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Funds

France

Whether you are involved in a fund launch, marketing activities other indirect investment vehicles or on subsequent operational issues, you need to overcome legal hurdles both in domestic and cross-border activities. Your business is particularly facing significant challenges due to new regulations such as AIFMD, UCITS V, MiFID II, CRD IV anti-money laundering directives and greater protections being accorded to investors (such as PRIIPS regulation). Our pan-European funds experts advise across your key asset classes including private equity, venture capital, real estate, infrastructure, hedge, debt and exchange traded funds.

Our focus on your specific investment areas allows us to track new complex funds products, often before they come to market. This means we can advise you on the commercial as well as the legal aspects of your fund decisions. We recognize the fast-moving regulatory climate you face and aim to simplify the legal minefield with our expert funds guides and feature articles. These cover developments such as those affecting passporting and private placement regimes and allow you to keep pace with key market changes. In particular, we may assist you in devising efficient products distribution strategies. If you face litigation, our experts can help you secure the best possible outcome.

Who's Who Legal - Private Fund Lawyers 2015 : " Jérôme Sutour at CMS Francis Lefebvre Avocats is a “guru” on investment funds law. His “sensible advice” and “business-oriented solutions” are greatly appreciated by clients."

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20/01/2016
CMS Guide to Private Place­ment of Funds
When im­ple­ment­ing the Al­tern­at­ive In­vest­ment Fund Man­agers Dir­ect­ive ("AM­FMD"), 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 Gu

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26/06/2020
Best Law­yers 2021
This year, our law­yers re­ceived 133 re­com­mend­a­tions; 3 law­yers are re­cog­nised as "Law­yer of the year" in Ad­min­is­trat­ive Law and in La­bour and Em­ploy­ment Law.
16 July 2020
Do earn-out clauses help with M&A trans­ac­tions in­flu­enced by COV­ID-19?
In times of COV­ID-19, many trans­ac­tions are dif­fi­cult to ne­go­ti­ate, par­tic­u­larly when it comes to the pur­chase price. Can earn-out clauses be of any help? This is a ques­tion that needs to be answered...
01 July 2019
Best Law­yers 2020
More than 102 of our law­yers are re­com­men­ded: our law firm is nom­in­ated Law firm of the year in Con­struc­tion Law and in Tax Law.
14 July 2020
More con­flict­ing judg­ments from Eng­land and France: un­cer­tainty for users...
In­tro­duc­tion In a sig­ni­fic­ant case for in­ter­na­tion­al com­mer­cial ar­bit­ra­tion, on 23 June 2020, the Par­is Court of Ap­peal re­jec­ted an ap­plic­a­tion to an­nul an ICC award, find­ing that the ar­bit­ral tribunal...
25/09/2020
The syn­ergy of our com­bined ex­pert­ise
CMS Fran­cis Le­fe­b­vre Avocats is one of the lead­ing in­ter­na­tion­al cor­por­ate law firms.
02 July 2020
EU agrees new class ac­tion re­gime for con­sumer dis­putes
After a long gest­a­tion, on 30 June 2020 the Coun­cil of the EU pub­lished the text for the col­lect­ive re­dress dir­ect­ive (the “CR Dir­ect­ive”) (text avail­able here). This le­gis­la­tion is in­ten­ded to bet­ter...
24/12/2018
In­nov­a­tion - New Year 2019
Watch the wishes of our law firm for a happy and pros­per­ous New Year 2019 in video be­low
22 June 2020
ESMA con­sults on new rules for Cloud ar­range­ments
On 3 June 2020, ESMA pub­lished a Con­sulta­tion Pa­per (“CP” which is avail­able here) on draft guidelines for out­sourcing to cloud ser­vice pro­viders. For both as­set man­agers and funds, the CP pro­poses...
Feb 2018
CMS Guide to Pass­port­ing
Rules on Mar­ket­ing Al­tern­at­ive In­vest­ment Funds in Europe
22 May 2020
For­eign in­vest­ments in Ger­man life sci­ence com­pan­ies be­come sub­ject to...
In re­sponse to the COV­ID-19 pan­dem­ic, Ger­many has widened the scope of its in­vest­ment con­trol to in­clude nu­mer­ous life sci­ence com­pan­ies. The amend­ments to the For­eign Trade and Pay­ments Or­din­ance ("AWV")...
09/06/2017
BREXIT : ESMA Gen­er­al Prin­ciples for grant­ing au­thor­isa­tion to re­lo­cate...
14 May 2020
European Com­mis­sion post­pones the entry in­to force of CSDR set­tle­ment dis­cip­line...
The Com­mis­sion Del­eg­ated Reg­u­la­tion on set­tle­ment dis­cip­line (the “Set­tle­ment Dis­cip­line RTS”[1]) will now come in­to force on 1 Feb­ru­ary 2021 fol­low­ing in­dustry re­quests for more time for im­ple­ment­a­tion. ...