Home / Annual Review 2018 – 2019 / Anticipation / New challenges in a changing world
  1. Innovation
    1. Davos: winning trust in a digitalised, connected world
    2. Using technology to serve our clients
    3. Finding the balance: human touch versus high tech
    4. Connected Future: a global infrastructure report
    5. ShopBack seals latest major fundraising in Singapore
    6. FinTech reshapes financial services as sector booms
    7. WeWork: pioneering a new way of office working
  2. Anticipation
    1. Portuguese renewable energy sector heats up with EUR 600m Novenergia sale
    2. Tristan completes EPISO 5 fund raise amidst political turbulence
    3. Coty picks CMS as global adviser following beauty parade
    4. E-Procurement sets new commercial tone for EU contractors
    5. New challenges in a changing world
  3. Supporting Growth
    1. Advent seals EUR 1.9bn Zentiva deal as healthcare booms
    2. Liberty sells European assets to Vodafone in EUR 18.4bn mega-deal
    3. Cinven acquires PPF as European pet food market flourishes
    4. Advance takes centre stage with theatre group acquisition
  4. Managing Risk
    1. Protecting trade marks across Europe
    2. Markel takes Hippo to task in complex insurance arrears dispute
    3. New lab services agreements for Honeywell following Homes spin-off
    4. Creating a tax-effective structure for a private equity investment
    5. Climate change liability – new litigation risks
  5. Inside CMS
    1. From China to Chile: cultural differences and the ties that bind
    2. CMS breaks ground with first global tech start up programme, equIP
    3. Facing the future
  6. CSR and Diversity & Inclusion
    1. Helping to achieve a better world
  7. Interviews
    1. Interview with Olga Belyakova
    2. Interview with Jeremy Tan
    3. Interview with Laura Houet
    4. Interview with Ramón Huapaya
    5. Interview with Daniela Murer
    6. Interview with Christopher Jordan
    7. Interview with Herman Boersen
    8. Interview with Sibylle Schnyder
    9. Interview with Clemens Grossmayer
    10. Interview with Robert Stephen
    11. Interview with Mary Allan
    12. Interview with Matias Somarriva
    13. Interview with Denis Redon
    14. Interview with Joaquim Sherman de Macedo
    15. Interview with Eleanor Lane
    16. Interview with Niklas Zaugg
    17. Interview with Joachim Kaetzler
    18. Interview with Andreas Otto

New challenges in a changing world

We asked  some of our partners around the world to tell us about the challenges their clients are currently facing.

NICOLAS WIEGAND
Partner CMS Hong Kong

We continue to see the Belt and Road Initiative (BRI) as a priority for many of our overseas and regional clients in Asia. When contemplating an investment in the BRI clients need to consider how to mitigate and avoid the potential risks. As a result, they should take advantage of the protection available under the applicable bilateral and multilateral investment treaties at the start of any overseas investment. If, and when, risks materialise and problems arise during a project, investment arbitration provides a powerful and effective tool for investors to protect their interests.

EMILIO BATTAGLIA
Partner CMS Rome

In our view, a corporate compliance programme improves a company’s reputation and public trust in the brand, thereby enhancing competitiveness and leading to greater innovation. In this way, the independent ethical dimension of business is promoted while consumer confidence in the private sector is increased. In the light of this, we are focusing our activity on crime prevention and the development and implementation of corporate compliance programmes that can help avoid the risk of civil or criminal liability.

ELENA ESPARZA ALEJO
Partner CMS Madrid

A recent Royal Decree-law established mandatory daily registration of working hours by companies and we are now being asked to advise on solutions and control systems that can be implemented to handle this. Our clients are mainly concerned about functions or activities where employees provide their services remotely and are not monitored by traditional entry systems at the work place, or in cases of flexible working time.
Potential solutions could be the deployment of software that allows companies to control the working time of employees by installing apps or web applications on their electronic devices. A significant increase in service providers offering such products is expected.

OLIVIER MARQUET
Partner CMS Monaco

The pending negotiation between the EU and the Principality of Monaco, and the potential implementation of European regulations in Monaco, is a challenge we are advising our clients on.
Over the last seven years, the European Commission has issued two communications outlining steps for closer integration between the EU and Monaco. They advise taking full account of the small territorial dimension of Monaco, taking further steps to create an efficient institutional framework to ensure a dynamic transposition of the acquis communautaire and considering the need to reconcile the freedom of establishment envisaged under the association agreement and national provisions in Monaco and preserve the socio-economic inclusion of its citizens.

PAVLA KRECKOVA
Partner CMS Prague

Our clients include financial institutions as well as investors. The banking sector is under constant pressure from various sources, including changes to the regulatory framework, new market participants, Blockchain and cryptocurrencies as well as innovative and complicated technologies. These challenges also bring new opportunities for us as legal advisers. The Czech business environment remains extremely active and a major part of our legal advice relates to transactional financing work. This includes all sorts of industry areas such as real estate, which is traditionally one of the strongest investment opportunities, IT, healthcare, manufacturing and other industries. One of the hot areas that we are currently advising clients on relates to a public-private project (PPP) in the infrastructure sector. If this project is successful, it will bring new opportunities for investments in the infrastructure sector.

TED RHODES
Partner CMS Rio de Janeiro

Our multinational clients with operations in Brazil have been asking for advice on data protection and cybersecurity issues and there are laws in place that impose some requirements in relation to consumer data and internet use. However, there has been no dedicated regulatory authority, little enforcement and local companies have not given this much attention until recently. That is all changing with Brazil’s first General Data Protection Law coming into force next year. Brazilian companies are now increasingly concerned about their compliance readiness. Although the law is modelled on the EU’s GDPR, there are certain differences, so multinational clients are also checking their readiness for the new regime.

DÖNE YALÇIN
Partner CMS Istanbul

Turkey is still facing difficulties in stabilising its market and securing comfort for investors. This has led to the majority of our mandates being tailored around the potential financial difficulties our clients or their respective counterparties might suffer from. This situation does not, however, affect all of our clients negatively. Several have found themselves in a stronger position because counterparties with a history of aggressive business behaviour have now become more result-oriented. Investors who are able to make accurate projections of Turkey’s near future have been able to tap into the market and cherry pick some of the top Turkish companies, which would have been very difficult about four or five years ago.
We are still expecting a significant portion of our work to be based around the upcoming currency control and other measures to ensure financial stability and dealing with the impact upon our clients’ investment positions.

Key contacts

Nicholas Wiegand
Dr. Nicolas Wiegand
Managing Partner
Head of Hong Kong Office and APAC International Arbitration | Head of Dispute Resolution, CMS Germany
Picture of Emilio Battaglia
Emilio Battaglia
Partner