CMS - Banking & Finance

🗞️ Final knowledge briefing for 2024... an update on the implementation of the Moveable Transactions (Scotland) Act 2023 following SSIs laid this week and proposed for early next year: 📅 1st April 2025 is the appointed date for the reforms to take effect - the new Register of Assignations and Register of Statutory Pledges will be operational; ❕ the Rules of Procedure for the new registers have been published alongside certain prescribed forms; and 🫰 the proposed fees (still to be confirmed in 2025) for registrations and accessing the records of the new registers have been circulated. This briefing provides an update on these SSIs and proposals for early 2025: https://lnkd.in/eaqGbPAx 🎆 2025 looks to be a promising year for lenders, borrowers and legal practitioners (Jenny Allan, Stephen Phillips, Euan Reid, Thomas Pullar!) in Scotland - the new regime and simplified process for granting security over most types of physical and incorporeal moveable assets may be transformational. Greater ease of taking fixed security over these forms of property should create greater flexibility, access to potentially improved terms and a wider choice of financing structure options.  CMS, CMS UK, CMS Scotland, CMS - Banking & Finance

On 22 November 2024, FINMA released pivotal guidelines under the Financial Services Act and Ordinance. Here's what financial service providers must consider: ➡️ Scope and applicability: the circular targets entities under FINMA supervision, influencing how financial services are offered, particularly around client classification and conduct rules. ➡️ Client information requirements: providers must now ensure clear communication about the nature of financial services offered, particularly investment advice. This includes comprehensive disclosures about the risks associated with contracts-for-difference (CFDs). ➡️ Corporate finance exclusion: certain 'sell-side' services in corporate finance remain outside the FinSA scope, while 'buy-side' services fall within regulatory boundaries. ➡️ Handling conflicts of interest and remuneration: the guidance clarifies expectations on managing conflicts of interest and detailed disclosures regarding remuneration and retrocessions. This regulatory update necessitates a review of current practices to ensure compliance by 1 January 2025. Read more in the article: https://lnkd.in/d_E6i5C6   If you are interested in understanding how these changes impact your business or need advice on compliance strategies, reach out to: Tina Rebecca Balzli, Matthias Kuert and Vaïk Müller

Congratulations to Karagh Gilliatt who won Finance Lawyer of the Year at this year's Legal 500 Scotland Awards 2024! This well-deserved recognition is a testament to Karagh's high standing in the Financial Services market. Whether launching innovative new funds, effecting complex business transfers, grappling with significant regulatory change, or simply providing sound day-to-day advice, Karagh has been helping many leading Financial Institution clients for over 25 years. #CMSlaw #CMSreg #finance #Legal500 #legal

💡 Announcing the Latest Addition to Our International Guide to Real Estate Finance: The Colombian Chapter! 🇨🇴 We are excited to introduce the Colombian chapter, offering essential insights for investors and lenders: •      Mortgage Certificates: Issued for specific values, transferable, and registered with the Public Registry to ensure legal certainty. Costs vary based on property value and registry fees. • Land and Security Registration: Requires a public deed executed before a notary and registered with the Public Registry to perfect security interests. •      Lease Control: Commercial tenants can sublease up to 50% without landlord approval; residential tenants require explicit authorisation. Original tenants remain liable unless released by the landlord. • Lease Terms: Office leases typically range from 3–5 years, while retail leases average 5–10 years, offering flexibility for businesses. •      Renewal/Termination: Tenants occupying a property for two years have a renewal right under Article 518 of the Commercial Code unless specific exceptions apply. Landlords must serve proper notice to terminate and avoid automatic renewal. Explore this chapter for comprehensive guidance on Colombia’s real estate market! Access the full Colombian chapter for comprehensive guidance: https://lnkd.in/eu9iSCYG For expert advice and assistance, contact: Jacques Simhon Rosenbaum and Laura Ospina Robledo #RealEstateFinance #Colombia #LegalInsights #PropertyInvestment #CMSLaw

How will MiCAR impact your crypto business? The Markets in Crypto-Assets Regulation (#MiCAR) is transforming the regulatory landscape for crypto-asset service providers (CASPs) across the EU. Member States are adapting at different speeds of MiCAR implementation which creates both challenges and opportunities for businesses. Our latest publication analyses how jurisdictions (Austria, Croatia, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Norway, Poland, Slovenia, and Spain) are implementing these transitional measures and what it means for CASPs. Click on the link to explore the regulators’ readiness, transitional periods, and what steps your business should take now: https://lnkd.in/deChEiGh For tailored advice, reach out to crypto@cmslegal.com. Mathias Huber Gianfabio Florio Julia Moreno Moreno Johannes Noller Nejc Vrankar Karsten Bruinsma Lukáš Valúšek Magda Zmysłowska Tihana Balagovic Elise Tek Andreas Bjørklund Lydia Carstensen Tina Rebecca Balzli Markus Kaulartz Paolo Bonolis Dr. Martin Friedberg Charles Kerrigan Chris Luck Matthew Nyman Mike Ringer Klaus Pateter Cristina Reichmann Ricardo Plasencia Sam Robinson Jerome Sutour Carolina Veas Mufdi Aurélia Viémont Clair Wermers Tanja Balsic #CMScrypto #cmslaw #cryptoregulation #cryptocompliance #blockchain #FinTech

