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Banking & Finance


The CMS Banking & Finance practice provides local and international expertise in the full spectrum of banking, finance, regulatory and capital markets law. We ensure our services are ahead of market trends, anticipating the challenging environment of your business. A tailored commercial approach is key. We want your business to thrive. Whether you are a bank or a corporation, a financial service provider or an entity confronted with regulation, an investment fund or public entity, our priority is resolving your challenges and putting your world first.

Our network consists of over 500 banking and finance lawyers who have proven their international skills in working together for more than one decade.
Whether you seek deep rooted local advice or multi-jurisdictional expertise, our teams will advise you seamlessly. We select and tailor the teams that will best fit with the scope of your matter. Top level project management goes hand in hand with expertise. Rigor and determination go hand in hand with innovation. We aim to be one step ahead of market developments, in order to build relationships with you that last.

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June 2019
CMS Bank­ing & Fin­ance Glob­al Bro­chure
Fin­an­cial and bank­ing le­gis­la­tion does not stand still. So neither do we.At CMS we em­ploy over 500 bank­ing & fin­ance law­yers to an­ti­cip­ate, in­ter­pret and ad­vise on the loc­al, cross-bor­der and in­ter­na­tion­al laws shap­ing your mar­kets. So whatever is ah
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31 July 2020
An­nu­al Re­view 2019 – 2020
We are liv­ing in tur­bu­lent times, char­ac­ter­ised by polit­ic­al, cli­mate and health crises. The most acute of these – the COV­ID-19 pan­dem­ic – has clearly shown how in­ter­con­nec­ted our eco­nom­ies are: travel, com­merce and sup­ply chains world­wide have been im­pacted. No in­di­vidu­al or busi­ness has re­mained totally un­af­fected by it.As a glob­al or­gan­isa­tion, with a pres­ence in key busi­ness hubs around the world, we are wit­ness­ing the im­pact of the pan­dem­ic firsthand. Our teams in Asia, Europe, Africa and Lat­in Amer­ica are help­ing cli­ents deal with this un­pre­ced­en­ted situ­ation. Un­fold­ing in dif­fer­ent in­tens­it­ies in dif­fer­ent parts of the world at dif­fer­ent times, our teams are in the for­tu­nate po­s­i­tion of be­ing able to con­nect with and learn from each oth­er. This en­ables us to sup­port our cli­ents in a mean­ing­ful way, listen­ing to and un­der­stand­ing their con­cerns and provid­ing them with busi­ness-rel­ev­ant ad­vice that draws on in­sights from our ex­perts world­wide.In this crisis, we, as a so­ci­ety, are at a cross­roads. What is cer­tain is that for in­di­vidu­als and busi­nesses (ours in­cluded) there will be no ‘back to busi­ness as usu­al’. Things need to (and will) change. How we shape the ‘new nor­mal’ is up to us. In this An­nu­al Re­view, we look at some key de­vel­op­ments that are in­creas­ingly im­pact­ing busi­ness suc­cess. Com­pan­ies need to take these in­to con­sid­er­a­tion when ad­apt­ing their op­er­a­tions to the new busi­ness en­vir­on­ment.The months ahead will be chal­len­ging for us all. Busi­nesses will need to think stra­tegic­ally and po­s­i­tion them­selves for suc­cess in the new nor­mal. We at CMS see it as our task to guide our cli­ents through this chan­ging busi­ness land­scape.Mat­thi­as Licht­blau (Ex­ec­ut­ive Dir­ect­or) Pierre-Sé­bas­tien Thill (Chair­man) Duncan We­st­on (Ex­ec­ut­ive Part­ner) CMS Ex­ec­ut­ive Team
08 June 2020
Se­cur­it­isa­tion – Sig­ni­fic­ant Event In­form­a­tion Dis­clos­ure re­lated to COV­ID-19
The EU Se­cur­it­isa­tion Reg­u­la­tion[1] re­quires the re­port­ing of “sig­ni­fic­ant events” which oc­cur in re­spect of se­cur­it­isa­tions is­sued on or after 1st Janu­ary 2019. The EU Se­cur­it­isa­tion Reg­u­la­tion con­tin­ues...
