A&O Shearman network insights

Beyond Fintech: Crypto compensation—designing token incentives that work

The crypto market may have cooled, but demand for digital-asset talent hasn’t. In our newest Beyond Fintech podcast, compensation lawyers Hayde Faria and Jai Garg dissect the fast-moving world of token-based incentive plans—explaining how employers can pay and retain top performers with cryptocurrency while steering clear of regulatory and tax pitfalls.

Lessons from Petrofac and Waldorf – the impact on English restructuring plans

Following the overturn of the Petrofac restructuring plan by the Court of Appeal in July 2025 and the High Court’s subsequent refusal to sanction the Waldorf restructuring plan in August 2025, London Restructuring partners Katrina Buckley, Karen McMaster and Tim Watson and Restructuring Senior Knowledge Lawyer Chris Poel have sat down with Lisa Rickelton (senior managing director from FTI Consulting, with over 20 years of experience of advising stakeholders on complex insolvency and restructuring matters) to discuss what effect these judgments may have on structuring complex restructurings and the process and practice of preparing a restructuring plan.

The Petrofac judgment marked a significant milestone in the continuing development of the English restructuring plan, being only the second occasion on which a sanctioned restructuring plan has been overturned by the Court of Appeal (following the Adler case in 2024). In turn, much the reasoning behind the reversal of Petrofac plan had a significant bearing on the High Court’s ensuing rejection of the Waldorf plan. The issues considered by the Courts and the guidance handed down from the bench in both cases have come under considerable scrutiny from the market, and stakeholders will be keen to understand the implications if they are considering making use of the restructuring plan tool.

Our podcast contributors discuss the specific commercial matters at play in the Petrofac case and why the Court of Appeal came to its decision; the impact of Petrofac on the Waldorf case, what amounts to a “fair” allocation of the benefits generated by a restructuring; how companies can strengthen their evidence to justify such allocations; and the merits or otherwise of possible alternatives to a restructuring plan.

For further details, we also recommend reading our previous article setting out a thorough consideration of the Petrofac Court of Appeal judgment and its implications.

Does the Data (Use and Access) Act deliver: e-privacy and ICO enforcement?

In this short series of podcasts, senior knowledge lawyer, Emma Keeling, and A&O Shearman’s data consultant and former ICO Deputy Commissioner, Steve Wood, take a look at some of the key data protection and e-privacy aspects of the UK’s Data (Use and Access) Act 2025 (the DUAA).

In focusing on the data protection and e-privacy developments, they consider what has changed, but most importantly what that means in practice for businesses and organisations subject to the UK’s GPDR, Data Protection Act and Privacy and Electronic Communications Regulations (PECR).

They consider if and how the DUAA can support innovation and technological developments, how the DUAA may relieve organisations of their day to day compliance burden, what is new for the ICO, and the implications of changes to PECR.

The ICO is set to be restructured so as to align with the corporate arrangement more familiar from other UK regulators and the DUAA also provides further detail on the ICO’s duties, reporting and role with respect to codes of practice for example. However, in this third podcast, Emma and Steve focus on changes to the ICO’s enforcement powers.

They go on to address updates to PECR, notably the increased alignment with the data protection regime and approaches to direct marketing and cookies.

Since recording, regulations have been made to bring into force further DUAA provisions, as from August 20 2025. In relation to the content relevant for this podcast, these include provisions regarding, amongst others, interpretation of PECR (s. 109, 110 DUAA), data breach notice period under PECR (s. 111 DUAA), ICO notices (s.96 DUAA), ICO power to require documents (s.97 DUAA), restructuring of ICO (s.117 and sch. 14 DUAA), secretary of state regulations (s. 107 DUAA) and general minor amendments (s. 108 and sch. 11 DUAA).

These podcasts assume some knowledge of data protection and you can read more on the background of the DUAA in our blogs listed below:

• ICO issues guidance on the Data (Use and Access) Act
• UK: welcome news for employers on data protection
• Data (Use and Access) Act gets Royal Assent
• EPRS publishes paper on potential challenges to U.K. data adequacy decisions
• DUA (Lipa) Bill – Hotter Than Hell or just a few New Rules?
• UK Data Reform is back: Data Protection and Digital Information Bill (no2) is laid to Parliament
• Data: A new direction?

Does the Data (Use and Access) Act deliver: easing the day to day burden?

In focusing on the data protection and e-privacy developments, they consider what has changed, but most importantly what that means in practice for businesses and organisations subject to the UK’s GPDR, Data Protection Act and Privacy and Electronic Communications Regulations (PECR).

They consider if and how the DUAA can support innovation and technological developments, how the DUAA may relieve organisations of their day to day compliance burden, what is new for the ICO, and the implications of changes to PECR.

Alongside the potential for innovation, the UK Government has been keen to emphasis the benefits of the DUAA in terms of reducing the compliance burden. Do we see changes that genuinely relieve some of the day to day challenges for organisations when it comes to responding to DP requirements?
 
In this second podcast, Emma and Steve will consider changes regarding:

• lawful basis,
• data subject rights,
• complaints process, and
• international transfers.

Since recording, regulations have been made to bring into force further DUAA provisions, as from August 20 2025. In relation to the content relevant for this podcast, these include provisions regarding, amongst others, the relevance of international law in relation to lawful basis for processing (s. 72 DUAA), special categories of personal data (s. 74 DUAA), data subject access requests (s. 104 DUAA), secretary of state regulations (s. 107 DUAA) and general minor amendments (s. 108 DUAA).

