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15/05/2024
Six years of GDPR: Europe-wide analysis shows increasingly dynamic sanction...
Highest GDPR fine of 1.2 billion euros imposed by the Irish data protection authority in May 2023 for a breach of the rules on international data transfers. Further fines imposed by this authority in 2023 amounted to hundreds of millions of euros. The main violations are “Insufficient legal basis for data processing” and “Failure to comply with the general principles of data processing”. The next most common violation is “Insufficient technical and organizational measures to ensure information security”. Spain tops the list of countries with the most fines for the fifth year in a row, followed by Italy and Romania. Ireland, Luxembourg and France have the highest average fines and total amounts per country. Berlin – Today, international law firm CMS has published the fifth edition of its annual Enforcement Tracker Report. The English-language report shows the developments of all publicly known GDPR fines based on CMS's own online database, GDPR Enforcement Tracker. The current edition of the report covers the analysis period between March 2023 and March 2024. 510 fines were added for the past year as of the editorial deadline on 1 March 2024. This brings the total number of data protection fines since the GDPR came into effect in May 2018 to 2,225, or 2,086 if only fines with full details such as the amount of the fine, date and authority are counted. The total amount of fines since the start of the survey is around 4.5 billion euros. This means that fines of around 1.7 billion euros have been added compared to last year’s Enforcement Tracker Report. This shows that authorities are no longer shying away from imposing high fines. The average fine for the entire reporting period was around 2.1 million euros - with high fines against “big tech” companies in 2021/22 and the first fine in the billions in 2023 having a particularly heavy impact.“At the top of the list of GDPR fine triggers is, once again, insufficient legal basis and non-compliance with the general data processing principles as well as insufficient technical and organisational measures. Companies should pay particular attention to this,” says Christian Runte, lawyer and partner at the international commercial law firm CMS Germany. Dr Alexander Schmid from the Enforcement Tracker team at CMS Germany adds: “In addition to data protection authorities, the courts have also increasingly dealt with the interpretation of the GDPR. For example, the Court of Justice of the European Union has further clarified the scope of data subjects' right of access. “These rulings create more clarity, but at the same time tighten the requirements for companies, which is why, in addition to a viable compliance concept, current developments will also be decisive for them in practice in the future.”Read the full Enforcement Tracker Report here; a summary can be found here. Pressekon­takt presse@cms-hs. com
21/03/2024
CMS European M&A Study 2024
Frankfurt/Main – CMS has announced the findings of the 16th edition of the CMS European M&A Study 2024, offering an in-depth analysis of the mergers and acquisitions landscape based on transactions CMS advised on. The Study analyses a record 559 deals throughout 2023, indicating the resilience and adaptability of the European M&A market amidst challenging global conditions. The high number of completed deals is testament to CMS’s strength in the market, despite the well-documented general downturn in deal activity across the globe. The 2024 Study reveals key trends in the M&A sector, including a notable shift in deal-making strategies, a rise in ESG due diligence and strategic investments outpacing financial investments. Despite a complex macroeconomic environment, the Study identifies a robust pipeline of deals for 2024, underpinned by a gradual stabilisation in the market, with lower interest rates and lower inflation. Key Findings and Takeaways: Sustained Deal Activity: Despite geopolitical tensions and economic challenges, 2023 witnessed a resilient M&A market, with CMS advising on a record number of deals. This resilience signals a robust appetite for strategic acquisitions and a promising outlook for 2024. Pricing Structures Shift: There was a notable decrease in purchase price adjustments (PPAs) and earn-outs, suggesting a move towards more stable and predictable deal structures. This trend suggests increasing confidence in valuation accuracy and financial stability. However, the reduced use of locked box structures in smaller transactions indicates lingering uncertainty regarding pricing. ESG Still Emerging in Deal Considerations: While specific ESG due diligence has seen an uptick, rising to 47% from