They discuss:

• The joint SEC–CFTC guidance and why its new taxonomy marks a shift away from enforcement first regulation
• How the Howey analysis is evolving, with the focus moving from the token itself to the circumstances of the sale
• What NASDAQ’s tokenized securities pilot signals for the future of public markets
• Why recent CFTC and OCC actions matter as Congress debates the Clarity Act

The message is clear: this isn’t the finish line—it's a credible bridge toward regulatory certainty.

Listen to the full episode to understand what this moment means for digital‑asset businesses, platforms, and investors navigating what comes next.

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. The series provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead. 

Earth’s orbit is more crowded than ever. Operational satellites and other technology, outdated hardware, and debris all contribute to the numbers. Collisions can destroy critical infrastructure, generate thousands of new fragments, and create cascading hazards for those operating in and using space. Add to that the uncertainty of re entry—not all objects burn up— and it’s clear that we face a rapidly escalating risk environment.  

The episode covers:

• Why fault based liability in orbit is so difficult to apply in practice
• How ground station operations and evidence gaps complicate attribution
• The limitations of existing state to state dispute mechanisms
• The critical role of space situational awareness data in proving (or disproving) fault
• How operators, insurers and counsel can prepare for the disputes that will inevitably follow from a congested orbital environment

If you’re advising on space operations, insurance, regulatory strategy, or risk, this episode will give you a clear sense of where disputes are likely to emerge and what tools we may need to resolve them.

Disputes in Space is a podcast series from A&O Shearman’s Future Disputes group, exploring the disputes risks emerging from the rapid commercialization of space. Featuring A&O Shearman lawyers and external experts, the series examines collisions, spectrum interference, and space mining—and the legal, regulatory, and evidentiary challenges shaping the future space economy.

Space isn’t only crowded with satellites—it’s also crowded across the radio frequencies that they depend on. As mega constellations grow, satellites deliver direct to device services, and multiple operators compete for access to key bands; the demand for usable spectrum is intensifying.  

Although an international framework governing spectrum allocation does exist, it was built for a very different era—one in which satellites were launched by States, operated in low numbers, and rarely competed for the same frequencies. Today, private operators face a system where coordination depends heavily on national administrations and enforcement options are uncertain. As commercial dependence on uninterrupted connectivity grows, harmful interference is set to become one of the most strategically significant—and litigated—issues in the space sector. 

The episode discusses:

• The rising risk of harmful interference from overlapping constellations and D2D services
• How national interests and geopolitical pressures shape outcomes in cross border interference disputes
• How the ITU’s current allocation system works—and why it struggles under modern commercial pressures
• The limits of existing coordination and enforcement mechanisms
• Why operators increasingly rely on bilateral coordination agreements and arbitration to safeguard their rights 

This episode explains where interference disputes are most likely to develop and the contractual, technical and procedural tools needed to manage them. 

Disputes in Space is a podcast series from A&O Shearman’s Future Disputes group, exploring the disputes risks emerging from the rapid commercialization of space. Featuring A&O Shearman lawyers and external experts, the series examines collisions, spectrum interference, and space mining—and the legal, regulatory, and evidentiary challenges shaping the future space economy 

As launch costs fall and technology improves, commercial operators are looking ahead to a world where metals, rare minerals, and even water are extracted from asteroids and the lunar surface and used to fuel deeper exploration, power in orbit manufacturing, and support permanent infrastructure in space, as well as for projects on Earth. In the coming decades, we’re likely to see a rapid acceleration: prospecting missions, pilot extraction projects, and the emergence of sophisticated supply chains built entirely beyond Earth.   

While our commercial ambitions have raced forward, our legal frameworks have not. The Outer Space Treaty was drafted in the 1960s, long before private operators were formulating plans for space mining. National laws and the Artemis Accords offer partial answers to some questions, but the global regulatory landscape remains fragmented and ill equipped to deal with overlapping claims, competing rights, or conflicts concerning extraction in space. The result is an environment primed for complex, multi layered disputes. 

The discussion covers:

• What the commercial landscape for space resources is expected to look like in the next 10–15 years
• How gaps and ambiguities in the Outer Space Treaty fuel competing interpretations regarding resource rights
• The growing tension between national legislation and international obligations
• Why future disputes may span state to state claims, contractual arbitration, tort based actions and even investor–state cases
• What frameworks (such as the Hague “building blocks”) might shape the long term development of space mining governance 

If your work touches the future space economy—whether exploration, infrastructure, investment, or commercial operations— this episode offers clarity on where the earliest legal flashpoints in space mining are likely to emerge, and what businesses will need to navigate as humanity’s commercial activities move deeper into the solar system.

Disputes in Space is a podcast series from A&O Shearman’s Future Disputes group, exploring the disputes risks emerging from the rapid commercialization of space. Featuring A&O Shearman lawyers and external experts, the series examines collisions, spectrum interference, and space mining—and the legal, regulatory, and evidentiary challenges shaping the future space economy. 

The discussion explores the evolving landscape across the EU and UK, focusing on:

• why public procurement is central to success in the defense industry, where governments are effectively the only customers, and how procurement frameworks shape valuations, deal certainty, and revenue predictability
• how the EU's patchwork of 27 national procurement regimes operates, including targeted exemptions, Article 346 TFEU carve-outs for essential security interests, and new programs like SAFE that impose additional conditions on funding
• the UK's reformed approach under the Procurement Act 2023, including greater flexibility for defense and security contracts, expanded scope covering dual-use and emerging technologies, and streamlined powers for designated authorities
• sanctions risks across four key categories—country risk, counterparty risk, sector and activity risk, and equipment/technology risk—and why supply chain transparency is critical
• the explosion in export control complexity, including dual-use regimes, U.S. Export Administration Regulations (EAR) implications, and how ownership structures affect future licensing possibilities
• the EU Defence Readiness Omnibus package, which aims to accelerate procurement and capability development while introducing stronger supply chain checks and compliance expectations
• ESG considerations and whether defencse investment remains compatible with sustainability commitments, including the distinction between taxonomy-aligned funds and those with greater investment flexibility.

What this means for investors

Defense transactions require careful navigation of procurement regimes, sanctions frameworks, and export controls—all of which directly affect deal structure and long-term returns. Investors should prepare properly by developing a detailed defense sector strategy and reviewing internal policies, define their investment scope carefully, recognizing that defense extends beyond heavy military equipment to critical infrastructure, defense technology, and dual-use products, and build robust compliance frameworks with strong governance structures, audit and risk committees, and rigorous contract reviews

The discussion explores the evolving landscape across the U.S., UK and EU, focusing on:

• why defense attracts heightened scrutiny under merger control and FDI, including concentration, government procurement, national security concerns and protection of critical capabilities
• how the European Commission is incorporating resilience (supply-chain robustness, access to key inputs and shock-resistance) into merger analysis, and how the EU’s Foreign Subsidies Regulation (FSR) adds a third review track alongside merger control and FDI
• U.S. developments, including CFIUS review as the norm for defense deals and the DCSA’s FOCI mitigation process for targets with classified information, including governance and information-security solutions (e.g., proxy arrangements, restricted access, national security agreements)
• UK practice under the NSIA, including typical remedies to preserve UK capabilities and protect sensitive and classified information
• EU screening trends, including multiple Member State filings, the push to harmonize FDI with a minimum common scope and the need to coordinate FDI with EU merger control and FSR to avoid conflicts or gun-jumping
• converging remedy themes across jurisdictions—data and technology ring-fencing, access controls, local capability commitments, governance separations and third-party monitoring—and their impact on integration and value capture

Defense transactions increasingly involve extended signing-to-closing periods, more intensive disclosure and tighter governance constraints. Early planning is essential—map global filing requirements across merger control, FDI and FSR, develop credible mitigation packages, align conditions across jurisdictions, and particularly in the U.S., consider a proactive government-affairs strategy to support a smoother path to approval.

