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Investment Funds

Luxembourg

Whether you are launching, operating, lending to or investing in a fund or an alternative indirect investment vehicle, you need to overcome legal hurdles which may be from a domestic and/or cross-border perspective. Our pan-European funds group advises across your key asset classes including private equity, real estate, infrastructure, hedge, venture capital, debt and exchange traded funds.

Luxembourg being the second largest fund centre in the world and the first in Europe, CMS Luxembourg naturally established a department dedicated to the funds industry. Our team of experts is able to advise you on all types of funds, regulated or unregulated, and other indirect structures. Our experience and varied client base enables us to advise on the commercial as well as the legal and tax aspects. 

We are highly skilled at, and have a reputation for, efficiency and providing commercial and pragmatic advice to reach successful deal conclusions quickly and on sensible budgets. We recognise the fast-moving regulatory climate and aim to simplify the legal minefield with our expert funds guides. These cover developments such as those affecting passporting and private placement regimes and allow you to keep pace with key market changes. 

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Feb 2018
CMS Guide to Pass­port­ing (UCITS)
Rules on Mar­ket­ing Un­der­tak­ings for Col­lect­ive In­vest­ment...
Feb 2018
CMS Guide to Private Place­ment of Funds
Ac­cess­ing European In­vestors post AIFMD
Feb 2018
CMS Guide to Pass­port­ing
Rules on Mar­ket­ing Al­tern­at­ive In­vest­ment Funds in...

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10/10/2018
Do hu­mans dream of elec­tron­ic ad­visors?
23/10/2018
CMS - Fo­cus­ing on Funds - AIFMD pre-mar­ket­ing pro­pos­als
This Fo­cus­ing on Funds up­date looks at the hot top­ic of funds mar­ket­ing and pro­pos­als for a pre-mar­ket­ing re­gime for al­tern­at­ive in­vest­ment funds. This is an area we are of­ten asked to ad­vise on as vari­ous forms of “soft mar­ket­ing” activ­ity trig­ger reg­u­lat­ory.
28/09/2018
CMS - Fo­cus­ing on Funds - Tough­er Tax Rules for Ger­man Real Es­tate
This Fo­cus­sing on Funds up­date looks at the con­tinu­ing hot top­ic of how tax changes af­fect fund struc­tures and deals. Fol­low­ing our pre­vi­ous look at the France and Lux­em­bourg double tax treaty, the fo­cus be­low is on Ger­man real es­tate.
25/09/2018
In the Af­ter­math of Achmea – Does Vat­ten­fall En­sure the Fu­ture for...
On 6 March 2018, the EU Court of Justice (CJEU) held in its Achmea rul­ing that dis­pute set­tle­ment pro­vi­sions provid­ing for ar­bit­ra­tion in in­tra-EU bi­lat­er­al in­vest­ment treat­ies (BITs) are in­com­pat­ible with EU law.
12/09/2018
CMS - Fo­cus­ing on Funds - Re­spons­ib­il­ity and Sus­tain­ab­il­ity Mat­ters
This Fo­cus­ing on Funds up­date looks at a de­vel­op­ing hot top­ic of sus­tain­able, re­spons­ible and im­pact in­vest­ment (SRI) and why this mat­ters for funds. En­vir­on­ment­al, so­cial and gov­ernance (ESG) and SRI is­sues have be­come an in­creas­ingly im­port­ant part of the.
13/06/2018
EU tem­por­ary meas­ures on CF­Ds and bin­ary op­tions
On 22 May 2018, the European Se­cur­it­ies and Mar­kets Au­thor­ity (“ESMA”) ad­op­ted two de­cisions im­ple­ment­ing tem­por­ary product in­ter­ven­tion meas­ures. These de­cisions re­strict the mar­ket­ing, dis­tri­bu­tion and sale of con­tracts for dif­fer­ence (“CF­Ds”) and bin­ary.
11/06/2018
BEPS: UK rat­i­fies the OECD Mul­ti­lat­er­al In­stru­ment
The Double Tax­a­tion Re­lief (Base Erosion and Profit Shift­ing) Or­der 2018 has been ap­proved by the House of Com­mons on 23 May 2018 (the “Or­der”) (full text avail­able here). The Or­der rat­i­fies the OECD’s Mul­ti­lat­er­al Con­ven­tion to Im­ple­ment Tax Treaty Re­lated.
06/06/2018
CMS - Fo­cus­ing on Funds
CMS - Fo­cus­ing on Funds  |  Double Trouble - France and Lux­em­bourg double tax treaty   This Fo­cus­ing on Funds up­date looks at a spe­cif­ic hot tax top­ic af­fect­ing how and where funds are struc­tured. In ad­di­tion to the in­creased gen­er­al fo­cus on dom­i­cili­ation.
24/05/2018
CMS Fo­cus­ing on Funds: GDPR – Are you ready?
What is GDPR? The GDPR will re­place much of the ex­ist­ing pri­vacy le­gis­la­tion across the EU (in­clud­ing in the UK, the Data Pro­tec­tion Act 1998). As an EU Reg­u­la­tion it will ap­ply across the EU. However, it also al­lows Mem­ber States to set their own rules in.