A&O Shearman Europe insights

Chemicals sector volatility, restructuring, and the investment outlook

The chemicals sector is facing a perfect storm—chronic structural weaknesses colliding with acute market volatility. How are corporates and creditors responding? And what does the road ahead actually look like for investors and restructuring professionals navigating the turbulence?

Senior knowledge lawyer Christopher Poel (London restructuring) is joined by James Webber, London antitrust partner and chemical and industrials sector lead, and Karen McMaster, London restructuring partner, to explore these questions.

Together they unpack the latest trends and developments reshaping the sector, examine how long-term structural pressures are compounding the impact of recent market volatility, and explore how corporates and creditors are adapting their strategies in response. They also set out where market participants should be directing their attention when making short-, medium-, and long-term investment and restructuring decisions.

Whether you're considering investing in the chemicals sector or making decisions within it, this episode gives you our views of the industry to help inform your choices.

Legal AI in action: Advanced delivery and responsible adoption

AI is no longer a future-state conversation in legal services. It's already reshaping how firms operate, deliver and create value. But what does responsible adoption actually look like in practice? How do you manage the cultural shift alongside the technological one? 

Bénédicte Kurth, Luxembourg head of knowledge at A&O Shearman, sits down with Angela Clist, our global head of Advanced Delivery and Solutions, to explore how AI and advanced delivery models are transforming the way legal work gets done.  

Drawing on concrete examples, from AI-enabled large-scale document review to entity management solutions, they make the case that real value comes not from technology alone, but from the right combination of people, processes and tools working together. They also explore why markets like Luxembourg are well positioned to lead in responsible AI adoption. 

They also dig into the mindset required to thrive in this environment, why experimentation matters, and why thoughtful change management is just as important as the technology itself. 

Listeners will leave with a sharper understanding of where AI is already delivering measurable results in legal practice, and what firms and their clients need to prioritise to stay ahead. 

M&A due diligence: Avoiding costly mistakes in complex deals

"Marry in haste, repent at leisure." The proverb predates modern M&A by centuries, but it could have been written for it.  

Due diligence done badly means missed liabilities, mispriced deals and post-close surprises that can take years to unwind. So what does rigorous due diligence actually look like in practice? And how do you make the process less painful without cutting corners? 

Victoria Woestmann and Matthieu Tourin walk through the due diligence process from both the buyer's and seller's perspective, exploring how findings shape purchase price, warranties, indemnities and SPA provisions, and sharing some of the more unexpected discoveries from their own careers.  

They also examine how LegalTech and AI tools are beginning to transform the process, improving speed, coordination and outcomes in complex, cross-border transactions. 

UK prospectus reform: IPOs, public offers and the new regime

The UK's prospectus regime has been fundamentally overhauled, and the implications for issuers, investment banks and investors are significant.  

The Public Offers and Admissions to Trading Regulations 2024 supersede the on-shored EU Prospectus Regulation from January 19, 2026. It separates admissions to a regulated market from wider public offers for the first time, giving the FCA new powers to set content and approval standards while introducing more flexible, proportionate disclosure requirements.  

What does the new framework mean in practice? And how should market participants navigate IPOs, public offers and further issuances under the new rules? 

This episode summarises the key changes from an equity perspective, covering the new Prospectus Rules sourcebook, the recasting of when a public offer is permitted, the broadened routes to reach retail investors, and the modernisation of exemptions.  

Listeners will gain a clear, practical understanding of the new regime and what it means for faster capital raising, retail participation and robust investor protection. 

Agentic AI: Cyber risk, data security and AI agent threats

Episode 3: AI agents expand what organisations can do, and what attackers can target. AI-enabled phishing, deepfakes, prompt injection, model theft, expanded attack surfaces, nation-state agentic attacks: the threat landscape is evolving faster than most organisations' defences.  

How do you build AI agent infrastructure that is genuinely secure? What does regulatory compliance look like in this context? And how do you turn risk management into a trust-building advantage? 

Alex Shandro and Anna Rudawski close this three-part series by examining how AI agents elevate cybersecurity and privacy risks — and what organisations need to do about it. They cover governance frameworks, practical controls and the regulatory expectations businesses must meet, offering a clear-eyed view of how to accelerate AI adoption without compromising security. 

Listeners will leave with a concrete understanding of the threat landscape facing AI agent deployments — and the governance and technical controls needed to manage it. 

Agentic AI explores the legal, regulatory and commercial implications of AI agents in business. In each episode, our specialists decode the risks, regulatory frameworks and practical steps organisations need to deploy AI agents with confidence. The series is designed for legal, compliance, risk and technology leaders navigating the fast-moving frontier of autonomous AI. 

