Home / Europe / Germany / Banking & Finance / Capital Markets
wall street direction sign in new york city

Capital Markets

Back to Banking & Finance

Sound legal advice on capital market transactions 

Capital markets never stand still. Stock exchanges around the world face increasing regulation, while tougher legislation requires corresponding changes to the way companies fund themselves. At the same time, capital market products are gaining in importance against a backdrop of historically low interest rates, while new technologies are creating completely new opportunities for issuers and shareholders. Operating successfully in this environment requires both in-depth expertise in capital markets law and proven international capabilities – something we can offer.

Your partner for capital market transactions 

The capital markets lawyers at CMS possess extensive specialist knowledge and are able to provide focused advice on a wide range of capital market transactions. Our clients benefit in particular from our wealth of experience. Over the past 20 years, we have advised on numerous IPOs and other transactions involving capital markets law – as advisers to the issuer, to the underwriting banks or the (existing) shareholders. A large part of our work is cross-border, so we regularly draw on capital markets lawyers from across the international CMS network.

Leading expertise on equity and debt capital markets

In equity capital markets, the range of advice provided by our capital markets lawyers covers IPOs (German stock exchanges, NASDAQ, Euronext), capital increases, public takeovers and scrip dividends. We also advise on segment changes and can provide support on all aspects of compliance under capital markets law.

The key areas we cover with regard to debt capital markets include issue platforms and the issuing of (structured) debt securities, mortgage bonds (Pfandbriefe), foreign covered bonds and promissory notes. We advise on OTC derivatives, structured products for regulated investors and clearing of financial instruments. We additionally provide ongoing advice on all obligations arising from an issue or listing, as well as regulatory matters. Our teams also cover aspects related to US securities legislation, providing advice from a single source.

Our real-world advice is backed by scholarship, with CMS lawyers regularly publishing and lecturing on capital markets law. They are also active in a number of industry bodies (including the German Derivatives Association (DDV), the Association of Pfandbrief Banks (vdp) and the workgroup for debt securities law at the Institute for Law and Finance (ILF)). CMS is also a Deutsche Börse capital market partner.

Our legal advice around capital markets at a glance

The skills of our capital markets lawyers cover every relevant topic, including:

  • IPOs and support for post-IPO requirements and segment switches, capital increases and reallocations (block trades)
  • Takeovers of listed companies
  • Scrip dividends
  • Creating and updating issue platforms
  • Convertible, warrant and exchange bonds
  • Pan-European placement of equity and debt capital instruments
  • Structured financial instruments for regulated investors (especially promissory note loans and registered bonds)
  • Repurchase and restructuring of debt securities (liability management)
  • Clearing of financial instruments
  • Compliance relating to capital markets law (including the provisions of the EU Market Abuse Regulation, the Securities Trading Act (WpHG), etc.)

„Ein großer Pluspunkt der Praxis für Kredite u. Akquisitionsfinanzierungen ist das engmaschige dt. wie internat. Netz an Kanzleistandorten.“

JUVE Handbuch, 2020/21

"Strong choice for cross-border work thanks to its robust international set-up, and its full-service offering ensures expert advice from related practice groups including energy, tax and insurance."

Chambers Europe, 2020

"very responsive and quick with very good results,"; "excellent overview and cross-border view,"; as well as "very good project management skills."

Chambers Europe, 2020

„Sehr kurze Durchlaufzeiten, jederzeitige Erreichbarkeit und hohe Praxiserfahrung“; „Pragmatische Herangehensweise“; „Unkomplizierte Kommunikation.“

The Legal 500, 2020

Large firm with a full-service approach in capital markets transactions. Best known for its eq-uity capabilities, where the team advises on IPOs, capital increases and rights offerings.
Typically acts for DAX-listed companies and corporates in the mid-market segment. Also rec-ommended for cross-border mandates due to its pan-European network.

Chambers Europe, 2017

CMS advises us comprehensively on special questions that we wouldn't otherwise know the answer to. (client)

Chambers Europe, 2017

Das ECM-Team bei CMS umfasst ‘Rechtsanwälte mit unternehmerischen Verständnis und Branchenexpertise’, die laufend hochkarätige Mandanten zu kapitalmarktrechtlichen Fragestellungen beraten und auch zuletzt wieder einige Börsengänge begleiteten.

The Legal 500 Deutschland, 2017

The team is very client-oriented and technically excellent. (client)

Chambers Europe, 2017

CMS’ debt capital markets practice is highly active on the issuer side but is increasingly also advising banks

The Legal 500 EMEA, 2017

Recommended practice for equity capital markets

JUVE German Commercial Law Firms 2016 (GCLF)
09/12/2020
Di­gitale In­frastruk­turf­in­an­zier­ung – „Glas­faser für alle“?
Di­gitale Trends wie Big Data, Cloud-Com­put­ing, Smart Citys und autonomes Fahren sow­ie die auf­grund der Corona-Pandemie gesteigerte Nutzung des Homeof­fice er­höhen die Nachfrage nach einem zü­gigen und...
Sus­tain­able Fin­ance
In or­der to im­ple­ment the Green Deal con­sid­er­able in­vest­ment is planned...
17/04/2020
CMS Ex­pert Guide to coronavir­us re­lated loan morator­i­ums
 As the COV­ID-19 out­break con­tin­ues to spread across the globe, gov­ern­ments and banks in many jur­is­dic­tions have in­tro­duced ex­traordin­ary meas­ures to al­le­vi­ate the fin­an­cial and eco­nom­ic im­pact of the pan­dem­ic. Such emer­gency meas­ures of­ten in­clude m
Comparable

