Best Funds & Asset Management Lawyers in Acharnes

About Funds & Asset Management Law in Acharnes, Greece

Acharnes is a municipality in the Attica region near Athens. Legal advice for funds and asset management in Acharnes is shaped by national Greek law and by European Union rules that apply across member states. Key themes are authorization and supervision of fund managers, investor protection, transparent disclosure, custody of assets, and anti-money-laundering obligations. In practice most regulatory bodies and industry service providers are located in Athens, and lawyers advising clients in Acharnes will generally work with regulators and counterparties in the capital.

Common fund types regulated under the Greek and EU framework include UCITS funds for retail investors and Alternative Investment Funds or AIFs for professional or qualified investors. Fund managers, depositaries or custodians, and other service providers must comply with governance, capital, reporting, and conduct requirements. Tax and corporate rules that affect fund structure and investor returns are also important and typically require coordination with a tax adviser.

Why You May Need a Lawyer

Funds and asset management involve a complex mix of regulatory, commercial, tax, and operational issues. You should consider hiring a lawyer if you are facing any of the following situations:

- You plan to form or launch a fund and need to choose an appropriate legal structure, draft the fund documentation, and obtain supervisory approvals.

- You intend to provide investment management services and require licensing or registration with the competent regulator.

- You need help with compliance programs, including anti-money-laundering policies, investor suitability assessments, reporting and record-keeping obligations, or GDPR matters.

- You are negotiating or drafting agreements with investors, custodians, administrators, prime brokers, or distributors.

- You face a dispute with an investor, service provider, or counterparty, or need to manage a redemption squeeze, suspension of redemptions, or insolvency-related issues.

- You require tax planning for a fund or its investors, or need assistance with tax filings and cross-border withholding issues.

- You want to market a fund cross-border within the EU and need advice on passporting rules and local marketing requirements in target jurisdictions.

Local Laws Overview

The legal environment for funds and asset management in Greece is a combination of Greek national legislation and EU financial services rules. The most relevant aspects are:

- Regulatory framework and supervision - Greek fund managers and funds are supervised by the Hellenic Capital Market Commission or other competent authorities, and must comply with EU directives that have been transposed into national law. Supervision covers licensing, conduct of business, capital requirements, reporting, and sanctions for breaches.

- Fund categories and structures - Funds may be organized as UCITS designed for retail distribution or as Alternative Investment Funds for professional investors. Funds can be collective investment undertakings, contractual funds, investment companies, or other structures allowed under Greek company and securities law.

- Licensing and authorization - Persons or entities managing funds must obtain authorization or a registration depending on the scope of activities and the intended investor base. Authorization includes review of governance, risk management, capital and fitness of senior managers.

- Depositary and custodian rules - Funds are generally required to appoint an independent depositary or custodian to safekeep assets, monitor cash flows, and perform oversight duties designed to protect investor assets.

- Disclosure, prospectus and marketing - Funds must prepare prospectuses or offering documents that disclose investment strategy, risks, fees, conflicts of interest, and key service providers. Marketing to retail investors is subject to stricter requirements than marketing to professional investors. Cross-border marketing uses EU passporting when conditions are met.

- Valuation and NAV - Rules govern independent and regular valuation of fund assets, calculation of net asset value or NAV, and controls to prevent manipulation or errors in reporting NAV to investors.

- Prudential and capital requirements - Managers and certain service providers must meet minimum capital requirements and maintain solvency margins proportionate to the business carried out.

- Anti-money-laundering and KYC - Funds and managers are subject to anti-money-laundering and counter-terrorist financing rules, including customer due diligence, ongoing monitoring, and reporting suspicious transactions to the competent authorities.

- Taxation and reporting - Tax rules determine how funds and investors are taxed in Greece. Withholding taxes, VAT treatment of services, reporting obligations, and possible tax exemptions depend on fund type and investor residency. Specialized tax advice is essential.

- Corporate law and contracts - Greek company law governs fund management companies and corporate vehicles. Agreements with service providers, employees, and investors must be carefully drafted to reflect local mandatory provisions and dispute resolution preferences.

- Enforcement and remedies - Regulators can impose fines, suspend activities, or revoke authorizations. Civil remedies include contract claims, equitable relief and, where relevant, insolvency and asset recovery procedures under Greek law.

Frequently Asked Questions

Do I need a license to manage a fund in Greece?

In most cases yes. Entities performing discretionary portfolio management or managing collective investment undertakings typically need authorization or registration with the competent regulator. The exact requirement depends on the activity type, target investors, and whether activities are limited to local or cross-border services.

