Committee publications
Key practical asset recovery guidance drawn from the 3rd Annual Asset Recovery Committee Meeting panels
This article is drawn from a panel discussions at the 3rd Annual Asset Recovery Committee Meeting. When discussing the most common strategic and procedural pitfalls in cross-border asset recovery, rather than revisiting theoretical frameworks, this article focusses on practical experiences drawn from multiple jurisdictions, illustrating how apparently minor tactical decisions can generate significant – and sometimes irreversible – consequences. The discussion, co-moderated and confirmed that in international enforcement, disciplined coordination and strategic consistency are often as critical as substantive legal arguments.
Released on Jul 3, 2026
Top tips from investigators in asset recovery cases
This article advises legal professionals on the considerations they must take during asset recovery investigations, including the use of AI, digital evidence, ethical cooperation, thee speed of the investigation and more.
Released on Jul 3, 2026
The new Swiss committee for cultural heritage with a burdened past
Switzerland’s new looted-art commission will reshape how asset recovery claims are assessed for Holocaust-era and colonial-era takings. Furthermore, this article explains the concept of ‘burnt art’ and why it matters in the asset recovery process.
Released on Jul 3, 2026
Crypto development in Africa
Cryptocurrency is increasingly being adopted in Africa and Africa’s rapidly evolving digital asset landscape has opened new doors for innovation, Africa is one of the fastest-growing cryptocurrency markets in the world. This article explores why Africa is so rapidly adopting cryptocurrencies.
Released on Jul 3, 2026
Crypto in insolvency: the ‘property’ debate is over but the issue of control remains
For years, the insolvency world was paralysed by a metaphysical question: is bitcoin property, or merely information? The distinction was critical. If crypto was just data, it could not be ‘owned’ or sold by a liquidator. However, today, that debate is effectively dead. This article assesses the global movements as courts across the United Kingdom, Singapore and the United States have definitively categorised digital assets as property, capable of being held in trust and liquidated.
Released on Jul 3, 2026
Who decides consent? Arbitration agreement formation and FSIA jurisdiction in US courts after Stabil and Hulley
Recent DC Circuit and district court decisions reflect a maturing approach to arbitration-related jurisdiction under the US Foreign Sovereign Immunities Act, requiring independent judicial determination of whether an arbitration agreement was formed while deferring to arbitral tribunals on questions of scope and treaty interpretation. The Stabil v Russian Federation and Hulley Enterprises v Russian Federation decisions illustrate how US courts distinguish jurisdictional consent from merits-based defences, with significant implications for enforcement strategy against sovereign respondents.
Released on Jul 3, 2026
Sovereign liabilities and immunities: recovery of assets in Australia
In an increasingly global economy, transactions (and resulting disputes) commonly transcend borders. Recent Australian court decisions demonstrate a nuanced approach to disputes involving state parties, especially regarding the enforcement of arbitral awards and foreign state immunity. This approach impacts the recovery of assets pursuant to arbitral awards in Australia. This article considers the impact of several recent developments in superior courts in Australia involving state parties and the potential impact on asset recovery against them in Australia.
Released on Jul 3, 2026
Cross-border insolvency in Switzerland: opportunities for asset recovery
In cross-border asset recovery, bankruptcy in civil law jurisdictions is often viewed as a last resort − a procedural endpoint rather than a strategic entry point. Yet, Swiss bankruptcy law can serve as an efficient means to trace, freeze and eventually recover assets that would otherwise remain beyond reach. By unpacking the legal framework, procedural pathways and practical tools available in Switzerland, we aim to demonstrate how foreign bankruptcy decrees can unlock access to hidden assets and compel disclosure. In doing so, we offer a roadmap for turning the Swiss insolvency regime into an opportunity for proactive asset recovery.
Released on Jul 3, 2026
Foreign states’ immunity from execution in light of the French Supreme Court decision of 12 June 2025
This article examines a recent French ruling, which deals with the conditions under which immunity from execution may be set aside in France in the framework of Law 2016-1691 (‘Sapin II Law’), as well as the evidentiary rules enabling creditors to rebut claims that properties serve diplomatic functions. This case illustrates how French courts attempt to balance the protection of state functions with the legitimate interests of creditors seeking enforcement.
