CMS partners with Mauritian firm

05.12.2024 The Markets in Crypto-Assets Regulation (MiCAR) represents a pivotal development for crypto-asset service providers (CASPs) across the European Union. Designed to harmonise regulations, MiCAR introduces transitional regimes that bridge the gap between existing national frameworks and its full implementation by 30 December 2025. These transitional measures provide market participants with the necessary time to secure authorisation and align their operations with MiCAR's requirements. The pace and specifics of implementation, however, vary significantly across Member States, creating both challenges and opportunities. Countries like Austria, Germany, and the Netherlands exemplify proactive regulatory support, while Croatia, France, Italy, Luxembourg, and Spain are advancing frameworks tailored to their national contexts. Meanwhile, jurisdictions like Poland and the Czech Republic, where regulations are still being finalised, underscore the complexity of adopting a harmonised EU-wide standard. For CASPs, early strategic planning is essential. Businesses must assess their operational readiness, legal compliance, and local market conditions to effectively navigate MiCAR and leverage the transitional periods to secure a competitive advantage in the regulated EU market. This article offers a detailed analysis of how jurisdictions including Austria, Croatia, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Norway, Poland, Slovenia, and Spain are addressing MiCAR’s transitional periods and implementation. Click on the section blocks below to learn more about the regulators, their readiness, and the transitional periods that apply across different jurisdictions.

We live in a connected global environment where the number and complexity of international transactions is ever increasing.  As a consequence, the policies and activities in one area of the world can...

Stuttgart, 29.11.2024 – Société LDC (Lambert Dodard Chancereul), a French producer of convenience food, has acquired European Convenience Food GmbH, a company with high-quality frozen food products for the German foodservice sector with a strategic focus on vegetarian products. Following the transaction, the management of the ECF Group will remain a minority shareholder.A CMS team led by partner Dr Barbara Wössner advised Société LDC (Lambert Dodard Chancereul) on the legal aspects of the due diligence and the negotiation of the purchase agreement. This transaction marks the entry of Société LDC (Lambert Dodard Chancereul) into the German market. CMS was instructed for the first time and worked closely with Altios, France, on the transaction for Société LDC (Lambert Dodard Chancereul). LDC (Lambert Dodard Chancereul), which is listed on the Paris stock exchange, generated a turnover of 6.2 billion euros in the 2023/24 financial year. The company's brands include Loué, Le Gaulois, Maître CoQ, Doux, Marie, Traditions d'Asie, Drosed and Nature et Respect. CMS Germany Dr Barbara Wössner, Lead Partner Dr Kai Wallisch, Partner Isabell Peglow, Senior As­so­ci­ate Mil­itsa Decheva Petrova, Senior As­so­ci­ate  Al­ex­an­der Seitz, Associate (all Corporate/M&A) Dr André Lippert, Partner, Public Dr Andreas Heim, Partner Dr Saskia Köppen, Senior Associate Martin Maurer, Senior Associate (all Commercial) Dr Boris Alles, Partner Jonas Hötzel, Senior Associate Lisa Hermann, Associate (all Employment) Dr Marc Seibold, Partner Anne Waßmuth, Counsel Carla Kaeber, Associate (all Finance) Dr Martin Mohr, Partner, Tax Dr Michael Kraus, Partner Martin Kilgus, Counsel Henry Vetter, Associate (all TMC) Dr Rolf Hempel, Partner Martin Cholewa, Counsel Elisa Götz, Associate (all Antitrust, Competition & Trade) Dr Stefan Voß, Part­ner  Hen­rike Heusmann, Associate (both Real Estate) Thomas Fröhlich, Counsel Lisa Dietrich, Senior Associate (both IP) Birgit Wagner, Legal Manager Lisa Mattmann, Senior Legal Specialist (both Smart Operations)Press Con­tact presse@cms-hs. com

Since we last reported on the hydrogen sector in 2021, the pace of developments in the sector has kicked up a couple of gears. While the scale of the challenges that still need to be overcome should not...

Hamburg, 28.11.2024 – A key milestone in setting up Germany’s core network of hydrogen pipelines has been reached. With support from CMS, the operators behind the hydrogen core network have secured EUR 24 billion in finance by entering into a loan agreement with KfW, with special-purpose vehicle H2 Amort­isa­tion­skonto GmbH being used for this purpose.H2 Amort­isa­tion­skonto GmbH has concluded a loan agreement for EUR 24 billion with KfW as interim financing for the amortisation account. This finance is a crucial step in ramping up the national hydrogen market and building a hydrogen core network in Germany. The legal basis for this intertemporal compensation mechanism is the Energy Industry Act (En­er­giewirtschafts­ge­setz, EnWG), and in particular sections 28r and 28s. The amortisation account managed by H2 Amort­isa­tion­skonto GmbH is an important instrument for developing Germany’s hydrogen infrastructure. The account serves to pay subsidies to the operators of the hydrogen core network, with the aim of cushioning the initial investment and driving forward development of a sustainable hydrogen market. The loan agreement with KfW acts as interim financing for these subsidies. The plan is for the hydrogen core network operators to pay surplus income into the amortisation account in later years, as soon as revenue from network fees exceeds the costs. The sole shareholder of H2 Amort­isa­tion­skonto GmbH is currently Trading Hub Europe GmbH, a joint venture formed by the eleven biggest gas transmission system operators in Germany which is the sole market area manager of the German gas transmission networks.A CMS team headed by Dr Marc Riede and Nicolai Bischof provided H2 Amort­isa­tion­skonto GmbH with comprehensive legal advice. This covered all aspects of interim financing for the amortisation account and other legal issues relating to implementation of the account. CMS regularly assists companies and institutions around structuring innovative financing models and implementing pioneering projects to promote Germany’s energy transition. CMS Germany Dr Marc Riede, Lead Partner, Banking & Finance Nicolai Bischof, Counsel, Banking & Finance  Dr Holger Kraft, Partner, Corporate/M&A Dr Stefan Kühl, Senior Associate, Corporate/M&A Shaghayegh Smousavi, Partner, Energy Dr Susann Brackmann, Partner, Restructuring & Insolvency Inhouse at Trading Hub Europe GmbH Sanel Rekic, Head of Legal, HR Markus Berger, Head of Controlling, Treasury, ProcurementPress Con­tact presse@cms-hs. com  

The Dutch Shell judgment of 12 November 2024 (Shell judgment) resonates strongly with the commitments and discussions during COP29, as it shows how judicial rulings can enforce accountability on corporations in line with global climate goals.

CMS is pleased to announce the next edition of the annual Emerging Europe M&A Report for 2024/25. The report will be published in January in cooperation with EMIS.