What types of funds can I establish in Greece?

You can establish UCITS funds for retail investors or Alternative Investment Funds for professional investors. Funds can be structured as contractual funds, investment companies, or other vehicles compatible with Greek company and securities law. The choice depends on investor type, distribution strategy, tax considerations, and regulatory constraints.

How long does it take to set up and license a fund or manager?

Timelines vary. Preparing documents and service provider arrangements may take weeks to months. Regulatory authorization can take several months depending on the complexity of the structure and the quality of submissions. Early engagement with a lawyer and regulator-grade documentation speeds the process.

Can a foreign manager operate in Greece?

Yes, subject to EU passporting rules and national registration requirements. A manager established in another EU member state may be able to market services in Greece under EU directives, but obligations such as local notification, marketing rules and investor protection must be observed. Non-EU managers have additional restrictions.

What investor protections exist?

Protections include mandatory disclosure of risks in offering documents, segregation of client assets via independent depositaries or custodians, valuation rules, suitability and suitability assessments for retail clients, and supervisory oversight by national regulators.

What are the main compliance obligations?

Key obligations include licensing or registration, compliance with investor disclosure rules, periodic reporting to the regulator, capital and governance requirements, AML/KYC obligations, accurate NAV calculation, audit and accounting standards, and data protection compliance.

How are fees and performance charges regulated?

Fees must be disclosed transparently in the prospectus or offering documents. Regulations require clear disclosure of management fees, performance fees, entry and exit charges, and any soft commission arrangements. Excessive or undisclosed fees can be challenged by regulators or investors.

What tax issues should I consider?

Taxation affects both funds and investors and can include corporate tax, withholding tax on distributions, VAT on management services, and tax reporting obligations. Fund form and investor residency materially influence tax treatment, so specialised tax advice is essential at the structuring stage.

What should I bring to my first meeting with a funds lawyer?

Bring a clear description of your proposed fund strategy, target investors, expected assets under management, proposed legal and service provider structure, draft investment memorandum if available, and any timelines or investor commitments. Background on the management team and source of investor funds helps for compliance planning.

How are disputes handled in the funds sector in Greece?

Disputes may be resolved through negotiation, mediation, arbitration or court proceedings. Many fund documents include arbitration clauses to permit faster resolution. Regulatory enforcement actions are handled by the competent authority and may run parallel to private claims.

Additional Resources

Hellenic Capital Market Commission - the primary regulator for investment funds and managers in Greece and the authority that handles licensing, supervision and enforcement in the capital markets.

Bank of Greece - central bank with a role in banking supervision and systemic financial stability issues that can affect funds and financial intermediaries.

Independent Authority for Public Revenue - the Greek tax authority responsible for taxation matters relevant to funds and investors.

Athens Bar Association and local bar associations - sources for lists of licensed lawyers and for verifying professional credentials when selecting counsel.

European Securities and Markets Authority - EU level guidelines and technical standards on UCITS, AIFMD and cross-border distribution that shape the Greek regulatory environment.

Industry associations and professional bodies - trade associations for fund managers, custodians and asset service providers offer guidance, best practices and training relevant to funds and asset management.

Next Steps

1. Clarify your objectives. Decide the fund type, target investor base, geographic distribution and expected assets under management. Clear objectives make legal and tax analysis more efficient.

2. Assemble key documents. Prepare a basic business plan, draft investment strategy, and details on the proposed management team and service providers.

3. Consult a specialised lawyer. Look for counsel with experience in Greek funds law, EU fund directives, regulatory authorizations and tax coordination. Verify membership in the Athens Bar Association or another relevant professional body.

4. Engage a tax adviser. Fund structure and investor tax outcomes are interlinked. Early tax planning avoids costly restructurings later.

5. Prepare compliance frameworks. Work with your lawyer to draft prospectuses, management agreements, custody agreements, AML policies, valuation policies and internal controls to meet regulator expectations.

6. Contact the regulator early. Where possible seek informal guidance from the Hellenic Capital Market Commission or use pre-application meetings to identify issues and shorten approval times.

7. Choose local service providers. Custodians, administrators, auditors and depositaries experienced in Greek and EU fund operations are important to achieve a smooth launch and maintain ongoing compliance.

8. Plan for ongoing obligations. Regulatory reporting, audits, investor communications, tax filings and AML monitoring are continuous obligations. Build operational capacity and budget for these tasks.

If you need help finding a qualified lawyer near Acharnes, prepare the materials above and request an initial consultation. A funds and asset management specialist will assess regulatory needs, outline costs and timelines, and advise the best structure for your goals.