In this episode of our Market Horizons series, our panel discuss how the new framework of The Public Offers and Admissions to Trading Regulations 2024 reshapes the landscape and share their thoughts on some of the changes from a debt capital markets perspective.

Our panel for this discussion comprises:

• Amanda Thomas, partner (London)
• Tom Grant, partner (London)
• Jennifer Cresswell, counsel (London)

With the new regime now live, the panel provide a practical overview of the key changes and their implications, exploring:

• The separation of public offer regulation from admissions to trading regulation
• The single disclosure framework for non-equity securities based on the wholesale standard and alleviations for plain vanilla listed bonds
• The opening up of the bond markets to retail investors and practical considerations for bringing retail into institutional deals
• Other (non-retail specific) changes that the new regime brings
• Transitional provisions for programmes with live FCA-approved base prospectuses

Amanda, Tom, and Jennifer also address the documentation changes required, including updates to selling restrictions and final terms.

In this episode, Kamar Jaffer, a partner in A&O Shearman’s Middle East Funds and Asset Management practice, is joined by Diego Lopez, founder and managing director of Global SWF, to unpack the latest developments, investment strategies, and structural shifts that are shaping the SWF landscape.

Against this backdrop of rapid change and opportunity, the discussion explores several key themes shaping the future of SWFs, including:

• Their strategic evolution and resilience in the face of global change
• Transformation in investment approaches and partnership models
• Innovative deal structures
• Focus on domestic economies and global expansion

To learn more about our expertise in SWFs and how we can support your business, please contact our Funds and Asset Management team.

The discussion explores key themes shaping risk and opportunity, including:

• We assess where things stand with the 1.5°C global temperature goal under the Paris Agreement and the implications of the COP28 UAE Consensus agreed in 2023 following the first Global Stocktake.
• We analyze the implications for finance, particularly in clean energy, buildings, sustainable fuels, AI data centers, and climate adaptation.
• We evaluate whether 2026 is on track to be the biggest year yet for carbon markets.
• We consider how geopolitics, trade tensions, and fiscal constraints factored into the negotiations and outcomes.
• We identify what ultimately defined COP30, considering characterizations such as “Implementation COP,” “Roadmaps COP,” “Forest COP,” “BRICS COP,” and “COP of Truth.”

Speakers:

• Matt Townsend, partner and global co-head of our Environmental and Climate Law Group, London (Chair)
• Gauthier van Thuyne, partner, environmental and Climate Law Group, Brussels
• Michael Diosi, partner, Energy, Natural Resources and Infrastructure Group, London
• Rachel O’Reilly, partner, Energy, Natural Resources and Infrastructure Group, London
• Tom d’Ardenne, counsel, Environmental and Climate Law Group, London
• Ying-Peng Chin, senior knowledge lawyer, Environmental and Climate Law Group, London

Viola Jing, partner in A&O Shearman's Hong Kong Restructuring team, and Rishi Hindocha, partner in A&O Shearman's Singapore Restructuring team, examine the restructuring environment across both jurisdictions. Their discussion covers the procedural and legal tools available to debtors in Hong Kong and Singapore, how those frameworks are being stress-tested as proceedings become more contentious, and the extent to which recent restructuring plan case developments in England and Wales are influencing how courts and practitioners in Asia approach contested proceedings.  

The conversation also addresses the growing use of parallel proceedings across borders — how they are structured, when they add strategic value, and the coordination challenges they create — and whether stakeholders are increasingly turning to liability management exercises and other out-of-court alternatives as implementation options where formal proceedings carry too much uncertainty or cost. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

A&O Shearman restructuring specialists from the US, UK, Netherlands, and Hong Kong examine the Purdue Pharma decision and its multi-jurisdictional fallout. The discussion covers the Supreme Court's reasoning, the specific impact on how future Chapter 11 plans will be structured, and how each of the other represented jurisdictions approaches third-party releases in domestic restructuring proceedings. The panel also addresses the broader cross-border dimension: how does the Purdue ruling affect the recognition of foreign restructuring proceedings in the US under Chapter 15, particularly where those proceedings incorporate third-party releases that would now be impermissible in a domestic Chapter 11? 

Restructuring lawyers, in-house counsel, and distressed investors advising on or participating in cross-border proceedings with US elements will leave this episode with a clear understanding of where the Purdue decision creates direct exposure and the strategic questions it raises for cross-border plan design. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

They unpack the financial architecture that will shape the coming decade: how banks and capital markets are recalibrating risk, the practical levers multilateral development banks can pull to scale capital, and the role of trade, market mechanisms, and policy design in aligning public and private money at speed and scale.  

How are banks and capital markets reshaping their approaches to financing the energy transition? What steps are multilateral development banks taking to become bigger, better, and more effective in funding climate projects? And, given misalignments between national interests and the need for global action, is the COP process still fit for purpose? 

Contributing to this important conversation are: 

• David Lee, Partner 
• Scott Neilson, Partner 
• Tim Conduit, Partner 
• Danae Wheeler, Senior Associate 

This episode offers a grounded  view of where substantive change is happening now, what’s still stuck, and what to watch for as we head into COP30. 

This episode was recorded on October 29, 2025.  

In this COP30-focused episode, our speakers cut through optimism and orthodoxy to assess what is feasible, what is likely, and what risks are being overlooked as the world heads toward COP30. 

Taking part in this fascinating conversation are: 

• Matt Townsend, Partner 
• Ken Rivlin, Partner 
• Arthur Sauzay, Partner 
• Ying-Peng Chin, Senior Knowledge Lawyer 

The panel probes the role and leverage of the United States in shaping outcomes and momentum beyond the summit. They ask whether China, the UK and the EU can sustain credible climate leadership amid trade tensions, security-driven onshoring, and policy recalibration at home and abroad.  

A decade after the Paris Agreement, is the “implementation” frame arriving too late, or is it the necessary catalyst for disciplined delivery? And at a time of fractured geopolitics, can COP30 revive multilateralism—or will it expose its limits? 

The episode examines the mechanics that matter: ambition versus accountability in NDCs, the interplay between domestic politics and international commitments, the realities of investment and industrial policy, and the credibility tests that will confront both advanced and emerging economies.  

