Moving beyond established funds, our experts analyze new entrants and the unique incentives driving their pursuit of market recognition. We explore why boards should treat every campaign with equal rigor and offer a specialized advisory lens on engaging with unconventional strategies designed to capture shareholder attention and bypass traditional communication channels.

In this episode of the Essential Antitrust podcast, Freshfields partners Jenn Mellott, Andreas von Bonin and Paul van den Berg discuss what has actually changed in practice: how the new innovation shield works for start-up acquisitions, where the new theories of harm create risk that deal teams need to plan for from day one, and what the expanded efficiencies framework means for how you build and present your deal to the Commission.

This inaugural episode sets the scene for the series, which will take listeners across our international network, zooming into a different jurisdiction in each episode.  They discuss the intersection of international trends and techniques with local dynamics, and how this shapes the approach to cross-border restructurings.  

Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off."

🎧 Episode 1 available now on all major podcast platforms:

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For additional context and resources related to today’s discussion, visit the referenced Eyes on AI article.

Together, they explore Asset-Backed Finance and how it is used , as well as how distress and enforcement can play out in such structures. They examine the recent fraud cases of First Brands and Tricolor and also bring their experience of investor protections and talk through enforcement issues in such structures.

Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off".  

Recorded as at 29 January. 

Recorded as at 30 January.

Antitrust is increasingly impacted by geopolitical priorities, with regulators using competition policy to advance national security, industrial resilience, and economic goals. Companies operating across major jurisdictions face diverging enforcement philosophies, requiring careful alignment of deal narratives with local policy objectives. At the same time, merger control is undergoing significant procedural and substantive changes: authorities expect deeper upfront analysis, broader disclosure, and robust evidence supporting innovation, consumer benefits, and supply chain stability.

Enforcement is also evolving as agencies deploy AI‑driven analytics, enhanced monitoring tools, and expanded investigative powers to uncover cartels, algorithmic coordination, and other risks. In this environment, sophisticated, technology‑aware compliance frameworks have become essential for managing exposure and shaping successful regulatory outcomes.

With experts Manish Kumar, Mary Lehner, Jenn Mellott, Colin Raftery and Andreas von Bonin, this episode of Essential Antitrust offers key insights to help companies navigate rising regulatory risk and protect strategic decision‑making.

Listen to Tim Clark's interview of Jennifer Loeb, Austin Evers and David Nicolardi regarding what we got right about the second Trump administration; what surprised us; and what to expect from the administration in the coming year.

This podcast covers the US legal and regulatory landscape and focuses on the questions and topics that are on the top of our clients’ minds.

For additional context and resources related to today’s discussion, visit the referenced Private Capital in 2025: 7 Things You Should Know blog.

Listen in as our panel discusses recent ‘jumbo’ cases and France’s unique two-phase restructuring process, which combines conciliation and sauvegarde accélérée. The discussion highlights how the 2021 reform enhanced the efficiency and predictability of the system, as well as the pivotal role of the court-appointed officer in building stakeholder consensus, ultimately ensuring greater fairness and reducing the risk of challenges. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off."

In her much-anticipated second Budget, the Chancellor announced a broad spectrum of tax measures which she said were designed both to secure public finances and make the UK tax system fairer. After much press speculation, rumours and reported U-turns, there is now some welcome clarity on how the government intends to balance the books, with the largest revenue raising measure being a stealth tax increase through the freezing of income tax thresholds. Outside of the headline grabbing measures, the government has published details on new and ongoing business tax reform measures, a number of which will be included in the upcoming Finance Bill.

In our latest podcast, Josh Critchlow speaks to May Smith, Emily Szasz and Sam Withnall from our London tax team about the smorgasbord of business tax measures they found most noteworthy in the Autumn Budget 2025, including:

• headline tax revenue raising measures including extending the freeze on income tax/NICs thresholds and raising income tax rates on dividend, savings and property income;
• the introduction of a new ‘UK listing relief’ from SDRT, providing a 3 year exemption from the 0.5% SDRT charge on agreements to transfer securities of newly listed companies on a UK regulated market;
• confirmation that an ‘Advance Tax Certainty Service’ for major investment projects in the UK will be launched in July 2026;
• changes to the capital allowances regime, including a new 40% first-year allowance and reduction of writing down allowances for main rate expenditure;
• broadening an anti-avoidance rule applicable to capital gains rollover relief on share exchanges and reorganisations;
• an update on proposals to reform behavioural tax penalties;
• revisions to the UK VAT grouping rules applicable to overseas establishments;
• confirmation that a permanent revenue-based oil and gas price mechanism will take effect on expiry of the existing Energy Profits Levy;
• additional measures to tackle tax avoidance; and
• measures not included in the Budget announcements, including the rumoured ‘partnership NICs’ and exit tax.

