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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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    June 2019
    CMS Funds Glob­al Bro­chure
    22 November 2019
    CMS Ex­pert Guide to AIFM pass­port­ing
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    16 July 2020
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    01/08/2018
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    14 July 2020
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    04/10/2017
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    22 June 2020
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    12 May 2016
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