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30/07/2021
CMS ad­vises capiton on in­vest­ment of top-up single-as­set fund in port­fo­lio...
Ber­lin - Private equity firm capiton has closed a top-up single-as­set fund for its fast-grow­ing port­fo­lio com­pany KD Pharma Group (KD Pharma). This top-up fund will provide KD Pharma with the equity fin­an­cing...
30/07/2021
CMS Life Sci­ences & Health­care Glob­al Bro­chure
With big deals fuel­ling re­cord levels of M&A activ­ity, a steady stream of in­nov­at­ive and dis­rupt­ive tech­no­lo­gies, new and in­creas­ingly com­plex reg­u­lat­ory chal­lenges and a thriv­ing start-up com­munity...
30/07/2021
CMS ad­vises Uni­phar on its mar­ket entry in Ger­many by ac­quir­ing CoR­Rect...
Stut­tgart - Uni­phar Europe Lim­ited, a sub­si­di­ary of pub­licly-lis­ted Uni­phar PLC, based in Dub­lin, has ac­quired CoR­Rect Med­ic­al GmbH, based in Ober­hach­ing, Bav­aria. For Uni­phar, an in­ter­na­tion­al di­ver­si­fied...
30/07/2021
Plastics and pack­aging laws in Ger­many
1. What is the gen­er­al le­gis­lat­ive frame­work reg­u­lat­ing pack­aging and plastic waste in your jur­is­dic­tion? Reg­u­la­tions for pack­aging waste are set out in the Ger­man Pack­aging Act (Ver­pack­ungs­ge­setz)...
Comparable
29/07/2021
All en­tit­ies re­quired to re­gister – TraF­inG enters in­to force on 1 Au­gust...
The Trans­par­ency Re­gister and Fin­an­cial In­form­a­tion Act (TraF­inG) enters in­to force on 1 Au­gust 2021. Its aim is to make fur­ther pro­gress on com­bat­ing money laun­der­ing and ter­ror­ist fin­an­cing and, in ad­di­tion to de­liv­er­ing great­er trans­par­ency in­to leg­al en­tit­ies and their be­ne­fi­cial own­ers, to cre­ate the basis for link­ing all the rel­ev­ant re­gisters through­out Europe. In par­tic­u­lar, the TraF­inG does away with the no­tion­al no­ti­fic­a­tions that pre­vi­ously ap­plied to lis­ted com­pan­ies and all leg­al en­tit­ies for which in­form­a­tion on the (no­tion­al) be­ne­fi­cial own­ers could be ob­tained from the com­mer­cial re­gister, part­ner­ship re­gister, co­oper­at­ive so­ci­ety re­gister, re­gister of as­so­ci­ations or com­pany re­gister. Spe­cific­ally, this means that in fu­ture all these cor­por­ate bod­ies will also have to re­port their be­ne­fi­cial own­ers sep­ar­ately to the trans­par­ency re­gister, even if the be­ne­fi­cial own­ers are already evid­ent from the com­mer­cial re­gister or oth­er re­gisters. Spe­cial reg­u­la­tions only ap­ply to re­gistered as­so­ci­ations (ein­getra­gene Ver­eine). There are no changes with re­gard to found­a­tions (Stif­tun­gen), for which no no­tion­al re­gis­tra­tion has been pos­sible any­way. When the Act to Mod­ern­ise Part­ner­ship Law (MoPeG) comes in­to ef­fect on 1 Janu­ary 2024, com­pan­ies un­der civil law (GbR) will like­wise be sub­ject to the re­quire­ment to be re­gistered in the trans­par­ency re­gister, if they choose to be entered in the com­pany re­gister.In ad­di­tion, the cases in which for­eign pur­chasers of Ger­man real es­tate must re­port in­form­a­tion on their be­ne­fi­cial own­ers to the Ger­man trans­par­ency re­gister have been con­sid­er­ably ex­ten­ded. Trans­ition peri­ods Trans­ition peri­ods that de­pend on the spe­cif­ic leg­al form ap­ply to as­so­ci­ations which still be­ne­fit from no­tion­al no­ti­fic­a­tion un­der sec­tion 20 (2) of the GwG on 31 Ju­ly 2021. Re­gis­tra­tion in these cases must be sub­mit­ted to the trans­par­ency re­gister for­AG, SE and KGaA by 31 March 2022,GmbH, eG, SCE, PartG by 30 June 2022,All oth­er as­so­ci­ations sub­ject to trans­par­ency re­quire­ments (in­clud­ing OHG and KG) by 31 Decem­ber 2022.In these cases, fail­ure to re­gister will also not be con­sidered an ad­min­is­trat­ive of­fence for one year after ex­piry of the ap­plic­able trans­ition peri­od.Com­pan­ies that pre­vi­ously wrongly as­sumed no­tion­al no­ti­fic­a­tion in ac­cord­ance with sec­tion 20 (2) of the GwG, or did not re­gister their be­ne­fi­cial own­ers for oth­er reas­ons, do not be­ne­fit from the trans­ition­al ar­range­ments and are re­quired to re­gister as usu­al without delay. Trans­ac­tions in­volving real es­tate loc­ated in Ger­many For­eign as­so­ci­ations/trusts that have not already sub­mit­ted in­form­a­tion on their be­ne­fi­cial own­ers to an­oth­er re­gister op­er­ated by an EU Mem­ber State will in fu­ture be ob­liged to re­port this in­form­a­tion to the Ger­man trans­par­ency re­gister if they ac­quire a prop­erty loc­ated in Ger­many, in the fol­low­ing cases:Ac­quis­i­tion by way of an as­set deal,Ac­quis­i­tion by way of a share deal with­in the scope of sec­tion 1 (3) of the GrEStG, i.e. at least 90% of the shares