26 June 2020
The Lat­in Amer­ic­an GC: Rising to the chal­lenge
When we first draf­ted this fore­word, it said that al­though our fo­cus in this re­port is on per­son­al de­vel­op­ment for GCs, the world in which a GC works does make a dif­fer­ence to their role. Re­cent events have con­firmed that in a way we could nev­er have ima­gined.As we sur­veyed and in­ter­viewed GCs across Lat­in Amer­ica, no-one had heard of Cov­id-19. But now we are pub­lish­ing this re­port in what seems like a dif­fer­ent world from the one where we gathered our data.Clearly, we have to ask: is it still rel­ev­ant? The coronavir­us has brought not only count­less hu­man tra­gedies but also world­wide so­cial, fin­an­cial and com­mer­cial dis­rup­tion. Are our find­ings about the in-house pro­fes­sion still val­id in such a chal­len­ging and chan­ging en­vir­on­ment?We be­lieve they are. Our firm began its pro­gramme of GC re­ports dur­ing the glob­al fin­an­cial crisis. Such crises ac­cel­er­ate and change the way we view things. The glob­al fin­an­cial crisis boos­ted the status and value of many GCs, help­ing them achieve the am­bi­tions we dis­cussed. By help­ing their busi­nesses nav­ig­ate troubled times, with new re­quire­ments in areas such as com­pli­ance, they be­came more in­flu­en­tial.In the present crisis we will see oth­er GCs ex­per­i­ence a sim­il­ar change, as their com­pan­ies fo­cus on sur­viv­al, risk and sus­tain­ab­il­ity in the ‘new nor­mal’. Our re­search shows that Lat­in Amer­ic­an GCs are ready to seize such op­por­tun­it­ies, to prove their worth and to grow and de­vel­op their roles.In some re­spects, this re­port of­fers a snap­shot of life be­fore Cov­id-19. But in oth­er ways it’s a vis­ion for the fu­ture. The dir­ec­tion of travel for GCs – to­wards be­com­ing genu­inely stra­tegic busi­ness coun­sel – re­mains the same, even if some de­tails change. If the crisis ac­cel­er­ates pre-ex­ist­ing trends, they will be trends that GCs had already re­cog­nised.We be­lieve this is the first study of its kind in Lat­in Amer­ica.We hope that you will find it use­ful and thought­pro­vok­ing, even – or per­haps even more – in these dif­fi­cult times.We would also like to thank the many con­trib­ut­ors across CMS for their sup­port with pre­par­ing this re­port. It is not pos­sible to men­tion all of those who have made sig­ni­fic­ant con­tri­bu­tions by name.However, we would like to give par­tic­u­lar thanks to Adam Beach, Madalena Hou­li­han, Jonath­an Fenton, Cath­er­ine Mc­Gregor and Mary Hoover, for their con­sid­er­able ef­forts in as­sist­ing us.
05 June 2020
Ad­vance pay­ment bonds: “step­ping down” pro­vi­sions and more guid­ance on...
Last month we re­por­ted on a TCC de­cision which con­sidered the re­quire­ments for mak­ing and re­ject­ing a de­mand un­der an ad­vance pay­ment bond sub­ject to the URDG. Very sim­il­ar is­sues have now been con­sidered...
22 June 2020
The Lat­in Amer­ic­an Gen­er­al Coun­sel
The first CMS Gen­er­al Coun­sel re­port in the Lat­in Amer­ica re­gion ex­plores the de­vel­op­ment of the GC role and how the world in which GCs work im­pacts them
11 May 2020
Dir­ect­ors Du­ties in the UAE: Part 3 – Du­ties in times of Fin­an­cial Un­cer­tainty
In­tro­duc­tion With glob­al eco­nom­ies fa­cing un­cer­tain times as a res­ult of the COV­ID-19 pan­dem­ic, and many busi­nesses fa­cing sig­ni­fic­ant chal­lenges to cash flow, rev­en­ue and bad debts, the pos­sib­il­ity of...
18 March 2020
#1ex­pert1minute – CMS ex­perts on the im­pact of Cov­id-19
Video series
23 April 2020
COV­ID-19 Fin­an­cial sup­port for the avi­ation in­dustry and car­bon emis­sion...
Giv­en the cli­mate emer­gency de­clared by many ad­min­is­tra­tions in many parts of the world, now at a time when the avi­ation in­dustry is in crisis due to the travel re­stric­tions caused by the pan­dem­ic, ques­tions...
21 January 2020
Emer­ging Europe M&A Re­port 2019/2020
Re­gard­ing M&A deal activ­ity in emer­ging Europe, 2019 seems to have been a year of mixed sen­ti­ments. While both the over­all value and volume of M&A deals in the re­gion were down year-on-year, many M&A pro­fes­sion­als claim an­ec­dot­ally that it was a more buoy­ant year than the pre­vi­ous one. There are also pre­dic­tions that in­vest­ment activ­ity in emer­ging Europe will  in­crease even fur­ther in the next 12 months. 