Tim Clark, Mary Lavelle (Global Co-Chairs, Private Funds and Secondaries) and Ivet Bell (Private Funds and Secondaries partner) delve into key market and regulatory shifts, including potential US regulatory changes that will facilitate "retail investor” investment in Private Capital investments through 401(k)s.

From up-tiering strategies to intercreditor agreement debt release mechanics, the episode features insights drawn from the recent Hunkemöller and Selecta transactions.

Stay tuned for more insights into the world of restructuring in 2025 and thank you for listening to "No Worse Off".

In the latest episode of our "No Worse Off" podcast series, restructuring team members Lindsay Hingston, Craig Montgomery and Caroline Platt, unpack this landmark decision, providing insights on out-of-the-money creditors, fair allocation of benefits, evidential requirements and the paramount role of robust negotiations.

Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off".

In this podcast series, the Freshfields People & Reward team discusses key topics in the executive reward space for publicly listed and private companies in 2025, including transatlantic considerations, ways to structure executive incentives and the developing trend for democratising equity arrangements.

In the fifth episode of this series, Employee Claims, partner David Mendel is joined by Harriet Gaillard, counsel in the London People & Reward team, to discuss the various legal claims that can be brought by employees and former employees under share plan and bonus arrangements. The episode discusses breach of contract, exercise of discretion, discrimination, unfair dismissal, TUPE transfers and restrictive covenants.

Drawing on their extensive experience, our speakers share valuable insights into the dynamic landscape of restructuring plans. They delve into the powerful cross-class cram down mechanism, the evolving use of new debt as a cramming class, and a realistic assessment of the rising litigation risk in contentious RP proceedings.

Stay tuned for more insights into the world of restructuring in 2025, and thank you for listening to "No Worse Off".

• What we are seeing in terms of shareholder proposals, management proposals and early voting results including trends in ISS and Glass Lewis voting recommendations
• What’s been going on with Say-on-Pay
• Trendlines in 14a-8 shareholder proposals
• Shifts in the balance of power between the different players in the shareholder ecosystem
• New scrutiny of DEI and ESG issues and reactions to SEC staff interpretations on the dividing line between 13D and 13G filings
• Concerns around disclosing executive security as a perk following the murder of the United Healthcare CEO, and what the Commission can be doing to modernize its approach to detailed disclosure

• Direction of travel for key areas such as crypto, fraud, individual liability, China, ESG and insider trading
• Insights into personnel and priorities changes at the agency and what this means for enforcement
• Advice for Boards, executives and in-house counsel on how to manage the swirling currents of the new SEC leadership

The US House Budget Reconciliation Bill, officially titled the “One Big Beautiful Bill Act", was recently passed by the House of Representatives and includes retaliatory US tax measures in response to “unfair foreign taxes” - with digital services taxes (DSTs) and the undertaxed profits rule (UTPR) of the Pillar 2 global minimum tax regime expressly identified as falling in this category.

In our latest podcast US tax expert Claude Stansbury, UK tax expert Emily Szasz and international trade expert Lorand Bartels join Josh Critchlow to discuss the latest on this intersection of US tax and trade policy, including:

• details of the measures in new proposed section 899 of the US tax code (including increased withholding tax rates), the impact the measures could have on multinational groups with US operations, the interaction of section 899 with double tax treaties, and when these measures could take effect;
• a deeper dive into the taxes considered to be "unfair foreign taxes" and which countries may be in-scope of proposed section 899;
• previous use of US trade measures in response to tax rules imposed by other countries and how the proposed retaliatory tax measures fit into the rapidly evolving international trade landscape; and
• possible next steps, including:
  • what actions may be taken at an OECD/EU level to address US concerns in respect of the identified "unfair" taxes; and
  • whether proposed section 899 could itself be subject to challenge under trade laws.

Note: this podcast was recorded on 30 May 2025 and does not cover developments after this date.

While much of what the Commission sets out in the papers released alongside the consultation appears to formalise existing practice, some elements go further and are more novel (e.g., the effects on labour market, economic resilience, environmental sustainability, and broader societal impact of mergers). If the promises of the Draghi Report on innovation and growth in Europe are to be given some weight, the new guidelines should provide clear and explicit direction – particularly in articulating how they envisage a more open and flexible approach to parties demonstrating procompetitive efficiencies.

In the podcast, Daniele Calisti highlights two areas where the Commission is particularly keen to receive feedback—drawing on available economic evidence and real-world experience across industries—on how to assess efficiencies. The first is the idea that efficiencies may be more likely to arise when the merging firms’ activities are complementary. The second relates to the challenge of evaluating asymmetries between alleged harm and claimed efficiencies, including differences in how and when they materialise.

For more on the Commission’s evolving thinking you can read our recent blog: Time to catch up: EU reopens the rulebook on mergers and seeks feedback. Please feel free to reach out to your regular Freshfields contacts if you’d like to contribute to the consultation.

