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CMS offers expert advice at every stage of the funds lifecycle – from planning and launch through governance, restructuring and exit.
The international funds industry is changing at unprecedented speed. Concerns about the environment, sustainability and governance are changing the way many funds work and invest. Asset tokenisation, blockchain, fintech and artificial intelligence (AI) have huge disruptive potential, as do innovative alternative indirect investment vehicles and alternative asset classes. And, inevitably, the regulatory and tax environment for funds continues to evolve.
Whether you are launching, operating, lending to or investing in a fund or an alternative indirect investment vehicle, you need lawyers who have got your back, and who understand not only your business and your requirements, but also the funds landscape and its markets:
Sustainable Investment
ESG has disrupted the funds sector, yet it does impact it in many different ways. The issues that you face as investment funds manager or institutional investor depend on many factors: the evolution of the regulatory landscape; and the readiness of y
10/07/2023
Impact of AI & Technology on the Funds sector
AI & Technology are disrupting the investment funds sector, and laws and regulations are being amended to move towards a more digital environment for financial institutions, asset managers and investors.
We are launching a tailored training programme focusing on specific topics relevant to participants in the international funds industry focused on Risk, Resilience and Reputation. Whether you are a fund manager or investor, our sessions will cover a
The selection of a vehicle has a number of common themes including the location of the assets, management and the investors. Funds targeted at local investors and markets will frequently involve suitable local vehicles. The position changes where the
CMS Expert Guide to private placement of funds rules and law
When implementing the Alternative Investment Fund Managers Directive (“AIFMD”), some EU States have tightened or severely restricted their private placement regimes, which is important when non EU managers and funds look to access EU investors. Our
The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”). However, we
The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be establish
CMS Funds Group Back to Basics briefings intend to provide high level insights regarding funds fundamentals, funds vehicles and operational considerations New briefings are published on a regular basis, covering a specific jurisdiction or topic, and providing basic essential technical explanations.
We advise on all the key asset classes, including private equity, real estate, infrastructure, hedge, venture capital and debt, as well as across private, listed and authorised funds
Our expertise is allied with industry specialism, including energy, real estate, life sciences and healthcare, hotels and leisure, infrastructure and project finance and financial institutions
We offer clients a ‘one-stop shop’ service, leveraging various CMS practices such as tax, regulatory, private equity, venture capital, real estate, technology, employment, dispute resolution and finance
Our real estate funds practice advises on some of the market’s largest fundraisings, clubs and indirect investments
We are the market leader for REITs and closed-ended listed funds, with our team advising on IPOs, private REITs and secondary fund raisings
We have a stand-out open-ended and UCITS funds offering.
Industry players
Our lawyers play a leading role in complex conversations – such as the role of tokenisation and AI – which are shaping the future of the funds sector
Through our strong ties with industry organisations (IPF, AREF, INREV, BCO, BPF, LPeC, BVCA, EPRA, IA, and ABBL) we are at the forefront of conversations on the most pressing topics affecting the international and local funds industries.
A global reach
Our clients entrust us with exclusive mandates to advise their multi-manager teams on their investments globally. We have over 130 specialised funds lawyers in core funds jurisdictions:
Other jurisdictions we are active in: Bulgaria, Chile, Colombia, Hungary, Poland, Norway, Romania, Ukraine, US regulatory.
Work credentials
The quality of our work is recognised by awards, rankings, and landmark deals such as:
20 Rankings in Legal 500 and Chambers, including Tier 1 for Real Estate Investments Funds (UK), Retail Investment Funds (UK), Investment Funds (Scotland), and Investment Funds (Poland)
1st French fund invested in crypto assets
1st real estate club-deal through blockchain in Europe
1st corporate venture capital fund in Poland to commercialise new tech startups
1st Italian credit fund specialised in the business of trade receivables
Adviser to innovation projects submitted to the 1st Spanish sandbox
Affiliate of the Year Award 2019 - AREF (Association of Real Estate Funds)
CMS Funds Group is getting recognition as a top tier funds firm in Europe and Asia, growing globally by providing a “one international firm” coordinated, consistently excellent funds platform.
