The Inside Basis: Tax Insurance In Luxembourg (Podcast)

Luxembourg's CSSF imposed a €56,000 fine on Stonehage Fleming Luxembourg S.A. for multiple compliance failures, including significant delays in processing sanctions screening alerts and implementing changes to screening lists. At the time of inspection, hundreds of alerts had been treated with substantial delays and 42 alerts remained completely unnoticed by the financial services provider.

The new regime will apply automatically to sub-participation agreements signed after the law takes effect, though parties can contract out of it. For agreements already in place, it doesn't apply automatically, consistent with non-retroactivity, but parties can choose to opt in.

US fund managers establishing Luxembourg special limited partnerships face critical decisions about board composition and liability exposure.

Luxembourg is poised to expand its investment fund structuring capabilities by allowing alternative investment funds structured as common or special limited partnerships to establish...

Luxembourg has introduced a landmark legislative reform allowing unregulated alternative investment fund (AIF) limited partnerships to adopt multi-compartment structures. This development enables fund sponsors to consolidate multiple investment strategies, investor classes, and fund-level structures within a single limited partnership, significantly reducing complexity and administrative burden while maintaining creditor protection and investor segregation.

Luxembourg is poised to expand its fund structuring capabilities by allowing common and special limited partnerships (SCS and SCSp) that operate as alternative investment funds to establish ring-fenced compartments...

Bill of Law No. 8813 introduces a statutory asset segregation regime for funded sub-participations in Luxembourg, materially improving participant protection by reducing exposure to lender insolvency risk. The reform is expected to increase the attractiveness of Luxembourg-based lending structures across loan, private credit, and structured finance markets.

On 30 July 2026, Bill of Law n° 8814 (“Bill of Law”) was introduced to the Luxembourg Parliament with a view to amending the law of 12 July 2013 on alternative investment fund managers, as amended (“AIFM Law”).

Luxembourg is poised to introduce a statutory compartment regime for unregulated SCS and SCSp alternative investment funds (AIFs), decoupling this feature from product-law wrappers like RAIFs. The draft bill would enable managers to establish legally segregated pools within a single AIF structure, mirroring mechanics familiar from existing Luxembourg fund regimes while preserving flexibility in documentation and disclosure.

On 8 June 2026, draft law No. 8761 amending the amended law of 22 March 2004 on securitisation (the “Securitisation Law”) (the “Draft Law”) was submitted to the Luxembourg Parliament

Ireland offers a sophisticated regulatory framework for Alternative Investment Funds, with structures ranging from ICAVs and Investment Limited Partnerships to Unit Trusts and Common Contractual Funds. The jurisdiction provides flexible options for both retail and institutional investors, with distinct regulatory pathways for RIAIFs, QIAIFs, and ELTIFs, each designed to accommodate different investment strategies and liquidity profiles while maintaining robust investor protections.

This issue examines pivotal developments in carbon markets and climate policy, including California, Québec, and Washington's historic carbon market linkage agreement, the Trump Administration's use of Defense Production...

On 9 September 2026, the Environmental Protection Agency (EPA) and the US Army Corps of Engineers published a supplemental proposal to revise the definition of “waters of the United States” (WOTUS) under the Clean Water Act.1 The supplemental proposal builds on the agencies’ November 2025 proposed rule and responds to the Supreme Court’s 2023 decision in Sackett v. EPA, which significantly narrowed the scope of waters subject to federal jurisdiction under the Clean Water Act and established a new framework for determining which waters fall within that jurisdiction.

Australia's mandatory merger control regime undergoes significant refinement through new legislation that addresses practical challenges businesses have faced since its 2026 introduction. The amendments fundamentally reshape how control and associate relationships are assessed, what happens when acquisitions aren't properly notified, and how parties can manage completion timelines for approved mergers.

The Australian Government has unveiled its Financial Innovation Strategy, introducing a new Financial Innovation Committee and overhauling the Enhanced Regulatory Sandbox framework to better support emerging businesses testing innovative financial products. The strategy encompasses reforms across consumer data rights, digital assets, tokenised infrastructure, and regulatory frameworks designed to position Australia as a leader in financial innovation.

The Endangered Species Act protects threatened and endangered species, but what actions cross the line into prohibited "harm"? This analysis examines the legal boundaries of harm under the ESA and explores how courts and regulators interpret this critical term when balancing conservation with human activities.

The SEC has proposed rescinding its 2010 pay-to-play rule that restricted political contributions by investment advisers and their employees to government officials. After nearly sixteen years of enforcement, the Commission now characterizes the rule as having "significant unintended consequences" with draconian penalties for minor violations, proposing instead to rely on existing antifraud provisions to address pay-to-play practices.

A federal court has issued the first ruling on the constitutionality of state extended producer responsibility laws, upholding Oregon's Plastic Pollution and Recycling Modernization Act against industry challenges. The decision addresses critical questions about whether EPR programs violate the Commerce Clause and Due Process protections, with implications for similar legislation in California, Colorado, and other states. Companies subject to Oregon's EPR regulations must continue complying with registratio

The United Kingdom has introduced a new disclosure regime for investment products that are made available to retail investors in the United Kingdom. The new requirements apply to consumer composite investments (CCIs) and took effect on 6 April 2026. The CCI regime is a significant regulatory change that applies to any firm—including non-UK firms—that make investment products that are CCIs available to retail investors in the United Kingdom.

The Full Federal Court of Australia has handed down its appeal decision in Aldi Foods Pty Limited v Hampden Holdings I.P. Pty Limited [2026] FCAFC 103 which provides guidance regarding the application of copyright infringement principles to the packaging of look-alike products.