Released on Jul 3, 2026
Bridging borders: China’s role in cross-border asset recovery
On 21 January 2026, the IBA Asset Recovery Committee hosted a webinar exploring the realities, misconceptions and emerging trends in cross-border asset recovery involving China. The panel brought together experienced practitioners working across China, the United States and major offshore jurisdictions, each offering practical insights into how creditors can trace assets, access information and enforce judgments across borders with increasing effectiveness. This article offers a review of that webinar.
Released on Jul 3, 2026
Voices from the field - Stéphane de Navacelle
This series asks the Anti-Corruption Committee’s officers the most significant anti-corruption risks and challenges that are currently affecting their region. This edition is with Stéphane de Navacelle, the Committee’s Business Crime Committee Liaison Officer, who discusses the anti-corruption landscape in France, including challenges surrounding the difficulty of implementing anti-corruption policies and new multi-year legislation plans for French anti-corruption law.
Released on Jun 29, 2026
Navigating AI’s water footprint under Pakistan’s legal and environmental framework
The rapid ascent of AI is fundamentally reshaping global industry, and Pakistan is no longer a bystander to this revolution. Through its ‘Digital Pakistan’ plan, the state aims to weave cutting-edge computation into the national fabric, promising a future of optimised governance, automated fiscal management and a thriving tech ecosystem that can compete on the global stage. But AI also introduces a ‘hidden’ environmental cost that may challenge infrastructure and legal frameworks. This article argues that unless we align our national AI policy with our environmental and water laws, we risk building a digital economy that we cannot afford to sustain.
Released on Jun 29, 2026
Navigating AI’s water footprint under France’s legal and environmental framework
This article aims to provide legal insight on the prioritisation of artificial intelligence and the extent to which we are on the brink of a new systemic conflict over water.
Released on Jun 22, 2026
Tort liability and the importance of governing law in cross-border claims
The growth of cross-border trade, digital commerce and transnational corporate activity has reshaped tort litigation. A wrongful act today often spans several jurisdictions: the conduct originates in one country, the injury occurs in another and the parties are connected to legal systems in yet another jurisdiction. Claims of this kind turn on a single threshold question: which jurisdiction’s law governs the dispute? This question is rarely neutral because legal systems differ on liability, damages, limitation periods and remedies. This article examines tort liability and the role of governing law in cross-border claims from the perspectives of India and the United States.
Released on Jun 22, 2026
Romania’s M&A market in Q1 2026: continued growth in a new corporate and regulatory landscape
Romania’s M&A market posted record-breaking results in Q1 2026, yet a sweeping legislative overhaul adopted in late 2025 has introduced new compliance layers, from tax authority gatekeeping on share transfers to reinstated capital requirements and tightened balance sheet controls, which fundamentally alter deal mechanics for the country’s most common corporate vehicle, the limited liability company. This article examines the current paradox of a thriving dealmaking environment and the need to navigate increasingly complex regulatory terrain.
Released on Jun 21, 2026
Sri Lanka’s beneficial ownership regime and its impact on M&A transactions
This article examines Sri Lanka’s evolving beneficial ownership regime under the Companies (Amendment) Act, No. 12 of 2025 and the customer due diligence framework established by the Financial Transactions Reporting Act, No 6 of 2006. It explores the key disclosure requirements, the relevant anti-money laundering/counter-terrorist financing compliance obligations in Sri Lanka and the impact of the new beneficial ownership framework on M&A transactions, foreign investment and corporate structuring.
Released on Jun 21, 2026
PN 3/2020 reimagined: structuring India investments from a Singapore perspective
This article examines India’s updated foreign investment framework under PN 2/2026 and its impact on cross-border investments, particularly those routed through Singapore structures. It highlights key considerations for in-house counsel, including beneficial ownership thresholds, control rights, aggregation risks and enhanced reporting obligations, all of which have direct implications for deal structuring and regulatory compliance. The piece also provides practical guidance on mitigating execution risk through early-stage diligence, governance calibration and the use of ring-fencing strategies, especially for investments from Singapore.