2019 M&A deal volume was the low­est in the dec­ade, with only 1958 trans­ac­tions on re­cord (down 6.5%), with a com­bined value of EUR 72.34bn (down 10.1%). However, look­ing at the five-year av­er­age, the re­gion re­mains re­l­at­ively stable and, if 2019 was not much more than a “rough” patch, as some mar­ket com­ment­at­ors have sug­ges­ted, there is little reas­on for con­cern.The 2020 edi­tion of the emer­ging Europe M&A Re­port takes a closer look at some of the key drivers be­hind cur­rent deal mak­ing: which mar­kets have been par­tic­u­larly hot, which sec­tors gen­er­ate most the op­por­tun­it­ies, and where in­vest­ments are ori­gin­at­ing. On a coun­try-by-coun­try basis there are nu­mer­ous pos­it­ive signs. The re­gion’s largest mar­kets, Rus­sia and Tur­key, pro­duced an al­most sim­il­ar num­ber of deals as in 2018, while both Ukraine and Ro­mania saw a sub­stan­tial up­tick in activ­ity. In some of the more ma­ture mar­kets in the re­gion where deal volume de­clined, mainly the Czech Re­pub­lic and Po­land, over­all deal value was up com­pared to 2018, in­dic­at­ing a growth in av­er­age deal size. Des­pite a drop in trans­ac­tions, real es­tate and con­struc­tion main­tained its top spot by both volume and value. De­mand for lo­gist­ic centres and ware­houses in­creased rap­idly, par­tially driv­en by a need for dis­tri­bu­tion and re­turn centres for on­line re­tail­ers. In­terest in com­mer­cial real es­tate came from a healthy mix of in­vestors in­clud­ing Ger­man open-ended funds, glob­al in­fra­struc­ture and real es­tate in­vestors, sov­er­eign wealth funds, loc­al in­vestors and in­creas­ingly South Korean pen­sion funds. An­oth­er con­stant has been private equity. Suc­ces­sion, cor­por­ate carve-outs and sec­ond­ary sales con­tin­ue to provide fer­tile grounds for in­vest­ment. Re­gion­al funds have seen re­cord levels of fun­drais­ing in re­cent years and the re­gion re­mains on the radar for glob­al funds com­pet­ing at the top-end of the mar­ket for new in­vest­ments and bolt-on ac­quis­i­tions. In fact, most of the re­gion’s top 20 deals out­side Rus­sia in­volved non-stra­tegic buy­ers. With valu­ations ex­pec­ted to be­come more real­ist­ic, plenty of funds avail­able to be de­ployed and some size­able dis­pos­als in the pipeline, private equity activ­ity in the re­gion is set to con­tin­ue on its up­ward trend.  Tele­coms & IT has taken over from man­u­fac­tur­ing as the second busiest sec­tor be­hind real es­tate. Sev­en of the top 20 deals in 2019 took place in the sec­tor, but activ­ity was not lim­ited to mega deals. In ad­di­tion to ven­ture cap­it­al funds, ded­ic­ated vehicles es­tab­lished by cor­por­ates were scout­ing the re­gion in search for start-ups with new tech­no­lo­gies or mar­ket share. In­vest­ment from Asia seems to have di­ver­si­fied, both in terms of ori­gin­a­tion and as­sets ac­quired. Al­though not yet on a par with China or Ja­pan, South Korean and Singa­pore in­vest­ment is rap­idly in­creas­ing with in­vestors from those coun­tries par­tic­u­larly vis­ible in com­mer­cial real es­tate deals. In­vest­ment from Asia now makes up one-sixth of total trans­ac­tion value. Mar­ket pres­sures and com­pet­i­tion from new play­ers are lead­ing to an in­crease in busi­ness trans­form­a­tions and cor­por­ate re­struc­tur­ings, in­clud­ing the dis­pos­al of non-core as­sets. A re­view of for­eign par­ti­cip­a­tions is lead­ing to op­por­tun­it­ies across a num­ber of in­dus­tries in­clud­ing en­ergy, the fin­an­cial sec­tor, tele­com­mu­nic­a­tion and phar­ma­ceut­ic­als.  Com­pared to west­ern Europe, GDP growth in the re­gion is pre­dic­ated to re­main above the European av­er­age and in­creas­ing loc­al con­sumer de­mand should to an ex­tent com­pensate for the ef­fects of a slow-down in some of emer­ging Europe’s main ex­port mar­kets. The slight de­cline in deal activ­ity can po­ten­tially be ex­plained by sev­er­al pro­trac­ted or abor­ted deals which res­ul­ted from a com­bin­a­tion of dis­ap­point­ing per­form­ance or out­dated busi­ness mod­els by the tar­get as­set (from the buy­er’s per­spect­ive) or un­sat­is­fact­ory valu­ations (from the seller’s per­spect­ive). As mul­tiples ap­pear to be gradu­ally com­ing down, busi­ness own­ers look­ing to sell in the short to mid-term are per­haps likely to do so soon­er than later. Over the next year, emer­ging Europe will live up to its repu­ta­tion as a stable pro­vider of in­vest­ment op­por­tun­it­ies, par­tic­u­larly in M&A. With a healthy pipeline, 2020 will show that the re­gion is not run­ning out of steam just yet.
22 April 2020
LMA-Style Loan Agree­ments and COV­ID-19 in Oman
In the cur­rent un­pre­ced­en­ted times of COV­ID-19, with many busi­nesses shut down or with re­duced abil­ity to op­er­ate, sup­ply chains dis­rup­ted and little or no cus­tom­ers for many ser­vices and products, cash...
13 January 2020
CMS strengthens its pres­ence in Lux­em­bourg
New fully op­er­a­tion­al cor­por­ate and tax teams join CMS
30 March 2020
ESMA and FCA cla­ri­fy su­per­vis­ory ap­proach on SFTR back­load­ing re­quire­ments...
This in­form­a­tion is cor­rect as of 11.30am on 30 March 2020 and will not be main­tained. The European Se­cur­it­ies Mar­kets Au­thor­ity (“ESMA”) has cla­ri­fied its po­s­i­tion on the re­quire­ments for ‘back­load­ing’...