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Investment Funds

Luxembourg

Whether you are launching, operating, lending to or investing in a fund or an alternative indirect investment vehicle, you need to overcome legal hurdles which may be from a domestic and/or cross-border perspective. Our pan-European funds group advises across your key asset classes including private equity, real estate, infrastructure, hedge, venture capital, debt and exchange traded funds.

Luxembourg being the second largest fund centre in the world and the first in Europe, CMS Luxembourg naturally established a department dedicated to the funds industry. Our team of experts is able to advise you on all types of funds, regulated or unregulated, and other indirect structures. Our experience and varied client base enables us to advise on the commercial as well as the legal and tax aspects. 

We are highly skilled at, and have a reputation for, efficiency and providing commercial and pragmatic advice to reach successful deal conclusions quickly and on sensible budgets. We recognise the fast-moving regulatory climate and aim to simplify the legal minefield with our expert funds guides. These cover developments such as those affecting passporting and private placement regimes and allow you to keep pace with key market changes. 

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Feb 2018
CMS Guide to Private Place­ment of Funds
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...
Feb 2018
CMS Guide to Pass­port­ing
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...

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15 April 2021
Leg­al 500 EMEA 2021
The 2021 edi­tion of the Leg­al 500 EMEA guide is out and we are de­lighted to see most of our prac­tices ranked. We would par­tic­u­larly like to thank our cli­ents for put­ting their trust in us dur­ing this...
13 April 2021
CSSF cir­cu­lar on gov­ernance and se­cur­ity re­quire­ments for tele­work­ing
On 9 April 2021, the Com­mis­sion de Sur­veil­lance du Sec­teur Fin­an­ci­er (the « CSSF »), the Lux­em­bourg fin­an­cial su­per­vis­ory au­thor­ity, ad­op­ted a cir­cu­lar 20/769 on gov­ernance and se­cur­ity re­quire­ments...
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’...
26 February 2021
IFC Re­view | The Pro­vi­sion Of In­vest­ment Ser­vices In Lux­em­bourg In A Post-Brexit...
On 1st Janu­ary 2021, the trans­ition peri­od agreed upon between the United King­dom and the European Uni­on, after the UK left the EU pur­su­ant to a mu­tu­al agree­ment (Brexit), came to an end. This date is...
23 February 2021
CMS Lux­em­bourg 2021 ap­point­ments and new join­ers
CMS Lux­em­bourg is pleased to an­nounce the ap­point­ments of two Seni­or Coun­sels and one Coun­sel, and the pro­mo­tions of five law­yers to Man­aging and Seni­or As­so­ci­ate po­s­i­tions ef­fect­ive from 1 Feb­ru­ary 2021...
16 February 2021
We­bin­ar re­cord­ing | Is­su­ance and set­tle­ment of se­cur­it­ies dir­ectly on the...
On 22 Janu­ary 2021, the le­gis­lat­ive pro­cess came to an end for the bill of law n°7637 al­low­ing not­ably for the is­su­ance of de­ma­ter­i­al­ised se­cur­it­ies on the block­chain. This new piece of le­gis­la­tion is...
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...
01 February 2021
CSSF launches its 2020 sur­vey col­lect­ing stand­ard­ised key in­form­a­tion con­cern­ing...
On 27 Janu­ary 2021, the Lux­em­bourg su­per­vis­ory au­thor­ity for the fin­an­cial sec­tor, the Com­mis­sion de Sur­veil­lance du Sec­teur Fin­an­ci­er (the “CSSF”), pub­lished a cir­cu­lar let­ter ad­dressed to cer­tain...
12 February 2021
We­bin­ar | Is­su­ance and set­tle­ment of se­cur­it­ies dir­ectly on block­chain
On 22 Janu­ary 2021, the le­gis­lat­ive pro­cess came to an end for the bill of law n°7637 al­low­ing not­ably for the is­su­ance of de­ma­ter­i­al­ised se­cur­it­ies on the block­chain. This new piece of le­gis­la­tion is...
28 January 2021
Is­su­ance and set­tle­ment of se­cur­it­ies dir­ectly on block­chain: now a real­ity...
Last sum­mer in one of our e-alerts, we shared our in­sights on the key fea­tures of the bill of law n°7637 al­low­ing for re­gis­tra­tion of de­ma­ter­i­al­ised se­cur­it­ies is­sued on the block­chain with cent­ral ac­count...
30 December 2020
Latest pub­lic­a­tions from the CSSF on Brexit and anti-money laun­der­ing and...
In the fi­nal weeks of the year 2020, two texts per­tain­ing re­spect­ively to Brexit and anti-money laun­der­ing and ter­ror­ist fin­an­cing re­lated mat­ters have been pub­lished. The first text is a Com­mis­sion de...
22 December 2020
With the im­ple­ment­a­tion of SF­DR ap­proach­ing, the CSSF sets-up a fast track...
With less less than 3 months to go un­til the Sus­tain­able Fin­ance Dis­clos­ure Reg­u­la­tion (“SF­DR”) comes in­to force in the EU (on 10 March 2021), the Lux­em­bourg reg­u­lat­or (the « CSSF») pub­lished on...