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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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July 2020
Fu­ture fa­cing funds
The world in which the in­ter­na­tion­al funds in­dustry op­er­ates is chan­ging at un­pre­ced­en­ted speed. The eco­nom­ic con­sequences of Cov­id-19 present a massive chal­lenge to some funds and an op­por­tun­ity to oth­ers...

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05 May 2021
EU Com­mis­sion pro­poses new in­vest­ig­at­ive re­view tools to tackle mar­ket...
On 5 May 2021, the European Com­mis­sion pro­posed the Reg­u­la­tion of the European Par­lia­ment and of the Coun­cil on for­eign sub­sidies dis­tort­ing the in­tern­al mar­ket (For­eign Sub­sidies Reg­u­la­tion or FSR) to...
01 March 2021
The Glob­al Sul­phur Ban – One Year On
Since 1 March 2020 all mar­ine ves­sels have been sub­ject to a ban from car­ry­ing on board high sul­phur mar­ine fuel oil (“HSFO”) with sul­phur con­tent great­er than 0.50% un­less they have a ‘scrub­ber’...
16 February 2021
Fight­ing poor med­ic­a­tion ad­her­ence in the European Uni­on: The Grav­it­ate-Health...
Nowadays, European cit­izens can ob­tain a great amount of in­form­a­tion (on­line and off­line) about any medi­cine. However, this in­form­a­tion is in many cases un­re­li­able and dif­fi­cult to un­der­stand, en­cour­aging...
23/12/2020
CMS ad­vises DIC As­set on ac­quis­i­tion of lo­gist­ics spe­cial­ist RLI In­vestors
Frank­furt am Main – DIC As­set AG has ac­quired 100% of the shares in RLI In­vestors GmbH and a minor­ity stake of 25% in Realo­gis Hold­ing GmbH. This will en­able it to ex­pand the lo­gist­ics as­set class with­in...
23/12/2020
CMS ad­vises DIC As­set on ac­quis­i­tion of LOOK21 build­ing in Stut­tgart
Frank­furt am Main – DIC As­set AG has ac­quired sec­tion B of the LOOK 21 prop­erty in the centre of Stut­tgart for around EUR 122 mil­lion on be­half of a spe­cial AIF, with ef­fect from the start of the new...
23/12/2020
CMS ad­vises DIC As­set on ac­quis­i­tion of mu­ni­cip­al build­ing at Kley­er­straße...
Frank­furt/Main – DIC As­set AG is ac­quir­ing the prop­erty loc­ated at Kley­er­straße 86 in Frank­furt am Main at the start of the new year in a share deal on be­half of sev­er­al in­sti­tu­tion­al in­vestors. Shares...
15 December 2020
Five years after Hua­wei ZTE FRAND li­cens­ing ob­lig­a­tions again be­fore the...
On 26 Novem­ber 2020, the Düs­sel­dorf Re­gion­al Court an­nounced that it would sus­pend a pat­ent in­fringe­ment pro­ceed­ing and refer key ques­tions on com­puls­ory li­cens­ing of stand­ard es­sen­tial pat­ents (SEP)...
09 December 2020
Is the sun set­ting on the En­ergy Charter Treaty? An up­date on the mod­ern­isa­tion...
On 2 Decem­ber 2020, the European Com­mis­sion (the “Com­mis­sion”) in­dic­ated that if “core EU ob­ject­ives” are not met as part of the on­go­ing ne­go­ti­ations to mod­ern­ise the En­ergy Charter Treaty (the...
01 December 2020
UCITS pass­port­ing in Ger­many
1. EEA UCITS Schemes EEA-UCITS Schemes may be dis­trib­uted by their EEA Man­age­ment Com­pany in Ger­many by us­ing the Mar­ket­ing Pass­port. The Mar­ket­ing Pass­port per­mits dis­tri­bu­tion of EEA UCITS Schemes...
01 December 2020
AIFM pass­port­ing in Ger­many
1. EEA AIFMs Ger­man law dis­tin­guishes as to which type of in­vestors the EU AIF shall be dis­trib­uted to. Dis­tri­bu­tion to Semi-Pro­fes­sion­al and Pro­fes­sion­al In­vestors in Ger­many EU AIFs man­aged by EU AIFMs...
01 December 2020
Private place­ment rules and law in Ger­many
Sum­mary of private place­ment pro­vi­sions for fund in­terests (if ap­plic­able) As of 22 Ju­ly 2013, fund in­terests can no longer be dis­trib­uted in Ger­many on a private place­ment basis. Con­sequently, there...
25 November 2020
Pop­u­lar in­vest­ment vehicles in Ger­many
In­vest­ment vehicle Son­derver­mö­gen (fund in con­trac­tu­al form)In­vest­ment KG (lim­ited part­ner­ship) 1. Form Son­derver­mö­gen Con­trac­tu­al In­vest­ment KG Lim­ited part­ner­ship  2. Tax Treat­ment Son­derver­mö­gen...
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