightly re­cog­nised by most seni­or ex­ec­ut­ives as a pri­or­ity is­sue. But the re­search also re­veals gaps that leave com­pan­ies un­ne­ces­sar­ily ex­posed to risks. The top named threats – cy­ber­se­cur­ity at­tacks and em­ploy­ee leaks – res­on­ate with what we see im­pact­ing our cli­ents. In­creased home and re­mote work­ing is strain­ing se­cur­ity meas­ures and em­ploy­ee loy­alty. Ad­ded to this, an ‘in­nov­ate or die’ at­ti­tude in highly-com­pet­it­ive sec­tors can mo­tiv­ate new join­ers to ar­rive with ques­tion­able ma­ter­i­al from their pre­vi­ous em­ploy­er, or worse: out­right theft between com­pet­it­ors. But while it is easy to fo­cus on the lurk­ing threats from weakened cy­ber se­cur­ity and dis­gruntled em­ploy­ees – and they are im­port­ant – there are more routine ac­tions a com­pany can take to safe­guard its secrets than just up­dat­ing its IT sys­tems or the em­ploy­ee hand­book. Com­monly, those who most need our help already have a trade secrets policy but have not prop­erly im­ple­men­ted it in re­la­tion to the secret in ques­tion. Or the policy has not been up­dated to re­flect the in­tan­gible as­sets the busi­ness now owns. Or pro­tec­tion was taken for gran­ted.With trade secrets – which for many busi­nesses are stra­tegic­ally more im­port­ant than a pub­lic pat­ent port­fo­lio – it is al­ways cost­li­er and messi­er to find solu­tions after a theft or a leak. Identi­fy­ing the trade secrets and the threats posed to them, com­bined with rig­or­ous in­tern­al pro­cesses and well-draf­ted con­tracts, can help pre­vent such prob­lems from hap­pen­ing. Harder, but just as ne­ces­sary, is en­ga­ging hearts and minds in cor­por­ate cul­ture, to know why trade secrets are im­port­ant, why we are all are re­spons­ible for pro­tect­ing them, and what may hap­pen if we do not (to both the com­pany and the in­di­vidu­al). In our ex­per­i­ence, the busi­nesses with the strongest de­fences have not only thought stra­tegic­ally about their in­tan­gible as­sets and how best to pro­tect them but are also pre­pared for the worst. The trick to avoid­ing an as­set be­com­ing a crisis is to be wise be­fore the event.