Best Funds & Asset Management Lawyers in Greece

About Funds & Asset Management Law in Greece

Funds and asset management law in Greece governs the creation, operation, and supervision of investment funds, asset management companies, and other collective investment schemes. This area of law ensures that funds operate transparently and efficiently, safeguarding the interests of investors while promoting growth in the financial sector. It covers open-ended and closed-ended funds, real estate investment trusts, mutual funds, and alternative investment funds, as well as the regulations that apply to fund managers and custodians operating in the Greek market.

Why You May Need a Lawyer

Engaging with funds and asset management, whether as an individual investor, fund sponsor, or institutional player, often involves complex legal considerations. Some common situations where legal assistance is essential include:

• Setting up or structuring a new investment fund or asset management company
• Understanding regulatory requirements and compliance obligations
• Drafting and negotiating fund documentation
• Resolving disputes between investors or stakeholders
• Conducting due diligence on potential investments or partners
• Navigating cross-border investment issues
• Responding to investigations or inquiries from regulatory bodies
• Managing fund liquidation or restructuring processes
• Ensuring tax compliance and efficiency

Having a knowledgeable lawyer can help prevent costly mistakes, provide clarity, and protect your interests throughout every stage of the funds and asset management lifecycle.

Local Laws Overview

The legal framework for funds and asset management in Greece is primarily shaped by national laws and European Union directives. Key aspects include:

• Supervision by the Hellenic Capital Market Commission (HCMC): The HCMC is the chief regulatory authority overseeing the registration, operation, and supervision of investment funds and asset managers in Greece.
• Law 4099/2012: This law implemented the Undertakings for Collective Investment in Transferable Securities (UCITS IV) Directive, establishing the main rules for mutual funds and management companies in Greece.
• Alternative Investment Fund Managers Directive (AIFMD): Greek regulations mirror EU standards for the management, distribution, and supervision of alternative investment funds (AIFs).
• Taxation: Greek laws set out specific tax regimes for investment funds, often providing favorable conditions to promote growth and investment.
• Due Diligence and Anti-Money Laundering (AML): Asset managers and funds must comply with AML regulations, ensuring thorough client identification and reporting of suspicious activities.
• Cross-Border Activity: EU passporting rights allow certain funds and asset managers to operate across member states, subject to notification procedures.

Greek funds and asset managers must remain current with evolving regulations, especially as the European legislative landscape continues to develop.

Frequently Asked Questions

What types of investment funds are available in Greece?

Greece recognizes several fund types, including mutual funds (UCITS), alternative investment funds (AIFs), real estate investment companies, and venture capital funds. Each has unique regulatory and operational features.

Who regulates funds and asset managers in Greece?

The Hellenic Capital Market Commission (HCMC) is the primary regulatory body responsible for licensing, supervising, and enforcing compliance of funds and asset managers.

Do foreign investors face any restrictions when investing in Greek funds?

There are generally no specific restrictions for foreign investors in Greek funds, but certain tax considerations and reporting obligations may apply depending on residency and type of investment.

What are the main compliance obligations for asset managers in Greece?

Asset managers must comply with licensing requirements, capital adequacy rules, risk management standards, reporting obligations, and anti-money laundering regulations.

How are Greek investment funds taxed?

Greek funds often benefit from favorable tax regimes. For example, mutual funds are generally exempt from corporate income tax, but investors may be taxed on dividends or capital gains received.

What is the process for launching a new fund in Greece?

Launching a fund involves preparing legal documentation, obtaining authorization from the HCMC, establishing compliance policies, and meeting minimum capital requirements.

How can investors redeem their shares in a fund?

Redemption procedures depend on the fund type. For UCITS, investors can typically redeem shares on a daily basis, while other funds may have less frequent or conditional redemption periods.

What legal protections do investors have in Greece?

Investors benefit from regulatory oversight, mandatory disclosures, risk warnings, and recourse mechanisms in case of disputes or fund mismanagement.

Can Greek funds be marketed to investors in other EU countries?

Yes, provided they meet the relevant EU requirements, including passporting procedures under the UCITS or AIFMD regimes, Greek funds can be offered across the EU.

When should I consult a lawyer regarding funds and asset management?

You should seek legal advice whenever considering fund formation, contemplating a significant investment, facing compliance issues, or encountering disputes with fund managers or co-investors.

Additional Resources

For further information, guidance, or official advice, consider contacting the following bodies:

• Hellenic Capital Market Commission (HCMC) - the main regulatory authority for investment funds and asset management in Greece
• Bank of Greece - responsible for financial stability and may be involved in specific regulatory issues
• Hellenic Fund and Asset Management Association - industry group offering updates and best practices
• Greek Ministry of Finance - provides information on tax and regulatory policies affecting funds and asset managers
• European Securities and Markets Authority (ESMA) - offers EU-wide regulations and updates on cross-border issues

Next Steps

If you believe you need legal assistance in the field of funds and asset management in Greece, here is a suggested approach:

1. Define your objectives and the specific issues or concerns you have regarding funds or asset management.
2. Gather all relevant documentation, such as fund constitutional documents, investment prospectuses, contracts, and correspondence with regulatory authorities.
3. Research and shortlist Greek lawyers or law firms with expertise in funds and asset management law.
4. Arrange consultations to discuss your needs, their experience, and potential solutions.
5. Evaluate the proposed strategies, costs, and timelines before selecting your legal advisor.
6. Work closely with your lawyer to ensure compliance, protect your interests, and achieve your investment or business goals.

Taking prompt action and engaging professional advice can help you navigate the complexities of Greek funds and asset management law with confidence.