Fund Managers | Cummings Law

Cummings offers trading, dealing and commercial experience within its team and combines this with its legal expertise to give informed and practical advice to fund managers on a full range of issues, including:

  • structuring the investment management entity
  • structuring advisory and management entities
  • financial services legislation
  • FCA applications
  • trading and brokerage documentation
  • third party marketing

We advise fund managers on a range of issues which are relevant both to new fund managers as well as existing managers requiring re-structuring advice.  Such issues include the structure of the investment management entity, the use of advisory and management entities, whether to incorporate as a limited company or LLP, the responsibilities of managing and running a fund, delegation arrangements, remuneration arrangements and seeding relationships.

Regulatory issues
Whilst an offshore fund is not regulated in the UK, a fund manager managing or distributing in the UK will be and we advise fund managers on FCA applications and on-going compliance issues associated with authorisation, including the FCA’s conduct of business rules.  We also advise on appointed representative status and regulatory issues which may arise as a result of EU legislation, including the AIFM Directive.

Contractual arrangements
We incorporate new fund management entities and draft LLP agreements and shareholder agreements.  We also provide FSA-compliant investment management agreements, advisory and management agreements, distribution, consultancy and other third party marketing agreements, as well as advising on managed account agreements.

Trading and brokerage
With trading and dealing experience within the team, we are uniquely placed to advise on derivative structures and documentation including specifically designed trading products, exchange-traded products and over-the-counter products such as ISDAs, CSAs, netting and repurchase agreements, and futures and options clearing agreements.  We also advise on clearing and settlement of trades, reporting of trades and related middle and back office matters, as well as prime brokerage and custody agreements, including providing guidance on client money matters.

On-going compliance
We help clients comply with FCA issues and also those of good corporate governance.