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14/06/2023
Cost-cut­ting and re­struc­tur­ing in times of crisis
A tough glob­al eco­nom­ic out­look is driv­ing many em­ploy­ers to re­view their op­er­a­tion­al costs. Across busi­nesses, hard ques­tions are be­ing asked about where ef­fi­cien­cies can be made – and ul­ti­mately what...
08/06/2023
CMS ad­vises Geod­is In­ter­na­tion­al on its ac­quis­i­tion of ITS - In­ter­na­tion­al...
GEOD­IS IN­TER­NA­TION­AL, a world lead­er in trans­port and lo­gist­ics, ex­pan­ded its glob­al foot­print with the ac­quis­i­tion of a 100% in­terest in the Swiss freight for­ward­er, ITS - In­ter­na­tion­al Trans­port & Ship­ping Ltd. The deal, closed on 31 May 2023, takes GEOD­IS a step closer to com­plet­ing its glob­al end-to-end net­work. 
07/06/2023
Com­pet­i­tion law as­pects of ESG ini­ti­at­ives in the life sci­ences & health­care...
I. In­tro­duc­tion­G­lob­ally and in the EU, the ini­ti­at­ives to pro­mote ESG de­vel­op­ments are in­creas­ing. However, com­pan­ies are still re­quired to com­ply with com­pet­i­tion law reg­u­la­tions and need more clar­ity...
06/06/2023
Aus­wirkun­gen des Zu­las­sung­s­rechts auf Psy­cho­thera­peut:innen
Für eine Psy­cho­ther­apie be­stehen lange Wartezeiten. Je nach Re­gion sind Wartezeiten von mehr­er­en Mon­aten keine Sel­ten­heit. Ob die Psy­cho­ther­apie durch ein­en Psy­chiater oder ein­en Psy­cho­lo­gen durchge­führt wird, ändert an den Wartezeiten wenig. Doch Wartezeiten von mehr­er­en Mon­aten sind zu lang, wenn man leidet. Krankhafte Angst, eine Sucht oder eine De­pres­sion klin­gen nicht ein­fach so von selbst wieder ab wie eine Erkäl­tung oder ein Magen-Darm-In­fekt. Im Ge­gen­teil. Seel­is­che Erkrankun­gen wer­den mit der Zeit schlim­mer und en­den chron­isch, was hohe Fol­gekos­ten ver­ursachen kann.
06/06/2023
We­bin­ar: ESG Com­pens­a­tion
In­cor­por­at­ing ESG KPIs in­to re­mu­ner­a­tion
06/06/2023
The European Com­mis­sion in­vest­ig­ates the pro­ject of ac­quis­i­tion of Asi­ana...
Korean Air­lines no­ti­fied the European Com­mis­sion of its pro­posed ac­quis­i­tion of Asi­ana Air­lines on 13 Janu­ary 2023. On 17 Feb­ru­ary 2023, the Com­mis­sion opened an in-depth in­vest­ig­a­tion in­to the pro­posed...
06/06/2023
CMS Ex­pert Guide to Crypto Reg­u­la­tion in Switzer­land
1. How is crypto reg­u­lated?  On 1 Au­gust 2021, the new Swiss DLT-Act fully entered in­to force. Drawn up as a blanket Act provid­ing for se­lect­ive ad­just­ments in a total of nine Swiss fed­er­al laws, it...
Comparable
01/06/2023
State aid: fol­low­ing ap­peals by Ry­anair, the Gen­er­al Court of the EU an­nuls...
On 11 May 2023, the Gen­er­al Court of the EU can­celled two European Com­mis­sion de­cisions au­thor­iz­ing State aid in the form of cap­it­al in­jec­tions for the air­lines SAS and Deutsche Lufthansa, in par­tic­u­lar...
01/06/2023
CJEU provides clar­ity on data pro­tec­tion: judg­ments on right to com­pens­a­tion...
CJEU judg­ment on right to com­pens­a­tion for non-ma­ter­i­al dam­age un­der GDPR (Case C-300/21)On 4 May 2023, the CJEU de­livered a judge­ment con­cern­ing the right to com­pens­a­tion fol­low­ing an in­fringe­ment of...
31/05/2023
UPC – the “Long-arm” jur­is­dic­tion
UPC Long-arm jur­is­dic­tion­With the UPC set to open its doors on 1 June 2023, just how far might its reach ex­tend?Un­less a European pat­ent has been op­ted out of the UPC, the na­tion­al courts and the UPC...
29/05/2023
CMS European Private Equity Study 2023
We are very pleased to share with you the second edi­tion of the CMS European Private Equity Study 2023.This study ana­lyses hun­dreds of Private Equity deals that we ad­vised on in 2022 and pre­vi­ous years, provid­ing unique in­sights in­to mar­ket trends and dif­fer­ences between private equity and trade deals. Key find­ings: Deal activ­ity re­mained strong un­til Q3 2022, but ex­per­i­enced a sig­ni­fic­ant drop in Q4.New in­vest­ments ac­coun­ted for 85% of PE deals ana­lysed, with few­er exits and sec­ond­ary buy-outs in 2022 com­pared to 2021.Bid­ding pro­cesses de­creased in 2022, po­ten­tially due to less in­volve­ment of PE funds on the sell-side.Entry in­to new mar­kets was the most com­mon deal driver (64% of deals), while di­git­al­isa­tion was no longer a deal driver­Tech­no­logy, me­dia, and tele­coms (TMT) was the busiest sec­tor, fol­lowed by Real Es­tate & Con­struc­tion and life sci­ences.Use of MAC clauses de­creased to 10% in 2022, com­pared to 15% in 2021.Few­er FDI ap­provals or clear­ances were sought in 2022 (8%) com­pared to 2021 (15%).W&I in­sur­ance played a prom­in­ent role in PE M&A trans­ac­tions, in­creas­ing with deal value.Locked box mech­an­isms for set­ting pur­chase price were pre­ferred in 80% of PE deals, while pur­chase price ad­just­ments de­creased.Earn-out pro­vi­sions in­creased over­all in 2022 but were more com­mon in smal­ler deals than high­er value deals.ESG con­sid­er­a­tions have not yet fea­tured in leg­al due di­li­gence or trans­ac­tion doc­u­ments.Man­age­ment in­cent­ive schemes saw short­er vest­ing peri­ods, in­creased man­age­ment al­loc­a­tion, but tightened leav­er pro­vi­sions.Over­all, there were buy­er-friendly de­vel­op­ments in some deal met­rics, such as the use of "tip­ping" bas­kets.
26/05/2023
Per­form­ing ser­vices in a de­cent­ral­ised man­ner un­der Mi­CAR
At the end of April 2023, the European par­lia­ment de­cided on a uni­form reg­u­la­tion of crypto as­sets across the EU by vot­ing on the MiCA reg­u­la­tion (i.e. mar­kets in crypto-as­sets). The in­ten­ded in­nov­a­tions...