Our clients in the global distribution space range from small start-up and boutique operations to some of the largest financial institutions in the world. We provide a comprehensive range of solutions supporting the cross-border distribution of investment funds, advisory services and structured notes. We work collaboratively to advance our clients’ business objectives in cross-border and third-party distribution while maintaining regulatory compliance.
Clients gain an advantage from our global resources – including financial services lawyers in Boston, Brussels, Dubai, Dublin, London, Los Angeles, Luxembourg, Munich, New York, Paris, Singapore and Washington, D.C. – as well as our extensive network of preferred legal providers.
Our services include:
- providing or coordinating advice on offering investment products and services in more than 120 jurisdictions through our offices and global network of correspondent firms;
- offering a comprehensive range of bespoke and commoditised solutions supporting the cross-border distribution of financial products on both a public and private basis;
- advising on the licensing implications relevant to the distribution of funds and financial products, as well as entities which provide advisory services, such as separate accounts and other financial services;
- advising on cross-listing exchange-traded funds (ETFs) and the creation of local depositary receipts to access a local market or distribution channel;
- assisting clients to raise capital in global markets by effecting the registration of regulated and unregulated fund products for public offer and/or private placement, and advising on the ongoing maintenance of those registrations and any related regulatory change;
- helping our clients to navigate and comply with the global disclosure obligations of funds and advisers;
- assisting clients with global marketing rules, performance advertising issues and other specific compliance matters;
- assisting clients in negotiating third-party distribution agreements, involving broker-dealers, banks and platforms;
- advising on anti-money laundering compliance;
- advising on U.S. state pay-to-play compliance and other U.S. state “blue-sky” issues; and
- advising on structuring global websites to be compliant across various jurisdictions.
Product Expertise
- UCITS
- Hedge funds
- Real estate funds
- Private equity funds
- Infrastructure funds
- Direct lending funds
- Securities (equity/debt)
- Structured notes
- Separate accounts/segregated mandates
- Wrap accounts
The Dechert Advantage
- Global Presence: With approximately 1,000 lawyers in 16 offices across the U.S., Europe, Asia and the Middle East, Dechert delivers timely and cost-effective service in multiple time zones around the world. Our geographic presence eliminates the need for a patchwork of local law firms to meet our clients’ global distribution needs.
- Market Knowledge and Expertise: We understand the market and have devoted significant resources to our global distribution practice. We have the expertise to effectively assist asset managers looking to offer solutions globally who can rely on us to identify and understand the complexities of structuring, managing, distributing and servicing financial products.
- Depth and Breadth of Practice: We have one of the largest investment management practices in the world and are a leading advisor to U.S. mutual funds, alternative investment funds and UCITS globally. We are able to draw upon our resources and experience to navigate the global regulatory landscape in assisting clients in selling investment solutions no matter the product wrapper.
- Integrated Structuring and Distribution Advice: As a global firm, we have developed significant expertise with respect to the cross-border distribution of investment products. We are able to offer integrated tax and distribution advice on structuring distribution fees to avoid VAT as well as barriers to entering different distribution channels.
Innovation and Industry-Leading Technology
We use technology to create efficiencies and opportunities for clients, including through document retention, document/prospectus review, distribution and company secretarial solutions. We have a strategic, client-oriented approach to providing innovative and substantial solutions.
Dechert’s World Compass is a web-based subscription service that offers investment firms 24/7 access to concise global marketing and distribution guidance in approximately 100 jurisdictions worldwide as well as beneficial ownership reporting requirements in key jurisdictions. This marketing compliance resource provides up-to-date and user-friendly information on marketing UCITS, AIFs and managed accounts. World Compass is updated in real time and provides high quality information, which is actively reviewed and updated by a dedicated internal team of paralegals and lawyers (including local counsel).
Our team of lawyers and registration specialists help clients coordinate the qualification of newly established and existing funds for public offer and sale with the aid of World Passport – our UCITS and AIF registration, marketing and compliance system. World Passport assists clients with ongoing UCITS and AIF registration and reporting obligations in all key jurisdictions of distribution, allowing them to minimize the risks of regulatory exposure. Whether a client is seeking to gain market entry, ensure compliance with local regulation or get advice on global marketing requirements, World Passport provides the tools to distribute funds on a cross-border basis, through passporting, registration or private placement, and to comply efficiently with regulations in targeted jurisdictions.
Dechert’s Distribution Intelligence allows Dechert lawyers to draw upon a database of information from previously negotiated dealer agreements, customer service agreements, platform agreements, clearing agreements, third-party referrals and placement agent agreements. This provides clients the benefit of previously negotiated terms with more than 200 intermediaries, which helps speed up the onboarding process.
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Our global team of lawyers assists clients by:
- Managing the application process with the Central Bank, CSSF and other regulators around the globe (e.g., SFC in Hong Kong, FINMA in Switzerland, CCR in Chile, MAS in Singapore, CSRC in China, FSA in Japan and SFB in Taiwan).
- Obtaining listings on stock exchanges worldwide, including the London Stock Exchange, Luxembourg Stock Exchange, Irish Stock Exchange, Deutsche Boerse, and exchanges in Bermuda, the Cayman Islands and Japan.
- Accessing a database of third-party distribution contracts, referral agreements and placement agreements for the past 20 years to allow clients to achieve most favored terms in contract negotiation.
- Providing “best practice” distribution intelligence and periodic review and updating of form agreements.
- Offering concise, practical guidance on the operation of global websites and ensuring compliance with individual country-by-country micro-sites for both institutional and retail use.
- Providing a global resource for review of marketing materials, including fund facts sheet, pitch books and market commentary.
- Engaging, if necessary, a Dechert team that focuses on Foreign Corrupt Practices Act (FCPA) and anti-bribery related matters, privacy and anti-money laundering issues.
- Offering out-sourced, know-your-distributor oversight services, including the use of World Check and Vision net.
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Dechert helps clients to structure and coordinate global distribution of funds by assisting with third-party distribution agreements –involving broker-dealers, banks, platforms and the non-resident alien (NRA) market –as well as anti-money laundering issues and structuring global websites to be compliant across various jurisdictions. Our team provides help in complying with U.S. registration requirements and local laws, as well guiding clients who use licensed broker-dealers or licensed representatives for distribution. We also counsel on tax and suitability matters.
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Dechert’s World Compass is a web-based subscription service that offers investment firms 24/7 access to concise global marketing and distribution guidance in approximately 100 jurisdictions worldwide as well as beneficial ownership reporting requirements in key jurisdictions. This marketing compliance resource provides up-to-date and user-friendly information on marketing UCITS, AIFs and managed accounts. World Compass is updated in real time and provides high quality information which is actively reviewed and updated by a dedicated internal team of paralegals and lawyers (including local counsel).
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Our team of lawyers and paralegals helps clients coordinate the qualification of newly established and existing funds for public offer and sale with the aid of World Passport – our UCITS and AIF registration, marketing and compliance system. World Passport assists clients with ongoing UCITS and AIF registration and reporting obligations in all key jurisdictions of distribution, allowing them to minimize the risks of regulatory exposure. Whether a client is seeking to gain market entry, ensure compliance with local regulation or get advice on global marketing requirements, World Passport provides the tools to distribute funds on a cross-border basis, through passporting, registration or private placement, and to comply efficiently with regulations in targeted jurisdictions.
