Shows
Connected With LathamUK FinReg Focus Areas in 2026In this episode of Connected with Latham, complementing Latham's "10 Key Focus Areas for UK-Regulated Financial Services Firms in 2026" report, London partners Rob Moulton and Nicola Higgs and counsel Becky Critchley discuss the key trends for financial services firms in 2026. Amongst other topics, they discuss the Leeds Reforms, the ESG landscape, and enforcement trends. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make e...
2026-01-1228 minConnected With LathamDrug Pricing: Takeaways from the Philadelphia Pricing and Contracting USA ConferenceCurrent developments, such as most favored nation (MFN) pricing, grabbed much of the spotlight when key industry stakeholders met in Philadelphia for the Pricing and Contracting USA Conference. In this episode of Connected With Latham, Allan Thoen, Director & Associate General Counsel with Sandoz, joins Washington, D.C. partner Chris Schott and associate Danny Machado to discuss impressions and takeaways from the conference. And read our bi-weekly Drug Pricing Digest on the website or subscribe to receive future editions in your inbox. This podcast is provided as a service of Latham & Watkins LLP. Listening to this p...
2025-06-2422 minConnected With LathamDrug Pricing: Takeaways from the MDMA Annual MeetingStakeholders from across the healthcare industry, including members of Congress, the US Food and Drug Administration, and the Center for Medicare and Medicaid Services, recently convened in Washington D.C. for the Medical Device Manufacturers Association (MDMA) Annual Meeting. In this episode of Connected With Latham, Washington, D.C. partners Chris Schott, Nate Beaton, and Bill McConagha, and associate Danny Machado share their key takeaways from the meeting, including compliance hot topics and what the industry can expect in terms of regulatory enforcement in 2025. Read our bi-weekly Drug Pricing Digest on the website or subscribe to receive future editions i...
2025-06-0640 minConnected With LathamDrug Pricing: How the Drug Pricing EO Impacts FDA and Overlaps with Grassley-Led LegislationThe "Lowering Drug Prices by Once Again Putting Americans First" Executive Order addresses various FDA matters, such as importation from Canada and accelerated approval of generics and biosimilars. In this episode of Connected With Latham, Washington, D.C. partners Chris Schott, Ben Haas, and Bill McConagha analyze these FDA implications, and explore how the EO overlaps with five drug pricing bills championed by Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa). Also check out Chris's interview with Life Sciences IP Review about industry impacts of the Grassley bills. And yes, it's back: Read our bi-weekly Drug Pricing Digest on the we...
2025-05-0250 minConnected With LathamThe Growth Rocketship: Shield AI's Takeoff Shows What's Possible in DefensetechFounded in 2015, Shield AI uses technology and intelligence systems to protect service members and civilians. The venture-backed unicorn's flagship autonomy software, Hivemind, powers aircraft, drones, and other platforms to reliably support complex missions in contested environments. Latham represented Shield AI on its US$240 million strategic funding round, raising the company's valuation to US$5.3 billion, in March 2025. In this episode of Connected with Latham, Haim Zaltzman, Global Vice Chair of Latham's Emerging Companies & Growth Practice, engages in a dynamic conversation with Shield AI's Chief Financial Officer Kingsley Afemikhe and Chief Legal and Information Officer Jim Carlson. They discuss Shield AI's...
2025-04-3052 minConnected With LathamDrug Pricing: FDA in the Age of Executive Orders and DOGEThe initial months of the Trump administration have been marked by a flurry of executive orders and significant activity by the Department of Government Efficiency (DOGE). The US Food and Drug Administration is a key target of these efforts. In this episode of Connected With Latham, Washington, D.C. partners Chris Schott and Ben Haas and associate Danny Machado explore how FDA may be affected, particularly as it relates to novel tobacco and nicotine products, which can be a bellwether for approval and enforcement trends more generally. This podcast is provided as a service of La...
2025-03-1222 minConnected With LathamDrug Pricing: 2025 J.P. Morgan Healthcare Conference Takeaways and OutlookStakeholders from across the healthcare and biopharmaceutical industry recently convened in San Francisco for the annual J.P. Morgan Healthcare Conference. In this episode of Connected With Latham, Washington, D.C. partners Chris Schott and Jason B. Caron and associate Danny Machado share key takeaways from the conference, including a renewed optimism from the dealmaking world and the healthcare policy outlook under the new Trump administration. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and yo...
2025-02-2522 minConnected With LathamEU's Digital Operational Resilience Act: What You Should Know and How to Stay CompliantThe deadline for the EU's Digital Operational Resilience Act (DORA) has arrived. This regulation applies to most financial entities operating in the EU market and impacts a broad range of third-party providers of technology-related services. In this episode of Connected with Latham, Christian McDermott and Alain Traill explore the key changes introduced by DORA, its broad territorial scope, the types of entities that will be impacted, and what compliance is likely to involve for each of them. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create a...
2025-01-1619 minConnected With LathamUK FinReg Focus Areas in 2025: Sectoral TrendsIn this episode of Connected with Latham, the final of three episodes complementing Latham's "10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025" report, London partners Rob Moulton and Nicola Higgs and counsel Becky Critchley discuss the key cross-sector trends for financial services firms in 2025. They provide their thoughts on what firms need to be thinking about in relation to the use of AI, and the continuing importance of ESG. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and La...
2025-01-0629 minConnected With LathamUK FinReg Focus Areas in 2025: Retail MarketsIn this episode of Connected with Latham, the second of three episodes complementing Latham's "10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025" report, London partners Rob Moulton and Nicola Higgs and counsel Becky Critchley discuss the upcoming reform agenda for retail markets in 2025. They break down the difficult challenge of balancing risk-taking and growth with consumer protection, what is next for the Consumer Duty, and the progress on reforms to the consumer credit and consumer investment regimes. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not c...
2025-01-0620 minConnected With LathamUK FinReg Focus Areas in 2025: Wholesale MarketsIn this episode of Connected with Latham, the first of three episodes complementing Latham's "10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025" report, London partners Rob Moulton and Nicola Higgs and counsel Becky Critchley discuss what will likely appear on the reform agenda for wholesale markets in 2025. They examine capital markets reforms, changes to the remuneration rules and SMCR, and ongoing work on repealing and restating MiFID II. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & W...
