A&O Shearman Europe insights

The FCA's discussion paper on the future of UK mortgage regulation raises fundamental questions about how the market should work.  

From interest rate stress tests and later life lending to variable income borrowers and customer vulnerability, DP 25/2 signals a potential shift in how the regulator thinks about risk, access and consumer outcomes.  

What are the key proposals? What does this mean for lenders, intermediaries and consumers? And where is the FCA's direction of travel heading? 

Counsel Jean Price and associate Giannis Giortzis discuss with knowledge lawyer Louise Bralsford the discussion paper's key proposals, exploring what they mean for the mortgage industry and how they fit into the UK's broader ambition for a more supportive and transparent financial landscape.  

They examine the FCA's possible approach to stress testing, lending to those with variable income and the treatment of vulnerable customers.  

The episode delivers a practical understanding of DP 25/2 and what the FCA's possible reforms could mean for mortgage lending and consumer financial decisions. 

Luxembourg has made a deliberate choice to position itself as a destination of choice for international talent, and it has the tax and immigration infrastructure to back it up.  

How does the country's framework for impatriates actually work? What makes its immigration rules attractive for skilled professionals and the companies that want to hire them? And how does Luxembourg's approach compare to similar schemes in competing jurisdictions? 

Tax partner Franz Kerger and Employment counsel Nathaël Malanda analyse Luxembourg's latest strategies for attracting top international professionals, working through the tax incentives available, the immigration routes that make relocation practical, and the long-term benefits for both employers and employees.  

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

As global economic dynamics shift and geopolitical tensions rise, Europe is recalibrating its investment landscape.  

In this episode of the Global Insights podcast, former Financial Times EU correspondent Javier Espinoza is joined by leading A&O Shearman partners Catherine Di Lorenzo, Francesca Miotto, and Tim Stevens to unpack how the European Commission is reshaping its regulatory agenda to attract and retain global investment. 

From merger control and foreign direct investment (FDI) screening to state aid and antitrust reforms, the conversation dives deep into the EU’s evolving policy toolkit. The speakers explore how the bloc is simplifying regulatory structures to enhance competitiveness, while also navigating the complexities of strategic autonomy, economic security, and digital transformation. They also examine the push toward a pan-European capital market and the implications of the EU’s ambitious data and AI regulatory frameworks, including the landmark AI Act. 

Is Europe still a safe bet for global investors? How are regulatory reforms balancing innovation with oversight? And what does the future hold for cross-border M&A, tech investment, and industrial policy in the EU?  

This episode offers expert insights and practical takeaways for investors, corporates, and policymakers navigating the European investment landscape. 

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Episode 5: Cyber insurance has moved from niche protection to a core component of enterprise risk management and the market is evolving rapidly.  

But what do these policies actually cover? How do insurers assess and underwrite cyber risk? What does the claims process look like in practice? And as threats grow more sophisticated, from AI-enabled attacks to nation-state threats, are policies keeping pace? 

Insurance litigation and cyber partner Charlie Weston-Simons is joined by Ffion Flockhart, global co-head of cyber at A&O Shearman, alongside Neil Warlow, Executive Director at Howden Insurance Brokers, and Paul Gooch, Divisional Head of Cyber at Tokio Marine Kiln.  

Together they examine what cyber policies cover and why businesses should invest, how insurers underwrite cyber risks, the claims process, and the emerging coverage questions around widespread events, war exclusions and AI-related losses. 

Listen in for a sharper understanding of how the market works and the coverage questions that matter most right now. 

Insurance Covered examines the issues, disputes and trends shaping the global insurance market. Our insurance specialists engage expert voices from across the industry to explore coverage questions, claims trends and emerging risks. The series is designed for insurance professionals, risk managers and in-house counsel navigating an increasingly complex landscape. 

Episode 1: Poland is embarking on one of its most significant deregulation drives in years.  

The government's strategy to simplify laws, cut bureaucracy and better align Polish regulations with EU standards has major implications for financial institutions operating in or entering the market.  

But what does the initiative actually involve? And how does it balance deregulation with investor and consumer protection? 

Hosts Paweł Mruk-Zawirski and Mateusz Ołdak open this series by exploring Poland's 2025 deregulation initiative in detail, breaking down the government's strategy, the financial sector-specific measures, and what firms need to understand as the regulatory landscape shifts. 

Listeners will leave with a clear picture of Poland's regulatory direction of travel, and what it means for compliance and business strategy in the Polish financial market. 

Warsaw Financial Regulatory delivers expert analysis of the legal and regulatory developments shaping Poland's financial sector. Each episode breaks down the legislation, policy shifts and compliance challenges that matter most to financial institutions operating in or entering the Polish market. 

