> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/faq/legal-and-regulatory.md).

# Legal & Regulatory

**What is ring-fencing?** Ring-fencing is the legal separation of each SubFund's assets from all other SubFunds and from the Management Company. This is a statutory feature of the Luxembourg Securitisation Law 2004 (Article 8). It means that an investor in one SubFund has no exposure to the assets, liabilities, or creditors of any other SubFund.

**Can a SubFund be liquidated independently?** Yes. Each SubFund can be liquidated without affecting any other SubFund or the Fund itself.

**What happens if the Management Company is replaced?** The Fund's service providers (auditor, custodian, legal counsel, tax advisor, digital infrastructure) continue under their independent mandates. A New Management Company is appointed with consent of Unitholders holding more than 80% of outstanding Units. If no successor is appointed within three months, the Fund is liquidated.

**Are T-Blocks instruments securities?** Yes. T-Blocks instruments are financial instruments structured under Luxembourg securitisation law. They are not crypto-assets or utility tokens. On the digital rail, the token is a digital representation of the legal instrument — not a separate security.