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We assist with the structuring, formation, fundraising, operation and investment activities of a broad range of both listed and non-listed funds across multiple industries. With teams in all relevant jurisdictions in Europe, we advise on the most beneficial tax and legal structuring of funds, we assist with permit applications and identify potential licensing exemptions. We draft the offering documentation and we advise on the rules applicable to the marketing and offering of participations in the fund. We also have significant experience in the marketing of foreign funds in the Netherlands, including the listing of non-Dutch funds on the Amsterdam stock exchange.

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. Our experience and varied client base enables us to advise on the commercial as well as the legal and tax aspects.

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.

Your questions may cover the entire lifecycle of a fund: the establishment, the most favorable structure from a tax and legal perspective, the admission of investors, operational and investment activities and licence requirements. We assist you in this whole process, take care of the permit application and identify potential licensing exemptions.

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June 2019
CMS Funds Glob­al Bro­chure
To get funds to mar­ket, it pays to know the ter­rain.At CMS, our in­ter­na­tion­al funds group has the reg­u­lat­ory, leg­al and tax ex­pert­ise and com­mer­cial ex­per­i­ence to help you launch your funds with the right struc­ture, terms and gov­ernance to suit your ob­ject­ives. Work­ing as one group across our of­fices, we provide you with a con­sist­ently ex­cel­lent, co­ordin­ated funds ad­vis­ory ser­vice cov­er­ing the en­tire funds land­scape.
Sep 2018
CMS European M&A Out­look
Wel­come to the sixth edi­tion of the CMS European M&A Out­look, pub­lished in as­so­ci­ation with Mer­ger­mar­ket.560340ht­tps://me­dia.cmsleg­al.com/me­dia/em­bed?key=359d53310ff19bdc048fb1438aec07d0&unique_key=40f0ab7fd6ab47cd40a6d4555ce3a7f8&width=720&height=405&auto­play=false&auto­light­soff=false&loop=false&clean1al­wayseznode://499576The op­tim­ism amongst deal­makers we re­por­ted in au­tumn last year was well-foun­ded: the mar­ket has re­mained buoy­ant but the ques­tion now is can this op­tim­ism sur­vive in the cur­rent frac­tious in­ter­na­tion­al polit­ic­al en­vir­on­ment?Our for­ward-look­ing sur­vey paints a more nu­anced pic­ture than 12 months ago. For many, the sunny up­lands of M&A activ­ity are still in sight with cash-rich do­mest­ic and in­ter­na­tion­al ac­quirers, an on­go­ing drive for con­sol­id­a­tion and an ap­pet­ite for large trans­form­a­tion­al deals driv­ing the mar­ket in the year ahead. Oth­ers, how­ever, ques­tion this op­tim­ism and those ex­pect­ing European M&A to slow and fin­an­cial con­di­tions to worsen have mul­ti­plied, re­flect­ing more mod­er­ate GDP growth but per­haps more sig­ni­fic­antly, con­cern around geo­pol­it­ic­al risk and stock mar­ket volat­il­ity.Key find­ings from our re­search in­clude:M&A con­fid­ence rising. Nearly three-quar­ters of re­spond­ents are con­sid­er­ing a deal in the next 12 months and nearly 25% ex­pect European M&A to in­crease sig­ni­fic­antly (both up from last year’s sur­vey) show­ing con­fid­ence in the mar­ket is still ro­bust.Ap­pet­ite high among over­seas buy­ers. Re­spond­ents pre­dict that over­seas buy­ers will show grow­ing in­terest in the European mar­ket with the over­whelm­ing ma­jor­ity (92%) ex­pect­ing an in­crease in the num­ber of in­bound trans­ac­tions and nearly two-thirds an­ti­cip­at­ing a fur­ther up-tick in ag­greg­ate in­bound M&A in value for the year ahead.Fin­an­cing con­di­tions re­main buoy­ant. Fin­an­cing op­tions have mul­ti­plied as bank lend­ing cred­it stand­ards and terms and con­di­tions con­tin­ue to ease. Debt cap­it­al mar­kets are more li­quid and private debt and PE funds con­tin­ue to draw in cap­it­al.Our fea­tures in this year’s re­port in­clude art­icles on “Key trends af­fect­ing the European com­pli­ance and reg­u­lat­ory en­vir­on­ment” and, of par­tic­u­lar in­terest in these cur­rent un­cer­tain times, “The rise of pro­tec­tion­ist meas­ures” with­in the EU and oth­er European jur­is­dic­tions.We hope you find the European M&A Out­look in­ter­est­ing and by all means share the re­port with your col­leagues. Our an­nu­al CMS European M&A Study will be pub­lished in spring 2019 when we will re­port back on how this buoy­ant mar­ket has im­pacted M&A trans­ac­tion terms and con­di­tions.
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14 November 2019
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.
22 November 2019
CMS Ex­pert Guide to AIFM pass­port­ing
Are you look­ing for leg­al in­form­a­tion on AIFM pass­port­ing? This CMS Ex­pert Guide provides you with everything you need to know.
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...
14 November 2019
CMS Guide to Pass­port­ing (UCITS)
The pur­pose of this guide is to provide a broad over­view of the key ele­ments of pass­port­ing reg­u­la­tions ap­plic­able to EEA UCITS Scheme in the coun­tries covered in this guide. The guide makes no claims as to com­plete­ness and does not con­sti­tute leg­al ad­vic
22 November 2019
CMS Ex­pert Guide to UCITS pass­port­ing
Are you look­ing for leg­al in­form­a­tion on UCITS pass­port­ing? This CMS Ex­pert Guide provides you with everything you need to know.
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...
14 November 2019
CMS Guide to Pass­port­ing (AIF)
The pur­pose of this guide is to provide a broad over­view of the key ele­ments of pass­port­ing reg­u­la­tions ap­plic­able to EEA AIFs in the coun­tries covered in this guide. Down­load our Guide here.
22 November 2019
CMS Ex­pert Guide to private place­ment rules and law
Are you look­ing for in­form­a­tion on private place­ment rules and law? This CMS Ex­pert Guide provides you with everything you need to know.
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")...
04/09/2019
Token­ized As­sets: Fin­ance in­nov­a­tion lead­ing to new ways to in­vest
Pod­cast
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. ...
21 August 2019
CMS - Fo­cus­ing on Funds – Lux­em­bourg Brexit