A&O Shearman Europe insights

Insurance Covered: Cyber risk, policy coverage and AI losses

Episode 5: Cyber insurance has moved from niche protection to a core component of enterprise risk management and the market is evolving rapidly.  

But what do these policies actually cover? How do insurers assess and underwrite cyber risk? What does the claims process look like in practice? And as threats grow more sophisticated, from AI-enabled attacks to nation-state threats, are policies keeping pace? 

Insurance litigation and cyber partner Charlie Weston-Simons is joined by Ffion Flockhart, global co-head of cyber at A&O Shearman, alongside Neil Warlow, Executive Director at Howden Insurance Brokers, and Paul Gooch, Divisional Head of Cyber at Tokio Marine Kiln.  

Together they examine what cyber policies cover and why businesses should invest, how insurers underwrite cyber risks, the claims process, and the emerging coverage questions around widespread events, war exclusions and AI-related losses. 

Listen in for a sharper understanding of how the market works and the coverage questions that matter most right now. 

Insurance Covered examines the issues, disputes and trends shaping the global insurance market. Our insurance specialists engage expert voices from across the industry to explore coverage questions, claims trends and emerging risks. The series is designed for insurance professionals, risk managers and in-house counsel navigating an increasingly complex landscape. 

Warsaw Financial Regulatory: Poland's 2025 deregulation agenda

Episode 1: Poland is embarking on one of its most significant deregulation drives in years.  

The government's strategy to simplify laws, cut bureaucracy and better align Polish regulations with EU standards has major implications for financial institutions operating in or entering the market.  

But what does the initiative actually involve? And how does it balance deregulation with investor and consumer protection? 

Hosts Paweł Mruk-Zawirski and Mateusz Ołdak open this series by exploring Poland's 2025 deregulation initiative in detail, breaking down the government's strategy, the financial sector-specific measures, and what firms need to understand as the regulatory landscape shifts. 

Listeners will leave with a clear picture of Poland's regulatory direction of travel, and what it means for compliance and business strategy in the Polish financial market. 

Warsaw Financial Regulatory delivers expert analysis of the legal and regulatory developments shaping Poland's financial sector. Each episode breaks down the legislation, policy shifts and compliance challenges that matter most to financial institutions operating in or entering the Polish market. 

Simplifying UK mortgage rules, affordability assessments, and Consumer Duty

The FCA's mortgage rule review marks the most significant rethink of residential lending regulation in years. What does simplification actually mean for firms operating under these rules today?  

How will streamlined affordability assessments change how lenders handle borrowers looking to reduce their mortgage terms? And what has the retirement of previous FCA guidance left in its place? 

Jean Price, counsel at A&O Shearman, and associate Giannis Giortzis join knowledge lawyer Louise Bralsford to unpack the consultation's key proposals. These include the removal of the interaction trigger, the new approach to affordability for term-reduction cases, and the practical implications for consumer outcomes under the new Consumer Duty. 

Whether you advise mortgage lenders, manage regulatory compliance, or work with clients navigating the shifting rules, this episode gives you a clear picture of where the regulation is going and what firms need to do now.  

One Step Ahead Poland: AML reform, virtual IBANs, and EU oversight

Anti-money laundering (AML) regulation in Europe is undergoing its most comprehensive overhaul in years. What does the new AML package require of financial institutions?  

How will virtual IBANs change compliance obligations across European markets? And what should firms be doing now ahead of the establishment of a new EU supervisory authority? 

Konrad Zawistowski, specialist in banking and finance law with a focus on project finance, acquisition finance, and leveraged finance at A&O Shearman, moderates a conversation between Paweł Mruk-Zawirski, head of the regulatory department for financial markets, and Filip Główka, an expert in debt finance. 

Together, they provide a comprehensive overview of the new AML framework, the practical implications for financial institutions operating across European markets, and what the creation of a dedicated supervisory body means for how compliance functions need to be structured going forward. 

Legal and compliance professionals working with financial institutions in Europe will finish this episode with a clear understanding of the new AML requirements and a practical sense of where the compliance pressure points lie. 

Note: This episode is conducted in Polish 

One Step Ahead is an extension of A&O Shearman's long-running seminar series of the same name. For over 16 years, those seminars have delivered cutting-edge knowledge in law, finance, and business to clients and professionals worldwide. The podcast brings that expertise directly to listeners, with each episode examining the regulatory, transactional, and strategic issues shaping the market. Designed for legal and financial professionals who need to stay ahead of change, the series draws on the depth of A&O Shearman's global practice. 

EU Omnibus sustainability reform and corporate due diligence in Italy

The European Commission is proposing to fundamentally reshape the regulatory framework on sustainability, and the implications reach from large multinationals down to smaller companies across their value chains.  

