Home / Publications

Publications


Media type
Expertise
23/02/2024
UK and Switzerland sign Berne Financial Services Agreement: Blueprint for...
With the signing of the Berne Financial Services Agreement on 21 December 2023, the UK and Switzerland are showing that, unlike in the EU, obstacles to the cross-border provision of financial services can be removed without harmonising legal systems.
25/01/2024
Emerging Europe M&A Report 2023/2024
Despite geopolitical tensions, fears of recession and strong inflationary pressures across the EU, as well as the fiscal tightening needed to contain them, M&A in the CEE region has remained reasonably buoyant. Findings from the CMS Emer­ging Europe M&A 2023/24 report, published in cooperation with EMIS, demonstrate the resilience of the Emerging Europe deals market as activity holds firm against a backdrop of geopolitical tensions and strong inflationary pressures. Welcome to the 2023/24 edition of the Emerging Europe report.
08/01/2024
Switzerland and the UK sign agreement on mutual recognition in financial...
On 21 December 2023, the Swiss Federal Council and HM Treasury in the UK announced the signing of an agreement on mutual recognition in specific areas of financial services between Switzerland and the UK referred to as the Berne Financial Services Agreement (the Agreement). The conclusion of this ground-breaking Agreement is the culmination of more than two years of negotiations following the signing of a Joint Statement on 30 June 2020 aiming at enhancing cooperation in financial services between Switzerland and the UK. 
05/12/2023
Green claims - what needs to be considered
Consumers are increasingly focused on sustainability. Studies have shown that products with green claims sell better than others. But where are the limits of what is permitted when using green claims?
05/12/2023
Diverse legal reference points for biodiversity
Biodiversity ensures the functioning of all the ecosystem services that humans depend on. It supplies us with drinking water, forms the basis for food production and provides energy sources. It regulates the climate and protects us from natural hazards. Biodiversity is, therefore, not only of importance to nature. It is a foundation for our society and the entire economy. A large proportion of companies depend directly or indirectly on biodiversity.
28/11/2023
International Digital Regulation Hub
Following the EU Commission plan “A Europe fit for the digital age”, we have witnessed a lot of digital regulations in the EU including DMA and DSA, AI Act, Data Act and there is still more to come. Whilst presenting companies with a tumultuous landscape to navigate, the legal obligations imposed also present opportunities to develop their business in a new digital framework safeguarding responsible business practices, fair competition and personal data. The CMS Digital Regulation Hub is home to our Digital Regulation Tracker Tool, providing an overview of the key regulatory instruments for area of law, sectors and business activities which are critical for decision makers as they adapt to the increasingly digital landscape. In addition to this unique tool, we explore the impact this tsunami of regulation is having for businesses across a variety of industries and how GCs can ride the waves to stay ahead of the curve. Our latest re­port il­lus­trates the key findings across Platforms, Content providers, Life Sciences & Healthcare, Energy & Infrastructure, Banking & Finance and Automotive industries. To discuss how to cope with the challenges of Digital Regulations and to explore the opportunities for your business, please contact one of our International experts.
14/11/2023
Legal Flash - The Federal Council Aims to Combat Greenwashing in Financial...