Drawing on our extensive experience in recent consumer redress restructurings, we consider the potential impact of the upcoming Supreme Court Judgment on motor finance commissions. Our guests, Sheraz Afzal (Chief Legal Risk & Compliance Officer at Quint Group Ltd) and Jamie Drummond-Smith (Independent director, adjudicator and creditor representative), share their frontline experience in these restructurings, offering valuable insights from recent cases in the consumer finance sector.

Stay tuned for more insights into the world of restructuring in 2025, and thank you for listening to "No Worse Off"

• The state of the market and what the SEC might do to help
• Alternative paths for companies seeking capital and liquidity
• What to do with your registration statement if you have already confidentially submitted
• How to get ready for an IPO when the goalpost has moved

• What to do about guidance and meaningful cautionary language under extreme uncertainty?
• How is this situation similar to COVID and the Russia/Ukraine war and how are they different?
• How should Boards be thinking about and responding?
• The importance of having a good process and making decisions aligned with your strategic vision

In addition to introducing some significant substantive changes to the law, the DMCCA provides the CMA with powers to directly enforce consumer protection law for the first time, and the ability to fine businesses up to 10% of global turnover for infringements.

In this edition of the Essential Antitrust podcast, host Jenn Mellott is joined by consumer protection law partner Andrew Austin, antitrust partner Rikki Haria and disputes senior associate Kate Collister to discuss these changes, the CMA’s enforcement priorities, and what businesses should be doing now and over the months ahead.

For more detail, you can read our recent blogs on the new provisions and the CMA’s enforcement priorities.

You can also subscribe to our DMCCA client toolkit for further insights and information, updated on a rolling basis to ensure you have the most current and relevant information to navigate the new regulatory landscape.  

Drawing on their extensive market experience, they examine the evolving legal regime and market landscape in the region, including landmark court processes, private credit opportunities and the emergence of non-performing loan portfolio sales.

Stay tuned for more insights into the world of restructuring in 2025, and thank you for listening to "No Worse Off.

Paul, Mark and Nick tell us about their practice, what Private Credit and Capital Solutions really means, as well as revealing a few interesting facts about themselves!

In this episode, Ninette Dodoo is discussing the emerging trends in Asia’s energy transition journey with Asia M&A partners Philip Morgan and Gordon Palmquist, as well as Jake Reynolds, the firm’s head of client sustainability and environment. Join us as we explore how corporate leaders can navigate risks and seize opportunities in Asia’s evolving energy landscape. 

In this episode, they explore the intersection between international sanctions and restructuring and insolvency, covering UK and EU developments while providing practical guidance on implementing restructuring solutions within sanctions frameworks.

Stay tuned for more insights into the world of restructuring, and thank you for listening to "No Worse Off."

In our latest Essential Antitrust podcast, our host Jenn Mellot is joined by fellow partners Thomas Janssens, Martin McElwee and Colin Raftery to discuss how this and other recent developments will affect deals going forward.  

In our latest Essential Antitrust podcast, our host Jenn Mellot is joined by fellow partners Alastair Chapman, Ilka Oberländer, and Kaori Yamada to explore navigating the key developments in global antitrust.

Stay tuned for more insights into the world of restructuring in 2025, and thank you for listening to "No Worse Off."

In the fourth episode of this series, Applying Malus and Clawback in practice, partners Alice Greenwell and David Mendel discuss the ‘pointy end’ of malus and clawback – what happens when companies want to use malus and clawback, and how to address the employment and other legal issues that may arise.

In this edition of the Essential Antitrust podcast, host Jenn Mellott is joined by fellow antitrust partners Meghan Rissmiller and Andreas von Bonin, as well as Natalie Pettinger Kearney, Head of EU Regulatory & Public Affairs, to discuss the next five years is likely to hold in terms of competition enforcement and policy.

Tim Clark, Freshfields’ Global Co-Head of Private Funds and Secondaries, and David Nicolardi, a counsel at Freshfields and former SEC Branch Chief, discuss the expected impacts on SEC regulation, exams, and enforcement priorities related to private funds.

Tim and David explore, among other issues, the Marketing Rule, ESG and DEI, and regulatory challenges posed by the growth of Artificial Intelligence (“AI”). 

They delve into the complexities that arise in cross-border multi-process restructurings, focusing on key themes such as the role of expert evidence, privilege and discovery issues, and the timing of challenges across different jurisdictions.

Stay tuned for valuable insights into anticipating and managing litigation risks throughout the restructuring process, and thank you for listening to "No Worse Off."

In the first Budget delivered by the Labour Party since 2010, Reeves announced an extensive array of tax reforms designed to 'stabilise' public finances and facilitate increased government spending.  Altogether, tax rises totalling £40 billion were announced - some expected, others less so.