Released on Jun 21, 2026
Revision of the Equity Guidelines by the Securities Commission Malaysia: a deliberate shift towards quality, sustainability and market integrity
The recent revision of the Equity Guidelines by the Securities Commission Malaysia represents a significant shift towards enhancing the quality, sustainability and integrity of Malaysia’s capital markets. The amendments place greater emphasis on sustainable earnings, positive operating cash flow, strong governance, audit quality and operational resilience. By raising listing standards and strengthening regulatory oversight, the reforms seek to ensure that companies accessing public markets are financially sound, well governed and capable of delivering long-term value to investors.
Released on Jun 21, 2026
Challenges facing M&A transactions in North Macedonia: regulatory, competition and market considerations
As North Macedonia progressively aligns its legal framework with EU standards, mergers and acquisitions (M&A) transactions are becoming increasingly sophisticated despite persistent challenges in regard to market transparency and regulatory complexity. This article explores the legal and practical considerations essential for successful deal-making, offering a roadmap for managing regulatory compliance and valuation gaps in this developing market.
Released on Jun 21, 2026
Canada’s critical minerals M&A boom: a West Coast perspective
Canada’s critical minerals mergers and acquisitions (M&A) boom is being driven not only by mega deals, but also by Vancouver’s venture-stage mining finance ecosystem, where TSXV-listed juniors, specialist advisers and resource-focused capital markets support exploration-stage consolidation and strategic investment. This article outlines the key policy, regulatory and deal-structuring issues for international practitioners advising on West Coast Canadian critical minerals transactions, including plans of arrangement, private placements, royalties and streams, foreign investment review, exchange approvals and Indigenous consultation.
Released on Jun 21, 2026
Share sale versus share buyback and subscription in South African private M&A
In South African private mergers and acquisitions (M&A), a purchaser can acquire economic control of a target company either by purchasing the seller’s shares directly or by way of a share buyback by the target company, coupled with a simultaneous subscription for new shares by the purchaser. The commercial result may look similar, but the tax result is materially different. This article compares the two structures from the perspective of the purchaser, the seller and the target company, with reference to capital gains tax, dividends tax, securities transfer tax and contributed tax capital, as well as the solvency and liquidity requirements of the Companies Act. It considers when the buyback and subscription route may be more tax efficient, particularly where the seller is a South African company entitled to a dividends tax exemption, and flags the anti-dividend-stripping rules in Section 22B of the Income Tax Act and paragraph 43A of the Eighth Schedule, which may neutralise the intended benefit. The article concludes that the appropriate structure should be selected only after modelling the nature of the seller, the available contributed tax capital and the dividend stripping exposure based on the facts of each transaction.
Released on Jun 21, 2026
Who reads the report? Board oversight, retail Investors and the case for accessible annual reporting in Nigeria
As social media fuels a surge in millennial and Gen Z shareholders in public companies in Nigeria, boards must treat annual reports as essential investor tools, not compliance exercises. This article examines how Chartered Governance Institute UK and Ireland (CGI UK) principles and local governance codes can guide boards in delivering accurate, accessible and plain-language disclosures that match the reality of today’s retail investor base.
Released on Jun 21, 2026
Warranty and indemnity insurance in Poland and Central and Eastern Europe: adoption, challenges and structural implications
Warranty and indemnity (W&I) insurance has become an established feature of private equity-driven M&A transactions in Poland, yet its adoption across the broader mid-market and the wider Central and Eastern Europe (CEE) region remains uneven. This article draws on current market data and practitioner commentary to examine the trajectory of W&I adoption in Poland and CEE, the persistent divide between private equity and mid-market transactions, region-specific underwriting challenges and the structural impact of W&I on liability frameworks in share purchase agreements.
