The Freshfields Podcast

Per il quarto episodio di Essential Antitrust – The Italian Voice, incontriamo Andrea Pezzoli, storico dirigente dell’Autorità Garante della Concorrenza e del Mercato, con cui abbiamo ripercorso oltre trent’anni di antitrust in Italia, proiettandoci al contempo, verso le prossime sfide per la politica della concorrenza. Dai casi che hanno segnato la storia dell’Autorità ai mercati digitali, dal controllo delle concentrazioni alla lotta ai cartelli, l’intervista, condotta da Gian Luca Zampa offre l’opportunità di riflettere su come si sia evoluto l’antitrust, il ruolo dell’AGCM e quale potrà essere il futuro dell’enforcement in Italia

The EU Insolvency Directive marks a significant step towards greater harmonisation of insolvency laws across Member States. While the reforms introduce common standards in areas such as pre-pack sales, avoidance actions, director filing duties and creditor protections, the directive leaves considerable discretion to national legislatures. In this episode, Jamie Murray-Jones is joined by colleagues across Freshfields’ European network Philippe Huntziger (France), Arturo Dauffi (Spain), Christian Paterlini (Germany) and Marjolein Bakker (the Netherlands) to discuss how the directive is expected to reshape their domestic insolvency regimes, where the most significant changes lie, and whether the reforms will lead to more predictable outcomes for investors and creditors across Europe Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off."

The UK Chancellor of the Exchequer, John Healey, has delivered the Autumn Budget 2026, promising to provide “breathing space” amid “global economic storms”. With ‘military-style’ security protocols reportedly in place, there were far fewer pre-Budget leaks than in recent years.  Consequently, although some key revenue-raising measures announced were largely expected, including the increase in the rate of the corporation tax surcharge on banking companies and an extension of the obligation for online marketplaces to collect VAT, many others were not.  In the latter category, there is an unexpected revival of proposals to reform the UK sovereign immunity tax rules.  These announcements, combined with the large volume of new consultations launched and policy updates published, mean the Budget was not quite the boring event some had expected. In our latest podcast Paul Davison, Helen Buchanan, Peter Clements and Joe Williams from our London tax team discuss the business tax measures they found most eye-catching in the Autumn Budget 2026, including: headline tax revenue raising measures, including tax rises for the banking and gambling sectors, changes to the capital allowances regime (most significantly, a further reduction of writing down allowances for main rate expenditure) and increases in income tax rates on property and savings income; the launch of a consultation on a new sovereign tax status regime to be introduced from January 2029, principally designed to bring sovereigns’ returns from directly held UK real estate into the UK direct tax net for the first time; updates following the far-reaching consultation on modernising the tax treatment of distributions and capital repayments; various measures designed to improve tax collection and compliance, including confirmation of proposals requiring taxpayers to correct inaccurate tax returns and documents and the extension of the obligation on online marketplaces to collect VAT due on sales of goods by their customers; and  confirmation that the foreign permanent establishment exemption will become mandatory.

EC fines in cartel cases jumped to approximately EUR 860 million in 2025, up from just EUR 50 million the year before, with four cases closed compared to only one in 2024. Yet the number of cases remains well below the levels of five or ten years ago, and not a single cartel case has been closed so far in 2026. At the same time, the European Commission is pursuing a growing pipeline of investigations across industries from flavours and fragrances to tyres, construction chemicals and farmed Atlantic salmon – driven increasingly by ex officio tools rather than traditional leniency applications, which have declined markedly over the past decade. The Commission is also sharpening its approach to algorithmic pricing and expanding the boundaries of Article 101, signalling that cartel conduct need no longer involve explicit communications between competitors. Against this backdrop, DG Competition has appointed a new Director for Cartels, Thomas Deisenhofer, who brings nearly 25 years of experience within DG COMP but, notably, a background in merger control rather than cartel enforcement. In this episode of the Essential Antitrust podcast, host Jenn Mellott is joined by fellow partners Tobias Klose and Dominic Divivier to take stock of where EU cartel enforcement stands today and what to expect under the new leadership. They discuss the latest enforcement statistics and what they signal about the trajectory of EC cartel cases, the rise of ex officio investigations powered by AI and digital intelligence, the growing focus on algorithmic pricing, and why companies should not let their dawn raid preparedness slip. They also explore emerging theories of harm under Article 101 – including how far the boundaries of what constitutes a cartel may be pushed – and what Deisenhofer's track record and reputation may tell us about the direction of travel.