In this episode of Beyond fintech, we unpack how distributed ledger technology is reshaping debt issuance, from pilot projects and first-of-their-kind bond issuances to the gradual redesign of market infrastructure. What happens when the promise of atomic settlement meets legacy systems? How are regulators balancing innovation with legal certainty and investor protection? And where is the line between experimentation and scalable adoption? 

Our panel brings a genuinely global lens to these questions. Rory Copeland, Senior Associate in A&O Shearman’s Financial Services Regulatory team, is joined by Jodi Norman, Partner (Dubai); Agnes Tsang, Partner (Hong Kong); and Philippe Noeltner, Counsel (Luxembourg). Together, they explore recent landmark transactions in their respective markets and compare regulatory approaches across Europe, Hong Kong and the Middle East, all through the practical lens of technological neutrality, operational efficiency and legal clarity. 

The discussion dives into the core building blocks of tokenised debt markets: the mechanics and benefits of atomic settlement, evolving payment mechanisms including on-chain and hybrid models, and how digital assets can be integrated into existing market infrastructures without compromising resilience or compliance.  

With insights grounded in live transactions and jurisdiction-specific developments, the episode offers a clear-eyed view of what it takes to build blockchain-based capital markets that work in practice, not just in theory. 

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. Beyond fintech provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead. 

What models are regulators coalescing around to calibrate risk, disclosure, and custody? How are custodians’ roles diverging across jurisdictions, and what best practices are emerging to address operational and governance challenges? And in a market where innovation often outpaces the rulebook, how can stakeholders strike a sustainable balance between market appetite, proportionate regulation, and robust investor protection? 

Luxembourg-based counsel Philippe Noeltner of our Global Financial Markets team brings together a transatlantic panel:  

• From Washington DC, Susan Gault-Brown 
• From London, Nikki Johnstone 
• And from Paris, Quentin Herry 

With practical insights from on-the-ground developments, the conversation highlights the legal considerations that matter most: product design and eligibility, custody solutions and segregation, disclosure standards and marketing to retail, as well as supervisory expectations across the U.S., UK and the EU.  

Whether you are evaluating a first-time crypto ETP launch, refining distribution strategies, or assessing regulatory risk, this discussion offers a timely, jurisdiction-by-jurisdiction perspective on what it takes to navigate and lead in a rapidly changing market. 

Peter Banks, Hendrik Roehricht, Magdalena Nasilowska, and Alain Dermarkar from A&O Shearman's Private Capital team examine what investors need to understand to move in the defense sector with both confidence and discipline.  

What is driving the surge in deal pipeline and valuations, and how sustainable are current pricing levels? What distinguishes a winning investment thesis in a sector where regulatory diligence, supply-chain resilience, and sovereign stakeholder management are non-negotiable?  

And across the defense ecosystem, from prime contractors to tiered suppliers and dual-use technology innovators in cybersecurity, space, and next-generation manufacturing, where are the most compelling growth vectors, and how should sponsors calibrate risk across jurisdictions? 

The discussion also maps the changing investor profile entering defense, the policy developments reshaping how capital can be deployed, and the specific regulatory considerations that now sit at the center of underwriting decisions in this market. 

What makes a token fundamentally different from equity, and why does that distinction drive everything from vesting mechanics to liquidity rights? Which structures - restricted tokens, token units and phantom token units - best align pay with performance when markets are volatile and rules are evolving? 

Joining the conversation in this episode are: 

• Hayde Faria, associate in A&O Shearman’s Compensation, Employment and Governance group 

• Jai Garg, partner and long-time adviser on equity and token incentives 

Guided by practical experience across high-growth crypto natives and established incumbents, Hayde and Jai translate a complex landscape into clear, actionable takeaways. They tackle: 

• Section 409A, 83(b) elections and other tax landmines every grantor must navigate 

• Securities-law flash points after Ripple—and how to keep awards compliant even if tokens are later deemed securities 

• Administration essentials: smart-contract safeguards, third-party custodians and participant education 

• The policy horizon: stable-coin salary potential, a friendlier DOL stance on crypto in 401(k)s, and what the GENESIS Act could mean for day-to-day pay 

Whether you’re a start-up funding growth with tokens or an established player refreshing your incentive toolbox, this episode delivers the practical takeaways you need—minus the jargon. 

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. Beyond fintech provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead. 

With a January 2026 “go‑live” date on the horizon, they chart what the overhaul means in practice for debt capital markets and how the UK is setting its own course from the EU’s amended Prospectus Regulation. 

Drawing on their front-line experience advising issuers, arrangers and underwriters, we distil the FCA’s overarching aims and the operational implications of a single disclosure standard for all bonds. They explore changes designed to foster retail participation, the new flexibility around supplements and future incorporation by reference, and the evolving expectations for ESG‑labelled debt.  

What will the tap‑issue and Islamic finance exemptions unlock for frequent issuers and Sharia-compliant structures? How should market participants recalibrate disclosure controls now to be ready for day one? And, crucially, what should in‑house legal and deal teams be doing in 2025 to test assumptions, update templates, and avoid surprises as the regime beds in? 

The conversation also touches on the FCA’s approach to protected forward‑looking statements and the developing rules for primary multilateral trading facilities.  

In this episode, our Private Equity and Capital Solutions team examines why this market is surging, how structures are evolving, and where investors and issuers are finding value as liquidity, cost of capital and execution certainty become paramount.  

What dynamics are driving the shift toward flexible capital with downside and credit-focused protections? How are sponsors, credit funds and hybrid capital providers negotiating key investor protections, bespoke features, and paths to liquidity in a market that is both inventive and intensely competitive? 

Joining the conversation from the Private Equity and Capital Solutions team are Peter Banks, Kfir Abutbul, Michael Mountain and Karen McMaster. 

Drawing on live deal experience, the discussion breaks down the evolution and current state of preferred and structured equity, regional developments and emerging opportunities, and the practical points that most influence outcomes—negotiation dynamics, liquidity rights and exit strategies, security packages, and the spectrum of downside protection.  

If you are a sponsor, strategic, credit fund or management team considering flexible capital solutions, this episode offers practical guidance and market-tested insights. 

In this episode of The Trump Sessions, A&O Shearman’s leading experts unpack the latest developments—from the Department of Justice’s new data transfer rules to the ambitious AI Action Plan and the U.S. Investment Accelerator. These changes are already reshaping how multinationals operate, invest, and protect their digital assets across borders. 

Join Elaine Johnston, Co-Head of A&O Shearman’s Global Antitrust Group; David Kessler, Partner and Co-Head of the U.S. Data Privacy & Cybersecurity team; and Kenneth Rivlin, Global Head of the International Trade and Regulatory Law Group, as they explore the legal, regulatory, and geopolitical forces driving this transformation.  

With deep insight into U.S. executive orders, foreign investment restrictions, and evolving cyber risk frameworks, they offer practical guidance for businesses navigating this volatile terrain. 

How will the rollback of Biden-era cybersecurity mandates affect your compliance strategy? What does the U.S. government’s pivot toward AI infrastructure investment mean for global innovation and competition? And how can companies future-proof their operations amid shifting tariffs and data localization rules? Tune in to find out—and stay ahead of the curve in a world where policy and technology are colliding at unprecedented speed. 

