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Funds

Whether you are establishing, managing, investing in or lending to a fund, you need experienced advisers who have done it before.

Our specialist funds group has expertise in all fund types: open or closed-ended, institutional or retail, private or listed, partnership or corporate, authorised or unauthorised. The UK-based team is part of CMS’ global funds group. We advise clients wherever they are operating and can efficiently assist in co-ordinating your international distribution strategy.

As well as deep regulatory and taxation expertise, we bring practical advice based on long experience. We are recognised experts in fund formation and also advise on debt finance; fund mergers and restructuring; carry restructuring; secondary transfers; and regulatory affairs.

As well as technical expertise, your advisers should add practical value. We consciously cultivate relationships with regulators, depositaries, administrators and placing agents, which facilitates smooth transactions.

Knowledge of the asset class can be essential to a successful fund launch. CMS’ sector-driven approach allows us to offer asset-class expertise, particularly for real estate, private equity, infrastructure, energy and clean energy, transport, life sciences & healthcare and pharmaceuticals, and TMC.

High­lights of our ex­per­i­ence in Funds in the UK
River and Mer­cant­ile UK Mi­cro Cap on The IPO and ad­mis­sion to premi­um list­ing. The fund’s in­nov­at­ive re­turn of cap­it­al mech­an­ism at­trac­ted sig­ni­fic­ant in­dustry com­ment and demon­strated our abil­ity...
Brochures
Law-Now: Funds
Vis­it Law-Now for leg­al know-how and com­ment­ary
Ad­vising the Board

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18/05/2023
In­vestor At­ti­tudes to ESG Dis­clos­ures
One of the biggest chal­lenges with ESG re­port­ing today is un­der­stand­ing what in­form­a­tion is re­quired; what in­vestors them­selves want to know; what it is that the com­pan­ies they in­vest in need to meas­ure;...
Publication
05/05/2023
FCA con­firms changes to UK equity mar­kets trans­par­ency re­gime and fi­nal­ises...
In PS23/4: Im­prov­ing Equity Sec­ond­ary Mar­kets, the Fin­an­cial Con­duct Au­thor­ity (FCA) has con­firmed a range of tar­geted changes to the UK’s post-trade trans­par­ency re­gime, pre-trade trans­par­ency waivers...
Regzone Financial Services & Regulation
02/05/2023
UK As­set Man­age­ment: A sum­mary of the FCA’s pro­pos­als for and con­sulta­tion...
Set against the back­drop of the Gov­ern­ment’s Fu­ture Reg­u­lat­ory Frame­work (FRF) re­view, the FCA has pub­lished a Dis­cus­sion Pa­per (DP 23/2) which seeks a broad range of views on both the cur­rent UK reg­u­lat­ory frame­work for funds and as­set man­agers, and on its ideas for mod­ern­ising and sim­pli­fy­ing the re­gime.
Publication
14/04/2023
Re­view of the Seni­or Man­agers and Cer­ti­fic­a­tion Re­gime (SM&CR)
On 30 March 2023, the Pruden­tial Reg­u­la­tion Au­thor­ity (“PRA”) and Fin­an­cial Con­duct Au­thor­ity (“FCA”) (the PRA and FCA to­geth­er be­ing the “Reg­u­lat­ors”) pub­lished a joint Dis­cus­sion Pa­per (DP1/23)...
Regzone Financial Services & Regulation
15/03/2023
Spring Budget 2023 – key tax policy an­nounce­ments
Today’s Spring Budget speech fo­cused on mov­ing the UK eco­nomy in­to growth mode. With the in­crease in the main rate of cor­por­a­tion tax to 25% on the ho­ri­zon and fast-ap­proach­ing, the Chan­cel­lor turned...
Law-Now Funds
20/02/2023
Sun­rise peri­od of the Uni­fied Pat­ent Court to be­gin 1 March
After the fi­nal ver­sion of the UPC Rules of Pro­ced­ure had been ad­op­ted and the judges of the UPC had been se­lec­ted and ap­poin­ted, the start of the Sun­rise Peri­od, ori­gin­ally planned for 1 Janu­ary 2023...
Law-Now Dispute Resolution
07/02/2023
HM­RC up­date guid­ance on wheth­er off­shore unit trusts are re­quired to re­gister...
HM­RC have up­dated their Trust Re­gis­tra­tion Ser­vice (“TRS”) manu­al to state that un­au­thor­ised unit trusts (such as JUTs and GUTs) will need to con­sider wheth­er they are re­quired to re­gister trust de­tails...
Law-Now Funds
27/12/2022
UCITS pass­port­ing in the United King­dom
1. EEA UCITS Schemes Fol­low­ing the ex­piry of the trans­ition peri­od in re­spect of the ar­range­ments for the UK’s with­draw­al from the EU on 31 Decem­ber 2020 in the ab­sence of agree­ment oth­er­wise between...
Expert Guide Funds
27/12/2022
AIFM pass­port­ing in United King­dom
1. EEA AIFMs Fol­low­ing the ex­piry of the trans­ition peri­od in re­spect of the ar­range­ments for the UK’s with­draw­al from the EU on 31 Decem­ber 2020, in the ab­sence of agree­ment oth­er­wise between the...
Expert Guide Funds
22/12/2022
Elec­tri­city Gen­er­at­or Levy: draft le­gis­la­tion pub­lished
The UK gov­ern­ment has pub­lished fur­ther de­tails of the new elec­tri­city gen­er­at­or levy (or ‘EGL’), to­geth­er with draft le­gis­la­tion to be in­cluded in Fin­ance Bill 2023. The le­gis­la­tion and ac­com­pa­ny­ing...
Law-Now Oil & Gas
21/12/2022
FCA out­lines plans for the in­tro­duc­tion of a reg­u­lat­ory gate­way for firms...
Back­ground Un­der sec­tion 21 of FSMA, cur­rently any firm that is au­thor­ised un­der the Fin­an­cial Ser­vices and Mar­kets Act 2000 (FSMA), may ap­prove a fin­an­cial pro­mo­tion by an­oth­er un­au­thor­ised per­son. However...
Regzone Financial Services & Regulation
15/12/2022
FCA - Un­der­stand­ing ap­proaches to D&I in fin­an­cial ser­vices
The FCA con­duc­ted its re­view via 12 reg­u­lated firms – 8 with large gender pay gaps and 4 with re­l­at­ively small pay gaps. The av­er­age pay gap for the fin­an­cial ser­vices mar­ket is 26.6%, which is far...
Regzone Financial Services & Regulation
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