The FCA's mortgage rule review marks the most significant rethink of residential lending regulation in years. What does simplification actually mean for firms operating under these rules today?  

How will streamlined affordability assessments change how lenders handle borrowers looking to reduce their mortgage terms? And what has the retirement of previous FCA guidance left in its place? 

Jean Price, counsel at A&O Shearman, and associate Giannis Giortzis join knowledge lawyer Louise Bralsford to unpack the consultation's key proposals. These include the removal of the interaction trigger, the new approach to affordability for term-reduction cases, and the practical implications for consumer outcomes under the new Consumer Duty. 

Whether you advise mortgage lenders, manage regulatory compliance, or work with clients navigating the shifting rules, this episode gives you a clear picture of where the regulation is going and what firms need to do now.  

Anti-money laundering (AML) regulation in Europe is undergoing its most comprehensive overhaul in years. What does the new AML package require of financial institutions?  

How will virtual IBANs change compliance obligations across European markets? And what should firms be doing now ahead of the establishment of a new EU supervisory authority? 

Konrad Zawistowski, specialist in banking and finance law with a focus on project finance, acquisition finance, and leveraged finance at A&O Shearman, moderates a conversation between Paweł Mruk-Zawirski, head of the regulatory department for financial markets, and Filip Główka, an expert in debt finance. 

Together, they provide a comprehensive overview of the new AML framework, the practical implications for financial institutions operating across European markets, and what the creation of a dedicated supervisory body means for how compliance functions need to be structured going forward. 

Legal and compliance professionals working with financial institutions in Europe will finish this episode with a clear understanding of the new AML requirements and a practical sense of where the compliance pressure points lie. 

Note: This episode is conducted in Polish 

One Step Ahead is an extension of A&O Shearman's long-running seminar series of the same name. For over 16 years, those seminars have delivered cutting-edge knowledge in law, finance, and business to clients and professionals worldwide. The podcast brings that expertise directly to listeners, with each episode examining the regulatory, transactional, and strategic issues shaping the market. Designed for legal and financial professionals who need to stay ahead of change, the series draws on the depth of A&O Shearman's global practice. 

The European Commission is proposing to fundamentally reshape the regulatory framework on sustainability, and the implications reach from large multinationals down to smaller companies across their value chains.  

Which elements of the Corporate Sustainability Due Diligence Directive (CSDDD) and the Corporate Sustainability Reporting Directive (CSRD) are being modified? What does simplification actually mean for organizations that are already mid-implementation? And how should businesses of different sizes interpret and prepare for these changes? 

Marco Lupoli, partner at A&O Shearman, examines the Commission's proposals, the competitiveness concerns that have driven them, and the practical consequences for both large corporations and smaller entities operating within European markets. 

Sustainability professionals and corporate lawyers navigating the transition to a revised European regulatory environment will leave this episode better positioned to assess the proposed changes and plan accordingly.  

Note: this episode is recorded in Italian. 

Italy's mediation landscape has changed. What has the Correttivo Cartabia actually amended, and how accessible, flexible, and effective does mediation look in practice?  

What are the real implications for businesses facing commercial disputes? And how can organizations use the new framework to preserve relationships rather than escalate conflict? 

Martina Rossi and Piermaurizio Tafuni, senior associates in A&O Shearman's Litigation department, are joined by Nicola Giudice, a leading expert in mediation in Italy and head of the Conciliation Service at the Milan Chamber of Arbitration. 

The conversation covers the core changes introduced by the Correttivo Cartabia, how those adjustments aim to make mediation more effective, and the practical steps businesses should take to make the most of the reformed framework. 

Legal teams and business leaders managing disputes in Italian markets will leave this episode with a clear picture of the current mediation landscape and a sharper sense of when and how to use it.  

Note: this episode is recorded in Italian. 

Episode 1: When a lender takes control of a borrower in a restructuring, competition law is rarely the first issue on the agenda. But should it be?  

At what point does exercising control in a restructuring scenario create legal exposure under competition rules? And what do legal advisers and in-house counsel need to understand before any restructuring crosses the threshold? 

Agnieszka Kolasińska-Czerwińska and Ewa Tkaczuk from A&O Shearman examine the intersection of restructuring law and competition law, drawing on a recent seminar they delivered on the topic. Their discussion is detailed, practical, and focused on the scenarios where assumptions about lender control can create costly legal risk. 

Note: This episode is conducted in Polish 

One Step Ahead is an extension of A&O Shearman's long-running seminar series of the same name. For over 16 years, those seminars have delivered cutting-edge knowledge in law, finance, and business to clients and professionals worldwide. The podcast brings that expertise directly to listeners, with each episode examining the regulatory, transactional, and strategic issues shaping the market. Designed for legal and financial professionals who need to stay ahead of change, the series draws on the depth of A&O Shearman's global practice.