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  18/04/2024

  International

  Transforming the Legal Landscape? The Impact of LLMs

  Large Language Models (LLMs) are a branch of artificial intelligence (AI) that can generate human-like text based on deep learning techniques. LLMs are trained on massive amounts of textual data, such as books, articles, and websites, and learn to recognise patterns, structures, and relationships within the data. By doing so, they develop the ability to produce text on various topics. The presence of LLMs in the legal sector is increasing and, with this, the ability of lawyers to understand and use LLMs in providing quality advice to their clients is becoming more important. CMS have a dedicated...

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  12/04/2024

  International

  Oil & Gas: English court restrains foreign JOA proceedings in breach of arbitration provision

  In The Shell Petroleum Development Company of Nigeria Limited v Sunlink Energies and Resources Limited [2023] EWHC 3135 (Comm), the English Commercial Court demonstrated its willingness to ensure that a joint operating agreement’s arbitration provisions were preserved, and backed by real action by the court for a party seeking to circumvent them.BackgroundThe claimant, Shell Petroleum Development Company of Nigeria Limited (“SPDC”), and the defendant, Sunlink Energies and Resources Limited (“Sunlink”), were parties to a 2005 Joint Operating Agreement (the “JOA”)...

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  09/04/2024

  International

  CMS European M&A Study 2024: Optimism for M&A amid evolving market trends

  The CMS Corporate/M&A Group is pleased to launch the 16th edition of the European M&A Study.It's been a wild ride for mergers and acquisitions (M&A) around the world this year. Yet, despite the turbulence, we are seeing plenty of reasons to be hopeful about M&A activities in Europe for 2024. The resilience shown amidst economic and geopolitical ups and downs is truly inspiring. Our Study dives into an impressive 559 M&A deals that CMS advised in 2023 and reports on deal trends and current market standards on risk allocation.You can download the study here.Key findings:Sustained...

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  13/03/2024

  International

  After EU Commission's first decision on Carbon Contracts for Difference, Germany initiates bidding of EUR 4bn

  The European Commission approved the first Carbon Contracts for Difference (CCfD) scheme under the new Guidelines on State aid for climate, environmental protection and energy 2022 (CEEAG).Following the Commission's decision, on 12 March 2024 the German Federal Ministry for Economic Affairs and Climate Protection (BMWK) initiated the first bidding process with a total volume of EUR 4bn. With this funding scheme, Germany is taking a pioneering role in Europe and internationally in the field of state aid for climate protection. Concept of contracts for differenceA contract for difference entitles...

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  01/03/2024

  International

  Pre-conditions to arbitration and the FIDIC 2nd Edition

  Amendments to the FIDIC 2nd Edition contracts published in November 2022 have narrowed the definition of “Dispute” to more closely align it with the pre-conditions to DAAB and arbitration proceedings specified by the form. The narrower definition raises the potential for new jurisdictional objections to be made in DAAB or arbitration proceedings commenced without compliance with those pre-conditions. In this Law-Now, we consider recent developments in the approach taken to arbitral pre-conditions in a number of international jurisdictions, before considering the specific issues thrown...

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  19/01/2024

  International

  CBAM: Just over a week to comply

  As the deadline for the first Carbon Border Adjustment Mechanism (CBAM) report approaches on January 31st, it is crucial for undertakings engaged in importing relevant goods into the European Union to understand their obligations - which take practical effect this month. The CBAM, established by Regulation (EU) 2023/956, represents a significant step in the EU’s efforts to combat climate change and carbon leakage, aligning with the overarching goals of the European Green Deal and the Paris Agreement.Key Practical Points on CBAM:Scope of CBAM: This mechanism applies to specific goods listed...

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