Bulgaria

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Recent Articles

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    15/07/2024
    International

    CMS European Private Equity Study 2024

    We are pleased to share with you the 2024 edition of the CMS European Private Equity Study, a comprehensive analysis of hundreds of private equity deals CMS advised on across Europe in 2023 and previous years.Here are a few of the key findings:Deal activity remained stable despite economic challenges.New investments accounted for 69% of PE deals analysed; 50% were add-on acquisitions.TMT led sector activity at 24%, followed by Life Sciences and Consumer Products at 15% each.Earn-out provisions declined but stayed above pre-pandemic levels.ESG due diligence was conducted in 47% of PE deals.Arbitration...
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    12/07/2024
    International

    Energy and climate change: The most significant (marine) climate change decision yet?

    Continuing the theme of a number of recent court judgment regarding state and party obligations concerning climate change issues, the International Tribunal for the Law of the Sea (“ITLOS”) has recently delivered its advisory opinion (the “Opinion”) regarding State obligations under the United Nations Convention on the Law of the Sea (“UNCLOS”) in relation to the prevention, reduction and control of pollution of the marine environment that result or are likely to result from climate change.The Opinion arrived only a few weeks following the ECtHR’s milestone...
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    12/07/2024
    International

    EU’s AI Act published in Official Journal, transition periods now known

    Following the adoption of the "Regulation laying down harmonised rules on Artificial Intelligence" (AI Act) by the European Parliament and the Council of the European Union, this act was published in the Official Journal of the European Union on 12 July 2024. This marks the end of a long road of tough negotiations that began in 2021 with the European Commission's proposal for a Union-wide regulation on artificial intelligence (AI).The AI Act will enter into force on 1 August 2024. As a European regulation, it will apply directly in all 27 member states, but the AI Act provides for a graduated system...
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    11/07/2024
    International

    Space exploration: what goes up, must come down

    BackgroundThe space economy is predicted to be worth a staggering $1.4 trillion by 2030.1 This exponential growth can be largely attributed to the new private “space race” dominated by the world’s billionaires. Elon Musk’s SpaceX, Richard Branson’s Virgin Galactic and Jeff Bezos’ Blue Origin are the forerunners, albeit their approaches and goals differ significantly. SpaceX is predominately focusing on advancing space technology, Virgin Galactic is concentrating on the introduction of “space tourism,” and Blue Origin aims to promote sustainable space...
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    09/07/2024
    Bulgaria

    Bulgaria proposes changes to Consumer Protection Act

    A new bill proposing significant amendments to Bulgaria’s Consumer Protection Act has been published for public consultations. The authorities are accepting suggestions and opinions from the public until 13 July after which the bill, or a modified version of it, is expected to be submitted to parliament.One of the key objectives of the Bill is to create the conditions for the implementation of Regulation (EU) 2023/988 on general product safety. The Bill proposes an overhaul of existing product safety rules in the Consumer Protection Act. The proposed amendments will affect an extended circle...
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    08/07/2024
    EU

    ESAs’ final reports on Greenwashing in the financial sector

    BackgroundMandated by the European Commission (the “EC”) in May 2022, the European Supervisory Authorities (“ESAs”) published their individual final report (the “Final Report”) on greenwashing risks and sustainability-related supervision, complementing the progress report issued in June 2023 (the “Progress Report”).While the Progress Report aimed to define greenwashing risks and outlines the key drivers and key areas of occurrence of greenwashing within the financial markets, the Final Report investigates further the role of supervision in the mitigation...
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