Released on Jun 21, 2026
The rise of continuation funds and secondary transactions in Latin America
The secondary market for private equity interests has experienced unprecedented growth globally, with continuation funds emerging as a preferred liquidity tool for general partners (GP) seeking to retain high-performing assets beyond traditional fund timelines. This article provides M&A counsel with a practical framework for advising on GP-led secondary transactions in Latin America, particularly Chile, Colombia and Peru, addressing the unique regulatory landscape under Chile’s Law No. 20,712 (Ley Única de Fondos), the structural complexities of combining onshore vehicles with offshore special purpose vehicles (SPVs), the role of Chilean pension fund administrators (AFPs) as drivers of secondary liquidity under DL 3,500 and the Central Bank’s Chapter III.F.4 investment regime, as well as the critical negotiation points that arise when adapting Anglo Saxon market standards to civil law jurisdictions, including emerging trends, such as the inverted J-curve phenomenon, direct secondary acquisitions by institutional investors and the convergence of private credit with secondary markets.
Released on Jun 21, 2026
The dubious case of term sheet enforceability
Term sheets lay the groundwork for all mergers and acquisitions (M&A) transactions by capturing the principal commercial understanding of the parties pending the execution of definitive agreements. Despite its pivotal role, the legal validity of a term sheet is often probed, due to selective provisions being specified as binding. The OYO v. Zostel dispute stands as an exemplary case study on the principles governing the enforceability of term sheets. Drawing lessons from the dispute, this article offers practical insights to reduce uncertainty and mitigate transaction risk when drafting term sheets.
Released on Jun 21, 2026
M&A in a regulated environment: navigating Swiss sectoral controls, foreign investment scrutiny and transaction execution
Switzerland remains among the most active and sophisticated European jurisdictions for mergers and acquisitions (M&A) in regulated industries. Legal certainty, an independent and technically competent supervisory architecture and an open economy continue to attract both strategic and financial investors. Yet the regulatory environment has tightened materially over the past decade: financial market supervision has been recalibrated after the Credit Suisse resolution; merger control is moving towards a significant impediment to effective competition (SIEC)-based substantive test; an investment-screening regime targeting state-controlled foreign acquirers has been adopted; and sectoral regulators in healthcare, energy, telecommunications and data have extended their reach into transaction execution. This article offers international counsel a practitioner-oriented map of the framework governing Swiss regulated M&A, which includes transaction law; merger control; foreign investment review; sectoral regimes; execution mechanics; environmental, social and governance (ESG); recurring pitfalls; and the future outlook.
Released on Jun 21, 2026
Recent corporate law developments in Malta: a venture capital perspective
This article examines recent corporate law developments in Malta through a venture capital lens, situating them within broader European Union-level initiatives, such as the proposed EU Inc regime. It explores the introduction of new corporate forms, including youth enterprises and sports private limited liability companies, alongside ongoing reforms to existing structures and developments to the fund regulatory framework. The article considers how these measures interact with Malta’s evolving startup ecosystem and assesses their practical relevance for venture capital investors, particularly in the context of cross-border structuring and scaling. While these reforms reflect a broader push towards enhancing the country’s competitiveness and attracting founders, their long-term effectiveness will depend on their ability to align with market expectations and facilitate efficient capital raising.
Released on Jun 21, 2026
Stock sale versus asset sale in M&A transactions
This article examines the two primary structures for M&A transactions, stock purchases and asset purchases, analysing the legal, practical and tax considerations that guide parties in choosing the most appropriate deal structure. By comparing the advantages and disadvantages of each approach, it provides a practical framework for lawyers and business professionals navigating the structuring phase of a transaction.
Released on Jun 21, 2026
Airport privatisation in India: Ready for the next take-off?
India's aviation sector is entering a defining phase of growth. As the world’s third-largest domestic aviation market, India continues to record sustained post-pandemic growth in passenger traffic. Rising passenger numbers, expanding regional connectivity and increasing cargo activity have created an urgent need for airport infrastructure capable of supporting future demand. While airport development was historically driven by public investment, the sheer scale of capital now required has progressively pushed policymakers towards private participation.
Released on Jun 19, 2026
Seniors and juniors in the face of AI: semantic versus cybernetic information
An introduction to a symposium held by the IBA Senior Lawyers’ Committee and IBA Young Lawyers’ Committee in May 2026, covering the topic of cooperation between young lawyers and senior lawyers in the age of digitalisation.
Released on Jun 17, 2026