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  • CMS Guide to Passporting (UCITS)


    We are pleased to issue our updated Guide to Passporting (UCITS): rules on marketing Undertakings for Collective Investment in Transferable Securities in Europe.

    The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.

    The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe. To view or download our Guide, please click here

  • CMS Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe


    We are pleased to issue our updated Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe.

    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.

    To view or download a copy of our Guide, please click here.

  • CMS Private Placements Guide


    We are pleased to issue our updated Guide to Private Placement of Funds: Accessing European Investors post-AIFMD.

    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. Please click here to view or download the Guide.

  • PSD2: what has changed?

    The Second Payment Service Directive (“PSD2”) entered into force in January 2016 and applies as of 13 January 2018[1]. The main aims of PSD2 are to increase competition, enhance consumer protections, and create a single market for payments across the EEA. The Directive brings new payments systems in-scope and has ...
  • Ten things every insurer should know


    We are pleased to launch the 3rd ed. of “10 Things Every Insurer Should Know”, in which we compare 10 key insurance issues across 29 jurisdictions where the CMS Insurance Sector Group operates.

    To view or download the brochure, please click here.

  • Reform of security interests over movable assets: is your Belgian collateral under threat?

    The reform of security interests over movable assets finally took effect on 1 January 2018. The original law dated 11 July 2013 (the “Law”) was meant to enter into force by late 2014 but experienced repetitive delays. The Law recasts the current legal framework for creating, perfecting and enforcing security ...
  • Good things take time. New capital investment circular published by BaFin. Was it worth the wait?

    Background On 12 December 2017, the German Federal Financial Supervisory Authority ("BaFin") published the long-awaited new capital investment circular on the interpretation of the German Investment Regulation (Anlageverordnung, "AnIV") and the German Pension Fund Supervision Regulation (Pensionsfonds-Aufsichtsverordnung, "PFAV"): Circular 11/2017 (VA), Guidance notes on the investment of guarantee assets of ...
  • Changes to Belgian SME financing law relevant to financing transactions

    A new Law dated 21 December 2017 amends the Belgian Law relating to the financing of small and medium-sized enterprises (the “SME Financing Law”). These amendments are particularly relevant to lenders entering into syndicated loans, financing arrangements with Belgium-based SPVs and/or subsidiaries of a larger group. The amending Law includes ...
  • Cryptocurrency as a means of payment

    Cryptocurrencies are gaining ground as a new means of payment. But what exactly are cryptocurrencies, what benefits do they offer and what is the legal situation? A cryptocurrency is a medium of exchange based on blockchain technology. Unlike legal tender, a cryptocurrency is not issued by a central authority. Instead, ...