Feed

31/03/2021
CMS ad­vises IN­DUS Hold­ing AG on suc­cess­ful cap­it­al in­crease
Co­logne – SDAX-lis­ted IN­DUS Hold­ing AG has suc­cess­fully car­ried out a cap­it­al in­crease amount­ing to around 10% of its share cap­it­al, mak­ing par­tial use of au­thor­ised cap­it­al. The new shares were placed...
05/03/2021
CMS ad­vises on­line broker Next­mar­kets on Series B fin­an­cing round worth...
Co­logne – On­line broker Next­mar­kets has re­ceived USD 30 mil­lion in a Series B round of fin­an­cing. The ad­di­tion­al cap­it­al is ear­marked for ac­cel­er­at­ing the fintech’s European ex­pan­sion and es­tab­lish­ing...
23/12/2020
CMS ad­vises DIC As­set on ac­quis­i­tion of lo­gist­ics spe­cial­ist RLI In­vestors
Frank­furt am Main – DIC As­set AG has ac­quired 100% of the shares in RLI In­vestors GmbH and a minor­ity stake of 25% in Realo­gis Hold­ing GmbH. This will en­able it to ex­pand the lo­gist­ics as­set class with­in...
09/10/2019
CMS ad­vises lis­ted Span­ish in­dus­tri­al and in­fra­struc­ture com­pany Ac­ciona...
Ham­burg – Span­ish in­dus­tri­al and in­fra­struc­ture com­pany Ac­ciona S.A. has fully sub­scribed to the cap­it­al in­crease car­ried out by Ger­man wind tur­bine man­u­fac­turer Nor­dex SE as part of a private place­ment...
16/04/2019
CMS ad­vises LUD­WIG BECK on sale of WORM­LAND
Ber­lin – Lud­wig Beck am Rath­auseck - Tex­til­haus Feld­mei­er AG (“LUD­WIG BECK”) signed a pur­chase agree­ment on 15 April 2019 un­der which all the shares in THEO WORM­LAND GmbH & Co. KG (“WORM­LAND”)...
14/01/2019
Study: B2B fintechs still fail­ing to gain trac­tion in 2018
In­creas­ing co­oper­a­tion between banks and B2B fintech­sCli­ent ac­cess is most valu­able as­set­Cul­ture clash between agile struc­tures and hier­arch­ic­al en­tit­ies­Fran­k­furt/Main, 14 Janu­ary 2019 – Pro­viders of...
12/07/2018
CMS ad­vises Bechtle AG on planned ac­quis­i­tion of In­mac Wstore in France
Frank­furt – Ger­man IT group Bechtle in­tends to ac­quire French IT pro­vider In­mac Wstore S.A.S, which has 400 em­ploy­ees and sales of EUR 420 mil­lion. The ac­quis­i­tion is cur­rently await­ing ap­prov­al from...
22/06/2018
CMS ad­vises sol­ar plant and wind farm op­er­at­or En­cav­is on struc­tur­ing and...
Frank­furt/Main – CMS has again ad­vised Ham­burg-based sol­ar plant and wind farm op­er­at­or En­cav­is AG on is­su­ing a scrip di­vidend. This is the fifth time that En­cav­is has giv­en its share­hold­ers the choice...
06/04/2018
CMS ad­vises an­chor share­hold­er 7-In­dus­tries in the IPO of Sensiri­on
Sensiri­on Hold­ing AG, a lead­ing glob­al man­u­fac­turer of en­vir­on­ment­al and flow sensors dom­i­ciled in Staefa, Switzer­land, has con­cluded its Ini­tial Pub­lic Of­fer­ing (IPO) on SIX Swiss Ex­change.7-In­dus­tries...
19/03/2018
In­vestor Act­iv­ism Study: Ger­man cor­por­a­tions lack ad­equate pro­tec­tion against...
Ger­man com­pan­ies are in­creas­ingly be­ing tar­geted by act­iv­ist in­vestors Two-thirds of Ger­man com­pan­ies have no con­tin­gency plan in place Com­plex busi­ness mod­els in­crease the risk of a short at­tack­Ber­lin...
29/12/2017
Ger­man Re­mu­ner­a­tion Or­din­ance for In­sti­tu­tions 2.0 – the key changes
The Ger­man Re­mu­ner­a­tion Or­din­ance for In­sti­tu­tions (In­sti­tuts­ver­gü­tungs­ver­or­d­nung – “IVV”) has been amended again in light of the EBA Guidelines (EBA/GL/2015/22) on sound re­mu­ner­a­tion policies...
28/12/2017
BaFin’s product in­ter­ven­tion powers in a new light
Sec­tion 4b(1) of the Ger­man Se­cur­it­ies Trad­ing Act (Wer­t­papi­er­han­dels­ge­setz, “WpHG”) gives the Fed­er­al Fin­an­cial Su­per­vis­ory Au­thor­ity (Bundes­an­stalt für Fin­an­zdi­enstleis­tung­sauf­sicht, “BaFin”)...