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  24.03.2023

  International

  CMS Eu­ro­pean M&A Study 2023: Re­cord num­ber of deals last year des­pite chal­len­ging eco­no­mic ba­ck­drop

  The CMS Corporate/M&A Group is pleased to launch the 15th edition of the European M&A StudyIt has been a challenging year for M&A in view of rising inflation and interest rates, slowing growth and increased geopolitical tension, which have added up to a difficult macroeconomic environment. However, there have been plenty of deal opportunities, as demonstrated by the fact that our study covers a record 509 M&A transactions on which CMS advised in 2022. In a difficult M&A market, we are pleased with this result, which reflects the strength of our corporate offering throughout...

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  22.03.2023

  Croatie

  Wor­king for a UK em­ployer: Croa­tian wor­kers fa­cing a dif­fi­cult de­ci­sion: a hi­gher sa­lary now or a pen­sion to­mor­row?

  Brexit has resulted in significant changes to contribution requirements, registration, and payment obligations for Croatian citizens employed by UK-based employers. The regulation on the coordination of social security systems applies to employment with EU member countries, the European Economic Area, and Switzerland. Croatian legislation applies to workers living in Croatia and employed by UK-based employers, and such individuals are required to make contributions to pension and health insurance in Croatia while being entitled to receive benefits from the Croatian pension and health systems. The...

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  20.03.2023

  Europe

  Out with the old, in with the new? Con­si­de­ra­tions for pa­ten­tees in op­ting out of the Uni­fied Pa­tent Court

  So far in this series of blog posts, we began with an article that highlighted some of the key changes between the current European system of patent prosecution and enforcement and the new Unitary Patent and Unified Patent Court (UPC), set to become operational from 1 June 2023.  In part two, we considered the interesting procedural features of the UPC and how they might influence a patentee’s decision to opt in or out of the regime.In this part three, we discuss some of the practical and strategic considerations that patentees should weigh up when deciding whether to opt out of the...

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  17.03.2023

  EU

  Mer­ger con­trol re­view be­low fi­ling thre­sholds – the ECJ To­wer­cast judg­ment adds one more ar­row to the qui­ver

  On 16 March 2023, the ECJ decided that a M&A transaction, which was not subject to ex-ante EU merger control, can be reviewed – from an ex post perspective – as to whether the acquirer (through the acquisition) abused its dominant position within the meaning of Article 102 TFEU (prohibition of the abuse of a dominant position). This allows national competition authorities to apply Art. 102 TFEU to non-notifiable mergers. The judgment therefore provides competition authorities in the EU with a significant additional tool for their scrutiny of transactions, which are not reportable...

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  13.03.2023

  Turquie

  Tur­kish cen­tral bank pu­blishes Gui­de­line on data sha­ring in pay­ment ser­vices

  On 30 December 2022, the Central Bank of the Republic of Turkey (“CBRT”) published the Guideline on Data Sharing Services in Payment Services, which examines data-sharing services in payment services (“DSSPS”) included in the scope of open banking (i.e. when the customer has provided the third party provider with access to the data in the financial system). To this end, the Guideline assesses common business models for payment-initiation and account-information services (also regarded as DSSPS) regarding whether these models require an operating licence, and offers guidance...

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  10.03.2023

  Singapour

  Re­ci­pro­cal en­for­ce­ment of fo­reign judg­ments in Sin­ga­pore: An up­date

  This article is produced by CMS Holborn Asia, a Formal Law Alliance between CMS Singapore and Holborn Law LLC.The long-anticipated repeal of the Reciprocal Enforcement of Commonwealth Judgments Act 1921 (“RECJA”) came into effect on 1 March 2023 (the “Repeal”). On the same date, amendments to the Reciprocal Enforcement of Foreign Judgments Act 1959 (“REFJA”) came into force, and judgments from reciprocating Commonwealth countries which were previously governed by the RECJA will now be governed by the REFJA. These amendments expand the scope of the REFJA and,...

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