In The Trump Sessions podcast series, our legal and policy experts unpack the global business implications of major U.S. policy shifts under the Trump administration. Covering topics from trade and tariffs to crypto regulation and AI, each episode offers strategic insights into how evolving U.S. priorities are reshaping cross-border investment, compliance, and innovation. The series delivers sharp analysis and practical guidance for navigating geopolitical change in a volatile regulatory landscape. 

Related content 

• Trump White House issues executive order on cybersecurity – A breakdown of the June 2025 cybersecurity executive order and its implications. 
• The changing face of AI in the U.S. – A series exploring the evolving legal landscape for AI across key U.S. jurisdictions. 

In this timely and thought-provoking episode, A&O Shearman partners Matthew Townsend and Jochem Spaans examine the forces reshaping ESG globally. Their conversation covers US policy reversals under the Trump administration and what they mean for multinationals operating across jurisdictions; the reasons major asset managers are withdrawing from climate alliances; and the rise of ESG-related litigation as a new front of risk for companies that have made public sustainability commitments.  

Is governance now the pillar that matters most when environmental and social commitments face political scrutiny? How should companies navigate compliance obligations that are pulling in opposite directions across the Atlantic? 

Listeners will leave this episode with a sharper framework for deciding what ESG strategy looks like when the rules — and the politics — are no longer pointing in the same direction. 

Related content 

• Manage ESG-related enforcement risk – A look at how ESG disclosures are becoming a legal minefield amid rising enforcement and litigation. [www.aoshearman.com] 
• Will sustainability reporting improve ESG performance? – Explores the link between ESG reporting and actual business outcomes. [www.aoshearman.com] 
• Sustainability and ESG in financial services – A comprehensive overview of regulatory developments in the UK and EU. [www.aoshearman.com] 
• Sustainability disclosures – opening Pandora’s box? – A critical look at the challenges of ESG disclosure frameworks and greenwashing risks. [www.aoshearman.com]  

Are we entering a recalibrated era where fraud, market manipulation, and illicit finance become the principal focus for prosecutors and regulators? How should founders, exchanges, and institutional investors adapt their risk frameworks as the enforcement lens narrows but sharpens? 

Our panel brings perspective from the front lines of crypto enforcement:  

• Dario de Martino, lead of our global fintech and blockchain practice and M&A partner in our New York office. 
• John Nathanson, partner and co-head of our global investigations and white-collar practice. A former assistant U.S. attorney in the eastern district of New York, serving in the business and securities fraud unit. John has represented digital asset industry clients in enforcement matters since 2018, including crypto exchanges KuCoin and Gemini and has been part of the Binance DOJ monitor team. 
• Gene Ingoglia, partner in our litigation and white-collar defense practice. Gene is also a former assistant U.S. attorney in the southern district of New York, serving in the securities and commodities fraud unit. He now represents digital asset industry clients in enforcement matters, including crypto exchanges such as Bitmex. 

Together, they explore 

• The shift from “regulation by enforcement” to a push for “regulatory clarity” 
• DOJ and CFTC’s narrowed focus on fraud, market manipulation, and money laundering 
• The SEC’s evolving strategy, including a new Crypto Task Force and recent case outcomes 
• The Unicoin case and its implications for asset-backed token scrutiny and real-world asset tokenization 
• The growing role of state attorneys general in shaping the enforcement landscape 
• How global developments are reshaping risk assessments for crypto firms. 

Whether you are stewarding a platform through scrutiny, diligencing an investment, or tracking the regulatory reset from the sidelines, this conversation translates fast‑moving enforcement trends into practical signals for the road ahead. 

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. Beyond fintech provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead. 

As digital assets continue to reshape global finance, the U.S. Securities and Exchange Commission’s (SEC) shifting stance on the security status of stablecoins has sparked critical conversations across the fintech ecosystem. What does it mean for issuers, platforms, and investors when a stablecoin is—or isn’t—a security? And how are regulators balancing innovation with systemic risk?  

Join Dario de Martino, M&A Partner in New York and Co-Chair of A&O Shearman’s Global FinTech and Blockchain Group, Susan Gault-Brown, Partner in Washington, D.C., and a seasoned regulatory adviser to asset managers and fintech innovators, and Bill Satchell, Of Counsel in Washington, D.C., with nearly four decades of experience advising banks on complex regulatory matters.   

Together, they unpack the categories of stablecoins, prudential oversight frameworks, DeFi challenges, and international regulatory alignment. Their insights offer clarity on how legal definitions are evolving—and what that means for the future of digital finance. 

Are stablecoins the bridge between traditional finance and decentralized innovation? How will the GENIUS Act and other global frameworks reshape the issuance and classification of digital assets? And what role will central banks play in the next phase of digital currency adoption? Tune in for a practical, forward-looking discussion that’s essential listening for anyone navigating the fast-changing world of fintech, crypto, and digital regulation.    

Related content

• The GENIUS Act: Transforming U.S. Stablecoin Regulation 
• SEC Staff Takes a Position on the Security Status of USD-Backed Stablecoins 
• MiCAR Under the Microscope – Stablecoin Issuance in the EU 
• The UK Future Cryptoasset Regulatory Framework 

As tokenization, blockchain infrastructure, and regulatory reform reshape the financial landscape, this conversation offers a front-row seat to the forces driving innovation and disruption in digital finance. 

Joining Shruti are three distinguished voices at the forefront of digital transformation: 

• Barney Reynolds, former Global Co-Head of Financial Services Regulatory at A&O Shearman, now Partner at Sullivan & Cromwell, renowned for advising global financial institutions through seismic regulatory shifts. 
• Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays, who leads the bank’s global strategy on tokenization, governance, and fintech partnerships. 
• Benjamin Santos-Stephens, CEO of ClearToken, a pioneering clearing house for digital assets, with a background spanning Nomura’s Laser Digital and Instinet’s global product strategy. 

Together, they unpack the infrastructure and policy frameworks shaping the future of digital finance—from the UK’s ambition to become a global hub for digital asset innovation, to the challenges of interoperability, inclusion, and market adoption.

What role will financial market infrastructures play in enabling tokenized economies? How are regulators balancing innovation with risk? And what does the future hold for institutional-grade digital asset platforms? 

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

How should fintechs navigate fragmented state and federal privacy regimes while innovating with AI? What can the Bybit cyber-attack teach the market about today’s threat actors and the importance of incident readiness? And as ransomware rebounds in 2025, how do differing reporting obligations and supervisory expectations across jurisdictions reshape board-level governance and risk appetite? Tune in for grounded, front-line insights—and a roadmap for what to watch next. 