In our latest podcast Peter Clements, Sarah Bond, Rose Swaffield, Josh Critchlow and Chris Gotch from our London tax team discuss the tax measures they found the most noteworthy in the Autumn Budget 2024, including:

• Headline Budget announcements, including:
  • increases in the capital gains tax (CGT) main rates and reforms to business asset disposal relief and investors' relief, accompanied by anti-forestalling measures;
  • an increase in employer National Insurance contributions by 1.2% from April 2025; and
  • an increase in the CGT rates for carried interest from April 2025, with more significant reforms expected to follow;
• Publication of the Corporate Tax Roadmap designed to provide stability for businesses and foster inward investment, including:
  • capping the headline UK corporation tax rate at 25%;
  • confirmation the permanent 'full expensing' capital allowance regime and existing R&D reliefs will be retained; and
  • plans to provide increased tax certainty to investors in major projects;
• Measures designed to 'close the tax gap', including:
  • an increase in the interest rate for unpaid tax;
  • targeted anti-avoidance measures applying with immediate effect; and
  • the recruitment of additional HMRC compliance and debt management staff; and
• Other changes to the UK's tax code, including:
  • confirmation the UK will introduce the Pillar Two undertaxed profits rule (the 'UTPR') for accounting periods from January 2025, along with the related repeal of the offshore receipts in respect of intangible property (or 'ORIP') rules;
  • the replacement of the remittance basis of taxation for non-UK domiciled individuals ('non-doms') with a new residence-based regime; and
  • confirmation of increases to the rate and duration of the Energy Profits Levy and the removal of the associated investment allowance.

In this edition of the Essential Antitrust podcast, host Jenn Mellott is joined by fellow antitrust partners Mary Lehner and Bruce McCulloch, as well as Sebastian Fain, Global Transactions partner, to discuss the key changes that parties will have to contend with starting in early 2025.

They examine how LMEs might be shaped by different legal regimes, with a particular focus on potential issues under English law.

Stay tuned for more insights into the world of restructuring and thank you for listening to “No Worse Off”.

In this special podcast, a selection of senior Freshfields lawyers from different jurisdictions explore the increasing regulatory scrutiny of private credit across the world. Matt O'Callaghan, a partner in the firm’s Hong Kong office and head of the financial services regulatory team in Asia, hosts an insightful discussion featuring Nariné Atamian from Freshfields in New York, Greg King in London, and Theresa Kreft in Munich, in which they look beyond the headlines and share their perspectives on the changing regulatory landscape.

Drawing on personal experience as well as insights from Katharina and Jo’s former and current leadership roles for the London chapter of the International Women's Insolvency and Restructuring Confederation (IWIRC London), they explore their career journeys in a field where women are still under-represented, the importance of gender diversity, and strategies for promoting an inclusive industry.

Stay tuned for more insights into the world of restructuring and thank you for listening to “No Worse Off”.

Liability management has become a key strategy in the US distressed markets as the restructuring community seeks alternatives to bankruptcy.  These transactions can enhance liquidity, restructure debts, and extend runway via an out-of-court process.

In this episode, we are bringing together our experts from our London, New York and Hong Kong offices to discuss the nuances of liability management, the opportunities it presents for creditors, and its potential for growth in European and Asian markets.

Stay tuned for more valuable discussions and expert advice in the upcoming episodes of “No Worse Off”.

In this episode of our Essential Antitrust podcast, host Jenn Mellott is joined by fellow antitrust partners Charlotte Colin-Dubuisson, Meghan Rissmiller and Al Mordaunt to discuss recent enforcement trends in the EU, the UK, the US and Asia.

The cross-border restructuring landscape has transformed in recent years, with the introduction of the UK restructuring plan and the arrival of similar, Chapter-11 inspired processes in jurisdictions across Europe. This has driven a rise in cross-border restructurings which use processes in multiple jurisdictions to deliver the restructuring – as in the recent Cimolai, Vroon and McDermott restructurings.

In this episode, we are bringing together a panel of our experts from across Europe and the US to discuss the rise of these multi-process restructurings. The panel will explore both the opportunities these multi-process restructurings present to deliver restructurings that otherwise would not be possible, and the complexities and pitfalls to watch out for.

In this episode of our Essential Antitrust podcast, host Jenn Mellott is joined by Freshfields’ Aimen Mir and Brian Reissaus to analyze some breaking news out of the U.S. Department of the Treasury: draft rules operationalizing controls on outbound investment. Though targeted at China, the rules generate new risks and potential consequences for U.S. investments in Chinese companies or in companies and funds that themselves have operations or investments in China.

In this episode, Ninette Dodoo, an antitrust partner in our Asia antitrust practices, discusses the opportunities and challenges in Southeast Asia with partners from our Singapore office - Simon Weller, Jon Bowden and Samantha Tan - and Eric Johnson, a partner based in Vietnam. Join our panellists for some on the ground insights on recent legal and business trends in the region, including in disputes and arbitration. 

In this podcast series, the Freshfields People & Reward team discusses key topics in the executive reward space for publicly listed and private companies in 2024, including considerations for remuneration committees, transatlantic regulatory concerns, and the structure of specific incentive arrangements.

