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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 man­agers and funds look to ac­cess EU in­vestors.Our Guide briefly sum­mar­ises the latest de­vel­op­ments in re­la­tion to the private place­ment re­gimes of EU States, as well as cov­er­ing cer­tain non-EU States.
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 Fund Man­agers Dir­ect­ive (“AIFMD”).However, we are now ex­per­i­en­cing im­ped­i­ments to the pass­port­ing rights as cer­tain do­mest­ic reg­u­lat­ors are im­pos­ing ‘bor­der con­trols’, and fund man­agers need to pay fees and com­ply with vari­ous oth­er re­quire­ments in or­der to mar­ket their funds cross-bor­der.The di­versity of the do­mest­ic rules makes it chal­len­ging for AIFMD au­thor­ised man­agers to as­sess the costs and vari­ous oth­er re­quire­ments for pen­et­rat­ing the EU mar­ket. This guide provides a road map, which will hope­fully as­sist man­agers in un­der­stand­ing the costs and oth­er re­quire­ments un­der AIFMD, oth­er EU dir­ect­ives and do­mest­ic reg­u­la­tions.

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17 March 2020
AML V and vir­tu­al as­set ser­vice pro­viders
Art­icle in AGE­FI Lux­em­bourg
10 June 2020
Di­git­al As­sets, shap­ing the fu­ture of in­vest­ments?
Wheth­er you are an is­suer, fund man­ager or an in­vestor, di­git­al as­sets such as tokens rep­res­ent a great op­por­tun­ity.
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")...
23 January 2020
Dis­cus­sion on block­chain and token­iz­a­tion
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. ...
13 January 2020
CMS strengthens its pres­ence in Lux­em­bourg
New fully op­er­a­tion­al cor­por­ate and tax teams join CMS
07 May 2020
GRESB 2020 – It’s Ques­tion Time!
GRESB has launched its 2020 Real Es­tate As­sess­ment. GRESB is the lead­ing glob­al En­vir­on­ment­al, So­cial and Gov­ernance (ESG) bench­mark for the real es­tate and in­fra­struc­ture in­dus­tries. It is a vol­un­tary...
10 October 2018
Do hu­mans dream of elec­tron­ic ad­visors?
Robo-ad­visors can be defined as auto­mated ap­plic­a­tions that provide in­vest­ment ad­vice or take on port­fo­lio man­age­ment ser­vices for fin­an­cial in­stru­ments. These..
04 May 2020
In­ter­na­tion­al Law in times of crisis: COV­ID-19 and For­eign In­vest­ments
As the COV­ID-19 pan­dem­ic con­tin­ues to un­ravel without re­gard to na­tion­al bor­ders, coun­tries around the world are faced with both pub­lic health and eco­nom­ic is­sues on a scale not pre­vi­ously seen. In this...
30/09/2016
Septem­ber 2016 News­let­ter
30 April 2020
Changes to the anti-money laun­der­ing and counter-ter­ror­ism fin­an­cing frame­work...
The year 2020 is a year of changes for the Lux­em­bourg anti-money laun­der­ing and counter-ter­ror­ism fin­an­cing (“AML-CTF”) frame­work. In fact, Lux­em­bourg has im­ple­men­ted Dir­ect­ive 2018/843 of the European...
20/01/2016
A Guide to Pass­port­ing - Rules on Mar­ket­ing Al­tern­at­ive In­vest­ment Funds...