Our guests bring deep, complementary expertise from A&O Shearman’s global Fintech and Blockchain group: 

• Dario de Martino, M&A partner in New York and co-chair of the Fintech and Blockchain group, advises on cryptocurrency and digital assets transactions and the evolving regulatory perimeter.  
• Helen Christakos, partner in Silicon Valley and U.S. privacy lead, guides clients through the complex patchwork of federal and state privacy laws affecting fintech companies, including the Gramm-Leach-Bliley Act and emerging state privacy acts.  
• Anna Rudawski, partner in New York focused on cybersecurity and incident response, counsels clients on governance, breach reporting, and rapid response to sophisticated cyber intrusions 

Together, they examine AI’s role in critical decision-making, the regulation of biometric data under state law (including standalone regimes in Illinois, Texas and Washington), and how companies can fortify controls, reporting lines and incident playbooks amid intensifying regulatory scrutiny. 

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. Beyond fintech provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead.    

In this episode of The Trump Sessions, A&O Shearman’s leading U.S. crypto partners unpack the legal, regulatory, and market implications of this seismic policy pivot. What does this mean for crypto-native firms and traditional financial institutions alike? How will the new enforcement posture affect compliance strategies? And what ripple effects might we see across international markets as the U.S. reasserts itself as a digital asset powerhouse? 

Join Dario de Martino, M&A Partner and Global Head of Fintech and Blockchain at A&O Shearman, alongside John Nathanson, Co-Head of Global Investigations and White Collar, and Gene Ingoglia, Partner in Litigation and White Collar Defense. With deep experience advising crypto exchanges, fintech innovators, and institutional investors, these experts offer a front-row view into the evolving regulatory terrain—and what it means for the future of crypto. 

Whether you're a policy watcher, investor, or industry leader, this episode offers essential insights into the opportunities and challenges of this new era. Will the U.S. finally deliver the regulatory clarity the crypto sector has long demanded? Can innovation and enforcement coexist in this rapidly evolving space? 

In The Trump Sessions podcast series, our legal and policy experts unpack the global business implications of major U.S. policy shifts under the Trump administration. Covering topics from trade and tariffs to crypto regulation and AI, each episode offers strategic insights into how evolving U.S. priorities are reshaping cross-border investment, compliance, and innovation. The series delivers sharp analysis and practical guidance for navigating geopolitical change in a volatile regulatory landscape. 

AI has the potential to automate processes, enhance decision-making, and introduce efficiencies across various sectors. However, it also brings new risks and amplifies existing ones, such as discrimination, IP infringement, and cyber business interruption. Understanding, mitigating and managing these risks is crucial for safe and responsible AI adoption – but how do you do that?

On this edition of The Fuse Podcast by A&O Shearman, we are joined by:

• Dr Michael Berger, the head of Munich Re's Insure AI team, which focuses on structuring insurance solutions for AI risks, including the risk of incorrect predictions and discrimination.
• Mark Titmarch, the CPO and co-founder and head of insurance of Testudo, one of Fuse’s cohort companies. Testudo is creating new AI insurance products to enable institutions to adopt AI safely and responsibly.

In our conversation, we delve into the intricacies of AI, exploring both its potential and limitations, as well as key considerations from a legal and regulatory perspective. We discuss how different industries can use or plan to use AI in their operations in a safe way, the role of insurance in mitigating AI-related risks, and the key trends and predictions for the coming year in the AI sector.

This is a rich dialogue on the current state and future potential of AI, offering valuable perspectives for anyone interested in the evolving landscape of artificial intelligence.

Join Ken Rivlin, David Higbee, Elaine Johnston, Jessica Delbaum, and Lorenz Haselberger—senior partners at A&O Shearman—as they explore the volatile tariff environment, the evolving role of CFIUS in foreign investment screening, and the shifting prospects for inbound and outbound M&A.  

With the administration’s Reciprocal Tariff Program and broader trade strategy already sending shockwaves through global markets, this episode offers timely insights and practical guidance for businesses navigating uncertainty. 

What does the future hold for cross-border transactions under heightened scrutiny? How will dealmakers adapt to a more protectionist and unpredictable trade regime? And what strategies can companies deploy to mitigate risk and seize emerging opportunities?  

Tune in to hear expert analysis and forward-looking perspectives that will help you stay ahead in a rapidly changing regulatory climate. 

In The Trump Sessions podcast series, our legal and policy experts unpack the global business implications of major U.S. policy shifts under the Trump administration. Covering topics from trade and tariffs to crypto regulation and AI, each episode offers strategic insights into how evolving U.S. priorities are reshaping cross-border investment, compliance, and innovation. The series delivers sharp analysis and practical guidance for navigating geopolitical change in a volatile regulatory landscape. 

Related content 

• How will the Trump administration impact M&A? – A detailed look at the expected “Trump bump” in dealmaking and regulatory shifts.  
• Trump’s Reciprocal Tariff Program – An analysis of the executive order imposing new tariffs and its implications for global trade.  
• U.S. Tariff Risks and Risk Mitigation – Guidance for companies on how to assess and respond to tariff-related risks. 

In this episode of Market Horizons, partner Amanda Thomas and counsel Jennifer Cresswell sit down with Miriam Patterson and Ruari Ewing, senior directors in the International Capital Market Association’s Primary Markets team, to unpack the key takeaways from the ICMA/A&O Shearman 2025 European Primary Bond Markets Regulation conference, held at our London office on Tuesday, 4 February.  

The conversation moves from the conference room to the practical: how are evolving disclosure expectations changing the way deals are structured and timed? Where are the pressure points in prospectus compliance and product governance that deal teams are encountering right now? And what does best practice look like across the market as the regulatory framework continues to shift? 

This conversation explores what is changing, what is not, and how market participants can navigate the next phase of European primary issuance with confidence. 

Market Horizons delivers expert analysis from A&O Shearman's capital markets specialists on the regulatory and structural forces shaping global debt and equity issuance. Each episode combines front-line deal experience with policy insight to give issuers, underwriters, and advisers a practical view of where markets are heading and what it takes to execute with confidence. 

Following the implementation of a new bankruptcy code and three landmark restructurings in 2024, the UAE is now emerging as a sophisticated and globally aligned restructuring jurisdiction. But what does this transformation mean for businesses, creditors, and investors navigating financial distress in the region? 

Join Adam Banks, Partner at A&O Shearman and co-head of the firm’s restructuring practice in the Middle East, and Adam Fadian, Partner at A&O Shearman and lead advisor on the Drake & Scull restructuring, as they unpack the implications of these groundbreaking developments.  

Drawing on their direct involvement in the restructurings of Drake & Scull, JBF RAK, and Emirates Hospitals Group, they offer insider perspectives on how the UAE courts have embraced international best practices, including features inspired by the U.S. Chapter 11 process. 

What lessons can be learned from the UAE’s adoption of priority financing and creditor cram-down mechanisms? How did the courts navigate previously untested legal frameworks to deliver outcomes that rival global standards? And what does the future hold for distressed companies operating in the Gulf region? 

This episode is essential listening for anyone interested in the evolution of restructuring law in emerging markets, the role of legal innovation in economic resilience, and the growing influence of international legal harmonization. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments. 

Related content 

• Pathway for future restructuring processes in the UAE
• Global Restructuring Outlook 2025 

With the real estate sector at the epicenter of financial distress, they unpack how government policy, market volatility, and mounting debt have triggered a wave of complex restructuring efforts across both mainland China and Hong Kong.