In the third episode of this series, Next Stop: CSOP, partner David Mendel and senior associate Nicola Jones cover all things related to tax favoured company share option plans, also known as CSOPs. David and Nicola discuss the recently increased flexibility of these share plans, and their attractiveness to companies, including in the private capital space, who are looking to incentivise key employees in their workforce.

In this podcast series, the Freshfields People & Reward team discusses key topics in the executive reward space for publicly listed and private companies in 2024, including considerations for remuneration committees, transatlantic regulatory concerns, and the structure of specific incentive arrangements.

In the second episode of this series, Remuneration vs Compensation – the Transatlantic Pay Debate, partner Alice Greenwell and senior associate Regina Erie discuss transatlantic reward issues and the ongoing debate about UK versus US pay practices. Alice and Regina cover topics beyond the perceived difference in executive pay levels between the UK and the US, including structural variations between the two jurisdictions in regards to tax and compensation.

In this episode of our Essential Antitrust podcast, host Jenn Mellott is joined by fellow antitrust partner Colin Raftery, former Senior Director of Mergers at the CMA, to discuss the changes and what they mean for deals facing in-depth scrutiny in the UK.

In this episode, Craig Montgomery and Emma Gateaud are joined by Tom Smith KC, to discuss some of the recent high profile challenges in restructuring plans and what we can learn from these to shape future plans.  

In the first episode of this series, Being prepared for the (not so) unexpected: planning for executive exits, partners Alice Greenwell and David Mendel sit down to discuss the essential considerations for remuneration committees when an executive is leaving the company. Alice and David cover exit packages and the restrictions on publicly listed companies, as well as other tricky topics for companies to be aware of.

In a rowdy House of Commons, the Chancellor delivered what will be his last Spring Budget before a UK general election widely expected to take place in autumn this year.  Further details on some of these measures are expected to follow on Tax Administration and Maintenance Day 2024 – confirmed as taking place on 18 April – but there were plenty of interesting points (and politics) in the tax policies included in this wave of announcements.

In our latest podcast Jill Gatehouse, Emily Szasz, Josh Critchlow and David Haughey from our London tax team discuss some of the tax measures they found the most noteworthy in the Spring Budget 2024, including:

• Replacing the current tax rules for non-UK domiciled individuals (so-called ‘non doms’) with a new residence-based regime;
• Changes to the transfer of assets abroad rules following the Supreme Court decision in Fisher to ensure this anti-avoidance regime cannot be bypassed by individuals transferring assets offshore via a UK company;
• The introduction of Reserved Investor Funds (RIFs), a new type of UK investment fund in the form of an unauthorised contractual scheme; and
• Other changes to the UK’s tax code, including:
  • Further reductions to NICs, benefitting both employed and self-employed workers;
  • On stamp duty/SDRT, new guidance on recently-enacted legislation restricting the application of the higher rate charge on the issue and certain transfers of UK shares and securities into clearance services or depositary receipt systems – but nothing further on the Stamp Taxes on Shares Modernisation proposal;
  • Delaying the sunsetting of the Energy Profits Levy, so that it will end in 2029 (or earlier if energy prices fall below levels set by the previously-announced Energy Security Investment Mechanism);
  • Establishing a new R&D tax relief expert panel tasked with ensuring relevant HMRC guidance remains up-to-date as industry develops; and
  • Consulting on the introduction a new UK ISA, giving individuals a £5,000 annual allowance to invest in certain UK-focussed assets on a tax-free basis.

Podcast hosts Lindsay Hingston, and Emma Gateaud, in our London office, cover recent trends including the looming wall of debt maturities, liability management, contested restructuring plans and the increasing use of parallel/interlocking processes in a cross-border context.

In this episode of our Essential Antitrust podcast, host Jenn Mellott is joined by Freshfields’ Ninette Dodoo and Laurent Bougard and RuiMin’s Hazel Yin to examine these changes and their impact on filing deals for regulatory clearance in China. Their discussion features critical insights into navigating the merger control process as well as addressing sectors at risk of increased scrutiny and underscoring broader regulatory issues, including national security reviews.

With insights from the US, UK, EU and Asia, we predict how antitrust will continue to be used as a wide-ranging tool in 2024 – from aggressive enforcement targeted at digital markets and AI to novel theories of harm in M&A, and from risks and opportunities at the intersection of antitrust and sustainability to the expansive use of abuse and monopolization claims in antitrust damages actions to pursue general consumer or unfair competition issues.

Businesses that want to stay one step ahead will need a global strategy to navigate these evolving and dynamic challenges.

In this podcast, Ninette Dodoo is joined by Arun Balasubramanian, Aimen Mir, Alan Wang and Jonathan Zhou to discuss the nuances of this policy shift and the implications on investment strategies for Asian and US investors. They explore the strategic decisions businesses are taking to adapt to the evolving regulatory landscape when pursuing new opportunities and as they seek to thrive in an increasingly complex global investment environment.