These podcasts assume some knowledge of data protection and you can read more on the background of the DUAA in our blogs listed below:

• ICO issues guidance on the Data (Use and Access) Act
• UK: welcome news for employers on data protection
• Data (Use and Access) Act gets Royal Assent
• EPRS publishes paper on potential challenges to U.K. data adequacy decisions
• DUA (Lipa) Bill – Hotter Than Hell or just a few New Rules?
• UK Data Reform is back: Data Protection and Digital Information Bill (no2) is laid to Parliament
• Data: A new direction?

Does the Data (Use and Access) Act deliver innovation and opportunity?

In this short series of podcasts, senior knowledge lawyer, Emma Keeling, and A&O Shearman’s data consultant and former ICO Deputy Commissioner, Steve Wood, take a look at some of the key data protection and e-privacy aspects of the UK’s Data (Use and Access) Act 2025 (the DUAA).

In focusing on the data protection and e-privacy developments, they consider what has changed, but most importantly what that means in practice for businesses and organisations subject to the UK’s GPDR, Data Protection Act and Privacy and Electronic Communications Regulations (PECR).

They consider if and how the DUAA can support innovation and technological developments, how the DUAA may relieve organisations of their day to day compliance burden, what is new for the ICO, and the implications of changes to PECR.

One of the UK Government’s primary stated aims of the DUAA is to unlock the secure and effective use of data, encouraging innovation. The ICO in its summary documentation flags a number of amendments as being supportive of that agenda.

In the first podcast, Emma and Steve will be looking today at changes to the requirements for:

• automated decision making
• the purpose limitation principle
• updates regarding research, archiving and statistical purposes of processing.

Since recording, regulations have been made to bring into force further DUAA provisions, as from August 20, 2025. In relation to the content relevant for this podcast, these include provisions regarding, amongst others, special categories of personal data (s. 74 DUAA), Secretary of State regulations (s. 107 DUAA) and general minor amendments (s. 108 DUAA).

These podcasts assume some knowledge of data protection and you can read more on the background of the DUAA in our blogs below: 

• ICO issues guidance on the Data (Use and Access) Act
• UK: welcome news for employers on data protection
• Data (Use and Access) Act gets Royal Assent
• EPRS publishes paper on potential challenges to U.K. data adequacy decisions
• DUA (Lipa) Bill – Hotter Than Hell or just a few New Rules?
• UK Data Reform is back: Data Protection and Digital Information Bill (no2) is laid to Parliament
• Data: A new direction?

Warsaw Financial Regulatory Podcast: Episode 2

In this episode of the Warsaw Financial Regulatory Podcast, hosts Paweł Mruk-Zawirski and Filip Główka dissect three sweeping legislative packages that are set to redefine the legal and compliance landscape for Poland’s financial sector. 

Consumer Credit in Focus—DP 25/2 Mortgage Rule Review: the future of the mortgage market

Listen in for the latest developments in UK mortgage regulation with our insightful podcast, “Consumer Credit in Focus”, where experts from our London Financial Services Regulatory team break down the recent Financial Conduct Authority’s (FCA) discussion paper on possible future reforms to UK mortgage regulation.

In this episode, counsel Jean Price and associate Giannis Giortzis discuss with knowledge lawyer Louise Bralsford the paper’s key proposals ranging across wider lending, later life lending, customer understanding and rebalancing risk appetite in the mortgage market.

We explore what DP 25/2 may mean for the mortgage industry and how this fits into the UK’s broader vision for a more supportive and transparent financial landscape.

Join us as we delve into key elements like the interest rate stress test, lending to those with variable income and vulnerable customers and consider the FCA’s possible direction of travel, and what it means for consumers navigating financial decisions.

Tax, immigration and global talent: how Luxembourg is luring top professionals with smart incentives

In this episode, our Tax partner Franz Kerger and Employment counsel Nathaël Malanda join forces to analyze Luxembourg’s latest strategies for attracting top international talent.

They explore how Luxembourg positions itself as a destination of choice through two powerful levers: the country’s general tax attractiveness for impatriates, and its favorable immigration rules that make relocation smoother for skilled professionals.

The discussion also compares Luxembourg’s approach with similar schemes abroad and highlights the long-term benefits for both employers and employees.

With real-life examples and practical insights, this episode is a must-listen for professionals considering a move and employers looking to attract and retain global talent.

Insurance podcast series – Episode 5 Cyber insurance

This episode of our insurance series looks at cyber insurance and why these policies are integral to the risk management frameworks of many organisations.

For this conversation, insurance litigation and cyber partner Charlie Weston-Simons is joined by Ffion Flockhart, global co-head of cyber, with insights from Neil Warlow, Executive Director at Howden Insurance Brokers and Paul Gooch, Divisional Head of Cyber at Tokio Marine Kiln.

During the podcast, we discuss:

• What cyber insurance covers, and why businesses should invest in this type of policy.
• How insurers underwrite cyber risks.
• The claims process.
• Topical issues such as coverage for widespread events, war exclusions and AI-related losses.

Navigating the IPO landscape in Australia

Speculation over a return of the Australian IPO market continues, given recent high-profile listings and regulatory engagement on changes to the local landscape.

Our M&A and equity capital markets experts recently discussed the potential key drivers that will reopen the IPO market, how regulatory changes can facilitate easier listings for private equity floats, and how businesses can access U.S. markets through Australian or U.S. listings.