Regulation Tomorrow Podcast

In this episode, members of our global investigations team — Ashley Kuempel, Keith Rosen, Kevin Harnisch, Andrew Reeves and Claudia Van Gruisen — discuss recent developments in anti-bribery enforcement and what they mean for companies worldwide. Topics include: - Insights from the recent DOJ–SFO meeting and its implications for global enforcement - The impact of DOJ budget shifts on future investigations - New DOJ FCPA guidance and enforcement priorities under the current US administration - Practical takeaways for compliance teams, including the continued focus on individual accountability and high-value bribery cases Listen now to stay ahead of evolving enforcement trends and regulatory expectations.

Richard Sheen and Clementine Hogarth are joined by one of our Regulatory lawyers, Giota Skiathiti to discuss the gap period between signing and closing in a M&A deal. This episode covers: • Regulatory approvals and their impact on deal timing • Managing business conduct • Mitigating personnel attrition • Jurisdiction-specific filing challenges • Cultural integration and retention strategies

Katie Stephen, a financial services lawyer from Norton Rose Fulbright, dives into the FCA’s updated Conduct Rules that now extend to non-banking sectors. She discusses the evolving workplace culture and compliance challenges firms will face. Significant topics include the delineation between public and private behavior, particularly around social media, and the intricate balance between employment law and financial regulations. Katie highlights crucial next steps for firms to align with these new guidelines while managing misconduct effectively.

In this latest episode of Global Regulation Tomorrow Plus we discuss the Financial Conduct Authority’s recent multi-firm review of risk management and wind-down planning at e-money and payments firms, alongside the regulator’s Dear CEO letter from earlier this year, which outlined the FCA’s priorities for payments firms. Both publications paint a picture that many e-money and payment firms are still underprepared for an orderly exit from the market. Contacts: Matthew Gregory, Haney Saadah, Janna Garcia and Simon Lovegrove

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Sebastien Praicheux from our Paris office discusses: • A recent speech delivered by Denis Beau, First Deputy Governor of the Banque de France, during the June 2025 General Assembly of the French Banking Association. In this keynote, Mr. Beau outlines the reforms France wishes to see at the EU level - advocating not for deregulation, but for better regulation. • The European Banking Authority’s No Action Letter, which clarifies the interaction between the Payment Services Directive 2 and the Regulation on markets in cryptoassets, in particular regarding electronic money tokens. • The European Central Bank’s Decision (EU) 2025/1148, which amends the rules governing access by non-bank payment service providers to Eurosystem payment infrastructures and accounts.

In the second episode of our vodcast series, Richard Sheen and Clementine Hogarth, partners in our London Financial Institutions team continue their discussion on asset mangement M&A, exploring deal structure and value. They discuss the practical considerations behind share vs asset purchases, including when statutory transfers like Part VII may be appropriate. Valuation is a key focus, particularly the role of assets under management (AUM) and investment management agreements (IMAs) in underpinning business value. The episode outlines how deal consideration can be shaped by mechanisms like completion adjustments, earn-outs, and protections against client attrition—especially during the period between signing and closing. The conversation highlights how long-term AUM commitments and extended IMAs are increasingly used to lock in value—particularly in joint ventures. Governance, control rights for minority shareholders, and reputational safeguards are also explored, along with the strategic rationale behind joint venture structures.

Global Regulation Tomorrow Plus: UK cryptoasset regulation mini-series – Episode 2 – Qualifying stablecoins by

This podcast is the second in a mini-series discussing risk assessments, which are the cornerstone of an effective risk and compliance program and necessary in a number of areas to meet UK regulatory requirements. The first of our podcasts in the series focused on the new failure to prevent fraud offence which comes into force soon, on 1 September 2025. This second podcast is broader in scope – looking at the key principles for a good risk assessment, which can be applied to a number of different topic areas.

In the first episode of our new vodcast series, Richard Sheen and Clementine Hogarth, partners in our London  Financial Institutions team, explore the key forces driving mergers and acquisitions in the asset management industry.

In the seventh episode of our Inside Investigations podcast series, Jeremy Lua (Counsel, APAC Cybersecurity and Data Privacy, Singapore), Fiona Bundy-Clarke (Counsel, Data Protection and Technology, London), Ashley Kuempel (Partner, Regulations, Investigations, Security and Compliance, Austin), Rita Nader-Guéroult (Counsel, Investigations and Business Ethics Team, Paris) and Rongxin Huang (Partner, Shanghai Pacific Legal, Shanghai) delve into data privacy and security considerations in internal and regulatory investigations, particularly those with a cross-border element. Building upon our previous episode about common data sources and challenges in data collection, this episode explores the significant impact that data protection regulations—such as the EU / UK’s GDPR—have on the necessary collection and processing of large volumes of personal data over the course of an investigation.