In our latest podcast, London Tax partner Sarah Bond, Düsseldorf Tax partner Philipp Redeker and London Tax knowledge lawyer Laura Western explore these points in more detail, including:

• The increased scrutiny of cross-border structures and arrangements, with tax authorities using a variety of tax rules (including anti-avoidance provisions) to do so;
• Transfer pricing disputes becoming more common and more difficult to resolve, with this becoming an 'evergreen' contentious tax trend;
• The multitude of jurisdiction-specific trends in domestic tax disputes, including challenging partnerships with mixed members or salaried members in the UK and auditing management participation programmes in Germany;
• Tax authorities across the globe adopting more aggressive approaches than they historically have done, both in terms of the position taken and the penalties imposed;
• The variety of settlement options in different jurisdictions, and the increased likelihood of taxpayers considering litigation if a negotiated outcome is not forthcoming; and
• The potential impact of tax transparency measures and developments in technology on tax disputes in the years ahead.

The Bill is on track to take effect next year and is making its way through the UK Parliament.  But its passage has been far from smooth sailing and fundamental questions about the Bill remain.

In this episode of our Essential Antitrust podcast, our host Jenn Mellott is joined by Sharon Malhi and Rikki Haria to explore the main features of the Bill and unpack its impact on businesses.

Our host Jenn Mellott unpacks these important and timely findings in this episode of Essential Antitrust, joined by Nicholas French, partner in London, Vanessa van Weelden, principal associate in Brussels and Morag Elwis, associate in Silicon Valley. Together, they offer insights on how the toolkit may impact competition authorities and private companies.

The Office for Budget Responsibility (OBR) reports that the UK economy has proved to be more resilient to the shocks of the pandemic and energy crisis than anticipated, but with growth forecasts for the next two years reduced and the UK inflation rate expected to be more persistently high, the Chancellor had only modest fiscal firepower at his disposal.  That headroom was used to send a political message about the Conservative Party’s priorities, with tax cuts for both businesses and workers announced.

In our latest podcast, London Tax partners Peter Clements and May Smith and London Tax senior associates Josh Critchlow and Chris Gotch discuss some of the business tax measures they found the most noteworthy in the Autumn Statement 2023, including:

• Making full expensing capital allowance rules permanent, giving companies a 100% first-year allowance for capital expenditure on main rate assets;
• Further changes to the research and development (R&D) tax relief regime, including merging the existing R&D expenditure credit and SME R&D tax relief schemes, and expanding the scope of the previously-announced additional relief for loss-making R&D-intensive SMEs;
• Various steps aimed at supporting the energy transition and encouraging oil and gas investment, including introducing an exemption from the Electricity Generator Levy for new projects or extensions, confirmation the Energy Profits Levy will end in 2028 (or earlier if energy prices fall below levels set by the Energy Security Investment Mechanism), and bringing forward new measures to incentivise carbon capture, utilisation and storage;
• Reductions to various classes of NICs, benefitting both employed and self-employed workers;
• Announcements relating to the UK’s implementation of the OECD’s global minimum tax reforms, including that the Under-Taxed Profits Rule (UTPR) will apply from January 2025 and the Offshore Receipts in respect of Intangible Property (ORIP) rules will be abolished from that date; and
• On stamp duty/SDRT, the expansion of the growth market exemption, and an update on the government’s proposal to legislate to ensure the higher rate charge on the issue and certain transfers of UK shares and securities into clearance services or depositary receipt systems is not reintroduced from January 2024.

In this episode, Tim and Pablo delve into Pablo’s career arc, detailing how he ventured into secondary transactions and founded Fairview Capital. They explore the transformations in the secondary market over their careers and highlight the essential elements of successful GP-led transactions.

Discover the nuances of managing potential friction with LPs and LPACs, especially regarding conflicts and expenses in GP-led deals. Tim and Pablo provide valuable advice on minimising investor franchise risk and optimising deal approval.

The conversation also explores the rise of single asset continuation vehicles, addressing the shift from traditional exit tools and the significance of secondary buyers contributing dry powder for future growth.

Tim and Pablo navigate the complexities of the secondary marketplace, discussing the impact of artificial intelligence, drivers behind LP-led sale transactions, and the emerging trends in regions like Asia Pacific and Latin America.

Olivier speaks with our podcast hosts Jenn Mellott and Laurent Garzaniti to debate the most significant enforcement milestones and challenges faced by DG Competition in recent years. These range from the state of EU antitrust policy and the growing divergence in global antitrust enforcement to the implementation of the EU’s new Digital Markets Act and Foreign Subsidies Regulation.

In this latest episode of our Essential Antitrust podcast, Olivier Guersent shares his observations on these challenges and aspirations for antitrust enforcement in the future.