Background In 2022, sustainable investments worth around 1.98 trillion Swiss francs were made in Switzerland, according to the industry association Swiss Sustainable Finance (SSF). The number of cases of greenwashing by banks and financial service providers around the world has increased by 70 % in the last 12 months, according to RepRisk. On 30 September 2023, the Asset Management Association Switzerland (AMAS) Swiss Self-Regulation for Sustainable Asset Management entered into effect. Such sustainability self-regulation represents a further step in the transformation of the Swiss regulatory framework to integrate sustainable concepts, principles and rules. In addition, AMAS together with the SSF published the Swiss Stewardship Code, a guide to the exercise of shareholder rights by investors in Switzerland, on 4 October 2023. These new initiatives follow the Swiss Bankers Association (SBA) self-regulation on ESG integration issued by the SBA in June 2022, which entered into effect on 1 January 2023. From the perspective of the Swiss Federal Finance Department (FFD), however, these measures are currently not sufficient. The FFD has thus informed the Swiss Federal Council on 25 October 2023 that it intends to draw up a proposal for an ordinance for “prin­ciple-based state regulation” with regard to greenwashing in financial products by the end of August 2024, if the industry does not improve by then. Key Findings Swiss Self-Regulation for Sustainable Asset Management  The concept of “sus­tain­ab­il­ity” is of central importance for the application of sustainability self-regulation. A mere reference to individual elements or approaches to sustainability, such as exclusions of specific issuers or a simple ESG integration approach, is not considered a sufficient reference to sustainability. If reference is made only to the application of an ESG integration approach, it must be clearly stated that the collective investment scheme in question is not sustainable or is not managed sustainably. The same applies to a sustainable strategy that focuses exclusively on the exclusion approach. It is important to note that a reference to a particular approach, or a general reference to sustainability or ESG, can constitute a greenwashing risk irrespective of whether the sustainability self-regulation applies, if such reference is misleading, confusing or simply not appropriate to the nature of the assets or management. The application of comparable foreign standards – such as the EU Sustainable Finance Disclosure Regulation (SFDR) – is sufficient to meet the sustainability self-commitment issued by AMAS. The sustainability strategy with an indication of the investment approach pursued (e.g. exclusions, impact investing, thematic investing, etc.) must be made available to investors. The asset management agreement (directly or via an annex) shall specify the minimum proportion of investments that must comply with the sustainability requirements defined in the investment policy. Investors are informed about the sustainability approaches at least once a year in a report. For impact investing strategies, the annual reporting must show the extent to which the stated sustainability goals have been achieved. Key Findings Swiss Stewardship Code  The aim of this Code is to promote the active exercise of shareholder rights by investors in Switzerland by developing a more sustainable economy and increasing long-term returns for investors, taking into account sustainability risks. The Code is not binding. It is applicable on a voluntary basis and only makes recommendations. According to AMAS and SSF, the principles of the Code are aligned with the Global Stewardship Principles of the International Corporate Governance Network (ICGN). The Guideline addresses investors, as well as their asset managers and other service providers that deploy stewardship activities for investors. The Guideline complements existing civil and regulatory obligations. In other words, the Code does not conflict with such obligations or requirements, and compliance with its principles does not relieve investors and/or service providers from their respective obligations. In total, the guideline consists of nine principles for effective stewardship: (1) governance, (2) stewardship guidelines, (3) voting, (4) engagement, (5) escalation, (6) monitoring investees, (7) delegation of stewardship activities, (8) conflicts of interest, and (9) transparency and reporting. More information can be found here. Although this Code remains prin­ciples-based, it contains several specific recommendations and a clear methodology that can be of useful assistance to investors, asset managers and other service providers engaged in sustainable investment and stewardship. Conclusion The entry into force of sustainability self-regulation is another step in the transformation of the Swiss regulatory framework to integrate sustainable concepts, principles and rules. AMAS will continue to promote solutions and initiatives for an appropriate sustainable framework for the Swiss asset management industry, such as the Swiss Stewardship Code developed together with Swiss Sustainable Finance SSF or the promotion of the already existing Swiss Climate Score. Considering the intentions of the Swiss Federal Finance Department to potentially implement state regulation on greenwashing, the coming months will be decisive for whether Switzerland will opt for self-regulation, tough regulatory provisions or, even, a combination of both approaches.