2025-01-0623 minConnected With LathamThe Growth Rocketship: How BridgeBio's Hub and Spoke Portfolio Strategy Set the Market for the Future of Biotech – Then, Now, and What's Next?In this episode of Connected With Latham, Haim Zaltzman, Global Vice Chair of Latham's Emerging Companies & Growth Practice, sits down with BridgeBio's Co-Founder and Chief Executive Officer Neil Kumar and Chief Financial Officer Brian Stephenson. Since 2015, BridgeBio, a commercial-stage biopharmaceutical, has maintained a mission to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases. Latham has been involved with BridgeBio since its inception, representing BridgeBio on multiple fronts, including recently the company's US$1.25 billion cross-border capital financing, one of the largest private capital financings in life sciences in the last five years and...
2024-12-3047 minConnected With LathamDrug Pricing: How Might the Trump Administration Transform FDA Enforcement Activities?FDA enforcement activities range from administrative actions like conducting establishment inspections and issuing warning letters to judicial enforcement through the Department of Justice, which can take the shape of civil or criminal actions. While we can expect the agency's core activities to continue, its priorities may shift under the incoming Trump Administration. One point of emphasis might be increasing inspections at ex-US manufacturing sites, both to help ensure the quality of products sold into the United States from abroad, and to encourage US-based manufacturing. In this episode of Connected With Latham, Washington, D.C. partners Chris Schott, Jennifer Bragg...
2024-12-1733 minConnected With LathamDrug Pricing: What's In the New CMS Medicaid Final Rule?The Centers for Medicare & Medicaid Services (CMS) recently published its final rule to implement the Medicaid Services Investment and Accountability Act of 2019 (MSIAA). The final rule significantly deviates from the agency's 2023 proposal, with CMS backing off from "follow the pill" best price stacking, subjecting certain vaccines to Medicaid rebates, and creating a "shame list" of high-cost Medicaid drugs, among other proposals. But the final rule still imposes new burdens on manufacturers, such as by expanding which type of utilization triggers a Medicaid rebate, and imposing aggressive compliance deadlines in connection with misclassifications. In this episode of Connected With Latham, W...
2024-11-2528 minConnected With LathamDrug Pricing: Takeaways from the Chicago Medicaid Drug Rebate Program SummitManufacturers, government officials, and other stakeholders recently convened in Chicago for the annual Medicaid Drug Rebate Program Summit. In this episode of Connected with Latham, Washington, D.C. associate Danny Machado interviews partner Chris Schott about takeaways from the conference, including thoughts on the new Medicaid regulation that CMS released just days before the conference. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we...
2024-10-1818 minConnected With LathamDrug Pricing: How The Demise of Chevron Deference and Other Litigation May Impact the Pharmaceutical IndustryRecent Supreme Court decisions, such as the opinions in Loper Bright Enterprises v. Raimondo and Relentless v. Department of Commerce that overruled the long-standing Chevron doctrine, will likely impact how federal agencies interpret ambiguous statutes when regulating the pharmaceutical industry. And in Securities & Exchange Commission v. Jarkesy, the Court established a right to a jury trial for defendants facing civil monetary penalties in agency enforcement actions, which may affect how industry stakeholders respond to enforcement actions. In addition to these cases, which are not specifically focused on the pharmaceutical industry, ongoing manufacturer challenges to the Inflation Reduction Act's negotiation...
2024-09-1921 minConnected With LathamPro Bono: Shabir Kabiri's Remarkable Journey from Afghanistan to Asylum in the USIn this episode of Connected with Latham, we explore the remarkable story of Shabir Kabiri, an Afghan refugee who secured asylum in the United States with the help of a Latham pro bono team. Shabir shares his harrowing journey, his time as a cadet at West Point, and the dangers he faced upon returning home. When Kabul fell to the Taliban in 2021, Shabir experienced the chaos and fear firsthand, as his former West Point roommate and a group of West Point classmates worked to orchestrate Shabir's evacuation. New York partner Michèle Penzer and Director of Global Pro Bono L...
2024-08-2134 minConnected With LathamDrug Pricing: How Are Payers Responding to the IRA?The US healthcare landscape is undergoing significant changes as the Centers for Medicare & Medicaid Services (CMS) continues to implement the Inflation Reduction Act (IRA). One key stakeholder group affected by the IRA drug price negotiations and Medicare Part D redesign are health insurance companies. In this episode of Connected with Latham, we delve into how these payers are responding to the IRA, including the new ability for Part D beneficiaries to spread their cost-sharing equally across the plan year. Amanda Forys from Magnolia Market Access joins Washington, D.C. partner Chris Schott and associate Danny Machado to discuss the f...
2024-08-1929 minConnected With LathamDrug Pricing: Takeaways from the New Orleans Pricing and Contracting USA ConferenceCurrent developments grabbed much of the spotlight when key industry stakeholders met in New Orleans for the Pricing and Contracting USA Conference. In this episode of Connected With Latham, Washington, D.C. partner Chris Schott and associates Danny Machado and Elisabeth Crusey share their observations from the conference, concluding with four calls to action for pharmaceutical manufacturers. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins L...
2024-06-2117 minConnected With LathamDrug Pricing: A Look Behind the Curtain of the New ASP Reporting Website and Other Data Collection PortalsThe Centers for Medicare and Medicaid Services (CMS) recently updated its portal for Average Sales Price (ASP) reporting under Medicare Part B. Data collection portals are also essential for manufacturer compliance with the Inflation Reduction Act and for price reporting under the Medicaid Drug Rebate Program. The 340B program operates yet another online data portal. In addition to these federal programs, states are also implementing data collection interfaces. For example, the Texas Vendor Drug Program recently launched its electronic certification of information (eCOI) portal. Despite the significance of these portals, only a small number of users have access and...
