The Freshfields Podcast

In this episode of the Eureka series, partners and former senior SEC officials Melissa Hodgman and Erik Gerding share insider perspectives on what to expect from SEC enforcement, including: 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 second Trump administration has made numerous announcements on trade and tariffs, but US tax policy is increasingly woven into the discussion on international trade. This includes the possibility of retaliatory US action against “discriminatory or extraterritorial taxes” imposed by other countries. 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.

Listen to the latest episode of our MedTech podcast featuring host Vinita Kailasanath and guest Alya Sulaiman, Chief Compliance and Privacy Officer at Datavant. Vinita and Alya discuss Alya's unique career path, how AI and machine learning will impact the US' regulatory landscape, deploying AI in healthcare, and MedTech innovations to watch.  

On 8 May 2025, the European Commission launched a public consultation to review the Merger Guidelines. In this episode, our host Jenn Mellott speaks with Daniele Calisti, Head of the Mergers Case Support and Policy Unit at DG Competition, who is leading the consultation process. They are joined by David Foster, Director at Frontier Economics, and fellow antitrust partner Thomas Janssens, to explore what changes may be coming – particularly around efficiencies and innovation. 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.

Tune in to the latest episode of our EUnpacked podcast series in which we try to untangle the famous or rather infamous ‘Omnibus I' package unveiled by the European Commission on 26 February this year. The proposal aims to simplify ESG reporting and due diligence obligations, responding to new political and geopolitical imperatives pushing a simplification and burden-reduction drive to boost the EU's competitiveness. Podcast host and Head of the Freshfields EU Regulatory & Public Affairs Team Natalie Pettinger Kearney is joined by Léa Bareil, ESG lead in the Brussels public affairs team together with Juliane Hilf and Vanessa Jakovich, both partners in the firm's leading ESG regulatory practice.

In our latest podcast episode of "No Worse Off," Freshfields partners Emma Gateaud and Craig Montgomery are joined by two industry experts for an in-depth discussion on motor finance claims and consumer redress restructuring. 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"

In this episode of our Securing the Digital Future podcast series, Freshfields partner Rachael Annear talks with June Lowry and Athina Tsitsou, from the European Commission, about measures in the EU aimed at children's online safety as well as broader initiatives around accessibility.

In episode two of the Eureka series, Former Director of CorpFin at the SEC and Freshfields partner Erik Gerding and Freshfields partners Calise Cheng and Jacqueline Marino explore IPOs in the face of uncertainty, including alternative paths to capital and liquidity. They discuss: 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

In this episode of the Eureka series, Former Director of CorpFin at the SEC and Freshfields partner Erik Gerding and Freshfields partners Pamela Marcogliese and Leza Bieber discuss how to think about disclosures and governance during a trade war, including: 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

As part of his predictions for 2025, Ethan Klingsberg focused on the expected dominance of the fund secondaries market. Listen in as he speaks with Private Funds and Secondaries partner Ivet Bell about the phenomenal rise of these transactions—including market drivers, key terms, impact on the market, and where secondaries growth may be headed in both up and down markets.  

On 6 April 2025, key consumer protection provisions set out in the landmark UK Digital Markets, Competition and Consumers Act (DMCCA) entered into force. 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.  

In our latest "No Worse Off" podcast episode, Freshfields partner Lindsay Hingston and Tabasam Faqir, Head of Restructuring and Capital Solutions for MENA, welcome special guest Naveen Sabharwal, Managing Director at Davidson Kempner. Together, they explore the key themes shaping the restructuring landscape in the Middle East. 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.

Join Nathalie Kupfer and Rosie Jiang as they sit down with Val Jacob to explore her remarkable career in the legal industry. With decades of experience in Big Law, Val has navigated the complexities of the legal world and emerged as a respected leader. In this episode, Val will share her journey, from her early days as a young attorney to her rise through the ranks.

In this episode of our Securing the Digital Future podcast series, partner Rachael Annear is joined by Lorna Christie from the UK's data regulator, the Information Commissioner's Office (ICO), to discuss how the ICO is collaborating with Ofcom to ensure a coherent approach to regulation where online safety and data protection intersect.

As you may already know, our three new London Private Credit and Capital Solutions partners joined us last month.  We are very excited to introduce you to them in the latest episode of our “No Worse Off” Podcast series! 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! Listen now

As the world intensifies its efforts toward Net Zero, Asia stands at the forefront of the global energy transition, representing half of global energy demand and emissions. With heavy dependence on fossil fuels across most large Asian economies, the path to Net Zero will be both challenging and full of opportunities for forward-thinking companies. 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.  Listen now

In our latest podcast episode of Securing the Digital Future, Freshfields partner Rachael Annear is joined by Suzanne Cater and Amy Jordan from the UK's communications regulator, Ofcom, for an in-depth look at how online safety legislation is being applied in the UK and what businesses and organizations need to know. 

In this episode of our MedTech podcast series, partner Vinita Kailasanath sits down with Nada Hanafi, Co-founder of MedTech Color, to discuss Nada's career, how diversity impacts the MedTech industry, and advice for future MedTech leaders.

Join partners Lindsay Hingston, Jonathan Kelly, and associate Madeleine Wall in our first "No Worse Off" episode of 2025. 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."

The recent and upcoming changes to the heads of key antitrust agencies, and in particular the Chair of the UK Competition and Markets Authority, may signal a shift in approach to merger control. 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.  

The transitions taking place across agency leadership will maintain competition law and policy at the forefront of regulatory developments in 2025. In particular, antitrust policy will be shaped by political influences and growing pressure to consider domestic growth, security and economic resilience concerns, alongside other industrial policy goals. 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.