Dans cet épisode, Pascal Cuche et Sami Jebbour, associés en charge de la pratique Infrastructure du bureau de Paris, reviennent sur la manière dont l’IA est devenue un puissant moteur d’investissement dans les infrastructures digitales, à commencer par les campus d’IA et les centres de données. Des attentes des investisseurs au rôle de l’État, en passant par l’approvisionnement en énergie et la souveraineté numérique, ils abordent les grands enjeux qui seront débattus lors des deux tables rondes organisées par Freshfields à Paris le 5 novembre.

From Selecta to Hunkemöller and other cases, disputes around liability management exercises are no longer confined to the jurisdictions in which they are implemented. As US litigation becomes an increasingly common feature of European restructuring transactions, understanding the procedural landscape on both sides of the Atlantic has never been more important. In this episode, Craig Montgomery is joined by our New York restructuring and litigation specialists, Madlyn Primoff, Rob McCallum, and Henry Hutten, to explore why plaintiffs are turning to US courts, the impact of US discovery and depositions, and the lessons market participants can draw from recent high-profile disputes. Drawing on recent cases including Selecta, Hunkemöller and Optimum/Altice International, the discussion examines US jurisdiction, motions to dismiss, discovery obligations, section 1782 applications, depositions and the remedies available to litigants, providing practical insight into the growing intersection between European restructurings and US litigation. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off."

Cosa accade quando una concentrazione è troppo piccola per essere notificata secondo i criteri tradizionali, ma non troppo piccola per produrre effetti significativi? In questa puntata di Essential Antitrust – The Italian Voice, cercheremo di rispondere anche a questa domanda, analizzando le concentrazioni sottosoglia, ossia quelle piccole operazioni di M&A che sfuggono alle tradizionali soglie di notifica previste dalla disciplina sul controllo delle concentrazioni, ma potenzialmente in grado di avere un impatto rilevante sulla concorrenza. Dal caso Illumina/Grail fino ai nuovi poteri di call-in nazionali, ripercorriamo l’evoluzione applicativa della normativa che sta ridisegnando i confini del controllo delle concentrazioni.

In this special episode, we step away from the technical content to talk about something every professional grapples with: finding your voice. Lindsay is joined by senior associate Sally and first-year apprentice Evie to share candid reflections on building confidence, communicating with impact, and developing a professional presence early in your career - from imposter syndrome and mentorship to finding safe spaces to speak up, handling the "fear of the question," and letting your professional USP shine through. Whether you're a junior lawyer, an apprentice, or simply looking to make more of an impact, this episode is a reassuring reminder that you don't need to have it all figured out - or be the loudest in the room - to be heard. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off."

In this episode of Well-Caffeinated, host Tim Clark is joined by David Nicolardi, a Private Funds and Secondaries partner in Freshfields' Washington, DC office, to examine one of the first principles of fund management: identifying and managing conflicts of interest. The conversation explores how regulators think about conflicts and investment adviser fiduciary duties, drawing on David's experience in the SEC's Division of Investment Management. Tim and David unpack why treating conflicts as mere “speed bumps” to rush past is a dangerous mindset, and why thoughtful identification and management are fundamental to an adviser's fiduciary duty. Tim and David also cover the two pillars of managing conflicts – disclosure and mitigation – and the standard of “full and fair” disclosure, informed consent and when formal approval from investors or an LP advisory committee is required.

In this special joint episode with Sequoia's Infra a Penny podcast, key figures from the insolvency - SIMCo’s Steve Cook, Interpath's Richard Heis, and Freshfields' Jamie Murray Jones - join host Lindsay Hingston to tell the inside story: from the unique challenges of the energy special administration regime, to a creative asset realisation strategy that delivered for customers, creditors and government alike. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off." In partnership with SIMCo