A&O Shearman global insights

The US Supreme Court's decision in Harrington v. Purdue Pharma L.P. has closed the door on non-consensual third-party releases in Chapter 11 bankruptcy proceedings. The ruling is one of the most consequential in recent US restructuring history, and its implications extend well beyond American courts. For any restructuring with cross-border elements, the question of how third-party releases are treated across jurisdictions has become urgent and practically complex. 

A&O Shearman restructuring specialists from the US, UK, Netherlands, and Hong Kong examine the Purdue Pharma decision and its multi-jurisdictional fallout. The discussion covers the Supreme Court's reasoning, the specific impact on how future Chapter 11 plans will be structured, and how each of the other represented jurisdictions approaches third-party releases in domestic restructuring proceedings. The panel also addresses the broader cross-border dimension: how does the Purdue ruling affect the recognition of foreign restructuring proceedings in the US under Chapter 15, particularly where those proceedings incorporate third-party releases that would now be impermissible in a domestic Chapter 11? 

Restructuring lawyers, in-house counsel, and distressed investors advising on or participating in cross-border proceedings with US elements will leave this episode with a clear understanding of where the Purdue decision creates direct exposure and the strategic questions it raises for cross-border plan design. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

As COP30 approaches, the stakes for climate finance are higher than ever. In this candid conversation, our speakers probe whether real momentum is being driven by the COP process itself or by market forces, geopolitics, and regulatory shifts outside the negotiating halls.  

They unpack the financial architecture that will shape the coming decade: how banks and capital markets are recalibrating risk, the practical levers multilateral development banks can pull to scale capital, and the role of trade, market mechanisms, and policy design in aligning public and private money at speed and scale.  

How are banks and capital markets reshaping their approaches to financing the energy transition? What steps are multilateral development banks taking to become bigger, better, and more effective in funding climate projects? And, given misalignments between national interests and the need for global action, is the COP process still fit for purpose? 

Contributing to this important conversation are: 

• David Lee, Partner 
• Scott Neilson, Partner 
• Tim Conduit, Partner 
• Danae Wheeler, Senior Associate 

This episode offers a grounded  view of where substantive change is happening now, what’s still stuck, and what to watch for as we head into COP30. 

This episode was recorded on October 29, 2025.  

COP30 is being billed as the “Implementation COP,” promising tangible progress toward the Paris Agreement’s goals. But with geopolitical currents pulling in competing directions, from contested trade regimes and supply chain security to shifting domestic politics and evolving regulatory architecture, what does implementation actually look like in practice?  

In this COP30-focused episode, our speakers cut through optimism and orthodoxy to assess what is feasible, what is likely, and what risks are being overlooked as the world heads toward COP30. 

Taking part in this fascinating conversation are: 

• Matt Townsend, Partner 
• Ken Rivlin, Partner 
• Arthur Sauzay, Partner 
• Ying-Peng Chin, Senior Knowledge Lawyer 

The panel probes the role and leverage of the United States in shaping outcomes and momentum beyond the summit. They ask whether China, the UK and the EU can sustain credible climate leadership amid trade tensions, security-driven onshoring, and policy recalibration at home and abroad.  

A decade after the Paris Agreement, is the “implementation” frame arriving too late, or is it the necessary catalyst for disciplined delivery? And at a time of fractured geopolitics, can COP30 revive multilateralism—or will it expose its limits? 

The episode examines the mechanics that matter: ambition versus accountability in NDCs, the interplay between domestic politics and international commitments, the realities of investment and industrial policy, and the credibility tests that will confront both advanced and emerging economies.  

The digital transformation of capital markets is no longer theoretical—it is unfolding in real time.  

In this episode of Beyond fintech, we unpack how distributed ledger technology is reshaping debt issuance, from pilot projects and first-of-their-kind bond issuances to the gradual redesign of market infrastructure. What happens when the promise of atomic settlement meets legacy systems? How are regulators balancing innovation with legal certainty and investor protection? And where is the line between experimentation and scalable adoption? 

Our panel brings a genuinely global lens to these questions. Rory Copeland, Senior Associate in A&O Shearman’s Financial Services Regulatory team, is joined by Jodi Norman, Partner (Dubai); Agnes Tsang, Partner (Hong Kong); and Philippe Noeltner, Counsel (Luxembourg). Together, they explore recent landmark transactions in their respective markets and compare regulatory approaches across Europe, Hong Kong and the Middle East, all through the practical lens of technological neutrality, operational efficiency and legal clarity. 