2024-06-1323 minConnected With LathamEnergy & Infrastructure: Why is Energy Tech So Attractive to Venture Capital?As the energy tech sector continues to mature, venture capital offers an increasingly a viable path to growth as emerging energy tech companies seek to disrupt the energy space, often following a fundraising and growth trajectory similar to software and AI. Energy tech provides opportunities for financial institutions and strategic partners to invest early in the company and also at the project level, addressing the capital-intensive needs of emerging companies through innovative funding structures. Additionally, energy tech companies and their investors face unique challenges, including heightened regulatory hurdles, permitting requirements, and environmental risks, which place additional importance on setting...
2024-06-1026 minConnected With LathamPro Bono: Rewilding the Scottish Highlands Through Forest RestorationLatham's recently released 2023 Pro Bono Annual Review highlights our public service initiatives around the world, including our ongoing relationship with Trees for Life. This conservation charity is dedicated to rewilding the Scottish Highlands through the restoration of the Caledonian Forest, which supports wildlife found nowhere else in Britain. In this episode of Connected with Latham, introduced by Lauren Meyer, Latham's Pro Bono Managing Attorney — EMEA, London partner Huw Thomas sits down with Steve Micklewright, chief executive of Trees for Life. They discuss how Trees for Life relies on natural capital investment, works with local communities, and, ultimately, creates more res...
2024-04-1616 minConnected With LathamUK FinReg Focus Areas in 2024: ESGFollowing an array of ESG-focused regulation and escalating concerns of greenwashing risks in 2023, the year ahead looks to deliver significant industry developments at a rapid pace. In the UK, the FCA's Sustainability Disclosure Requirements (SDR), investment labelling regime, and anti-greenwashing rule will take effect during 2024. The FCA also plans to consult this year on incorporating standards set by the International Sustainability Standards Board into disclosure requirements for listed companies, and the FCA and the PRA are consulting on broader proposals relating to diversity and inclusion disclosures for larger authorised financial services firms. Meanwhile, firms attempting to minimise greenwashing risk...
2024-03-0817 minConnected With LathamUK FinReg Focus Areas in 2024: Enforcement Against IndividualsIn 2023, the FCA brought more charges for fraud offences against individuals than any other year in the regulator's history, and secured several convictions related to fraudulent investment schemes. Yet while the FCA has signaled that economic crime is on its radar, recent years have been defined by relative inactivity, as the higher burden of proof for criminal convictions has resulted in fewer opened enforcement cases and extended investigations. Still, with new leadership appointments to the market oversight team and a Memorandum of Understanding (MoU) with the UK Serious Fraud Office, individuals will look for the coming year to reveal...
2024-03-0608 minConnected With LathamUK FinReg Focus Areas in 2024: Regulatory DivergenceThe UK's announcement of the Edinburgh Reforms in 2022 made clear the government's intention to chart its own course in rulemaking for the UK financial services sector, and no longer prioritise equivalence with EU legislation. The UK is currently in the process of repealing and restating all retained EU legislation, which will result in divergence from the EU in several areas. Priority areas of reform have already seen significant progress, particularly those reflecting areas in which the government is keen to boost the UK's attractiveness as a place to do business, including the UK listing and prospectus regimes, MiFID II...
2024-02-2917 minConnected With LathamUK FinReg Focus Areas in 2024: Enforcement Against FirmsTwo new Joint Executive Directors of Enforcement and Market Oversight appointed by the FCA in 2023 will settle into their roles over the year ahead. Following a period of enforcement defined by increased investigations and a willingness to push the envelope of legal interpretation, firms will look toward the coming year to resolve which areas of focus the FCA will prioritise. Recent activity suggests that the FCA aims to align its enforcement with its broader strategy, expedite the resolution of legacy cases, and improve its data and monitoring capabilities, while also addressing non-financial misconduct and maintaining a focus on retail...
2024-02-2313 minConnected With LathamUK FinReg Focus Areas in 2024: Conduct and CultureWith the UK financial services regulators due to publish Policy Statements to their consultations on diversity and inclusion (D&I) this year, conduct and culture remain high on the regulators' agenda and connect closely to their other regulatory priorities. The regulators have proposed new D&I reporting and disclosure requirements for larger financial services firms, and the FCA is consulting on new guidance on non-financial misconduct. Although final rules are not expected until the second half of this year, firms should consider now how to meet regulatory expectations. In this episode of Connected With Latham, the latest in a 10...
2024-02-1913 minConnected With LathamUK FinReg Focus Areas in 2024: Artificial IntelligenceThe coming year looks poised to act as a pivotal junction for the UK financial services regulators in deciding how to approach the regulation of artificial intelligence (AI), as the financial services industry sees the continued expansion of AI-related capabilities and use cases. To avoid stifling innovation, the UK government plans to take an "agile and iterative" approach, focusing on regulating harmful uses of AI rather than regulating AI systems as a whole. Yet this stance stands in contrast with more prescriptive approaches taken by the EU and US, requiring firms to carefully consider their use and management of...
2024-02-0913 minConnected With LathamUK FinReg Focus Areas in 2024: The Edinburgh ReformsSince the announcement of the Edinburgh Reforms in 2022, the UK government has made progress on an assortment of measures spanning financial services regulation, with more developments expected in 2024. Though tabled initially as an ambitious suite of reforms, many of the proposals have not been particularly radical in reality. A recent Treasury Committee report found that completed work has had little economic impact, and that many of the workstreams are not true reforms. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham's "10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024" report, London partner Ro...
2024-02-0310 minConnected With LathamDrug Pricing: A Look Ahead at Trends for 2024The pressure and uncertainty of 2023 will likely continue for drug manufacturers in 2024, with the election cycle bringing added scrutiny. At the federal level, continuing implementation of the Inflation Reduction Act, including publication of the so-called negotiated prices, may be disruptive. The states, meanwhile, will likely move forward with their own drug pricing initiatives, including statutes seeking to regulate the federal 340B program. Manufacturers have responded with greater willingness to challenge overreach in court, a trend that is likely to continue in 2024. In this episode of Connected with Latham, Washington, D.C. partner Chris Schott and associate Danny Machado examine...
