The Freshfields Podcast

Essential Antitrust #40: America’s impending outbound investment controls: what investors need to know

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.

Managing Risk in Asia #9: Southeast Asia – time to shine?

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. 

Reward(ing) Half Hour: Episode 3 Next Stop: CSOP

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.

Reward(ing) Half Hour: Episode 2 Remuneration vs Compensation – the Transatlantic Pay Debate

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.

No Worse Off #4: Richard Tett, 30 years in restructuring

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.

Essential Antitrust #39: UK in-depth merger reviews: new process adopted by the CMA

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.

No Worse Off #3: UK Restructuring Plans – Relevant Alternative, timetabling and jurisdiction

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.

No Worse Off #2: After the battles, a coming of age for the UK restructuring plan?

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.  

Reward(ing) Half Hour: Being prepared for the (not so) unexpected: planning for executive exits

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.

Tax Matters: Spring Budget 2024 – The Hunt for Blue October

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.