Emer­ging Europe M&A Re­port 2021/2022
Fol­low­ing glob­al trends, the M&A mar­ket in emer­ging Europe surged in 2021— more money was spent on ac­quis­i­tions and in­vest­ments than in any of the pre­vi­ous sev­en years. After a re­l­at­ively poor show­ing in 2020, trans­ac­tion volume also bounced back to pre-pan­dem­ic levels. Not only did dir­ect ac­quis­i­tions and in­vest­ments fare well, but stock mar­ket list­ings also reached un­pre­ced­en­ted levels. Has the M&A mar­ket in emer­ging Europe scaled new heights?Wel­come to the 2021/22 edi­tion of the Emer­ging Europe re­port.
Res­ults of IoT Sec­tor In­quiry out: Com­mis­sion con­firms con­cerns, con­siders...
1. In­tro­duc­tion On 20 Janu­ary 2022, the European Com­mis­sion pub­lished its Fi­nal Re­port on the con­sumer In­ter­net of Things (the “IoT”) Sec­tor In­quiry, which it launched in 2020 (see press re­lease...
On your radar | Is­sue 17
Key em­ploy­ment is­sues to be aware of in­ter­na­tion­ally
The Road to the (Autonom­ous) Fu­ture
It is no longer pos­sible to dis­cuss the fu­ture of trans­port without the ques­tion of autono­ma­tion be­ing raised. The ques­tion of ‘how long’ un­til Autonom­ous Vehicle (AV) de­ploy­ment be­comes a real­ity...
CMS ap­points Chief Mar­ket­ing Of­ficer
Frank­furt, 11 Janu­ary 2022
CMS Next
What’s next? In a world of ever-ac­cel­er­at­ing change, stay­ing ahead of the curve and know­ing what’s next for your busi­ness or sec­tor is es­sen­tial.At CMS, we see ourselves not only as your leg­al ad­visers but also as your busi­ness part­ners. We work to­geth­er with you to not only re­solve cur­rent is­sues but to an­ti­cip­ate fu­ture chal­lenges and in­nov­ate to meet them.With our latest pub­lic­a­tion, CMS Next, our ex­perts will reg­u­larly of­fer you in­sights in­to and fresh per­spect­ives on a range of is­sues that busi­nesses have to deal with – from ESG agen­das to re­struc­tur­ing after the pan­dem­ic or fa­cing the di­git­al trans­form­a­tion. We will also share with you more about the work that we are do­ing for our cli­ents, help­ing them in­nov­ate, grow and mit­ig­ate risk.To be able to provide you with the best sup­port, we im­merse ourselves in your world to un­der­stand your leg­al needs and chal­lenges. However, it is equally im­port­ant that you know who we are and how we can work with you. So, we in­vite you to meet our ex­perts and catch a glimpse of what is hap­pen­ing in­side CMS.En­joy read­ing this pub­lic­a­tion, which we will up­date reg­u­larly with new con­tent.CMS Ex­ec­ut­ive Team
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...
Pil­lar 2: Mod­el rules to im­ple­ment in­ter­na­tion­al tax re­form pub­lished
The OECD pub­lished on 20 Decem­ber 2021 the tech­nic­al de­tails of the im­ple­ment­a­tion of "Pil­lar 2" to es­tab­lish min­im­um tax­a­tion of mul­tina­tion­al groups. The gen­er­al ar­chi­tec­ture of the rules is con­sist­ent...