Listeners will gain insider perspectives on how offshore schemes of arrangement, debt-to-equity swaps, and “closed door” liability management exercises are being deployed to stabilize some of the region’s largest property developers.  

The episode also explores the broader economic implications of these restructurings, including their impact on Hong Kong’s bearish property market, the office rental crisis, and the struggling hotel sector.  

What does this mean for investors, creditors, and policymakers? And how might these developments ripple across the global financial system? 

Tune in to explore how China’s real estate credit crunch is reshaping offshore and onshore restructuring strategies. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments. 

Related content 

China’s restructuring landscape dominated by struggles of real estate sector  

As traditional bank-led restructurings give way to more flexible, creative, and often more consensual processes, credit funds are reshaping how distressed situations are managed across jurisdictions—from the U.S. and U.K. to Continental Europe and Australia. 

What happens when lenders are no longer bound by prudential regulation? How do looser loan covenants and liability management transactions change the game for borrowers in distress? And what risks emerge when credit funds delay enforcement or disclosure of defaults?  

This episode explores the global implications of these shifts, including the regulatory responses now emerging in markets like Australia, and the growing trend toward out-of-court settlements. 

Join Karen McMaster, Aroen Kuitenbrouwer, Bernhard Herding, Sven Pruefer, Javier Castresana, and Paolo Manganelli—partners in A&O Shearman’s global restructuring group—as they unpack the evolving role of credit funds in distressed deals. 

With deep experience across jurisdictions and sectors, these speakers offer sharp insights into how private capital is driving innovation, litigation, and new deal structures in the restructuring world. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments. 

 As EU member states continue to implement the EU Preventive Restructuring Directive, the result is a patchwork of national approaches that are driving both innovation and contention in restructuring processes. 

From London to Milan, the episode explores how cross-border legal harmonization, court challenges, and creditor activism are influencing deal certainty and timing. The discussion highlights how the increasingly coercive nature of restructuring plans—often challenged by creditors or unsupported by key classes—has made litigation a central feature of European restructurings.  

What does this mean for businesses trying to stay afloat? How are courts responding to valuation disputes and cramdowns? And what strategies should stakeholders adopt to navigate this complex terrain? 

Featuring insights from leading voices in the field, this episode includes contributions from: 

• Karen McMaster, Partner, A&O Shearman 

• Aroen Kuitenbrouwer, Partner, A&O Shearman 

• Bernhard Herding, Partner, A&O Shearman 

• Sven Pruefer, Partner, A&O Shearman 

• Javier Castresana, Partner, A&O Shearman 

• Paolo Manganelli, Partner, A&O Shearman 

These seasoned restructuring professionals bring perspectives from key European jurisdictions including the UK, Netherlands, Germany, Spain, and Italy. Their analysis offers a panoramic view of how legislative shifts and courtroom dynamics are redefining the rules of engagement for distressed companies and their creditors. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments. 

This landmark decision has outlawed non-consensual third-party releases in Chapter 11 bankruptcy proceedings—upending decades of precedent and reshaping the landscape for mass tort and complex restructurings in the United States. 

Drawing on their deep experience advising clients in high-stakes insolvency and restructuring matters, McDowell and Sosnick explore how the Purdue ruling will affect future bankruptcy strategies, creditor recoveries, and the ability of courts to facilitate global settlements.  

What does it mean for companies facing mass tort liabilities? Will this ruling lead to more fragmented litigation and fewer comprehensive resolutions? And how might this shift influence cross-border restructurings and recognition of foreign proceedings under Chapter 15? 

This episode is essential listening for legal professionals, financial advisors, and anyone navigating the evolving terrain of U.S. bankruptcy law. Tune in to hear how this decision could redefine the boundaries of corporate liability and creditor rights—and what it signals for the future of restructuring in America and beyond. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments. 

Related Content 

Global restructuring outlook – episode #2: How new laws, litigation, and cutting-edge transactions are redefining the European restructuring landscape 

Global restructuring outlook – episode #3: The growing influence of private credit funds on restructuring situations – and what the future holds 

A&O Shearman convened a panel of specialists from its Brussels, London, New York, and Paris offices to provide a multi-practice reading of the conference's most significant results. The panel examines COP29 through the lens of environment and climate, carbon markets, energy and natural resources, infrastructure and project finance, and international trade.  

What did the conference deliver on finance commitments, and what did it leave unresolved? How do the outcomes affect transition planning and carbon market frameworks? And what should in-house counsel and compliance teams be doing in response? 

Note: This episode was originally delivered as a live webinar on November 26, 2024. 

In this episode, Alex Shandro, partner in the AI practice at A&O Shearman (London), and Jane Lavin, senior knowledge lawyer in A&O Shearman’s Digital, Data, IP and Technology team (London), unpack how artificial intelligence is driving both new categories of commercial agreements and new layers of contractual protection.  

They explore why an immediate priority for many organisations is to audit their existing universe of contracts and templates, and to embed targeted, AI-specific safeguards that reflect the technology, deployment model and use case at hand. 

Where are counterparties landing on high‑impact issues like training rights, benchmarking, model explainability, change management and allocation of “hallucination” risk? How should businesses balance innovation value against downstream exposure in complex supply chains? And what does a technology‑ and use‑case‑led approach actually look like when you are sitting at the negotiating table? 

Whether you are procuring foundation models, embedding AI into SaaS and managed services, or facing hidden AI exposure in “ordinary” commercial arrangements, this conversation offers a clear framework for triaging risk and building durable protections. 

Collateral—ranging from equities to fixed-income bonds—plays a critical role as a credit mitigant, yet inefficiencies in current systems create friction, settlement risks, and operational delays. Could DLT be the key to unlocking real-time settlement and reducing delivery-versus-payment failures? 

What does this mean for market participants, and how close are we to widespread adoption? What legal and regulatory frameworks need to evolve to support this transformation? And how will interoperability between traditional and digital systems shape the future of financial markets? 

Joining Shruti for this deep dive are three leading voices in the digital finance ecosystem: 

• Olly Benkert, Co-Founder and Chairman of HQLAx, a pioneer in using DLT to enhance efficiencies in securities finance and repo markets. 
• Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, driving innovation in digital asset strategy and infrastructure. 
• Philippe Noeltner, Partner at A&O Shearman, specializing in debt securities issuance, fintech, derivatives, and market infrastructure. 

Together, they explore the opportunities and challenges of implementing DLT-based collateral solutions, from regulatory considerations to the likelihood of market adoption.  

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

Related content 

Luxembourg strengthens its DLT Strategy with a new Bill – How Luxembourg is creating legal certainty for DLT-based financial instruments. 

Luxembourg introduces new legal framework for dematerialised securities using DLT – Expanding the use of DLT for equity and debt securities. 

Tokenisation of Bonds in Hong Kong: Lessons Learned – Practical insights from a real-world DLT bond issuance project. 

Join Brian Jebb, U.S. employment law expert at A&O Shearman, and Sarah Henchoz, London-based partner specializing in employment and compensation, as they explore the critical issues shaping the future of work.  