The discussion dives into the core building blocks of tokenised debt markets: the mechanics and benefits of atomic settlement, evolving payment mechanisms including on-chain and hybrid models, and how digital assets can be integrated into existing market infrastructures without compromising resilience or compliance.  

With insights grounded in live transactions and jurisdiction-specific developments, the episode offers a clear-eyed view of what it takes to build blockchain-based capital markets that work in practice, not just in theory. 

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. Beyond fintech provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead. 

In this episode, we unpack the fast-evolving regulatory architecture governing crypto-linked exchange-traded products. Recorded in August 2025 at the Fintech Horizons Summit, the conversation cuts through the noise to examine how policy shifts and supervisory scrutiny in the U.S., UK, France and the EU are shaping market access, product structuring, and investor safeguards. 

What models are regulators coalescing around to calibrate risk, disclosure, and custody? How are custodians’ roles diverging across jurisdictions, and what best practices are emerging to address operational and governance challenges? And in a market where innovation often outpaces the rulebook, how can stakeholders strike a sustainable balance between market appetite, proportionate regulation, and robust investor protection? 

Luxembourg-based counsel Philippe Noeltner of our Global Financial Markets team brings together a transatlantic panel:  

• From Washington DC, Susan Gault-Brown 
• From London, Nikki Johnstone 
• And from Paris, Quentin Herry 

With practical insights from on-the-ground developments, the conversation highlights the legal considerations that matter most: product design and eligibility, custody solutions and segregation, disclosure standards and marketing to retail, as well as supervisory expectations across the U.S., UK and the EU.  

Whether you are evaluating a first-time crypto ETP launch, refining distribution strategies, or assessing regulatory risk, this discussion offers a timely, jurisdiction-by-jurisdiction perspective on what it takes to navigate and lead in a rapidly changing market. 

Defense is having its private equity moment. Geopolitical realities are reshaping budget priorities across Europe and the United States, capital is moving at speed, and a new generation of investors is entering a sector that once sat firmly outside the mainstream private equity universe. For those looking to deploy capital in this space, the opportunity is significant — and so is the complexity. 

Peter Banks, Hendrik Roehricht, Magdalena Nasilowska, and Alain Dermarkar from A&O Shearman's Private Capital team examine what investors need to understand to move in the defense sector with both confidence and discipline.  

What is driving the surge in deal pipeline and valuations, and how sustainable are current pricing levels? What distinguishes a winning investment thesis in a sector where regulatory diligence, supply-chain resilience, and sovereign stakeholder management are non-negotiable?  

And across the defense ecosystem, from prime contractors to tiered suppliers and dual-use technology innovators in cybersecurity, space, and next-generation manufacturing, where are the most compelling growth vectors, and how should sponsors calibrate risk across jurisdictions? 

The discussion also maps the changing investor profile entering defense, the policy developments reshaping how capital can be deployed, and the specific regulatory considerations that now sit at the center of underwriting decisions in this market. 

The crypto market may have cooled, but the war for digital-asset talent is heating up. In this episode of Beyond Fintech, we unpack how forward-facing companies are using token-based incentives to hire, motivate and retain top performers, while steering clear of regulatory or tax pitfalls.  

What makes a token fundamentally different from equity, and why does that distinction drive everything from vesting mechanics to liquidity rights? Which structures - restricted tokens, token units and phantom token units - best align pay with performance when markets are volatile and rules are evolving? 

Joining the conversation in this episode are: 

• Hayde Faria, associate in A&O Shearman’s Compensation, Employment and Governance group 

• Jai Garg, partner and long-time adviser on equity and token incentives 

Guided by practical experience across high-growth crypto natives and established incumbents, Hayde and Jai translate a complex landscape into clear, actionable takeaways. They tackle: 

• Section 409A, 83(b) elections and other tax landmines every grantor must navigate 

• Securities-law flash points after Ripple—and how to keep awards compliant even if tokens are later deemed securities 

• Administration essentials: smart-contract safeguards, third-party custodians and participant education 

• The policy horizon: stable-coin salary potential, a friendlier DOL stance on crypto in 401(k)s, and what the GENESIS Act could mean for day-to-day pay 

Whether you’re a start-up funding growth with tokens or an established player refreshing your incentive toolbox, this episode delivers the practical takeaways you need—minus the jargon. 