06/11/2023
News in Sustainability Claims
Return to CMS Green Globe
26/10/2023
Global Life Sciences & Healthcare Forum 2023 – recordings & presentations
We were delighted to bring you this year’s Forum, “Blurring Boundaries - Exploring the convergence of life sciences and law”, from Amsterdam. The theme “Blurring Boundaries - Exploring the convergence of life sciences and law” aimed to:Uncover the latest breakthroughs: Dive into the forefront of life sciences advances, including biotechnology, genetics, pharmaceuticals, and medical devicesAddress the regulatory gap: Engage in interactive workshops to bridge the divide between rapid innovation and the development of legal frame­work­sNav­ig­ate global challenges: Explore the impact of globalisation, ethical considerations, privacy concerns, and societal implications on the life sciences sectorFoster collaboration: Connect with legal and scientific minds, exchange ideas, and build valuable re­la­tion­shipsP­resent­a­tions were delivered by fantastic industry speakers, including Annemiek Verkamman (Managing Director, Hollandbio), Charida Dorder (Member of the Dutch AI Coalition), Wouter Boon (Associate Professor, Utrecht University) and Marc Kaptein (Medical Director, Pfizer), as they shared their expertise, thoughts and insights on how the sector is “Blurring Boundaries”. We were also joined by Simon Neill (Senior Legal Director) at Johnson & John­son and Joep Rijnierse (Senior Medical Director) at Amgen in our workshops. This webpage has been designed to keep you updated on the Forum, our speakers, as well as provide you with the useful resources complementing the theme “Blurring Boundaries - Exploring the convergence of life sciences and law”. You will also find on this page details on how to stay connected with CMS through our upcoming webinar series, On the Pulse Webinar Series 2023 - Autumn (cms. law); free eAlert service, Law-Now; and social media channels.
24/10/2023
CMS European Energy Sector M&A and Investment Outlook 2024
As the world economy increasingly embraces the push towards decarbonisation, Europe has actively sought to place itself at the vanguard of the discussion on energy trans­ition. Op­por­tun­it­ies to deploy capital abound as power sources switch further towards offshore and onshore wind, solar, heat, hydrogen, battery storage, new networks, carbon capture, and industrial decarbonisation. The latter brings an interface with other sectors such as technology companies (with power hungry data centres a particular focus), real estate, low carbon transport and decarbonisation of industrial processes such as cement, glass and steel production. As much as it is difficult, complex and highly political, the energy transition is also a huge business opportunity. To reach net zero by 2050, the International Energy Agency (IEA) estimates that global investment in clean energy alone will need to increase from the USD390bn in the first half of 2023, to USD 1.3tn in 2030. Many commentators worried that Russia’s invasion of Ukraine would put back the transition and shift Europe back towards fossil fuels. While it appears to have resulted in a renewed political focus on energy security it has also laid bare the financial and political consequences of relying on oil & gas imports, giving further impetus to renewables as a secure form of energy. Europe has also sought to be a leading light on the concept of “reaching net zero”, with the European Union (EU) having set out its ambition, back in 2019, to become the world’s first major economic bloc to be climate-neutral by 2050. This has added momentum to energy investment and M&A over recent years – 2021 and 2022 saw the second and third highest annual aggregate values of Western European M&A in the sector on record, at USD 59.8bn and USD 53.7bn, respectively, bested only by the anomalously high total of USD 89.4bn logged in 2018. Energy M&A in the region has been more subdued in 2023, but our survey demonstrates that energy executives are gearing up for a more active dealmaking period, with most expecting more opportunities and anticipating increased levels of investment in the year ahead. Capital looks set to continue to flow primarily to renewable energy projects and related assets, with solar and batteries topping the list of attractive subsectors among our respondents. Consistent with this, South West Europe takes pole position as the most promising region for investment opportunities. But there are thorns among the roses. Our respondents are cognizant of the challenges in the energy market, with supply-chain volatility and commodity price increases emerging as a prominent concern. This is unsurprising after a period of dislocation following the pandemic and amid a time of rising global demand for renewable products and commodities. Persistent inflation and elevated interest rates, combined with an uncertain macroeconomic outlook, are raising investors’ concerns, with financing risk (including the increased cost of financing) also coming to the fore for respondents. Overall, while some sense a recent softening of the market due to these fundamentals, our survey paints a picture of steadily improving investor sentiment in Europe’s energy sector, laying the foundations for a busier period ahead for M&A activity.
11/10/2023
CMS DTx Legal Navigator
Assisting companies scale their digital therapeutics (DTx) internationally
14/09/2023
Energy Transition 2023
As the world seeks to balance energy security and affordability with the broadly agreed imperative to address carbon emissions, this report seeks to provide a timely update on how major oil and gas companies are navigating the energy transition based on an analysis of their published data.