Legal
Legal disclaimer
This disclaimer applies to everything on this website and to every deliverable we produce.
Last updated: September 2026
No investment, legal or tax advice
Our reports are political and country risk analysis prepared for information purposes only. They are not investment research or a personal recommendation under any regulatory regime, not legal or tax advice, and not an offer or solicitation to buy, sell or hold any asset or to enter any transaction. Decisions taken on the basis of our work remain entirely yours.
Sources, limits and uncertainty
Assessments rest on public records, documentary sources and professional networks available at the date of writing. Registers can be incomplete, delayed or inaccurate; political situations change quickly. We state explicitly what we could not establish rather than filling gaps with inference. Scenarios are indicative judgements about plausible paths, not predictions, and no outcome is guaranteed.
Third parties named in our work
References to individuals or companies describe the public record and our assessment of it at the time of writing. They are not allegations of criminal conduct unless we say a conviction or formal charge exists and identify the source. Where a person has contested or rebutted a public claim, we say so. Anyone who believes a statement about them is inaccurate may write to us and we will review it.
Independence and personal capacity
The partners act in their personal professional capacity. The firm is independent of, and its work does not represent the positions of, any institution, employer, funder or organisation with which the partners are otherwise affiliated. Published commentary listed on this site belongs to its original publisher and is linked, not reproduced.
Confidentiality and conflicts
Client identities and engagement content are confidential and are never reused in public commentary. Conflicts of interest are checked before a mandate is accepted, and are disclosed or the mandate declined where they arise.
External links
This site links to third-party publications for reference. We are not responsible for their content, availability or the way those sites handle your data.