Beyond fintech is your essential guide to the seismic shifts redefining digital finance, regulation, and innovation. Each episode brings together leading voices from A&O Shearman’s global practice and industry trailblazers to decode the fast-moving world of crypto enforcement, token incentives, stablecoins, digital bonds, privacy, and cybersecurity. Beyond fintech provides the sharp analysis and practical takeaways to turn complexity into clarity, arming founders, investors, and decision-makers with the signals they need for the road ahead. 

The UK’s prospectus regime is entering a defining new chapter. In this episode of A&O Shearman’s Market Horizons podcast, Amanda Thomas and Jen Cresswell from our London office break down the FCA’s Policy Statement PS25/9, which finalises the rulebook governing prospectuses under the Public Offers and Admissions to Trading Regulations 2024.  

With a January 2026 “go‑live” date on the horizon, they chart what the overhaul means in practice for debt capital markets and how the UK is setting its own course from the EU’s amended Prospectus Regulation. 

Drawing on their front-line experience advising issuers, arrangers and underwriters, we distil the FCA’s overarching aims and the operational implications of a single disclosure standard for all bonds. They explore changes designed to foster retail participation, the new flexibility around supplements and future incorporation by reference, and the evolving expectations for ESG‑labelled debt.  

What will the tap‑issue and Islamic finance exemptions unlock for frequent issuers and Sharia-compliant structures? How should market participants recalibrate disclosure controls now to be ready for day one? And, crucially, what should in‑house legal and deal teams be doing in 2025 to test assumptions, update templates, and avoid surprises as the regime beds in? 

The conversation also touches on the FCA’s approach to protected forward‑looking statements and the developing rules for primary multilateral trading facilities.  

Preferred and minority or structured equity is no longer a niche solution. It is reshaping capital stacks across the UK, continental Europe, the United States and, increasingly, the Middle East.  

In this episode, our Private Equity and Capital Solutions team examines why this market is surging, how structures are evolving, and where investors and issuers are finding value as liquidity, cost of capital and execution certainty become paramount.  

What dynamics are driving the shift toward flexible capital with downside and credit-focused protections? How are sponsors, credit funds and hybrid capital providers negotiating key investor protections, bespoke features, and paths to liquidity in a market that is both inventive and intensely competitive? 

Joining the conversation from the Private Equity and Capital Solutions team are Peter Banks, Kfir Abutbul, Michael Mountain and Karen McMaster. 

Drawing on live deal experience, the discussion breaks down the evolution and current state of preferred and structured equity, regional developments and emerging opportunities, and the practical points that most influence outcomes—negotiation dynamics, liquidity rights and exit strategies, security packages, and the spectrum of downside protection.  

If you are a sponsor, strategic, credit fund or management team considering flexible capital solutions, this episode offers practical guidance and market-tested insights. 

As President Trump’s second term unfolds, sweeping policy shifts are redrawing the global map for data governance, artificial intelligence, and cybersecurity.  

In this episode of The Trump Sessions, A&O Shearman’s leading experts unpack the latest developments—from the Department of Justice’s new data transfer rules to the ambitious AI Action Plan and the U.S. Investment Accelerator. These changes are already reshaping how multinationals operate, invest, and protect their digital assets across borders. 

Join Elaine Johnston, Co-Head of A&O Shearman’s Global Antitrust Group; David Kessler, Partner and Co-Head of the U.S. Data Privacy & Cybersecurity team; and Kenneth Rivlin, Global Head of the International Trade and Regulatory Law Group, as they explore the legal, regulatory, and geopolitical forces driving this transformation.  

With deep insight into U.S. executive orders, foreign investment restrictions, and evolving cyber risk frameworks, they offer practical guidance for businesses navigating this volatile terrain. 

How will the rollback of Biden-era cybersecurity mandates affect your compliance strategy? What does the U.S. government’s pivot toward AI infrastructure investment mean for global innovation and competition? And how can companies future-proof their operations amid shifting tariffs and data localization rules? Tune in to find out—and stay ahead of the curve in a world where policy and technology are colliding at unprecedented speed. 

In The Trump Sessions podcast series, our legal and policy experts unpack the global business implications of major U.S. policy shifts under the Trump administration. Covering topics from trade and tariffs to crypto regulation and AI, each episode offers strategic insights into how evolving U.S. priorities are reshaping cross-border investment, compliance, and innovation. The series delivers sharp analysis and practical guidance for navigating geopolitical change in a volatile regulatory landscape. 

Related content 

• Trump White House issues executive order on cybersecurity – A breakdown of the June 2025 cybersecurity executive order and its implications. 
• The changing face of AI in the U.S. – A series exploring the evolving legal landscape for AI across key U.S. jurisdictions.