2024-02-0211 minConnected With LathamUK FinReg Focus Areas in 2024: Investment ResearchThe UK's decision to scrap compulsory research unbundling, following the final recommendations of the Investment Research Review, marked one of the most striking developments for financial services firms in 2023. Permitting rebundling across the board with no market capitalisation threshold comes as part of a wider approach to reinvigorate UK capital markets. With the FCA expected to finalise its rule changes by midyear, firms accustomed to the MiFID II rules will need to adapt to the added flexibility regarding how they pay for investment research. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham's "10...
2024-01-3117 minConnected With LathamUK FinReg Focus Areas in 2024: Retail Markets – Direction of TravelAs part of the FCA's continued focus on retail markets, updates to several key regimes are due to progress over the next year. In addition to further implementation of the FCA's Consumer Duty, the government plans to present detailed proposals on modernising the consumer credit regime, develop proposals to address the "advice gap", and bring in a new UK retail disclosure framework to replace the PRIIPs regime. In this episode of Connected With Latham, the latest in a 10-part series complementing Latham's "10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024" report, partner Rob Moulton and counsel Becky Critchley...
2024-01-2613 minConnected With LathamDrug Pricing: Will Agencies Exercise March-In Rights Based on Drug Price?The National Institute of Standards and Technology (NIST) recently published a draft guidance framework for considering the exercise of march-in rights. Under the Bayh-Dole Act, government agencies can "march in" on patents resulting from government-funded research if the patent licensee is not sufficiently developing the patented invention, based on the consideration of various factors. The guidance would add price as one such factor. In this episode of Connected with Latham, partners Chris Schott and Reba Rabenstein and associate Danny Machado discuss the implications of using drug pricing as a factor in exercising march-in rights, the feasibility of the examples...
2024-01-2513 minConnected With LathamPE Views: The Most Pressing Cybersecurity Considerations For Private EquityCyberattacks targeting well-resourced businesses, especially those with institutional backing, financial support, and deep insurance coverage, have become increasingly prevalent. PE portfolio companies in particular find themselves in the crosshairs of sophisticated attackers — a heightened risk that underscores the need for boards to devote attention to cyber-incident preparations. In this episode of Connected With Latham, Huw Thomas, Co-Chair of Latham's London Corporate Department, speaks to fellow London partner James Lloyd about the unique challenges PE firms now face. This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an...
2024-01-2333 minConnected With LathamUK FinReg Focus Areas in 2024: Primary Markets ReformFor the last three years, UK regulatory authorities have commissioned an array of reviews and consultations to address friction points in the UK's primary markets, culminating in reforms to the listing regime scheduled to take place in 2024. In addition to simplifying listing segments, these reforms signal a shift to a more disclosure-based regime, by relaxing eligibility requirements for commercial entities at the point of entry and no longer mandating shareholder votes for a variety of transaction types. The goal of these reforms is to re-establish London as an attractive choice among global listing jurisdictions. In this episode of Connected...
2024-01-1913 minConnected With LathamPE Views: How Can PE Sponsors Promote Transparency and Successful Fund Raise Amid ESG Scrutiny?Regulatory drivers and stakeholder demands have put environmental, social, and governance (ESG) considerations at the forefront of their agendas, with PE firms adopting ESG strategies across funds, investments, due diligence, and portfolio company management. This strong focus has prompted certain stakeholders to argue that ESG factors are receiving undue attention at the expense of financial considerations, a critique sometimes referred to as "greenbashing" or the "ESG backlash". In major markets, politicians and stakeholders have expressed concerns that ideological considerations are illegitimately impacting investment and business decisions. In this episode of Connected With Latham, London private equity partner David Walker...
2023-12-2009 minConnected With LathamEnergy & Infrastructure: How Can Companies Avoid Greenwashing Allegations and ESG Litigation Risks?As companies feel heightened pressure from stakeholders to adopt environmental, social, and governance (ESG) measures, greenwashing allegations continue to rise in tandem. Complex regulatory environments in the US and across Europe increase the likelihood of enforcement actions and demands for leadership teams to validate their public statements and disclosures. Lawsuits have become a tool for holding businesses accountable for their environmental practices and claims. Companies implementing or reporting on sustainability practices must develop consistent approaches to navigating an increasingly uncertain landscape. In this episode of Connected With Latham, partners Sophie Lamb and Robin Hulshizer and associate Aleksandra Dulska discuss...
2023-12-1825 minConnected With LathamM&A Views: How Should Deal Teams Navigate a Global Crackdown on Restrictive Covenants?Regulators in the US, EU, and UK have increasingly scrutinized non-compete and no-poach clauses in employment agreements and M&A deals. The US Federal Trade Commission proposed a rule to ban non-competes in most situations, while several US states seek to implement complete or partial non-compete bans. In Europe, the European Commission and the UK's Competition and Markets Authority are enhancing enforcement on no-poach agreements, while the UK government plans to limit the length of non-compete clauses in employment contracts. In this episode of Connected With Latham, London M&A partner Beatrice Lo speaks to Chicago partner Nineveh Alkhas...
2023-12-1413 minConnected With LathamHas FDA Meaningfully Changed Its Restrictions on Off-Label Communications?Following a number of challenges to administrative enforcement on First Amendment grounds, the Food and Drug Administration (FDA) released a new draft guidance document addressing truthful and non-misleading communications regarding product uses not approved or cleared by the FDA. Notably, the document updates the standard for using scientific or medical journal reprints and creates a new category for firm-generated presentations. These changes suggest a potential expansion of the safe harbor for manufacturers' communication of scientific information. In this episode of Connected With Latham, Ben Haas, Global Vice Chair of Latham's Healthcare & Life Sciences Practice Group, speaks with counsel Monica G...
2023-12-1326 minConnected With LathamDrug Pricing: New OIG Guidance Reaffirms the Seven Elements of an Effective Compliance ProgramIn November, the Department of Health and Human Services' Office of the Inspector General (OIG) issued new compliance program guidance that affirms OIG's long-standing focus on the seven elements of an effective compliance program, first published in 2003. In this episode of Connected With Latham, partner Chris Schott and associate Danny Machado are joined by guest Lynn Robson of United Therapeutics. They discuss how the OIG's compliance framework is relevant to drug manufacturers, how past enforcement actions can inform implementation of a compliance program, and how an effective compliance program can be beneficial in the enforcement context.