in a com­pany that owns a Ger­man prop­erty are merged by the for­eign as­so­ci­ation or are trans­ferred to it,Leg­al trans­ac­tion with­in the mean­ing of sec­tion 1 (3) a of the GrEStG, i.e. the leg­al trans­ac­tion res­ults in the for­eign as­so­ci­ation hold­ing an own­er­ship in­terest of at least 90% in a com­pany that owns a Ger­man prop­erty.In this con­text, it should be noted that not­ar­ies are pro­hib­ited from not­ar­ising trans­ac­tions of this type if the for­eign as­so­ci­ation has not com­plied with its no­ti­fic­a­tion ob­lig­a­tion (sec­tion 10 (9) sen­tence 4 of the GwG). There are no trans­ition peri­ods in this re­spect. Ac­tion needed Ac­tion is re­quired for all new en­tit­ies es­tab­lished or re­gistered from 1 Au­gust 2021 on­ward. The in­form­a­tion on be­ne­fi­cial own­ers must be re­por­ted to the trans­par­ency re­gister without delay; the trans­ition peri­ods do not ap­ply to newly es­tab­lished en­tit­ies. In gen­er­al, the amend­ment to the law provides an op­por­tun­ity to sub­mit miss­ing re­ports; re­gis­tra­tions that have already been sub­mit­ted should be re­viewed for ac­cur­acy and to see wheth­er fur­ther in­form­a­tion is re­quired (e.g. ad­di­tion­al na­tion­al­it­ies). If no­tion­al no­ti­fic­a­tion still ap­plies on 31 Ju­ly 2021, the trans­ition peri­od should be used to pre­pare for re­gis­tra­tion in the trans­par­ency re­gister. Re­gistered as­so­ci­ations (ein­getra­gene Ver­eine) should re­view the auto­mat­ic entries in the trans­par­ency re­gister with re­gard to their ac­cur­acy.In ad­di­tion, as­so­ci­ations sub­ject to trans­par­ency re­quire­ments must in fu­ture check and, if ne­ces­sary, up­date their re­gis­tra­tion in the trans­par­ency re­gister if there are any changes in­volving their (no­tion­al) be­ne­fi­cial own­ers (for ex­ample, change of share­hold­ers or man­age­ment). Lastly, in the case of trans­ac­tions with for­eign pur­chasers, it is im­port­ant to check in good time wheth­er this in­volves a prop­erty loc­ated in Ger­many, with the res­ult that the rel­ev­ant in­form­a­tion would need to be re­gistered in the trans­par­ency re­gister. Giv­en that not­ar­ies are pro­hib­ited from not­ar­ising trans­ac­tions if the rel­ev­ant in­form­a­tion is not re­gistered, this point should also be cla­ri­fied with the not­ary in ad­vance.We would be happy to as­sist you in identi­fy­ing be­ne­fi­cial own­ers and re­gis­ter­ing the rel­ev­ant in­form­a­tion with the trans­par­ency re­gister. Please feel free to get in touch at any time.
29/07/2021
In­ter­na­tion­al CMS team ad­vises AP­COA Park­ing on suc­cess­ful EUR 685 mil­lion...
Ber­lin – AP­COA Park­ing, a lead­ing European park­ing op­er­at­or, placed a seni­or se­cured notes of­fer­ing of EUR 320 mil­lion of fixed-rate seni­or se­cured notes due in 2027 and EUR 365 mil­lion of float­ing...
29/07/2021
CMS ad­vises easyJet on planned con­struc­tion of main­ten­ance hangar at Ber­lin-Branden­burg...
Ber­lin - easyJet Air­line Com­pany Ltd. has signed a lease agree­ment for a hangar loc­a­tion with the Flughafen Ber­lin-Branden­burg GmbH (FBB). The hangar will be used for the main­ten­ance of the air­line's...
29/07/2021
In­ter­na­tion­al ar­bit­ra­tion law and rules in Ger­many
Ger­man State Courts are ar­bit­ra­tion friendly. The jur­is­dic­tion for al­most all ar­bit­ra­tion re­lated is­sues is con­cen­trated at the High­er Re­gion­al Courts. Their at­ti­tude is to sup­port ar­bit­ra­tion pro­ceed­ings...
28/07/2021
CMS ad­vises on sale of on­line vendor premi­umXL to Verd­ane
Ber­lin – The sole share­hold­er in on­line vendor premi­umXL has sold the ma­jor­ity of his shares to Verd­ane, a private equity firm spe­cial­ised in growth cap­it­al. He has also ac­quired a minor­ity share­hold­ing...
28/07/2021
Pub­lic pro­cure­ment reg­u­la­tion and law in Ger­many
Oc­to­ber 2018The pro­cure­ment dir­ect­ives 2014/23/EU, 2014/24/EU, and 2014/25/EU were trans­posed in­to Ger­man law on 18 April 2016. 1. Where can one find pub­lic pro­cure­ment no­ti­fic­a­tions for Ger­many? Be­sides...
26/07/2021
CMS ad­vises real es­tate in­vestor x+bricks on ac­cess­ing prop­erty port­fo­lio...
Düs­sel­dorf – The x+bricks Group has signed a con­di­tion­al pur­chase agree­ment with the SCP Group for 34 gro­cery-anchored prop­er­ties in Ger­many with a total rent­al area of some 425,000 square metres...
26/07/2021
CMS ad­vises Volk­swa­gen on joint ven­ture with En­el X to build ex­tens­ive...
Stut­tgart – Volk­swa­gen and En­el X are team­ing up to sup­port elec­tro­mobil­ity in Italy. The Ger­man car man­u­fac­turer and the En­el Group’s ad­vanced en­ergy solu­tions di­vi­sion have signed cor­res­pond­ing...