🌟 Introducing Our New International CMS Expert Guide to Real Estate Finance for HONG KONG ! 🇭🇰 We are excited to share the new comprehensive chapter dedicated to real estate finance in Hong Kong, crafted by experts Kingsley Ong (Partner) and Tony Lau (Associate) at CMS Hong Kong (Lau, Horton & Wise LLP). This chapter provides invaluable insights for real estate investors and lenders, covering crucial topics such as: - Mortgage Procedures: Understand the nuances of securing mortgages in Hong Kong, including the ability to grant security to foreign lenders, enforcement of securities and the registration of second-ranking securities.   - Lease Structures: Explore market norms for lease terms under Hong Kong law, focusing on the obligations of landlords and tenants. - Security Over Shares: Gain insights into the mechanisms for registering and perfecting share security, including the implications of non-registration and enforcement options. Access the full chapter for detailed guidance: https://lnkd.in/eAEQ-KMv For expert advice and assistance, contact: Kingsley Ong and Tony Lau #RealEstateFinance #HongKong #LegalInsights #PropertyInvestment #CMSLaw

CMS UK and NextWave Consulting will provide masterclass on Building a Responsible and Compliant AI-Powered Organisation on 10 December at 15:00.   Dr Paul Dongha, Head of Responsible AI & AI Strategy at NatWest, Tony Clark, CEO of NextWave, and Robert Dedman, Partner at CMS, will focus on the ethical and practical implications of AI in financial services, covering governance, risk, and compliance.   Register here: https://lnkd.in/eKBujzXR   #CMSlaw #artificialintelligence #responsibleAI #financialservices #compliance #governance #risk

We are pleased to present the updated CMS Expert Guide on Restructuring & Insolvency, a key resource designed to provide in-depth knowledge of restructuring and insolvency laws in over 25 jurisdictions. This guide contains country-specific chapters, each carefully crafted by our international team of experts to provide practical and up-to-date insights into local legislation. Access our Guide at the following link: https://lnkd.in/evRKHPW Dr. Alexandra Schluck-Amend, Glen Flannery, Erika Papp, Szabina Soptei, Franziska Fuchs #Restructuring #Insolvency #ExpertGuide #InternationalLaw #RestructuringAndInsolvency #cmslaw

In this episode of FinTech Bytes, operational resilience experts Joy Davey and Caoimhe Crowley delve into the significance of the Digital Operational Resilience Act (DORA). They discuss how DORA aims to enhance resilience against digital threats and operational disruptions, and explore the implementation challenges Fintechs face as the 17 January 2025 compliance deadline approaches. Listen to the full episode here: https://lnkd.in/eiBPXceb #CMSlaw #CMSFSReg #fintech #regulatory #financialservices #DORA #operationalresilience 

Announcing the latest addition to our International CMS Expert Guide to Real Estate Finance: 𝘁𝗵𝗲 𝗣𝗲𝗿𝘂 𝗰𝗵𝗮𝗽𝘁𝗲𝗿! This updated chapter provides valuable insights for investors and lenders, including: • 𝗟𝗲𝗮𝘀𝗲 𝘁𝗲𝗿𝗺𝘀: Leases in Peru can be up to 10 years, with typical terms varying by property type, providing flexibility for investors and tenants. • 𝗥𝗲𝗻𝘁 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝘀: Parties can negotiate annual rent increases based on the Consumer Price Index (CPI) or agreed percentages, as there are no mandatory rent reviews. • 𝗠𝗮𝗶𝗻𝘁𝗲𝗻𝗮𝗻𝗰𝗲 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀: Tenants are usually responsible for minor repairs, while landlords are responsible for structural and external maintenance, with obligations clarified out in the lease. • 𝗘𝗻𝘃𝗶𝗿𝗼𝗻𝗺𝗲𝗻𝘁𝗮𝗹 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Lenders may be liable for past environmental breaches if they hold or enforce a mortgage, emphasising the need for due diligence. • 𝗧𝗮𝘅 𝗼𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻𝘀: Landlords must pay income and property taxes, which can affect the overall cost structure of property investments. Access the full Peru chapter for comprehensive guidance: https://lnkd.in/e9AbNwte For expert advice and assistance, contact: Juan José Hopkins or Carolina Gajate #RealEstateFinance #Peru #LegalInsights #PropertyInvestment #CMSlaw