Which elements of the Corporate Sustainability Due Diligence Directive (CSDDD) and the Corporate Sustainability Reporting Directive (CSRD) are being modified? What does simplification actually mean for organizations that are already mid-implementation? And how should businesses of different sizes interpret and prepare for these changes? 

Marco Lupoli, partner at A&O Shearman, examines the Commission's proposals, the competitiveness concerns that have driven them, and the practical consequences for both large corporations and smaller entities operating within European markets. 

Sustainability professionals and corporate lawyers navigating the transition to a revised European regulatory environment will leave this episode better positioned to assess the proposed changes and plan accordingly.  

Note: this episode is recorded in Italian. 

Italy: Correttivo Cartabia mediation reform with Nicola Giudice

Italy's mediation landscape has changed. What has the Correttivo Cartabia actually amended, and how accessible, flexible, and effective does mediation look in practice?  

What are the real implications for businesses facing commercial disputes? And how can organizations use the new framework to preserve relationships rather than escalate conflict? 

Martina Rossi and Piermaurizio Tafuni, senior associates in A&O Shearman's Litigation department, are joined by Nicola Giudice, a leading expert in mediation in Italy and head of the Conciliation Service at the Milan Chamber of Arbitration. 

The conversation covers the core changes introduced by the Correttivo Cartabia, how those adjustments aim to make mediation more effective, and the practical steps businesses should take to make the most of the reformed framework. 

Legal teams and business leaders managing disputes in Italian markets will leave this episode with a clear picture of the current mediation landscape and a sharper sense of when and how to use it.  

Note: this episode is recorded in Italian. 

One Step Ahead Poland: Restructuring, lender control, and competition law risk

Episode 1: When a lender takes control of a borrower in a restructuring, competition law is rarely the first issue on the agenda. But should it be?  

At what point does exercising control in a restructuring scenario create legal exposure under competition rules? And what do legal advisers and in-house counsel need to understand before any restructuring crosses the threshold? 

Agnieszka Kolasińska-Czerwińska and Ewa Tkaczuk from A&O Shearman examine the intersection of restructuring law and competition law, drawing on a recent seminar they delivered on the topic. Their discussion is detailed, practical, and focused on the scenarios where assumptions about lender control can create costly legal risk. 

Note: This episode is conducted in Polish 

One Step Ahead is an extension of A&O Shearman's long-running seminar series of the same name. For over 16 years, those seminars have delivered cutting-edge knowledge in law, finance, and business to clients and professionals worldwide. The podcast brings that expertise directly to listeners, with each episode examining the regulatory, transactional, and strategic issues shaping the market. Designed for legal and financial professionals who need to stay ahead of change, the series draws on the depth of A&O Shearman's global practice. 

Cyber risk in French private equity with Michel Tournier of Wendel

Cyber threats in private equity are no longer just a technology problem, they are a strategic, operational, and regulatory one.  

How are leading private equity firms approaching cyber risk governance? What does an increasingly complex regulatory environment mean for how firms manage their portfolio? And what should organizations be doing right now to prepare for the threats coming in the next few years? 

Laurie-Anne Ancenys, partner at A&O Shearman and head of the firm's tech and data practice in Paris, is joined by Michel Tournier, IT operating partner and chief information officer at Wendel, one of Europe's leading listed investment firms. 

Their conversation covers the strategic importance of cybersecurity for private equity firms, the constantly evolving regulatory environment, the growing impact of digitalization on risk exposure, incident and crisis management, and the cyber threats shaping the future. 

Note: this episode is recorded in French. 

Insurance Covered: D&O liability, defense costs, and coverage decisions with Marsh UK

Episode 4: Directors and officers face growing personal exposure from the decisions they make in their corporate roles.  

What does D&O insurance actually cover? What should boards and their advisers be weighing when purchasing or reviewing coverage? And how do defense costs and compensation payments work in practice when a claim is made? 

Charlie Weston-Simons, insurance litigation and cyber partner at A&O Shearman, leads the conversation with Russell Butland, insurance litigation partner at A&O Shearman, and Helen Haggie, head of management liability at Marsh UK. 

Together, they examine the core purpose of D&O insurance, what it indemnifies, how defense costs and compensation payments operate, and the practical considerations that matter most at the point of purchase. 

Board members, general counsel, company secretaries, and risk officers considering or reviewing D&O coverage will leave this episode with a clearer framework for assessing the protection their organization actually needs. 

Insurance Covered examines the issues, disputes and trends shaping the global insurance market. Our insurance specialists engage expert voices from across the industry to explore coverage questions, claims trends and emerging risks. The series is designed for insurance professionals, risk managers and in-house counsel navigating an increasingly complex landscape. 

EU Listing Act: episode 2 - what's new in MAR

This podcast is the second episode dedicated to the "EU Listing Act". Alessandra Pala, counsel of the Global Financial Markets group, discusses the most significant changes made by the Listing Act to the Market Abuse Regulation. 

This podcast is recorded in Italian.