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Highest GDPR fine of 1.2 billion euros imposed by the Irish data protection authority in May 2023 for a breach of the rules on international data transfers. Further fines imposed by this authority in 2023 amounted to hundreds of millions of euros. The main violations are “Insufficient legal basis for data processing” and “Failure to comply with the general principles of data processing”. The next most common violation is “Insufficient technical and organizational measures to ensure information security”. Spain tops the list of countries with the most fines for the fifth year in a row, followed by Italy and Romania. Ireland, Luxembourg and France have the highest average fines and total amounts per country. Berlin – Today, international law firm CMS has published the fifth edition of its annual Enforcement Tracker Report. The English-language report shows the developments of all publicly known GDPR fines based on CMS's own online database, GDPR Enforcement Tracker. The current edition of the report covers the analysis period between March 2023 and March 2024. 510 fines were added for the past year as of the editorial deadline on 1 March 2024. This brings the total number of data protection fines since the GDPR came into effect in May 2018 to 2,225, or 2,086 if only fines with full details such as the amount of the fine, date and authority are counted. The total amount of fines since the start of the survey is around 4.5 billion euros. This means that fines of around 1.7 billion euros have been added compared to last year’s Enforcement Tracker Report. This shows that authorities are no longer shying away from imposing high fines. The average fine for the entire reporting period was around 2.1 million euros - with high fines against “big tech” companies in 2021/22 and the first fine in the billions in 2023 having a particularly heavy impact.“At the top of the list of GDPR fine triggers is, once again, insufficient legal basis and non-compliance with the general data processing principles as well as insufficient technical and organisational measures. Companies should pay particular attention to this,” says Christian Runte, lawyer and partner at the international commercial law firm CMS Germany. Dr Alexander Schmid from the Enforcement Tracker team at CMS Germany adds: “In addition to data protection authorities, the courts have also increasingly dealt with the interpretation of the GDPR. For example, the Court of Justice of the European Union has further clarified the scope of data subjects' right of access. “These rulings create more clarity, but at the same time tighten the requirements for companies, which is why, in addition to a viable compliance concept, current developments will also be decisive for them in practice in the future.”Read the full Enforcement Tracker Report here; a summary can be found here. Pressekon­takt presse@cms-hs. com

Berlin – As of May 1, 2024, Dr Kai Westerwelle joined CMS as a partner and strengthens the team headed by experienced CMS partners Dr Eckart Gottschalk and Dr Nicolas Wiegand, who will drive forward business development and marketing activities with US focus. Together, they will raise CMS’s profile as an international commercial law firm vis-à-vis US companies, US law firms and global corporations operating in the US and drive the expansion of the US business. Dr Kai Westerwelle is a Certified Specialist Lawyer for IT law and has more than 25 years of professional experience in leading European law firms in Germany. He has been based in Silicon Valley and San Francisco for almost ten years. There he has already successfully co-founded and scaled US offices of two major international law firms. He will now contribute his valuable experience in this area to CMS from his location in Silicon Valley. He specializes in IT and data protection law, tech transactions and international expansions. He mostly advises international clients, in particular US tech companies. Dr Eckart Gottschalk: "I am very pleased that with Dr Kai Westerwelle we have been able to attract a proven expert with many years of experience in the US market and excellent contacts in the USA." Dr Nicolas Wiegand added: "Together we will successfully expand our presence in the USA and the international advice we have been providing to US companies for many years."Press Con­tact presse@cms-hs. com

Frankfurt/Main – CMS has announced the findings of the 16th edition of the CMS European M&A Study 2024, offering an in-depth analysis of the mergers and acquisitions landscape based on transactions CMS advised on. The Study analyses a record 559 deals throughout 2023, indicating the resilience and adaptability of the European M&A market amidst challenging global conditions. The high number of completed deals is testament to CMS’s strength in the market, despite the well-documented general downturn in deal activity across the globe. The 2024 Study reveals key trends in the M&A sector, including a notable shift in deal-making strategies, a rise in ESG due diligence and strategic investments outpacing financial investments. Despite a complex macroeconomic environment, the Study identifies a robust pipeline of deals for 2024, underpinned by a gradual stabilisation in the market, with lower interest rates and lower inflation. Key Findings and Takeaways: Sustained Deal Activity: Despite geopolitical tensions and economic challenges, 2023 witnessed a resilient M&A market, with CMS advising on a record number of deals. This resilience signals a robust appetite for strategic acquisitions and a promising outlook for 2024. Pricing Structures Shift: There was a notable decrease in purchase price adjustments (PPAs) and earn-outs, suggesting a move towards more stable and predictable deal structures. This trend suggests increasing confidence in valuation accuracy and financial stability. However, the reduced use of locked box structures in smaller transactions indicates lingering uncertainty regarding pricing. ESG Still Emerging in Deal Considerations: While specific ESG due diligence has seen an uptick, rising to 47% from last year's 33%, the incorporation of ESG factors into deal structures remains modest. This area is expected to grow as regulatory and reputational pressures increase. Rise in Strategic Investments: The study observed a significant presence of strategic investors both as buyers and sellers, indicating a strategic reshaping of business portfolios in response to evolving market conditions. Risk Allocation: The standard limitation period for operational warranties, although reducing, remains between 12 to 24 months across most transactions, with liability caps below 50% of the purchase price being seen in the majority of cases, maintaining consistency with previous years.W&I Insurance Stability: The utilisation of Warranty & Indemnity insurance in European deals, particularly in the larger transactions, has stayed consistent with 2022 levels, with the UK leading in its use. Geopolitical and Economic Factors: The Study acknowledges the ongoing impact of geopolitical tensions and economic uncertainties on deal-making but also points to recovering confidence in the debt markets and potential boosts from election cycles. Louise Wallace, Global Head of the CMS Corporate/M&A Group, said: “The insights from this year's Study not only highlight the resilience of the European M&A market but also point towards interesting and evolving trends that will shape the future of deal-making. Our dedication to providing unparalleled guidance has never been more relevant.”Dr Malte Bruhns, Global Head of the CMS Corporate/M&A Group, added: “Our analysis reveals a market in transformation, adapting to global challenges while identifying new opportunities. This resilience and adaptability underline the strength of our M&A advisory services.” Conclusion: The CMS European M&A Study 2024 underscores an optimistic outlook for M&A activity in Europe in 2024, highlighting resilience amid economic challenges. Key trends indicate a shift towards seller-friendly dynamics and robust deal flow, fuelled by improved market confidence and strategic entry into new markets. Read the full CMS European M&A Study 2024 here. Press Con­tact presse@cms-hs. com

