A&O Shearman Europe insights

Episode 1: The matching adjustment reforms that came into effect on June 30, 2024 represent one of the most significant changes to the regulatory landscape for UK insurers since the original implementation of Solvency II.  

For firms seeking investment from insurers, and for insurers themselves managing expanded asset eligibility and new governance requirements, the implications span capital strategy, investment management, and regulatory compliance. 

Kate McInerney, partner in A&O Shearman's insurance group, talks to securitization partner Iona Misheva and senior associate Marcus Gwyer about the reforms in detail. 

What are the headline changes to matching adjustment eligibility, and what new assets can insurers now hold within the framework? What governance and attestation requirements accompany the expanded regime? And what does the reform mean in practical terms for the firms that seek insurer capital, particularly those in the securitization and infrastructure markets? 

Insurance professionals, capital markets lawyers, and investment managers working alongside the insurance sector will leave this episode with a precise understanding of the reform's scope and the strategic questions it places on the table. 

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.   

Italy's Data Protection Authority (Garante) has now published its ruling on the timing and limits of processing metadata contained in employees' work emails. For employers managing email systems in Italy, the ruling closes a period of uncertainty but opens a new set of compliance questions. 

Livio Bossotto, partner and head of A&O Shearman's Employment practice in Italy, and counsel Giorgia Giorgetti provide a detailed update on the Garante's findings.  

What does the ruling say about how long employers can retain email metadata? Under what conditions is processing permitted, and what limitations apply? And how should employment and privacy teams be reviewing their current email management policies in light of the outcome? 

This episode builds on the team's February 2024 analysis of the Garante consultation. Employers operating in Italy and privacy practitioners advising on Italian data protection compliance will leave this episode with a clear view of what the ruling demands and the immediate steps to take to align their policies with the new framework. 

Note: This episode is recorded in Italian.