black pearls with one pearl place on an oyster

Funds

Germany

Asset Management, Funds & Capital Investment Law

Regulation and new tax rules are changing the market environment for investment funds. They impose new requirements on market players who operate collective investment schemes and provide asset management services. Particularly since implementation of the AIFM Directive via the German Investment Code (KAGB), investment management companies and their funds need to adapt to the new legal framework.

Our lawyers specialising in asset management, funds & capital investment law advise investment management companies, funds, depositaries, asset managers, fund service providers and investors on all matters relating to collective asset management and investing in funds (Investor Advice). We advise on fund structuring and establishing funds. We also advise investors on fund investments and assist market participants with regulatory and tax compliance. Another key area of expertise is advising funds, their managers and distribution partners on in-court and out-of-court dispute resolution, in particular when countering investor lawsuits.

What sets us apart?

Asset-oriented

We understand your investments. Our advice is not restricted to the fund level or asset level. We can combine both, and indeed do so. Investment management companies and funds benefit from our expertise across a wide range of asset classes – including real estate, private equity, ships and renewable energy. Depending on the asset in question, our experts in asset management, funds & capital investment law draw on specialists from the Private Equity, Real Estate & Public, Infrastructure & Project FinanceMaritime and Energy teams.

Multidisciplinary

We make your projects happen. We have extensive experience of complex fund structuring involving a range of legal aspects and of fund-related transactions. When implementing projects, we bring together all the required expertise – from tax law to regulation.

Cross-border

We go where you go. Our advice is not restricted to one jurisdiction. The CMS network allows funds and asset managers worldwide to benefit from the legal expertise of the international CMS organisation at 65 locations in 40 countries. Naturally, we also have offices in Luxembourg, as one of Europe's leading locations for funds.

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    Fund Structuring

    Our lawyers’ fund structuring expertise includes all asset classes. We can advise on establishing retail funds and special funds for (semi-)professional investors, regardless of whether it involves open-ended funds or closed-end funds.

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    In-court and out-of-court dispute resolution

    The key areas addressed by our Dispute Resolution lawyers include representing funds, their managers and distribution partners in disputes with investors, e.g. countering lawsuits involving prospectus liability and claims arising from allegations of inappropriate investment advice.

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    Investor Advice

    Our long experience of advising investors provides the ideal basis for optimising your fund investments from a legal and tax perspective. We work closely with you to identify the special features of the fund and help to optimise the terms of the investment. Using suitable access structures, we can also help to make investment possible in the first place.

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    Regulatory and Tax Compliance

    The German Investment Code (KAGB) and Investment Tax Act (InvStG) have placed the regulation and tax treatment of open-ended and closed-end funds on a new footing. We advise investment management companies, funds, depositaries, asset managers, fund service providers and investors on compliance with the regulatory and tax-related requirements.

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    Dr. Christoph Lächler
    01/08/2018
    NEXTCLIN­ICS ad­vised by CMS team on ac­quis­i­tion of IVF-Zen­tren...
    20/02/2019
    European Par­lia­ment backs EU wide frame­work for screen­ing for­eign...
    On 14 Feb­ru­ary 2019, the European Par­lia­ment voted to en­dorse the first ever EU-wide tool for screen­ing for­eign dir­ect in­vest­ment (FDI) on the grounds of se­cur­ity and pub­lic or­der. The vote brings the EU one step closer to put­ting in place a frame­work al­low­ing.
    14/11/2017
    IVG ad­vised by CMS Ger­many on suc­cess­ful sale of TRI­UVA...
    22/11/2018
    New re­port | Con­nec­ted Fu­ture: in­vest­ment op­por­tun­it­ies in the rad­ic­ally...
    Tech­no­logy-driv­en trans­form­a­tions are not only dis­rupt­ing our every­day lives, but are also rad­ic­ally trans­form­ing the in­fra­struc­ture sec­tor. On the one hand, in­nov­a­tion is driv­ing an up­grade of ex­ist­ing in­fra­struc­ture, such as di­git­al; on the oth­er hand, it.
    Dr. Tobias Schneider
    04/10/2017
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    23/10/2018
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    28/09/2018
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    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.
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    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.
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    12/09/2018
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    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.