Agentic AI: AI agents, online payments and PSD3 compliance

Episode 2: AI agents are reshaping how consumers and businesses interact with payments — but the regulatory landscape governing those interactions is shifting at the same time.  

How do PSD2, PSD3, GDPR and UK rules apply when an agent is initiating or authorising a transaction? Who is liable when something goes wrong? And how can product, legal and risk teams turn regulatory complexity into competitive advantage? 

Alex Shandro and Nikki Johnstone explore how AI agents are transforming the online payments journey, unpacking the consent, authentication and liability questions that arise when agent-led commerce meets financial regulation. They examine the protocols powering this shift and explain what it means for organisations building or operating AI-enabled payment services. 

Agentic AI explores the legal, regulatory and commercial implications of AI agents in business. In each episode, our specialists decode the risks, regulatory frameworks and practical steps organisations need to deploy AI agents with confidence. The series is designed for legal, compliance, risk and technology leaders navigating the fast-moving frontier of autonomous AI. 

Agentic AI: Regulating autonomy and managing AI agent risk

Episode 1: AI agents are no longer theoretical. They are being deployed across industries, making decisions, executing tasks and operating with a degree of autonomy that is already outpacing the governance frameworks designed to manage them.  

What are the use cases driving adoption? What governance challenges do they create? And what does the evolving regulatory landscape mean for organisations that want to move fast without moving recklessly? 

Alex Shandro and Anna Rudawski, A&O Shearman specialists in AI and technology regulation, open this three-part series by laying the foundations: what AI agents are, why adoption is accelerating, and what organisations need to understand about risk, liability and regulatory compliance before they deploy.  

Drawing on key use cases and governance challenges, they offer pragmatic controls for organisations that need to act with confidence. 

Agentic AI explores the legal, regulatory and commercial implications of AI agents in business. In each episode, our specialists decode the risks, regulatory frameworks and practical steps organisations need to deploy AI agents with confidence. The series is designed for legal, compliance, risk and technology leaders navigating the fast-moving frontier of autonomous AI. 

Italian Financial Act: New insolvency rules for contractual AIFs

Italy's financial regulatory framework is undergoing significant reform — and the proposed changes to the Italian Financial Act raise questions the funds industry has been grappling with for years. What do the new insolvency-related measures mean for Italian funds in practice? And do they finally resolve the long-running debate over the legal status of contractual AIFs? 

Alberto Claretta-Assandri, head of Italy Funds and Financial Regulatory at A&O Shearman, and Tommaso Paltrinieri, senior associate in the restructuring team, provide a clear overview of the proposed reform, its insolvency implications for Italian funds, and what it means for the question of their legal personality. 

Listeners with exposure to Italian fund structures will come away with a sharper understanding of how the proposed reforms could reshape insolvency risk and legal status for contractual AIFs. 

Please note: this episode is conducted in Italian. 

Transatlantic asset management trends and AIFMD2 impact, live from Luxembourg

The relationship between European and U.S. asset managers is being reshaped by regulatory shifts, changing capital flows, and the growing appeal of new markets. For fund managers on both sides of the Atlantic, the opportunity to access unfamiliar markets has never been clearer, or more complicated to navigate. 

Recorded live at Luxembourg's Private Equity Association flagship conference, LPEA Insights, Laurent Goyer, counsel at A&O Shearman, is joined by Elaine Hughes, US Co-Head of Funds & Asset Management to explore the forces driving convergence and divergence between the European and U.S. asset management markets.  

The conversation covers:  

• The impact of the Alternative Investment Fund Managers Directive (AIFMD) and the new requirements introduced under AIFMD2 on U.S. manager participation in European markets  
• The latest Securities and Exchange Commission (SEC) regulatory developments and their implications for non-U.S. managers 
• The growing appeal of Europe, Asia, and the Middle East as capital-sourcing destinations; and  
• The expanding debate around retail access to private fund strategies, including the question of 401(k) integration. 

The episode provides a candid picture of how the transatlantic asset management landscape is shifting and where the most significant opportunities and friction points lie.

UK Failure to Prevent Fraud: Corporate liability and M&A risk

The UK's new failure to prevent fraud offence marks a step change in corporate criminal liability, and its implications for M&A are significant. Large companies can now be held to account for fraud committed by employees, agents, subsidiaries and other associated persons.  

How broad is the offence? What does it mean for deal structuring and due diligence? And what practical steps should businesses be taking now? 

Matt Townsend, co-head of A&O Shearman's Global International Trade group, is joined by counsel Tom d'Ardenne and associate Ming Zee Tee to unpack the new offence and trace its implications across the deal lifecycle.  

Drawing parallels with the transformational impact of the UK Bribery Act in 2011, they examine how governance, policies and procedures need to evolve, and what the new rules mean for how organisations should prepare for and conduct transactions, particularly around governance, policies, and procedures.