Join our host Jenn Mellott, as she engages in a thought-provoking discussion with a panel including Kaori Yamada, head of our Asia antitrust practice in Tokyo, Ninette Dodoo, partner in Beijing, Laurent Bougard, counsel in Hong Kong, and Hazel Yin, partner from RuiMin Law Firm in Beijing. Together, they provide unique insights into the complexities and challenges facing business in the region. From the fast-paced changes in competition law enforcement, to the impact of geopolitical tensions on merger control and foreign investment, this episode covers it all. Tune in to stay ahead in the dynamic world of antitrust and foreign investment in Asia.

Introduction (English translation): Hello everyone. My name is Takeshi, Managing Partner of Freshfields Tokyo Office. In today's podcast, we will discuss MedTech. MedTech is the word combining “medical” and “technology”, referring to using  IOT and other technologies in healthcare. I will ask the speaker about this area, starting with the definition, which I am sure many of you have heard recently. Technology developments have led to many innovations in the field of healthcare, making it one of the growth areas and an area of high interest. Today I would like to bring you together with an expert in this field from the United States, Vinita Kailasanath. Vinita is the head of Freshfields' MedTech practice and has extensive experience in the field, particularly where both life sciences and technology are concerned. She has been involved in transactions that are strategically very important to our clients in the MedTech and digital health sectors. She provides advice in licensing transactions, research and development, and those kinds of areas. In fact, before becoming a lawyer, Vinita was doing research in the field of neuroendocrinology at the graduate level, which is a word I looked up in the dictionary. She also has experience providing marketing and sales support to pharmaceutical and biotech companies.

Outro (English translation): This time, we started with a high-level conversation with the theme of MedTech, explaining recent trends in regulations. Vinita is an expert in the field of MedTech, and we would like to send you another podcast when we hear about new developments as new trends emerge, etc.. Thank you for listening.

The proposals entail much higher costs to notify transactions to the agencies, and we explore the substantive implications, including for industries such as tech, life sciences, and private equity.

In this episode of the Essential Antitrust podcast, our host Jenn Mellott is joined by Washington-based colleagues Bruce McCulloch and Laura Onken.

For more information, turn to our A Fresh Take blog posts on the HSR changes and the draft Merger Guidelines.

Understanding the risks involved in licensing and collaboration agreements is crucial for companies looking to tap into the thriving Asian market and establish successful partnerships. In this episode of our two-part series focusing on life sciences, podcast host Ninette Dodoo is joined by Kristen Riemenschneider, Mary Lehner, Richard Bird, and Xin Liu to discuss the complex regulatory landscape associated with licensing and collaboration arrangements. This includes anti-bribery, sanctions and export control risks, unique IP ownership challenges, data sharing issues and antitrust considerations concerns, which can make or break these deals.

In a few short months, generative AI has proven to be a potent tool and global sensation. With perspectives from the United States, Europe and China, we dive into how regulators are responding to generative AI, focusing particularly on the MedTech space.

In this MedTech-centered episode of the Essential Antitrust podcast, our host Jenn Mellott and guest host Vinita Kailasanath (Silicon Valley) are joined by Ninette Dodoo (Bejing), Rikki Haria (London) and Justin Stewart-Teitelbaum (Washington, DC).

In the latest episode of our Essential Antitrust podcast our host Jenn Mellott is joined by Justin Stewart-Teitelbaum, partner in Washington, DC, and Angela Landry, counsel in Washington, DC and Silicon Valley, to discuss the implications of the settlement and what it means for merging parties considering remedy packages.

In this latest episode of our Essential Antitrust podcast, our host Jenn Mellott is joined by our two newest antitrust partners, Rikki Haria and Jenny Leahy, to discuss the nuances underpinning these different results and how companies can navigate these key antitrust enforcement trends in future deals.

With regulators globally continuing to set out their differing, and sometimes divergent, positions, it has never been more critical for multinational business to stay abreast of the latest developments. Covering the European Commission, UK CMA, and the FTC/DOJ and State Attorneys General in the United States, we look at the current ESG and antitrust landscape and the implications for regulatory strategies.

In this special sustainability edition of our Essential Antitrust podcast our host Jenn Mellott is joined by Tim Wilkins (New York), Jake Reynolds (London), Martin McElwee (London), Sarah Jensen (London), Justin Stewart-Teitelbaum (Washington, DC) and Donna-Faye Imadi (Washington, DC).

From digital markets and labor issues, to sustainability, and interlocking directorates, companies will want to continue monitoring the latest enforcement developments and guidance in these and other areas of priority for the agencies, all of which suggests another active year of antitrust enforcement around the world.

In this episode of Essential Antitrust, podcast host Jenn Mellott is joined by partner Ninette Dodoo, co-moderator of the Enforcers Roundtable, to talk about the key themes and topics discussed, what the enforcers shared about recent developments and future goals, and what companies can best do to be prepared for another year of active antitrust enforcement. 

