A&O Shearman network insights

Market Horizons podcast: All aboard: changes coming to the EU and UK prospectus regimes

In this episode of our Market Horizons podcast series, partners Amanda Thomas (London), Cristiano Tommasi (Rome), and Paul Peporté (Luxembourg) and counsel Jennifer Cresswell (London) from our global financial markets practice return to the topic of prospectus regulation.

Together they discuss changes to the EU and UK prospectus regimes and the similarities and differences between them from a debt capital markets perspective.

Restructuring Across Borders Toolkit - France

We have recently relaunched A&O Shearman’s Restructuring Across Borders Toolkit. This resource is developed by our market-leading Restructuring group (where applicable, in conjunction with our partner law firms) offering a free and easy-to-use resource that provides information and guidance on key practical aspects of restructuring and insolvency proceedings in more than 50 jurisdictions around the world.

To celebrate this relaunch colleagues from across our European network have sat down with Christopher Poel to discuss what pre-insolvency rescue and compromise proceedings are available to debtors in those jurisdictions, whether there have been any novel or exciting uses and deployments of those processes, and if there’s anything interesting coming down the line.

The seventh podcast takes a look at the current state of the French restructuring regime with Tristan Jambu-Merlin and Antoine Santoni. Alongside the more amicable and voluntary processes such as conciliation and the mandat ad hoc, the team also consider some of the other collective procedures which can bind all creditors to a plan (including dissenters) such as safeguard and accelerated safeguard, as well as some practical examples of the use of these procedures.

Privilege and tax advice: impact of recent ECJ decisions

We were recently involved in advising a Luxembourg law firm in relation to an order to disclose information and documents based on an information request issued by another EU Member State, and whether providing such information would be a breach of the rules on privilege. The matter went all the way to the CJEU, with the CJEU finding that (i) the order was an interference with the right to respect communications between a lawyer and their client, which are protected under the EU Charter of Fundamental Rights and the European Convention on Human Rights and (ii) the current Luxembourg rules which exclude tax advice from the scope of legal privilege constitute an unjustified interference with such rights.

Insurance podcast series – Episode 3: The Transition Finance Market Review and the insurance sector

Transition finance is one of the hottest topics in the climate arena, and the role that insurers have to play is multi-layered.

In our latest podcast, Kate McInerney (a partner in our insurance group) and Ying-Peng Chin (a senior knowledge lawyer in our environmental and climate law group) discuss transition finance, the U.K. Transition Finance Market Review (TFMR) and what it means for the insurance sector.

We are delighted to contribute to shaping global norms in transition finance markets through our role in supporting the TFMR’s secretariat. The TFMR was commissioned by the U.K. government to examine solutions to unlocking transition finance at scale, with the ambition of making the U.K. a global hub for transition finance. The findings of the TFMR were published on October 17, 2024. Read our summary covering key issues in the TFMR's report that corporates and capital providers need to know.

"EU Listing Act" - Episodio 1: Le Novità per il Mercato del Debito

This podcast explores a key topic for the EU financial sector: the “Listing Act”, a comprehensive legislative package adopted on October 8, 2024 to make capital markets more attractive for EU businesses and to facilitate access to capital for SMEs.

In this episode, Cristiano Tommasi (partner of our Global Financial Markets group) focuses on some key changes affecting the debt capital markets, particularly certain amendments to the Prospectus Regulation. 

Other aspects of the EU Listing Act will be explored in our next episode.

This podcast is recorded in Italian.

Restructuring Across Borders Toolkit – Belgium

Following on from the relaunch of A&O Shearman’s Restructuring Across Borders Toolkit, this free and easy-to-use resource developed by our market-leading restructuring group (where applicable, in conjunction with our partner law firms), offers information and guidance on key practical aspects of restructuring and insolvency proceedings in more than 50 jurisdictions around the world.

To coincide with this relaunch colleagues from across our European network have sat down with Christopher Poel to discuss what pre-insolvency rescue and compromise proceedings are available to debtors in those jurisdictions, whether there have been any novel or exciting uses and deployments of those processes, and if there’s anything interesting coming down the line.

The sixth podcast in the series sees Christopher Poel joined by Bart De Bock, Julien Hislaire and Esther Maes to discuss Belgium’s transposition of the EU Directive on Restructuring and Insolvency and the types of restructuring proceedings introduced into Belgian legislation, and some interesting examples of where the newly available options have been used to restructure companies in Belgium.

New RCS requirement: introduction of the Luxembourg National Identification Number (LNIN)

In this latest episode, our counsel Laurent Goyer and our senior manager at Boards by A&O Shearman, Karolina Gacka, shed light on the new requirements published by the Luxembourg Trade and Companies Register (RCS). Starting November 12, 2024, all individuals registered or required to be registered in the records of an entity registered with the RCS will need to obtain or request a Luxembourg National Identification Number (LNIN).

This new regulation represents a significant change for entities registered in Luxembourg. In this podcast, our experts will guide you on how to prepare for these new requirements to ensure a smooth transition and avoid any non-compliance.

While awaiting the publication of new FAQs by the RCS, we invite you to consult our eAlert on the subject, as well as the current FAQs by clicking here.

Restructuring Across Borders Toolkit – Luxembourg

Following on from the relaunch of A&O Shearman’s Restructuring Across Borders Toolkit, the free and easy-to-use resource which are developed by market-leading Restructuring group (where applicable, in conjunction with our partner law firms), offers information and guidance on key practical aspects of restructuring and insolvency proceedings in more than 50 jurisdictions around the world.

To coincide with this relaunch colleagues from across our European network have sat down with Christopher Poel to discuss what pre-insolvency rescue and compromise proceedings are available to debtors in those jurisdictions, whether there have been any novel or exciting uses and deployments of those processes, and if there’s anything interesting coming down the line.

The fifth podcast in the series sees Bénédicte Kurth and Lena Walin take a detailed look at the new in and out of court reorganisation proceedings which were introduced to Luxembourg in November 2023, who is in scope for those procedures and the impact on creditors to Luxembourg companies or with Luxembourg law governed security.

Asset management market consolidation: ingredients for a successful merger

In the second episode of our M&A podcast series, we bring together our funds and asset management partner Miao Wang, and Peter Myners, our M&A partner at A&O Shearman in Luxembourg. Together, they delve into the dynamics that drive consolidation in the asset management market, exploring both defensive strategies aimed at scaling up to manage rising costs and proactive strategies designed for growth. This discussion is enriched with real-world examples of high-profile mergers and insights into the legal challenges behind this market trend.  

Tune in for a lively conversation around the strategic drivers of mergers, the critical role of due diligence, and the impact of investor relations and regulations. Get an overview of key elements necessary for a successful operational post-merger integration in the asset management sector, and hear about the challenges that sometimes emerge in unexpected areas. 

To close the episode, Peter and Miao share their views on what the future could hold for the asset management industry, with Luxembourg playing a pivotal role – no crystal balls involved. 

Annual reports and AGMs Podcast

In this podcast, we provide practical advice for company secretaries and their teams on what to consider when preparing for their next Annual Report and AGM.

Points covered include:

• Market trends and investor expectations for the format and business of AGMs in 2025.
• Key issues for annual reports, including the impact of changes to the U.K. Corporate Governance Code and U.K. Listing Rules.
• Developments in sustainability-related reporting.
• Horizon scanning – perspective on likely future developments in U.K. governance and reporting.