Cor­por­ate le­gis­la­tion in Ser­bia march­ing to­ward di­git­al­isa­tion
The end of 2021 has brought us amend­ments of both the Com­pany Act and the Law on Re­gis­tra­tion Pro­ced­ure with the Ser­bi­an Busi­ness Re­gisters Agency.Most of the amend­ments have been ad­op­ted with the aim of either fur­ther di­git­al­iz­ing or en­sur­ing more trans­par­ency and safety in the busi­ness en­vir­on­ment in Ser­bia.Apart from the amend­ments deal­ing with pro­ced­ur­al or tech­nic­al mat­ters (e.g. pro­ced­ure for the cor­rec­tion of tech­nic­al er­rors, broad­en­ing the cat­egory of ap­plic­ants, etc.), ma­jor amend­ments to the Law on Re­gis­tra­tion Pro­ced­ure refer to fur­ther di­git­al­iz­a­tion:start­ing on 16 May 2023, the ap­plic­a­tion for the in­cor­por­a­tion of a com­pany will only be pos­sible on­line (elec­tron­ic ap­plic­a­tion), and de­cisions of the Re­gistry (to e-ad­min­is­tra­tion users) will be de­livered to users’ elec­tron­ic mail­boxes;start­ing on 16 Novem­ber 2022, cer­ti­fic­a­tion of a di­git­ized act (i.e. con­firm­a­tion of its iden­tity with the ori­gin­al) may be per­formed by at­tor­neys-at-law.Amend­ments to the Com­pany Act are wider in scope and in­clude, among oth­er things:more de­tailed pro­ced­ures for re­port­ing on the trans­ac­tions in­volving a per­son­al in­terest and on forced li­quid­a­tions;the an­nul­ment and the con­sequences of the an­nul­ment of share trans­fer agree­ments;re­mov­al of the double sig­na­ture rule re­stric­tion for com­pany rep­res­ent­at­ives, as well as the re­mov­al of the ob­lig­a­tion for a com­pany to have at least one rep­res­ent­at­ive that is a nat­ur­al per­son;pro­hib­i­tion on en­tre­pren­eurs us­ing the term “Ser­bia” in their busi­ness name;reg­u­la­tion of the value of the share cap­it­al of the com­pany upon its ac­quis­i­tion with­in the bank­ruptcy pro­ced­ure (i.e. a price paid);ex­pli­cit state­ment that treas­ury shares can­not be sub­ject to a pledge.Mat­ters re­lated to in­sti­tu­tion­al in­vestors, as­set man­agers and vot­ing ad­visers are reg­u­lated, but the ap­plic­a­tion is post­poned un­til the ac­ces­sion of Ser­bia to the EU.However, there are also changes that re­quire har­mon­iz­a­tion or at least amend­ments in terms of the cur­rent re­gis­tra­tion re­gime:Com­pan­ies must be­come users of the E-ad­min­is­tra­tion plat­form no later than 26 May 2023;By 26 Novem­ber 2022, a com­pany’s re­gistered seat must con­tain an in­dic­a­tion of the city, mu­ni­cip­al­ity, street, house num­ber, floor, apart­ment; pub­lic joint-stock com­pan­ies must ad­opt re­mu­ner­a­tion policies, keep a re­cord of and re­port on the re­mu­ner­a­tion of dir­ect­ors;Start­ing from 1 June 2022, for re­gis­tra­tion of nat­ur­al per­sons (as share­hold­ers, dir­ect­ors, etc.), their gender must be in­cluded and re­gistered as well.While di­git­al­iz­a­tion is ob­vi­ously an in­ev­it­able fact and a “one-way street”, it re­mains to be seen how smoothly the mech­an­isms en­vis­aged by the rel­ev­ant amend­ments will op­er­ate in prac­tice.
What hap­pens now? Nav­ig­at­ing the new COV­ID em­ploy­ment land­scape
Des­pite a suc­cess­ful vac­cine roll-out, the world con­tin­ues to con­tend with new vari­ants of COV­ID-19. As coun­tries scramble to ad­apt to on­go­ing in­fec­tion risks, it is clear that work­ing life isn’t go­ing...
CMS - Where to find us
For a com­pact over­view of all CMS of­fices and con­tact de­tails, please down­load the bro­chure be­low. For more in­form­a­tion on our ser­vices, please refer to the coun­tries pan­el at the top of the page. We...
CMS - Facts & Fig­ures
To have a sneak pre­view on our firm, please view our latest facts & fig­ure bro­chure. If you would like to learn more about our ser­vices in the coun­tries we are loc­ated, please open our coun­tries pan­el...