Will the “Buy American, Hire American” initiative make a comeback, and what could that mean for global mobility? How will union relations and collective bargaining evolve under the new administration? And what role will diversity, equity, and inclusion play in a post-affirmative action era? 

From the uncertain fate of non-compete clauses and gig worker protections to the implications of the Supreme Court’s affirmative action ruling, this conversation offers practical insights for employers navigating a rapidly changing legal landscape. 

On Employment delivers timely insights and practical guidance on the fast-evolving world of employment law. Each episode explores key legal developments, workplace trends, and HR strategy challenges—from investigations and litigation risk to diversity, hybrid working, and regulatory change. Designed for business leaders, HR professionals, and in-house counsel, the series offers expert perspectives to help organizations navigate complexity and foster resilient, compliant workplaces. 

Related Content 

Key employment law changes post elections: insights from our global experts – A deep dive into anticipated employment law reforms in the U.S., U.K., and EU following recent elections, including DE&I and union relations. 

Global labor market restrictions prompt new antitrust challenges – Analysis of non-compete bans, no-poach agreements, and their enforcement globally.  

Increased Focus on Forced Labor in the U.S. and EU – How supply chain compliance and forced labor laws intersect with global employment obligations.  

In this episode of Market Horizons, members of our international structured finance team unpack the labels, the legal and regulatory context across key markets, and the practical uses driving adoption on both sides of the Atlantic. From portfolio optimization to capital relief, the conversation offers a clear, non‑technical primer designed for listeners across the U.S., Europe and beyond. 

Moderated by Robert Simmons in London, the discussion brings together:  

• Donna Parisi, Global Co‑Head, Global Financial Markets (New York) 
• Parya Badie, Partner (London) 
• James Bryson, Senior Associate (New York) 

Together, they explore why market participants use terms like “CRT,” “SRT,” and other shorthand and what those terms reveal about the product’s features, stakeholders and objectives.  

How do naming conventions hint at structural mechanics, regulatory touchpoints and risk allocation? Where do U.S. and European approaches align and where do they diverge? And as the market matures, what should originators and investors be watching next? 

This episode demystifies a complex area without sacrificing substance, offering practical takeaways for banks, asset managers and anyone tracking capital and balance sheet innovation. If you have ever wondered how a few short letters can signal a deal’s design, governance and purpose, this conversation will help you read between the lines and listen for what matters. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Tristan Jambu-Merlin and Antoine Santoni to examine the full range of French restructuring procedures. The discussion covers the amicable and voluntary processes at one end of the spectrum, including conciliation and the mandat ad hoc, examining their use, confidentiality protections, and strategic advantages for debtors seeking to restructure without formal court involvement. It then turns to the collective procedures that carry binding effect over all creditors, including safeguard and accelerated safeguard, considering how these interact with the voluntary processes and the practical circumstances in which companies make the transition from one to the other. How are French courts currently approaching disputed restructuring plans? What are the most instructive recent examples of these procedures being deployed? And what should international creditors understand about how their rights are protected under each route? 

Restructuring advisers, distressed investors, and legal professionals working with French corporate debtors or creditors will leave this episode with a structured and current view of how the French system operates in practice. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

As policymakers press ahead with reform, the debate is shifting from first principles to the practical realities of disclosure, liability, and execution—especially in debt capital markets.  

What will the EU’s Listing Act changes mean for prospectus content, risk factor calibration and wholesale versus retail distinctions? How will the UK’s new Public Offers and Admissions to Trading regime reshape documentation strategy, sponsor expectations and the balance between flexibility and investor protection? 

Joining the conversation from across Europe are:  

• Amanda Thomas, Partner, A&O Shearman (London) 
• Cristiano Tommasi, Partner, A&O Shearman (Rome) 
• Paul Peporté, Partner, A&O Shearman (Luxembourg) 
• Jennifer Cresswell, Counsel, A&O Shearman (London) 

This expert panel compares the regimes and explores where convergence helps cross-border issuance, and where divergence could complicate timetables, disclosure judgments and liability analysis.  

Whether you are structuring a frequent issuer programme, assessing risk factor materiality in volatile markets, or planning a dual-track listing and debt raise, this conversation offers sharp, practical insight from practitioners advising at the centre of these reforms.  

In this final episode of Restructuring across borders, Christopher Poel, Senior Knowledge Lawyer at A&O Shearman, as he sits down with Tommaso Paltrinieri and Giulia Longoni to unpack the latest developments in Italian restructuring law.  

Together, they explore the recent amendments to the Italian Crisis and Insolvency Code, the spectrum of in- and out-of-court restructuring tools available to debtors, and the practical implications for companies navigating financial distress.    

What innovative uses of these procedures are emerging in Italy? How do these changes impact cross-border restructurings, and what should international investors and advisors be watching for next?  

Tune in and consider how these legal reforms might shape the future of distressed companies in Italy. What lessons can be drawn for cross-border restructurings elsewhere? 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

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Restructuring across borders 

This episode unpacks how blockchain and smart contracts are reshaping the way we think about ownership, value, and the very infrastructure of financial markets. From tokenizing stocks and bonds to real estate and even identity credentials, the conversation explores how embedding assets on a blockchain can unlock new levels of transparency, efficiency, and accessibility for businesses and investors alike. 

What are the practical challenges and opportunities for businesses looking to embrace this technology? How are legal and regulatory frameworks evolving to keep pace with innovation? And what does the rise of digital assets mean for the broader financial ecosystem? These questions and more are explored in a dynamic discussion that bridges technical insight with strategic foresight. 

In this episode, Head of Fuse Shruti Ajitsaria is joined by: 

• Morgan Krupetsky – Head of Ecosystem Growth for Institutions at Ava Labs, a core contributor to the Avalanche Protocol 
• Keerthi Mougdal – Head of Product at Onyx Digital Assets, J.P. Morgan’s pioneering blockchain platform for tokenized digital assets 
• Dario DeMartino – Partner and Co-Chair of the Global Fintech and Blockchain Group at A&O Shearman, specializing in cryptocurrency and digital assets 

Whether you’re a finance professional, a tech enthusiast, or simply curious about the next wave of digital transformation, this episode offers invaluable perspectives and practical insights. 

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

Related content: 

Fuse 

The Fuse Podcast (series homepage) 

The Fuse Podcast: Asset Tokenisation 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Bart De Bock, Julien Hislaire, and Esther Maes to examine how Belgium has implemented the EU Directive and what it has added to the Belgian restructuring landscape. The discussion covers the types of pre-insolvency rescue and compromise proceedings now available to Belgian debtors, how they differ from what existed before, and the most instructive recent examples of where companies have used the newly available options to restructure. What are the key conditions for accessing each procedure? How do Belgian courts and creditors approach the confirmation of restructuring plans? And what does the emerging case experience tell us about the practical strengths and limitations of the new framework? 

