---
title: "Legal, regulatory and tax | Altss Taxonomy"
description: "This hub covers the securities, adviser, pension, tax and anti-money-laundering rules that govern how private funds are offered, managed and held.…"
canonical: "https://altss.com/taxonomy/legal-regulatory-and-tax"
---

Topic hub

# Legal, regulatory and tax

This hub covers the securities, adviser, pension, tax and anti-money-laundering rules that govern how private funds are offered, managed and held. Coverage is mainly the United States, the European Union, the United Kingdom and Luxembourg. Each entry states the jurisdiction it applies to and separates the legal definition from market practice. Entries are reference material, not legal or tax advice.

Sections: US securities offerings ([Regulation D](https://altss.com/glossary/regulation-d), [accredited investor](https://altss.com/glossary/accredited-investor), [qualified purchaser](https://altss.com/glossary/qualified-purchaser)); US fund and adviser regulation (Investment Company Act exemptions, [Form ADV](https://altss.com/glossary/form-adv), Form PF); ERISA and plan assets; tax (UBTI, ECI, Schedule K-1); EU and UK rules (AIFMD, SFDR, ELTIF); and investor onboarding and financial-crime controls ([KYC and AML](https://altss.com/glossary/kyc-aml), [beneficial ownership](https://altss.com/glossary/beneficial-ownership)).

Not in this hub: the commercial terms of a fund, which are in [Fund terms and economics](https://altss.com/taxonomy/fund-terms-and-economics). Vehicles created by a regulation, such as the ELTIF, are listed both here and in [Fund structures](https://altss.com/taxonomy/fund-structures).

Publisher: Altss LLCContent modified 2026-10-01

10 concepts

## Reference index

### US securities offerings

4 concepts

- [Regulation D](https://altss.com/glossary/regulation-d)

- [Rule 506(b) vs Rule 506(c)](https://altss.com/glossary/rule-506-b-vs-506-c)

Rule 506(b) and Rule 506(c) are the two Regulation D exemptions for unlimited-size US private offerings: 506(b) prohibits general solicitation but allows up to 35 sophisticated non-accredited purchasers; 506(c) permits general solicitation if every purchaser is a verified accredited investor.

- [Accredited Investor](https://altss.com/glossary/accredited-investor)

- [Qualified Purchaser (QP)](https://altss.com/glossary/qualified-purchaser)

A qualified purchaser (QP) is an investor meeting Investment Company Act section 2(a)(51)(A), chiefly by owning at least $5 million in investments (individuals, family companies) or $25 million invested on a discretionary basis (other persons).

### US fund and adviser regulation

4 concepts

- [3(c)(1) Fund](https://altss.com/glossary/3-c-1-fund)

- [3(c)(7) Fund](https://altss.com/glossary/3-c-7-fund)

- [Registered Investment Adviser](https://altss.com/glossary/registered-investment-advisor)

- [Form ADV](https://altss.com/glossary/form-adv)

### Investor onboarding and financial crime

2 concepts

- [KYC and AML](https://altss.com/glossary/kyc-aml)

- [Beneficial Ownership](https://altss.com/glossary/beneficial-ownership)

Beneficial ownership, in anti-money-laundering law, is ownership or control of a legal entity or arrangement traced to the natural persons at the end of the chain; each regime sets its own ownership threshold, commonly 25%, and control test.

## Canonical URL

https://altss.com/taxonomy/legal-regulatory-and-tax