2023-12-0812 minConnected With LathamPE Views: Is the CMA's Focus on Roll-Up Transactions Here to Stay?The UK's Competition and Markets Authority (CMA) has increasingly asserted its jurisdiction to review private equity buy-and-build transactions, including completed deals, citing competition concerns and protection against perceived threats to consumers. With regulators in the US and elsewhere voicing similar concerns, PE firms and portfolio companies must now consider the heightened risk of enforcement action in the merger control context. In this episode of Connected With Latham, London private equity partner David Walker speaks to London counsel Ludmilla Le Grand about the CMA's key tests for initiating review of a roll-up transaction, as well as the impact of a...
2023-11-1010 minConnected With LathamSCOTUS Update: Perez v. Sturgis Secures a Supreme Court Win for Disability RightsOn March 21, 2023, the US Supreme Court ruled for Miguel Luna Perez, a Latham pro bono client, in Perez v. Sturgis. Perez, who is deaf, was repeatedly denied reasonable accommodations, including a qualified sign-language interpreter, by Sturgis Public Schools and the Sturgis Public Schools Board of Education. Lower courts had held that Perez could not proceed with an Americans with Disabilities Act (ADA) claim seeking monetary damages because he had not exhausted his Individuals with Disabilities Education Act (IDEA) remedies. A unanimous US Supreme Court held that a plaintiff need not exhaust the IDEA's administrative processes when seeking remedies under...
2023-11-0237 minConnected With LathamFDI Developments: M&A Security Screening in Europe's Fragmented FDI LandscapeAs security interests have become increasingly important in Europe and globally, comprehensive investment control reviews are now an unavoidable element of any cross-border acquisition – with complex legal standards that vary greatly from country to country. In this episode of Connected With Latham, London private equity partner Tom Evans speaks to Hamburg counsel Jana Dammann de Chapto and Brussels counsel Philipp Studt about the increasing volume of regulations and laws regarding the Foreign Direct Investment – in particular, what we are seeing in this space, and what are the business implications. This podcast is provided as a servi...
2023-10-2419 minConnected With LathamDrug Pricing: What Trends Emerged from the 2023 Medicaid Drug Rebate Program Summit?Not surprisingly, the Inflation Reduction Act (IRA) and its impact on the pharmaceutical industry was a key topic when manufacturers, government officials, and other stakeholders convened in Chicago for the annual Medicaid Drug Rebate Program Summit. The conference's wide-ranging agenda spotlighted key questions and trends emerging from the Centers for Medicare and Medicaid Services' recent activity, including the publication of the first group of drugs selected for negotiation under the IRA and the release of a proposed Medicaid regulation earlier this summer. Representatives from the Federal Trade Commission emphasized the agency's interest in pharmacy benefit managers, while the Office o...
2023-10-2012 minConnected With LathamM&A Views: Avoiding Buyer's Remorse in M&A DealsThe buoyant market of 2021 and early 2022 resulted in compressed deal timelines and frenzied competition, causing many deals to be signed with fewer buyer protections and less information about target businesses. The aftermath of this M&A surge has seen a rise in post-closing discoveries of target company issues, compounded by ongoing macroeconomic and geopolitical challenges. Yet acquirers suffering from "buyer's remorse" have options. In this episode of Connected With Latham, London M&A partner Beatrice Lo speaks to fellow London partner Nell Perks and associate Leah Adeniran about how to address — and avoid — buyer's remorse in M&A deals.
2023-09-2713 minConnected With LathamInsurtech: What Should Startups Do After Receiving FCA Authorization?Startups in the insurtech sector have found increasing success in obtaining authorization from the Financial Conduct Authority (FCA). Yet the requirements to achieve such success can complicate a startup's operations, from early pressure on resources and staffing to regulatory obligations. In this episode of Connected With Latham, partner Shing Lo and associate Gabriel Lakeman discuss how insurtech startups should navigate the nuances of an FCA authorization, including evolving regulations and investor inquiries, in order to maintain their startup ethos and develop a strong compliance culture, positioning their business for growth. This podcast is provided as a...
2023-09-2108 minConnected With LathamDrug Pricing: Focus on Best Price — CMS Proposed Rule, Inflation Reduction ActIn a proposed rule issued earlier this summer, the Centers for Medicare & Medicaid Services (CMS) suggested expanding the scope of combining, or stacking, discounts when determining best price. Meanwhile, the Inflation Reduction Act amended the statutory best price definition to include maximum fair prices negotiated under CMS's new Medicare price negotiation authority. In this episode of Connected with Latham, partner Chris Schott and associate Danny Machado explain how CMS's proposed rule on best price stacking differs from past interpretations, and discuss possible ways CMS could implement the Inflation Reduction Act's statutory change to the best price definition. ...
2023-09-1513 minConnected With LathamEnergy & Infrastructure: Can Sustainable Finance Fuel the Energy Transition?As more energy and infrastructure companies commit to sustainability targets amidst the energy transition, sustainable finance options, such as green bonds, increasingly offer a viable alternative to traditional financing for projects across the globe. Still, with enhanced regulatory scrutiny, concerns of greenwashing, and ESG-related litigation, companies considering sustainable finance must pay careful consideration to the structure of their financing instruments. On this episode of Connected With Latham, Dubai partner and global coordinator of Latham's Sustainable Finance Practice, Ed Kempson, speaks with London associate Chidi Onyeche and New York associate Giulia Franzoso about the role sustainable finance can play — and th...
2023-08-3018 minConnected With LathamDrug Pricing: Could a Single Reference Price Apply Across a Therapeutic Class?The policy conversation related to reimbursement rates for drugs has recently turned toward pricing for entire therapeutic classes, rather than assessing the value of an individual drug. Two recent developments emphasize a growing call for establishing a single payment rate for therapeutic classes: the Medicare Payment Advisory Commission's (MedPAC) June report to Congress, and the Centers for Medicare & Medicaid Services (CMS) final guidance for the negotiation provisions of the Inflation Reduction Act. In this episode of Connected With Latham, partner Chris Schott and associate Danny Machado discuss the emerging policy signals for assessing value across therapeutic classes, rather than...
