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Discover thought leadership and legal insights by our legal experts from across CMS. In our Expert Guides, written by CMS lawyers from across the jurisdictions where we operate, we provide you with in-depth legal research and insights that can be read both online and offline. You can also find Law-Now articles with focused legal analysis, commentary and insights to help you anticipate future challenges and much more.

Media type
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...
CMS series: At CEEnter stage
Our en­ga­ging pod­cast and video series, "At CEEntre Stage," is a valu­able re­source for pro­fes­sion­als and leg­al ad­visors seek­ing in-depth in­sights in­to vari­ous Cor­por­ate and M&A top­ics. Our series caters to di­verse busi­nesses in Cent­ral and East­ern Europe, provid­ing com­pre­hens­ive cov­er­age of the on­go­ing chal­lenges they face.Half-hour mod­er­ated dis­cus­sions with leg­al ex­perts and in­dustry lead­ers al­low us to gain valu­able in­sights in­to their vis­ion for the fu­ture, the chal­lenges they face, and ways to im­prove their busi­nesses. We also provide guid­ance on nav­ig­at­ing leg­al com­plex­it­ies and avoid­ing po­ten­tial traps, en­sur­ing our listen­ers re­ceive con­tex­tu­al­ized in­sights in­to the re­gion's dis­tinct­ive busi­ness land­scape and reg­u­lat­ory en­vir­on­ment.Our com­pre­hens­ive cov­er­age of vari­ous in­dus­tries and their on­go­ing chal­lenges makes "At CEEntre Stage" an es­sen­tial re­source for stay­ing ahead of the curve in today's fast-paced eco­nomy. The pod­cast cov­ers rel­ev­ant Cor­por­ate and M&A top­ics from W&I in­sur­ances, FDI to ESOP, joint ven­tures, fin­an­cing and ESG.Tune in to "At CEEntre Stage" today and stay in­formed on the latest in­sights and trends in the world of cor­por­ate law and M&A.
CMS European M&A Study 2023
The CMS Cor­por­ate/M&A Group is pleased to launch the 15th edi­tion of the European M&A Study
CMS Ex­pert Guide to ESG Com­pens­a­tion
In­cor­por­at­ing ESG KPIs in­to dir­ect­ors’ re­mu­ner­a­tion The ur­gent need to place sus­tain­ab­il­ity at the heart of com­pany strategy is in­ex­tric­ably linked to in­cent­ives provided to its dir­ect­ors and em­ploy­ees. This Ex­pert Guide aims to provide prac­tic­al in­sights in­to key mar­ket prac­tices and trends aimed at in­cor­por­at­ing sus­tain­ab­il­ity and/or En­vir­on­ment­al, So­cial and Gov­ernance (“ESG”) KPIs in­to dir­ect­ors’ re­mu­ner­a­tion.The reg­u­la­tions and re­com­mend­a­tions on ESG-re­lated re­mu­ner­a­tion vary con­sid­er­ably from sec­tor to sec­tor and from coun­try to coun­try. The trend is, how­ever, un­doubtedly to­wards provid­ing dir­ect­ors (and in some cases seni­or/mid-level man­agers) with an in­cent­ive to com­mit to ESG ob­ject­ives de­signed to sup­port and pro­mote ef­fect­ive man­age­ment of sus­tain­ab­il­ity risks.We hope this guide provides the prac­tic­al roadmap you need to fur­ther your busi­ness’s sound re­mu­ner­a­tion prac­tices – wherever in the world you need to op­er­ate. For fur­ther leg­al sup­port and ad­vice, get in touch with your reg­u­lar CMS con­tact or email us at em­ploy­ment@cmsleg­al.com.
Hand­ling the new EU and UK sanc­tions against Rus­sia
Latest up­date: 27 Feb­ru­ary 2023
Emer­ging Europe M&A Re­port 2022/2023
The year 2022 star­ted with vari­ous chal­lenges, in­clud­ing rising in­fla­tion and en­ergy prices. Then the Rus­si­an in­va­sion of Ukraine ad­ded yet an­oth­er one. Non­ethe­less, the M&A mar­ket in emer­ging European coun­tries proved to be ex­tremely re­si­li­ent. The re­gion saw M&A activ­ity main­tain a steady pace, though deal val­ues were not­ably lower. Also, vari­ations could be ob­served across ter­rit­or­ies and sec­tors. While 2022 brought a unique set of chal­lenges, deal­mak­ing largely com­pared fa­vour­ably to pre-pan­dem­ic levels.Wel­come to the 2022/23 edi­tion of the Emer­ging Europe re­port.