Restructuring advisers, creditors to Belgian entities, and in-house counsel tracking the implementation of the EU Restructuring Directive across Europe will leave this episode with a practical grounding in how the new Belgian framework operates and where the most significant opportunities and challenges lie. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Bénédicte Kurth and Lena Walin for a detailed examination of the new Luxembourg framework. The discussion covers the scope of the new proceedings and who falls within their reach, how the in-court and out-of-court routes differ in terms of process and outcome, and the specific implications for creditors to Luxembourg-incorporated entities or holding Luxembourg law-governed security. What conditions must be satisfied for a debtor to access each procedure? How do the new tools compare with the pre-existing Luxembourg insolvency framework? And what should creditors be doing now to understand their position in any restructuring involving a Luxembourg entity? 

International restructuring practitioners, distressed debt investors, and advisers to fund structures and holding companies with Luxembourg exposure will leave this episode with a clear and current understanding of how Luxembourg's new reorganization tools operate and the creditor-side implications they carry. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com.

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Geza Orban and Gijs Kerstjens from A&O Shearman's Amsterdam Restructuring team. The discussion examines how the WHOA operates in practice, how it compares with other pre-insolvency tools available in the Netherlands, and the key areas of focus and challenge that have emerged from its deployment in recent restructurings. What conditions must be met for a debtor to access the WHOA? How have Dutch courts approached the confirmation of contested plans? And what recent developments are most relevant for creditors with Dutch law-governed exposures or counterparties? 

Cross-border restructuring advisers, distressed debt investors, and creditors with Dutch exposures will leave this episode with a practical understanding of how the WHOA works, where it has been tested, and what its expanding track record tells us about its strategic value. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

In this episode of The Fuse Podcast, we dive into the transformative potential of stablecoins in reshaping the global payments ecosystem.

Head of Fuse Shruti Ajitsaria welcomes leading voices in digital finance:  

• Nick Philpott, Co-Founder and Head of Partnerships at Zodia Markets, a bank-backed crypto asset exchange offering institutional-grade access to stablecoins 
• Iain Monk, Digital Asset Strategy Lead at ClearBank, the UK’s first new full-service clearing bank in over 250 years.  
• Nick Bradbury, Partner in A&O Shearman’s Financial Services Regulatory team 

Together, they explore how stablecoins are enabling programmability, liquidity control, and settlement efficiency for UK corporates—and what regulatory frameworks are needed to support their growth. 

Tune in to hear expert perspectives on the opportunities and risks of stablecoins, and how they could redefine the way value is stored and exchanged in financial markets. 

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

Related content: 

Fuse 

The Fuse Podcast: Asset Tokenisation 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Lara Ruiz, Teresa Hermosilla, and Oscar Guinea from A&O Shearman's Madrid Restructuring team. Their discussion examines the new Spanish restructuring plan and pre-pack procedures in detail, covering the key benefits each tool offers, the challenges and limitations practitioners have encountered in early deployments, and the lessons emerging from the most significant recent uses of these procedures in the Spanish market. How do the new tools interact with Spain's existing insolvency framework? What are the conditions for accessing each procedure, and where are the most significant practical obstacles? And what do the early high-profile cases tell us about how courts and creditors are responding to the new framework? 

Restructuring advisers, distressed debt investors, and in-house counsel with Spanish exposures will leave this episode with a current and practical view of Spain's reformed restructuring toolkit and how it is performing under market conditions. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Philipp Zehlicke from A&O Shearman's Frankfurt Restructuring team. The conversation examines what the StaRUG introduced, how it has changed the strategic calculus for German restructurings, and what the most significant real-world deployments of the procedure reveal about its strengths and the boundaries of its application. Which types of restructuring has the StaRUG proven most effective for? Where has it encountered friction, and how have courts responded? And what should international creditors and investors understand about the StaRUG's interaction with cross-border insolvency frameworks? 

Restructuring lawyers, distressed investors, and advisers working with German corporate debtors will leave this episode with a current and practically grounded view of how Germany's restructuring framework has evolved and where the StaRUG fits within it. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

In this thought-provoking episode of The Fuse Podcast, we unpack the emerging concept of geolegal risk—a powerful lens through which to understand the complex, interconnected challenges facing global organizations today. 

From the rise of AI and digital infrastructure to the shifting sands of international regulation and political instability, this episode offers a timely and practical guide for navigating uncertainty. What does it take to lead in this environment? How can legal tech empower decision-makers? And what lessons can be drawn from those who’ve led through disruption? 

Our expert guests bring deep insight borne of their real-world experience: 

• Sean West, Co-founder of Hence Technologies, shares how legal technology is transforming the way organizations interpret and respond to global events. 

• Andy Bird, former CEO of Pearson and previously President and Chairman of Walt Disney International, reflects on his leadership journey through geopolitical and technological upheaval and offers practical, strategic advice. 

Whether you're a general counsel, risk officer, or business leader, this episode will challenge your thinking and equip you with new tools to anticipate and manage the risks of tomorrow. 

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

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Fuse 

The Fuse Podcast: Stablecoins 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Philip Wells and Akshita Pandit from A&O Shearman's London Restructuring team. The discussion opens the Restructuring Across Borders series by mapping the English restructuring landscape and examining what distinguishes the scheme of arrangement from the restructuring plan in terms of their structure, requirements, and strategic utility. What are the key procedural and substantive differences between the two tools? Where are the courts currently drawing lines on disputed valuation evidence? And how are recent decisions shaping the way companies approach the treatment of different classes of creditors? 

Restructuring practitioners, distressed investors, and in-house counsel working on or monitoring English restructuring proceedings will leave this episode with a current view of the English toolkit and the areas of developing judicial focus that most affect how these processes are run. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

In this episode, we unpack why tax planning is not just a compliance exercise but a strategic lever that can unlock value, de-risk structures and future‑proof returns across the project lifecycle. 

What incentives are truly moving the needle? Where do funding structures introduce hidden tax and reputational exposures? And how can investors avoid avoidable tax friction at exit?

Moderated by Mitchell Ikoghode, Energy and Infrastructure Partner at A&O Shearman, the discussion brings together a panel of cross‑border tax leaders: Charles Yorke, Tax Partner (UK); Isabelle Panis, Tax Partner (Belgium); and Benjamin Mbana, Tax Director (South Africa). 

Drawing on live mandates across multiple jurisdictions, the panel explores how to maximise new incentives driving energy transition investment, the tax implications of debt and equity funding choices, and why it pays to look beyond construction and operations to address exit‑phase taxes early. They also demystify the complex—and sometimes quirky—tax issues unique to offshore energy, and explain why structures that worked yesterday may no longer be optimal in light of shifting tax policy and ESG expectations.

If tax can make or break a deal, what does “good” look like for developers, sponsors and lenders in 2025 and beyond? How do you balance fiscal incentives with reputational guardrails? And which structural choices best position projects for resilient, ESG‑aligned returns from first close to exit? Tune in for practical insights that sit at the intersection of Tax and ESG—and that can materially influence the bankability of your next energy transition project.

Speakers:

• Mitchell Ikoghode, Energy and Infrastructure Partner, A&O Shearman (Moderator)
• Charles Yorke, Tax Partner, A&O Shearman (United Kingdom)
• Isabelle Panis, Tax Partner, A&O Shearman (Belgium)
• Benjamin Mbana, Tax Director, A&O Shearman (South Africa)