Periodically, CMS takes soundings on the state of the market from our funds-related clients. Given the unprecedented nature of the last 12 months we thought this was an opportune time to look back over the last few years. This study analyses the key market trends in fund documentation of over 300 funds established in Europe, Asia, USA and offshore jurisdictions advised on by CMS offices throughout 2017 to 2020. We have also conducted client interviews, which are highlighted in this report, and conducted a selective survey of our international client base. We trust this CMS Funds Market Study will be a useful guide for both managers and investors this year. The size of our deal sample and the range of countries involved means that the study should be a uniquely valuable and rich resource for managers and investors. Our research indicates that funds industry players are clear on how to move forward and that, while strategies may have shifted, there are reasons for optimism and bullishness, unlike the gloom that descended after the global financial crisis in 2008. Looking forward we see an active funds market, with Luxembourg being the jurisdiction of choice for European funds. ESG is now a key focus for investors. This market impetus and regulatory drivers are moving sustainable investment from a niche focus into the mainstream for investors and managers alike. We also see managers increasingly looking at the benefits and impact of AI and technology with the tokenisation of assets and the use of blockchain. We see this pace of change accelerating. If you have any feedback or questions, we would love to hear from you.
Transparency: ECCTA 2023 and Register of Overseas Entities update
The Economic Crime and Corporate Transparency Act 2023 (ECCTA), which is aimed at tackling economic crime and preventing abuse of corporate structures in the UK, will not only fundamentally reform the...
Bill of law for the transposition of CSRD in Luxembourg
IntroductionFollowing the adoption of the corporate sustainability reporting directive:1 (the “ CSRD ”), the Member States of the European Union (the “ EU ”) are required to implement its relevant...
FCA Consultation on Payment Optionality for Investment Research (CP24/7)
On 10 April 2024, the FCA published a consultation on Payment Optionality for Investment Research (CP24/7). In the consultation, the FCA proposes a new option for asset managers when paying for investment...
Reform of Circular 02/77 on NAV calculation errors and investment breaches
IntroductionOn 29 March 2024, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) published its long-awaited Circular 24/856 (the Circular) on investor protection in the event of net...
Lexology Masterclass: The future of AI in financial services, where innovation...
On 29 February, our CMS Financial Services Regulatory team and Nextwave hosted a Lexology Masterclass on the future of AI in financial services.
In this webinar, we offered practical insights into how...
Updated CSSF supervisory priorities in sustainable finance
On 22 March 2024, the Commission de surveillance du secteur financier (the “CSSF”) published an updated version of its supervisory priorities in sustainable finance, which were initially issued in...
ESMA feedback statement on shortening the EU settlement cycle reveals widespread...
The European Securities and Markets Authority (ESMA) has released a feedback statement summarising comments received from market participants during its consultation on shortening the EU settlement cycle.Under...
FCA Publishes Finalised Guidance on Financial Promotions on Social Media
The Financial Conduct Authority (“FCA”) has published its finalised guidance on financial promotions on social media (FG24/1) (the “Guidance”). This follows a consultation carried out by the FCA...
Green derivatives demystified: Legal insights into sustainable finance
Join us for an insightful webinar as we explore the future of finance, focusing on sustainable investment and carbon offsetting strategies to support your business decisions. This webinar will be of particular value for project investment bankers, private equity investors, and companies in the energy and large manufacturing sectors, looking to enhance their strategies with sustainable and financially savvy solutions. The webinar will cover the following topics and will conclude with a Q&A session:Sustainability-linked derivatives (SLD)Financial power purchase agreementsMandatory carbon offset: EU emission allowancesVoluntary carbon offset
After many postponements, the Council of the European Union reached an...
As part of the European Green Deal, the European Commission proposed the Corporate Sustainability Due Diligence Directive (“CSDDD” or the “Directive”) on 23 February 2022, with the aim to introduce...
Click here to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts. medium
CMS Expert Guide on Real Estate Data Centre Consenting
Welcome to CMS’ online guide tool for data centre legal consenting considerations. Please use the tool to compare legal consenting considerations for data centre development and investment across key...
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