Topics discussed by our speakers include:

• Latest development in China’s antitrust regime and enforcement trends;
• China’s national security review regime, and lessons from recent cases; and
• Practical tips when doing business in China.

Following the instability experienced in the UK in recent months, it was a relief to many to see the Office for Budget Responsibility (OBR) confirm that ‘the economic and fiscal outlook in the UK has brightened somewhat’ since the Autumn Statement 2022 was delivered last November.  That is not to say, though, that the UK economy was given a clean bill of health: the OBR also recognised that ‘weak underlying momentum’ remained, fuelled by high gas prices, stagnating business investment, rising labour market inactivity and slowing productivity growth.  Against that background, it is perhaps no surprise that the Chancellor used this Spring Budget to introduce a range of measures – some headline-grabbing, others more subtle – designed to bring about ‘long term, sustainable, healthy growth’.

In our latest podcast, London Tax partners Helen Buchanan and Paul Davison and London Tax senior associate Josh Critchlow discuss some of the business tax measures they found the most noteworthy in the Spring Budget 2023, including:

• Confirmation that the increase in the main rate of corporation tax from 19% to 25% from 1 April 2023 will go ahead as planned;
• The introduction of new full expensing capital allowance rules giving companies a 100% first-year allowance for capital expenditure on main rate assets over the next three years;
• Further changes to the research and development (R&D) tax relief regime, including additional relief for R&D intensive SMEs and a delay to previously-announced restrictions on R&D relief for overseas expenditure;
• Confirmation that proposed changes to the scope of sovereign immunity from direct tax will not go ahead;
• A range of amendments designed to ‘fix’ elements of key UK business tax regimes, including the corporate interest restriction and the qualifying asset holding companies regime;
• Various steps aimed at supporting the energy transition, including proceeding with the previously-announced decarbonisation allowance in the Energy Profits Levy and bringing forward new measures on carbon capture, usage and storage; and
• Reforms to pension tax thresholds, including the unexpected abolition of the Lifetime Allowance.

In this first episode of 2023, podcast host Jenn Mellott is joined by partners Jamillia Ferris (Washington, D.C.), Sharon Malhi (London) and Tone Oeyen (Brussels) to talk about our antitrust forecast for the months ahead, and to identify the most crucial issues for businesses to watch in the coming year.

In this latest episode of our Essential Antitrust podcast our host Jenn Mellott is joined by Ramya Arnold, senior associate in London, Dominic Divivier, senior associate in Duesseldorf, and Angela Landry, counsel in Washington DC and Silicon Valley, to discuss what enforcers in Europe and the US are focused on in their pursuits.

The Autumn Statement 2022 comes at a difficult time for the UK economy with inflation at its highest rate for decades and a significantly increased budget deficit forecast. In view of this, the Chancellor has made clear that both spending cuts and increased tax revenues are required to reduce the “fiscal black hole”.

In our latest podcast, London Tax partners Paul Davison and Jill Gatehouse and London Tax senior associate Josh Critchlow discuss the business tax measures they found the most noteworthy in the Autumn Statement 2022, including: 

• Changes to the Energy Profits Levy – the windfall tax on oil and gas companies enacted in Summer 2022;
• The introduction of a new Electricity Generator Levy – a temporary 45% tax to be levied on extraordinary returns from low-carbon UK electricity generation;
• Confirmation that the UK will introduce the OECD Pillar 2 proposals, including further detail on the structure of these rules and when the rules will take effect;
• Reforms to rebalance R&D tax reliefs – involving proposals to increase the rate of the Research and Development Expenditure Credit and decrease the SME additional deduction and credit rate;
• Confirmation that both the reduction in the bank corporation tax surcharge rate to 3% and the increase in the diverted profits tax rate to 31% will go ahead as planned in April 2023;
• The new share-for-share exchange anti-avoidance measure that has immediate effect; and
• Reflections on tax measures that were not introduced.

In this latest episode of our Essential Antitrust podcast our host Jenn Mellott is joined by Jamillia Ferris and Julie Elmer, antitrust partners in Washington DC, and Martin McElwee, antitrust partner in London and Brussels, to discuss the implications of merger challenges brought by US agencies for both US-focused deals and deals that face broader international scrutiny. 

In this episode of our Great (stakeholder) expectations series, Freshfields’ Elizabeth Bieber and Pamela Marcogliese and FTI Consulting’s Patrick Tucker and Garrett Muzikowski discuss the shareholder activism developments coming out of the past proxy season, expectations for future activism levels, new vulnerability points for companies, the potential impact of universal proxy, and ESG activism.

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm.

In this episode of our Great (stakeholder) expectations series, Freshfields’ Elizabeth Bieber and Pamela Marcogliese and FTI Consulting’s Patrick Tucker and Garrett Muzikowski discuss the bastion of support for social issues coming out of the past proxy season, the implications for the engagement season, and the different pressures companies face on the broadest ESG category with potentially the most reputational risk.

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm.