Protected Cell Companies And Series LCC

Segregated business forms operate across many jurisdictions around the world including the US and Europe. They are intended to segregate assets and liabilities for specific business transactions. The most familiar is the protected cell company (PCC) but other types of firms in many jurisdictions perform a similar function such as the US series LLC, the Italian regime ('dedicated assets to a specified activity' and 'financing allocated to a specific business activity'), the Luxembourg SICAV and securitisation regimes, the Irish investment fund, the French FCC, and more recently, the UK open-ended investment company (among others). But whereas in Europe the expansion and development of the concept (supported by the powerful insurance and investment sectors and endorsed by local regulators) appears to have gathered momentum, in the US it has yet to achieve the same level of official recognition, and more recently, in respect of the series LLC, the US Fifth Circuit Court of