CMS ad­vises EBRD on ma­jor loan to Ser­bi­an ma­chin­ing man­u­fac­turer
24/01/2023In­ter­na­tion­al law firm CMS has ad­vised The European Bank for Re­con­struc­tion and De­vel­op­ment (EBRD) on a EUR 10.8 mil­lion loan to Ser­bi­an com­pany Stax Tech­no­lo­gies (Stax).Stax is a man­u­fac­turer of pa­per tis­sue pack­aging ma­chines based in Kon­jevići. It in­tends to use these funds to ex­pand its pro­duc­tion fa­cil­it­ies, pur­chase state-of-the-art equip­ment and im­ple­ment en­ergy ef­fi­ciency im­prove­ments, in­clud­ing the in­stall­a­tion of a new 300KW rooftop sol­ar power sys­tem, which will al­low the com­pany to pro­duce the en­ergy it needs for its own op­er­a­tion in a sus­tain­able way. CMS ad­vised EBRD on all Eng­lish and Ser­bi­an law as­pects of the trans­ac­tion and ac­ted as a lead­ing coun­sel, provid­ing as­sist­ance in pre­par­a­tion, ne­go­ti­ation and com­ple­tion of the rel­ev­ant fin­ance and se­cur­ity doc­u­ments and clos­ing the trans­ac­tion.CMS Part­ner Ra­fal Za­krzewski com­men­ted: “We are de­lighted to have ad­vised our long-stand­ing cli­ent EBRD on this loan, which will have such a pos­it­ive im­pact for the loc­al Ser­bi­an com­munity. The firm’s lead­ing po­s­i­tion in the CEE and ex­pert­ise al­lows us to handle more and more ma­jor and com­plex trans­ac­tions for our cli­ents.”The CMS Eng­lish law team was led by Ra­fal Za­krzewski and Orest Matviychuk, with sup­port from Ivan Pshyk and Michal Hore­lik (Fin­ance).The CMS Ser­bi­an law team was led by Milica Pop­ović with the sup­port of Jovana Bin­gu­lac, Ksen­ija Bor­eta (Bank­ing and Fin­ance); and Mar­ija Marošan (Real Es­tate and En­ergy).
Tam­ing the dragon: ESG im­ple­ment­a­tion – risks de­mys­ti­fied
CMS Bel­grade raises aware­ness of key ESG im­ple­ment­a­tion risks
CMS ad­vises a syn­dic­ate of banks on the re­fin­an­cing on­shore wind farm in...
Pub­lished on 3 Novem­ber 2022CMS has ad­vised a con­sor­ti­um of banks con­sist­ing of Uni­Cred­it, Cred­it Suisse, Eurobank and OTP Bank on the €205 mil­lion re­fin­an­cing of Čibuk, a 158 MW on­shore wind farm loc­ated in Ser­bia. The Čibuk wind farm is owned by the Taaleri Sol­ar­Wind I Fund and its co-in­vestors, Fin­nfund, Mas­dar and DEG, the Ger­man de­vel­op­ment fin­ance in­sti­tu­tion. With 57 tur­bines, it is the largest wind farm in Ser­bia and pro­duces enough elec­tri­city to sup­ply around 87 thou­sand house­holds. It off­sets the equi­val­ent of around 380,000 tonnes of car­bon di­ox­ide dur­ing each year of op­er­a­tion.CMS ac­ted as leg­al ad­visors to the lenders in re­spect of the loan fin­an­cing pack­age.The Eng­lish law CMS team was led by Ra­fal Za­krzewski and Przemysław Ka­ro­lak, with sup­port from Mar­cin Krzemi­en, Michał Hore­lik and Jak­ub Smi­ałek (Bank­ing & Fin­ance).  The Ser­bi­an law CMS team was led by Milica Pop­ovic, with sup­port from Ksen­ija Bor­eta, Jovana Bin­gu­lac (Bank­ing & Fin­ance), Ivan Gazdic and Mar­ija Marosan (Real Es­tate & En­ergy). 
CMS Real Es­tate Glob­al Bro­chure
Glob­al­isa­tion, polit­ic­al tur­bu­lence, changes in urb­an liv­ing pat­terns, in­creased di­git­isa­tion, shift­ing con­sumer be­ha­viour and flex­ible work­ing are just some of the is­sues that are trans­form­ing the de­mands...
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...
Boom & Gloom? CMS European M&A Out­look 2023
We are pleased to share with you the 2023 edi­tion of the European M&A Out­look pub­lished by CMS in as­so­ci­ation with Mer­ger­mar­ket.