Worldwide: Corporate/Commercial Law

The Irish High Court has clarified the scope of statutory exemptions under the Data Protection Act 2018, ruling that organisations can legitimately refuse data subject access requests when legal privilege, client confidentiality, or litigation interests are at stake. This landmark decision establishes clear boundaries between different exemption provisions and confirms their compatibility with GDPR Article 23, providing much-needed guidance for organisations navigating complex disclosure obligations.

The Irish High Court has addressed a fundamental question about legal advice privilege in corporate law: can a company assert privilege against its own shareholders? This decision examines the controversial 'shareholder rule' and its compatibility with the principle of separate legal personality established in Salomon v Salomon, following the Privy Council's recent rejection of this rule in England and Wales.

France has enacted Law No. 2026-122, establishing a groundbreaking confidentiality regime for in-house legal counsel opinions, addressing a longstanding competitive disadvantage faced by French companies in cross-border disputes.

When an employee is forced to return shares as a 'bad leaver' under a participation plan, Dutch tax authorities now require box 2 taxation based on market value rather than the contractual return price. This creates a significant tax liability without any actual payment received, raising questions about compensation possibilities through negative wage deductions and the broader implications for employee participation schemes.

Luxembourg is introducing significant changes to its stock option taxation framework, establishing a new statutory regime while codifying treatment under ordinary rules.

In the investment world, carried interest isn't just a reward, it's a strategic tool for aligning the interests of fund managers and investors, and Luxembourg offers unique advantages for structuring it efficiently.

Where the company still has assets, liabilities or other matters to resolve, voluntary liquidation provides a formal way of bringing its affairs to an end. A licensed insolvency practitioner is appointed as liquidator to deal with outstanding liabilities, realise or distribute assets and complete the winding-up before dissolution.

When the sole director and shareholder of a Maltese company dies, a unique governance vacuum emerges that existing legislation fails to adequately address. The Commercial Court's recent decision in Budget Services Limited v X demonstrates how judicial pragmatism can provide temporary relief, but raises critical questions about the need for comprehensive legislative reform to protect orphaned companies from operational paralysis.

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

The European Parliament has tabled over 1,900 amendments to the Market Integration and Supervision Package, transforming it from a straightforward proposal into a complex negotiation between competing models for European market supervision and infrastructure. As the Commission's original December 2025 proposal becomes obsolete and multiple parliamentary drafts emerge with conflicting visions, financial firms face critical questions about which supervisory architecture will ultimately govern their licenses

The European Commission has published new delegated regulations amending the EU prospectus disclosure regime, introducing streamlined content requirements and standardized formats for various categories of prospectuses. These reforms, part of the broader EU Listing Act package, aim to reduce regulatory burdens for issuers while maintaining investor protection, with key changes including reduced historical financial information requirements and simplified disclosure obligations.

Germany's implementation of the EU AI Regulation assigns BaFin as the market surveillance authority for AI systems in financial services, while new guidance clarifies investment product classifications under PRIIPs and establishes transitional rules for ESG rating providers. BaFin also provides supervisory guidance on the Payment for Order Flow ban affecting investment firms and neo-banks.