Welcome to the March edition of Tax insights, keeping you up to date with the latest developments, key takeaways from recent cases and tax trends.

Norton Rose Fulbright Canada announced today that Matthew Boswell has joined the firm as a partner in its Antitrust and Competition practice.

Global law firm Norton Rose Fulbright represented Cipher Mining Technologies Inc. in the sale of its 49 percent interest in a crypto mining joint venture to Canaan Inc.

In an increasingly globalized financial landscape, Indian corporates and financial institutions are progressively turning to overseas markets to meet their capital requirements. External Commercial Borrowing (ECB) loans, for example, loans raised by eligible Indian entities from recognized non-resident lenders, have emerged as a vital instrument for accessing international funding. The Reserve Bank of India (RBI) regulates ECB loans under the Foreign Exchange Management Act, 1999 (FEMA) and regulations, master directions and circulars issued by it that are updated from time to time.

On 19 February 2026, the Financial Conduct Authority (FCA) published a statement to clarify an issue that has arisen since the new Public Offers and Admissions to Trading Regulations (POATRs) regime and associated changes to the listing processes in the UK Listing Rules (UKLR) came into force on 19 January 2026.

A round-up of some key legal developments in England and Wales for the real estate sector.

Norton Rose Fulbright partners Michael Aluko and David Moreno have been named to Lawdragon’s 2026 Lawdragon 500 Leading Global Entertainment, Sports and Media Lawyers guide.

There is arguably a tension at the heart of the FCA’s attitude to crypto, particularly in the retail sector. On the other hand, the FCA has made positive noises about being instrument neutral and not blocking the legitimate growth of the sector.

The Pensions Regulator’s (TPR) Determinations Panel has ordered that the assets of a scheme must vest in the independent trustee under section 9 of the Pensions Act 1995.

With multi employer CDC schemes on the horizon, TAS 310 is being reviewed to address new actuarial risks and ensure fair outcomes across diverse employers.

The Ombudsman confirmed that for pre-2021 transfers, trustees could reasonably require specialist legal opinions to verify an overseas scheme’s status to satisfy themselves that the receiving scheme met statutory conditions.

The Ombudsman found that a member’s vague verbal queries about a large pension increase were not enough to stop recovery of an overpayment.

The subsoil is owned by the state. The state grants a licence to legal entities for the exploration and mining in specified subsoil areas. Minerals mined by subsoil users become their private property.

What are the additional obligations involved in acting for governments in disputes?

On 24 February 2026, the EU Council adopted (subject to certain amendments) the Omnibus Directive which was proposed by the European Commission on 26 February 2025 (see our previous briefing here) and approved by the European Parliament on 16 December 2025.

The Environment Protection Reform Act 2025 (Cth) and six related pieces of legislation passed Parliament in November 2025 and received Royal Assent on 1 December 2025 (EPBC Act Reforms).

Texas isn’t waiting for Washington to define the future of digital assets. Over the past 18 months, it has emerged as one of the most assertive and innovation forward digital asset jurisdictions in the United States.

On February 20, the US Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act (IEEPA), including a 35% tariff on certain Canadian goods imposed in March 2025.

In January 2026, the Dubai Financial Services Authority (DFSA) published the results of a cross-sector thematic review into how Authorised Firms in the Dubai International Financial Centre (DIFC) identify, manage and monitor conflicts of interest.

Artificial intelligence (AI) is reshaping how Australian financial institutions detect fraud, manage risk, and interact with customers.