last year's 33%, the incorporation of ESG factors into deal structures remains modest. This area is expected to grow as regulatory and reputational pressures increase. Rise in Strategic Investments: The study observed a significant presence of strategic investors both as buyers and sellers, indicating a strategic reshaping of business portfolios in response to evolving market conditions. Risk Allocation: The standard limitation period for operational warranties, although reducing, remains between 12 to 24 months across most transactions, with liability caps below 50% of the purchase price being seen in the majority of cases, maintaining consistency with previous years.W&I Insurance Stability: The utilisation of Warranty & Indemnity insurance in European deals, particularly in the larger transactions, has stayed consistent with 2022 levels, with the UK leading in its use. Geopolitical and Economic Factors: The Study acknowledges the ongoing impact of geopolitical tensions and economic uncertainties on deal-making but also points to recovering confidence in the debt markets and potential boosts from election cycles. Louise Wallace, Global Head of the CMS Corporate/M&A Group, said: “The insights from this year's Study not only highlight the resilience of the European M&A market but also point towards interesting and evolving trends that will shape the future of deal-making. Our dedication to providing unparalleled guidance has never been more relevant.”Dr Malte Bruhns, Global Head of the CMS Corporate/M&A Group, added: “Our analysis reveals a market in transformation, adapting to global challenges while identifying new opportunities. This resilience and adaptability underline the strength of our M&A advisory services.” Conclusion: The CMS European M&A Study 2024 underscores an optimistic outlook for M&A activity in Europe in 2024, highlighting resilience amid economic challenges. Key trends indicate a shift towards seller-friendly dynamics and robust deal flow, fuelled by improved market confidence and strategic entry into new markets. Read the full CMS European M&A Study 2024 here. Press Con­tact presse@cms-hs. com
28/11/2023
CMS launches International Digital Regulation Hub providing a clear roadmap...
All businesses should be prepared to grasp the opportunities in digital regulation 
22/05/2023
Europe-wide analysis on the fifth anniversary of the GDPR reveals data...
European data protection authorities imposed fines totalling over 2.7 billion euros in more than 1,500 publicly known cases for violations of the General Data Protection Regulation, which has been in...
05/12/2019
CMS recognised for outstanding M&A advisory work
CMS recognised for outstanding M&A advisory work Frankfurt, 5 December 2019. CMS has been recognised by Mergermarket for its outstanding M&A advisory work for deals in the value range of EUR 30m-EUR 1bn...
07/10/2019
CMS European Real Estate Deal Point Study 2019
Real estate investment market flatlining at a high level Total investment remains at previous year’s level. Investors forced to revise their investment preferences: office real estate still ahead, but...
27/03/2019
CMS European M&A Study 2019: Sellers set the agenda, despite market uncertainty
The "seller-friendly" dynamic in European M&A transactions strengthened during 2018, notwithstanding a drop-off in volumes towards the end of the year. This comes in marked contrast to the US market...
14/06/2018
CMS announces revenue of EUR 1.3bn for 2017
Frankfurt, 14 June 2018. CMS, the top 10 international law firm, today announces its financial results for 2017. Total annual revenues of EUR 1.3bn for 2017, a year-on year growth of 31%47 new partners...
22/03/2018
CMS European M&A Study: Sellers take centre stage as European M&A deal...
Frankfurt, 22 March 2018 – CMS has published the tenth edition of its annual European M&A Study 2018, which analyses more than 3,650 of its private M&A transactions and compares the CMS deals of 2017...
10/01/2018
“Values under Pressure: The Role of Ethics in Business” at CMS event in...
Frankfurt, 10 January 2018. CMS, a top ten international law firm, in conjunction with Germany’s leading weekly newspaper Die Zeit, will host a reception in Davos on 24 January to discuss current trends...
08/12/2017
CMS wins at Mergermarket European M&A Awards
Frankfurt, 8 December 2017. CMS won Private Equity Legal Adviser of the Year at the Mergermarket European M&A Awards, held in London on 7 December 2017. Additionally, CMS was named France M&A Legal Adviser...
02/08/2017
CMS advises Avedo on acquisition of direct sales specialist Ranger
Stuttgart – Ströer is acquiring the Ranger Marketing Group, one of Germany’s largest dialogue marketing specialists. The vendor is Waterland Private Equity. This acquisition will enable Ströer to...