A&O Shearman Europe insights

Cyber threats in private equity are no longer just a technology problem, they are a strategic, operational, and regulatory one.  

How are leading private equity firms approaching cyber risk governance? What does an increasingly complex regulatory environment mean for how firms manage their portfolio? And what should organizations be doing right now to prepare for the threats coming in the next few years? 

Laurie-Anne Ancenys, partner at A&O Shearman and head of the firm's tech and data practice in Paris, is joined by Michel Tournier, IT operating partner and chief information officer at Wendel, one of Europe's leading listed investment firms. 

Their conversation covers the strategic importance of cybersecurity for private equity firms, the constantly evolving regulatory environment, the growing impact of digitalization on risk exposure, incident and crisis management, and the cyber threats shaping the future. 

Note: this episode is recorded in French. 

Episode 4: Directors and officers face growing personal exposure from the decisions they make in their corporate roles.  

What does D&O insurance actually cover? What should boards and their advisers be weighing when purchasing or reviewing coverage? And how do defense costs and compensation payments work in practice when a claim is made? 

Charlie Weston-Simons, insurance litigation and cyber partner at A&O Shearman, leads the conversation with Russell Butland, insurance litigation partner at A&O Shearman, and Helen Haggie, head of management liability at Marsh UK. 

Together, they examine the core purpose of D&O insurance, what it indemnifies, how defense costs and compensation payments operate, and the practical considerations that matter most at the point of purchase. 

Board members, general counsel, company secretaries, and risk officers considering or reviewing D&O coverage will leave this episode with a clearer framework for assessing the protection their organization actually needs. 

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. 

This podcast is the second episode dedicated to the "EU Listing Act". Alessandra Pala, counsel of the Global Financial Markets group, discusses the most significant changes made by the Listing Act to the Market Abuse Regulation. 

This podcast is recorded in Italian.

In a market where top talent is in constant motion, a poorly drafted restrictive covenant is not just a legal risk. It is a commercial liability. As workforce mobility intensifies and employers face the prospect of departing employees taking clients, confidential data, and competitive intelligence to rivals, the case for robust business protection has never been stronger. 

Kate Pumfrey, partner in A&O Shearman's London office, shares her insight on how UK employers are deploying, applying, and enforcing restrictive covenants. The discussion covers best practice for selecting and drafting restrictions that hold up under judicial scrutiny, the legal position on paying for covenants, the specific approach for mobile workers and employee shareholders, and the litigation trends shaping how courts currently approach enforcement challenges. 

HR leaders and in-house counsel reviewing their existing protection framework will leave this episode with a practical checklist for auditing, strengthening, and future-proofing their approach to restrictive covenants. 

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.   

Climate litigation is no longer a peripheral legal risk. Courts around the world are issuing rulings that set precedents with direct consequences for governments, corporations, and their advisers. The recent decision by the Hague Court of Appeal is one of the most consequential yet, and understanding its implications is essential for anyone operating at the intersection of law, business, and climate policy. 

Marco Lupoli, an environmental and climate law expert at A&O Shearman, analyzes the ruling in depth. What were the court's key findings, and why do they matter beyond the Netherlands? How does this decision interact with earlier landmark climate cases? And what does the emerging body of case law tell us about the direction of climate litigation for the years ahead? 

Note: This episode is recorded in Italian. 

Does legal professional privilege protect tax advice in the EU? The answer, until recently, depended entirely on where you practiced. A landmark ruling from the Court of Justice of the EU (CJEU) has changed that calculation for Luxembourg and, potentially, beyond. 

A&O Shearman specialists who acted in the case examine the ruling in detail. The case arose from an order requiring a Luxembourg law firm to disclose information and documents in response to a cross-border information request from another EU member state. The CJEU found that the order interfered with the right to respect communications between a lawyer and their client, as protected under the EU Charter of Fundamental Rights and the European Convention on Human Rights. It also found that Luxembourg's existing rules, which excluded tax advice from the scope of legal privilege, constituted an unjustified interference with those rights.  

What does this ruling mean in practical terms for law firms advising on tax across the EU? How should privilege policies be reviewed in light of this decision? And which jurisdictions are now most exposed? 

Autumn 2024 delivered one of the busiest legislative periods for UK employment law in years. A new obligation requiring employers to take reasonable steps to prevent sexual harassment came into force. At the same time, the Employment Rights Bill introduced sweeping changes to fire and rehire practices, third-party harassment obligations, and trade union law. For HR professionals and employment lawyers, keeping pace with the practical implications has been a significant challenge. 

Sarah Henchoz, global head of employment litigation at A&O Shearman, breaks down what these changes mean in practice.  

What actually constitutes "reasonable steps" for the purposes of the new sexual harassment duty? What are the less-publicized elements of the Employment Rights Bill that HR teams risk overlooking? And how are the proposed changes to fire and rehire and trade union law likely to alter the landscape for employers dealing with workforce restructuring? 

HR leaders and in-house counsel managing the current wave of employment law reform will leave this episode with a clear view of the obligations that have landed, the ones on the horizon, and the practical steps to take now. 

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.   

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

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

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

The EU Listing Act, adopted on October 8, 2024, is the most significant overhaul of EU capital markets regulation in years. Its ambition is clear: make European markets more attractive for businesses, reduce friction for issuers, and improve access to capital for small and medium-sized enterprises (SMEs). But what does it actually change for debt capital markets practitioners? 

Cristiano Tommasi, partner in A&O Shearman's Global Financial Markets group, examines the most significant amendments to the Prospectus Regulation introduced by the Listing Act.  

Which disclosure and documentation requirements have been simplified for debt issuers? What do the changes mean for established issuance programs? And what should DCM practitioners and their clients be doing now to prepare for the new framework, ahead of the series' next episode examining the changes to the Market Abuse Regulation? 

Note: This episode is recorded in Italian. 

EU Listing Act delivers focused legal analysis of the regulatory reforms reshaping EU capital markets. Each episode examines a specific dimension of the Listing Act's impact, from prospectus amendments to market abuse obligations.  

From November 12, 2024, any individual registered, or required to be registered, in the records of a Luxembourg Trade and Companies Register (RCS) entity must obtain or request a Luxembourg National Identification Number (LNIN). For the thousands of entities registered in Luxembourg, this is a significant operational change with a tight compliance window. 

Laurent Goyer, counsel at A&O Shearman, and senior manager Karolina Gacka explain the new requirements and what they mean in practice.  

What exactly does the LNIN requirement cover, and who is affected? What are the steps entities need to take to obtain an LNIN and update their RCS records? And what are the consequences of non-compliance if the transition is not managed in time? 

Legal teams, company secretaries, and compliance officers managing Luxembourg-registered entities will leave this episode with a clear action plan for meeting the November deadline and avoiding the risks of non-compliance.