2023-08-2111 minConnected With LathamDrug Pricing: Final IRA Price Negotiation Guidance – How CMS Addressed the Part D/B ProblemThe Centers for Medicare & Medicaid Services (CMS) recently published its final guidance to implement the drug price negotiation provisions of the Inflation Reduction Act. While retaining the active moiety/active ingredient approach to identifying drugs subject to negotiation, CMS now will only include those products with historic or likely Part D utilization in negotiations in 2026. This is intended to avoid subjecting Part B drugs to the process sooner than the statute provides. In this episode of Connected With Latham, partner Chris Schott and associate Danny Machado of the firm's DC office explain how CMS structures its final guidance and...
2023-07-3110 minConnected With LathamPE Views: Under New Reforms, Is the Customer Always Right?Consumer-facing companies face an increasingly complex UK regulatory landscape as multiple regulators place the spotlight on consumer rights and protections. A raft of new legislation focused on "good consumer outcomes" is set to impact businesses and PE sponsors, heightening enforcement and censure risks including fines, public sanctions, and consumer redress. In this episode of Connected With Latham, London private equity partner David Walker speaks to London counsel Becky Critchley about the impact of forthcoming regimes, and how PE firms can meet a higher standard of compliance set by these financial services reforms. This podcast is p...
2023-07-1412 minConnected With LathamPE Views: Will Greenwashing Rain on the UK PE Parade?Amid concerns of exaggerated or misleading sustainability claims, the UK Financial Conduct Authority's (FCA) proposal for new labelling and disclosure rules for sustainability claims has put a spotlight on a growing range of greenwashing risks. Private equity firms should evaluate the latest wave of new rules and requirements being enacted and contemplated as regulators across jurisdictions look more carefully at green claims. Although regulatory authorities increasingly seek to hold regulated firms to account for exaggerated credentials and misstated investment policies, several options exist for private equity to go beyond general compliance and mitigate greenwashing risks. In this episode of C...
2023-06-2017 minConnected With LathamM&A Views: Will UK-Bound M&A Need to Come to US Terms?Global M&A deal volumes have dipped at the start of Q1 2023, yet UK-bound M&A activity is expected to be one of the year's highlights as overseas buyers seek out attractively priced British public and private targets. Within this activity, US buyers' deal term preferences are likely to impact private UK M&A. So transatlantic dealmakers will find it increasingly important to understand both UK and US expectations. In this episode of Connected With Latham, London M&A partner Beatrice Lo speaks to associate Jennifer Cadet about the core expectations of UK sellers and US buyers. They discuss...
2023-04-2711 minConnected With LathamReal Estate Realities in Europe: Expensive Money and the Power of Private EquityAs interest rates soar to the highest rates in a decade, European real estate buyers and sellers are struggling to makes economic deals — transaction volumes in Europe fell by 44% in the last year. Despite a comparatively down year in fundraising for real estate funds, some €80 billion has already been raised for real estate acquisitions, in contrast to the situation in the 2008 global financial crisis where there was a lack of dry powder. And investors, including sovereign wealth funds, that will not need financing, may be in a strong position to acquire real estate assets at favorable prices. In this epis...
2023-04-1712 minConnected With LathamPE Views: PE Must Strike the Right Balance With UnionsWidespread economic pressure — including pay, inflation, and the ongoing cost of living crisis — has increased union visibility. As the number of workers interested in union membership grows and the frequency of strikes surges in the UK and elsewhere, PE deal teams should remain mindful of the presence and role of unions in M&A. In this episode of Connected With Latham, London private equity partner David Walker speaks to associate Paul Lawrence about the impact of unions and works councils on PE transactions, and the importance of building a positive relationship with workers and their representatives early.
2023-03-3112 minConnected With LathamWill Insurtech Reach New Heights in 2023?Insurtech has become a darling of both traditional players in the insurance market and disruptive fintech operations. The coming year looks to continue this trend, with companies looking to insurtech as a venue for penetrating new markets. Yet as insurtech's attractiveness continues to grow, potential investors will need to navigate a highly regulated industry and new regulatory considerations on the horizon. In this episode of Connected with Latham, partners Beatrice Lo and Shing Lo and associate Gabriel Lakeman discuss the path for insurtech to capture a larger market share in 2023, as well as recent regulatory developments that new and...
2023-03-0808 minConnected With LathamPE Views: Private Equity Looks to Share-Based Schemes to Incentivise Non-Managerial StaffEquity and co-investment opportunities have long served as tried and tested strategies for buyout firms seeking to incentivise management and align key management interests with those of the PE sponsor. However, PE sponsors in the US have recently received credit for extending share ownership opportunities beyond key management — and in some cases, to all employees — using innovative employee incentive schemes. Amid the ongoing cost-of-living crisis, the "great resignation," and increased investor focus on ESG credentials, will more PE sponsors explore share-based incentive schemes as a way to reward and retain non-managerial portfolio company staff? In this episode of Connected With...
2023-01-2013 minConnected With LathamEnergy & Infrastructure: The Drivers and Opportunities of Asia's Digital Infrastructure BoomDigital infrastructure has become a basic component of all economies, and growth economies in particular. For many countries in Asia, digital infrastructure will drive development as much as power and water supply – particularly in Singapore, Indonesia, Vietnam, and India, which have the potential to be serious players in the global tech industry. What deal structures and investors are now playing in the region's digital infrastructure development? And what regulatory trends present opportunities going forward? In this episode of Connected With Latham, we continue our Energy & Infrastructure series with a look at the current and future state of the Asia-Pacific di...