Hong Kong – The international law firm CMS is thrilled to announce the return of Mariel Dimsey as a Partner, effective March 1st, 2024. Mariel will take on the leadership of the Hong Kong Office of CMS Germany, bringing with her a wealth of experience and a stellar reputation in international commercial and investment arbitration. Most recently, Mariel served as the Sec­ret­ary-Gen­er­al of the Hong Kong International Arbitration Centre (HKIAC), where she played a pivotal role in enhancing the center's global prominence. During her tenure, she spearheaded initiatives to promote Hong Kong as a leading arbitration hub and contributed to the development of best practices in international dispute resolution. Prior to her role at HKIAC, Mariel was already Partner at CMS and Co-Head of the global CMS International Arbitration Group. Her more than 15 years of experience as an adviser and advocate in numerous international arbitrations have solidified her standing as a preeminent specialist in both common law and civil law disputes. Mariel's expertise extends to disputes involving Chinese parties, and her full professional fluency in German adds an additional layer of versatility to her practice. Mariel is widely recognized for her contributions to the field and is consistently ranked in both regional and global editions of the leading legal directories. As an arbitrator, she has served under the rules of prominent institutions such as HKIAC, ICC, KCAB, and DIS, and she holds positions on the arbitrator panels of several institutions. In addition to her professional achievements, Mariel has served as the past co-chair of the HK45 Committee and is a respected member of the WILHK Advisory Board. Her dedication to fostering collaboration and advancing the field of international arbitration further exemplifies her commitment to the legal community."I am excited to return to CMS and lead the Hong Kong office. CMS has a dynamic global platform, and I look forward to contributing to the continued growth and success of the firm's international arbitration practice," said Mariel Dimsey."We are excited to welcome Mariel back to CMS, where she will play a key role in leading our Hong Kong office and contributing to the growth of our international arbitration practice. Her extensive experience and global perspective will undoubtedly strengthen our position as a leading law firm," said Dr Nicolas Wiegand, partner at CMS and predecessor as Head of the Hong Kong Office. In the future, Nicolas Wiegand will divide his time between Hong Kong and the USA, collaborating closely with Mariel to further propel the success of the team in Hong Kong. Mariel's return marks a significant milestone for CMS, reinforcing the firm's commitment to providing top-tier legal cross-border legal services, and to its Asian international arbitration practice. Press Con­tact presse@cms-hs. com

AI startup Xayn and international business law firm CMS develop Europe's first sovereign Legal Large Language Model and Legal Copilot Lawyers can use Noxtua to analyze, review, and summarize legal texts  Noxtua specializes in legal texts and meets the high requirements of legal professional secrecy and data protection reg­u­la­tion­sNox­tua is a sovereign and secure European alternative to US AI tools   

Berlin – Commercial law firm CMS Germany has appointed four new partners with effect from the start of 2024. These appointments expand the partnership in the Banking & Finance, Corporate/M&A and Private...

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Frankfurt/Main – With effect from January 1, 2024, CMS is strengthening its team with private equity specialists Markus Herz and Peter Polke. Together with the two partners, Lorenz Liebsch, Hanno Brandt...

Berlin – International commercial law firm CMS Germany was recognised yesterday evening as Law Firm of the Year for Antitrust at the JUVE Awards 2023. The JUVE Awards are regarded as among the most...

Hamburg – International commercial law firm CMS has published the DTx Legal Navigator, the first international guide of its kind to placing digital therapeutics (DTx) on the market. It provides practical...

43% of dealmakers predict a decline in European M&A activity over the next 12 months, whilst 36% foresee an increase, with private equity dealmakers displaying heightened optimism. This time last year...

Berlin – Total investment across the European real estate market fell by around 14% in 2022 compared to the previous year, coming in at €248 billion, according to global law firm CMS’ latest European...