In our latest podcast episode of Securing the Digital Future, Freshfields partner Rachael Annear is joined by Michelle Ramsden from the US Department of Justice for an overview of the status of online safety regulation in the US. They discuss the complex patchwork of laws and regulations at both the state and federal levels, as well as how civil liberties and freedom of expression are impacting the development of online safety legislation.

In this episode of the MedTech podcast, Freshfields partner Vinita Kailasanath and Cimbal Capital Group principal Derek Underwood talk about his experience at the intersection of life sciences and tech, developing trends, and innovation in the space.

In the latest episode of "No Worse Off," hosts Lindsay Hingston and Emma Gateaud review 2024's key legal headlines. This year-end special showcases legal milestones, team achievements, and landmark events that have transformed the restructuring landscape throughout the year. Stay tuned for more insights into the world of restructuring in 2025, 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, including considerations for remuneration committees, transatlantic regulatory concerns, and the structure of specific incentive arrangements. 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.

On 01 December 2024 the new European Commissioner for Competition Teresa Ribera took office. A refreshed approach to competition policy has been tasked to her by President Ursula von der Leyen including tackling killer acquisitions, speeding up state aid and antitrust enforcement as well as a new approach to mergers that could help to boost the EU's competitiveness. 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.

Changes at the U.S. Securities and Exchange Commission (“SEC”) resulting from the 2024 election will have significant implications for the private funds industry. 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”). 

In our latest podcast episode of "No Worse Off," Freshfields partner Craig Montgomery is joined by colleagues Madlyn Primoff from New York, Kristina Weiler from Hamburg, and Mijke Sinninghe Damsté from Amsterdam for an in-depth look at how litigation risk impacts restructurings from start to finish. 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."

The UK Chancellor of the Exchequer, Rachel Reeves, has delivered the Autumn Budget 2024. 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.

On October 10, 2024 the US Federal Trade Commission (FTC) and the US Department of Justice (DOJ) issued a final rulemaking implementing the most significant update ever to the US HSR merger control filing. While these changes won't be effective until the end of January 2025 at the earliest, understanding now how tackle new features such as expanded document requirements and new substantive narratives will position companies and dealmakers alike to hit the ground running.  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.

In our latest podcast episode, Freshfields partner Lindsay Hingston and Senior Associate Alex Thomson are joined by Georgina Peters, Barrister at South Square, for a further look at of Liability Management Exercises (LMEs). 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”.

As we enter the final stretch of the set up of a new European College of Commissioners, tune into our latest EUnpacked podcast to hear insights from our policy team on the ground in Brussels. Together they discuss what the new Commission structure reveals about what lies ahead, who are likely to be the big personalities driving forward policy and legislation, and what steps remain to be taken before they take office later this year.

Over the past few years, the function and scope of private credit within financial markets has increased greatly. As private credit funds play a greater role in activities traditionally undertaken by banks, they are attracting growing scrutiny from both regulators and governments who are concerned about heightened risks to the financial system. 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.

In our latest podcast episode, Freshfields partner Lindsay Hingston hosts a candid discussion on the subject of women in restructuring, featuring Katharina Crinson, counsel at Freshfields, and Jo Hewitt, managing director at Alvarez & Marsal. 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”.

The sixth episode of our restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring. 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”.

Two years have elapsed since the introduction of new vertical block exemptions and guidelines in the EU and the UK. Since then, the European Commission has imposed the highest record fine on file for unlawful territorial restrictions imposed by a supplier on its resellers, in contravention of EU competition law. On the opposite side of the Atlantic, key developments in the US include increased enforcement of vertical restraints by US antitrust agencies. 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 healthcare industry is one of the most vulnerable sectors to cybersecurity risk. In this episode of the MedTech podcast, Freshfields partners Vinita Kailasanath and Brock Dahl explore some recent examples of credible threats to the industry and how companies can implement technological innovation to help mitigate these risks.

In this second episode of our EUnpacked podcast series that looks at key hot topics being tackled in Brussels, podcast host Natalie Pettinger Kearney is joined by her colleagues Léa Bareil and Victor Garcia Lopez to talk about the EU elections and what it means in terms of the outlook for business.

The fifth episode of our restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring. 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.

Two former CFIUS Chairs discuss Treasury's recently released draft rules and impending U.S. capital controls. 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.

The geopolitical climate involving the US-China relationship has created opportunities in Southeast Asia, leading many businesses to look to Southeast Asia for growth. The region's GDP growth is forecasted to reach 4.6% in 2024 and 4.7% in 2025, and businesses are keen to capitalise on its growth potential. 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. 

Keeping you up to date on executive compensation matters. 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.

Keeping you up to date on executive compensation matters. 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 special episode, Emma Gateaud is joined by Head of London Restructuring Richard Tett as he marks his 20th anniversary as a partner and his 30th anniversary at the firm. They discuss Richard's life in restructuring, including his role models and career highlights, and how the market has changed over the decades.

On 25 April 2024, the UK Competition and Markets Authority (CMA) published a suite of reforms to the way in which it carries out Phase 2 merger investigations.  Intended to streamline in-depth reviews, improve opportunities to engage with the CMA throughout the process and incentivise merging parties to put forward remedies at the earliest possible stage, the reforms came into effect immediately. 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 once again joined by Tom Smith KC, to continue their discussion on UK restructuring plans. They discuss the concept of the Relevant Alternative, when is the best time for a company to present a plan and the availability of new European tools for restructurings.

The second episode of our restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring. 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 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 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.

The UK Chancellor of the Exchequer, Jeremy Hunt, has delivered the Spring Budget 2024. 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.

The first episode of our new restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring. 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 January 2024, China implemented significant changes to its merger control thresholds – marking the first revisions in 16 years.  Coupled with last year's amendments to the Anti-Monopoly Law, they represent a comprehensive revamp of China's merger control regime.  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.