2022-11-0119 minConnected With LathamPE Views: Has Rethinking Cannabis Sparked PE Interest?Not long ago, the prospect of significant PE investment in the cannabis industry would have been unthinkable for many. However, recent regulatory and legal developments have created opportunities for medical cannabis businesses and legalised new non-medical cannabis applications in many jurisdictions. Buyout firms have shown significant appetite for these deals, investing US$3.54 billion into the cannabis sector in 2021 across more than 200 transactions, according to Pitchbook. In this episode of Connected With Latham, London private equity partner Tom Evans speaks to Paris and Brussels healthcare & life sciences partner Eveline Van Keymeulen about how firms now have scope to embrace growing...
2022-07-1109 minConnected With LathamPE Views: Why Do Music Deals Sound So Attractive to PE?Music deals, particularly the acquisition of rights to songs and recordings by popular music artists, remain attractive investments for PE. The continued popularity of global streaming services and the music rental economy have helped to reduce the threat of online piracy, made revenues easier to track and predict, and ensured that strong revenues continue to flow to rights holders. Music rights will likely become even more attractive as revenues are increasingly derived from a growing number of sources, including social media platforms, video games, exercise platforms, video streaming, and virtual reality. Yet PE investors should note the complex tune...
2022-06-0913 minConnected With LathamPE Views: Could PE Benefit From the Universal Adoption of "Super Senior" RCFs in Leveraged Financings?Undrawn revolving credit facilities (RCFs) serve as essential parachutes to private equity. They are a backup in the event of mismatches in the working capital cycle, they provide comfort for a rainy day, and they preserve swift access to deal-making when other financing sources are unavailable, or less easily accessible. The COVID-19 pandemic clearly proved the importance of undrawn RCFs to private equity. At the onset of the pandemic, credit markets gummed up and businesses worldwide grappled with evaporating liquidity, while leveraged companies dashed for cash and drew revolving lines. In this episode of Connected With Latham, London private...
2022-04-2810 minConnected With LathamNew FDA Commissioner Dr. Califf: What His Appointment Means for the Regulated Industry and What to Watch for in 2022Now that the US Senate has confirmed Dr. Robert Califf as Commissioner of the US Food and Drug Administration, a position he held briefly in the Obama Administration, we turn to the priorities and perspective he is likely to bring to the agency. Making big data, including from electronic health records, useful for research and sufficient to support FDA regulatory decision-making emerged as a major theme from Califf's Senate testimony. How might he employ big data to achieve his stated goals of improving emergency preparedness and response, modernizing the FDA, and ensuring the safety of FDA-regulated products already on...
2022-02-1520 minConnected With LathamPE Views: How are ESG Regulatory Reforms and Investor Focus Shaping the Market?Market sentiment and the increasing importance of environmental, social, and governance (ESG) to firms' competitiveness across the market, combined with wide-ranging and rapidly developing ESG regulatory reforms, are driving increased focus on ESG at both LP and GP levels across Europe. As a result, the market is showing demand for enhanced diligence, and a wider range of deal provisions are being considered in light of their potential to enhance the ESG outlook of PE investments. In this episode of Connected With Latham, London private equity partner Tom Evans speaks with London associate Anne Mainwaring, who specializes in ESG financial...
2022-02-1416 minConnected With LathamEnergy & Infrastructure: What's Behind The Wave of ESG Shareholder Activism?After years of garnering little attention, environmental, social, and governance (ESG) matters are now top-of-mind for institutional investors – and are beginning to drive activist campaigns. What is behind this wave of ESG activism? And what can companies do to prepare for the possibility of an ESG-driven activist campaign? In this episode of Connected With Latham, we continue our Energy & Infrastructure series with a look at how company boards and management are navigating the choppy waters of ESG-related activism. Lauren Anderson, a private equity partner in Houston, speaks with Christopher Drewry, a Chicago partner and a leader in the firm's Ac...
2022-01-1024 minConnected With LathamFintech Focus: The Year in Crypto – What Changed and What Comes Next in 2022?In 2021, the outlines of emerging crypto legal and regulatory regimes became steadily clearer. In the US, new regulators brought a fresh perspective and new enthusiasm for investor protections, with parallel efforts gaining traction in Congress. Across the Atlantic, the European Commission adopted a digital finance package and will soon ratify the Regulation on Markets in Crypto-Assets (MiCA) framework. In this episode of Connected With Latham, Hong Kong partner Simon Hawkins, London partner Stuart Davis, and New York partners Yvette Valdez and Stephen Wink, Co-Chairs of the firm's Global Blockchain & Cryptocurrency Task Force, join together to review the legal and...
2022-01-0430 minConnected With LathamPE Views: Is Gaming the Next Level for Private Equity?Global video game revenue in 2020 jumped by 20% to US$179.7 billion, making the sector larger than the film and North American sports industries combined. And this uptick in gaming is no temporary spike; market forecasts project 10.2% annual growth through 2025. Venture capital firms have enjoyed success in the video game space, which is likely to generate a pipeline of acquisition opportunities for private equity buyers. In this episode of Connected With Latham, London private equity partner Tom Evans speaks with Bay Area M&A partner Greg Roussel about what private equity firms should consider when getting into the gaming space.
2021-12-1409 minConnected With LathamFintech Focus: What's Next for Hong Kong and Singapore in 2022?The sixth annual Hong Kong and Singapore fintech events, both held in November 2021, revealed key new initiatives, regulatory developments, and market trends that will play out in 2022 and beyond. In Singapore, the Monetary Authority (MAS) released its initial assessment of the economic case for launching a retail central bank digital currency (CBDC), while in Hong Kong, the Monetary Authority issued a technical whitepaper on creating its own CBDC. The regulators also laid out steps to encourage fintech innovation and refine crypto regulations. The interaction between ESG and the fintech also emerged as a key theme. In this episode of...
2021-12-0224 minConnected With LathamPE Views: How is Creative Collateral Use Changing PE Finance Options?Raising fresh capital for portfolio companies in times of financial stress is always a delicate balancing act between attracting new lenders and maintaining the strategic support of existing creditors. The almost instantaneous halt in cash flows and scramble for new capital injections precipitated by the COVID-19 pandemic has significantly changed traditional approaches to collateral — giving rise to new financing opportunities for sponsor-backed deals and businesses. Regardless of debt market buoyancy, these new financing techniques are here to stay, having demonstrated value in overcoming creditor skepticism during times of economic uncertainty and bringing a new way to increase leverage. In th...
