The likelihood of a “hard” Brexit poses many challenges for fund managers launching, marketing and distributing fund products in Europe. Nonetheless, funds have many options when it comes to cross-border transactions. Redomiciling a fund is far from the sole – or even the most obvious – choice. With a nuanced grasp of several structuring and regulatory options available in Europe, fund managers can make good use of opportunities available in Ireland, Luxembourg, Germany and other jurisdictions. For additional Brexit analysis, see our two-part series: “Effect of Hard vs. Soft Brexit on Hedge Fund Managers” (Jul. 7, 2016); and “Hedge Fund Marketing and Distribution Opportunities in a Post-Brexit World” (Jul. 14, 2016). These points were highlighted during a recent seminar presented by Dechert’s financial services group. Moderated by Dechert partner Chris D. Christian, the seminar featured partners Richard L. Heffner, Jr., Karen L. Anderberg, Marc Seimetz, Mark Browne and Angelo Lercara. This article, the first in a two-part series, presents the points raised during the seminar concerning structuring considerations in light of the impending Brexit, as well as the viability of Luxembourg as a domicile for managers to access E.U. markets. The second article will discuss the viability of domiciling a fund in Ireland or Germany to market in the E.U., as well as the rising prominence of Undertakings for Collective Investment in Transferable Securities structures. For additional commentary from Dechert attorneys, see “Recent Hedge Fund Fee and Liquidity Terms, the Growth of Direct Lending and Demands of Institutional Investors” (Jun. 14, 2016); “Dechert Global Alternative Funds Symposium Evaluates Liquid Alternative Funds and Fund Governance Trends” (Jun. 25, 2015); and “Key Deal Points and Tactics in Negotiations Between Hedge Fund Managers and Futures Commission Merchants Regarding Cleared Derivative Agreements” (Apr. 18, 2013).