2021-11-1914 minConnected With LathamPE Views: Will UK IPOs with Dual Class Shares Surface New PE Opportunities?The UK has now seen several public listings with dual class share structures, including most the £5.4 billion IPO of The Hut Group, which had a "special" share for the founder. With the UK government keen to increase the marketability of UK listings following Brexit, we anticipate that US dual class deal architecture is likely to be featured on a growing number of London listings — a development that could benefit PE firms and founder managers seeking to retain a greater governance role post-IPO. In this episode of Connected With Latham, London private equity partner Tom Evans speaks with London capital mar...
2021-11-1009 minConnected With LathamPE Views: How is Growth Equity Connecting PE and VC?Emerging companies have historically been backed by venture capital funds, but as Europe's startup scene matures, involvement by more traditional private equity investors is growing, particularly in the tech, consumer, and digital health sectors. Recent PE investments in emerging companies include stakes in Wolt, Moonbug Entertainment, Zwift, Klarna, Epic Games, and Oatly demonstrating the range of opportunities available to PE sponsors in this space. While PE investors are increasingly familiar with VC deal dynamics, they are also pushing to align growth-deal terms more closely with traditional buyout concepts. In this episode of Connected With Latham, London private equity partner...
2021-11-0315 minConnected With LathamPE Views: Has the Pandemic Increased Whistleblowing Risks?As global businesses react to the pandemic and social movements, private equity firms should remain watchful for whistleblowing issues involving both portfolio and target companies. There is now simply more to blow the whistle on, from workplace health and safety issues and misuse of government furlough schemes, to racial equity and sexual harassment concerns. How can PE firms and their portfolio companies mitigate such risk? In this episode of Connected With Latham, London private equity partner Tom Evans speaks with Sarah Gadd, an Executive Compensation, Employment & Benefits partner in London, about how firms and their companies can maintain compliant...
2021-10-0710 minConnected With LathamEnergy & Infrastructure: What's Driving the Oil & Gas Evolution in Europe?As commodity prices recover from pandemic lows, deal activity in the oil and gas sector is heating up across Europe. A number of factors are contributing to this deal-friendly environment, most notably the acceleration of the transition to renewable and low-carbon energy and the appetite for such changes in the capital markets. European majors are diversifying rapidly and looking to combine; meanwhile, US majors are surveying the market in Europe. Across the industry, companies continue to search for ways to reduce the carbon intensity of their operations. All of this creates scope for more and larger mergers. In this ep...
2021-10-0117 minConnected With LathamEnergy & Infrastructure: What's the View From Inside the DOE Loan Programs Office?Jigar Shah is the recently appointed Executive Director of the Loan Programs Office at the US Department of Energy. He brings a robust resume to the position, as co-founder of Generate Capital and founder of SunEdison, two innovative renewable energy finance organizations. He is also well-known for his time co-hosting GreenTech Media's The Energy Gang Podcast. In this episode of Connected With Latham, San Diego project finance partner Omar Nazif and Washington, D.C.-based of counsel Michael Gergen speak with Shah about the Title XVII federal loan guarantee program and how it is evolving, as well as practical...
2021-08-1144 minConnected With LathamEnergy & Infrastructure: How Will EP4 Affect Projects in High-Income Countries?The Equator Principles set a minimum standard for lender due diligence and monitoring to support environmentally and socially responsible decision-making when financing projects. The latest iteration, known as EP4, came into effect in October 2020 and makes significant changes affecting lenders and sponsors – most notably for projects in high-income countries, such as the US and UK. Under EP4, project sponsors need to engage early in developing an environmental and social impact assessment, among many other considerations, for projects in such countries. In this episode of Connected With Latham, London finance partners Matthew Brown and Chirag Sanghrajka speak with Los Angeles co...
2021-07-0716 minConnected With LathamEnergy & Infrastructure: Will the Market Sustain its Interest in Sustainability-Linked Bonds?The interest in and availability of ESG-focused investments has exploded in recent years. Last year, the International Capital Markets Association published its Sustainability-Linked Bond Principles, allowing the creation of debt products that hold issuing companies accountable to achieving independently certified sustainability or ESG objectives. Unlike "green bonds", which require proceeds to be used strictly on green projects, sustainability-linked bonds focus on outcomes rather than specific investments. And, so far, investors are eager to utilize them. So, who is likely to pursue this type of bond? Are companies getting more favorable pricing? Is the new US political and regulatory environment...
2021-05-2519 minConnected With LathamFast Track to IPO: Why Are Series A Startups Snatching Topflight CFOs?Startups and scale-ups in Europe's tech and life sciences sectors have flourished dramatically over the past year, fueled by pandemic-induced demand and a wall of investor cash. Early funding rounds are getting bigger, while the time between rounds compresses and SPAC and other suitors come courting earlier and earlier. How can founders and investors ensure that they have the right teams and structures in place to take advantage of this environment and avoid careering out of the fast lane? In this episode of Connected With Latham, London Emerging Companies partner Mike Turner speaks with John Watkins, managing partner of...
2021-04-3019 minConnected With LathamEnergy & Infrastructure: How Will the Biden Administration's Goals Affect the Energy Transition?The Biden Administration's climate goals are ambitious: A carbon free power sector by 2035. Net zero emissions by 2050. Targeting 40% of federal climate action benefits toward disadvantaged communities. So, what is the Administration doing to move toward these goals? And how will different energy and infrastructure sectors be impacted? In this episode of Connected With Latham, partners Omar Nazif and Lauren Anderson speak with Janice Schneider, Global Vice Chair of Latham's Environment, Land & Resources Department and former Assistant Secretary for Land and Minerals Management at the Department of the Interior, and Nikki Buffa, counsel in the Orange County and Washington, D...
2021-04-1416 minConnected With LathamEnergy & Infrastructure: Renewables Driving Change in the Investment LandscapeMacro market shifts as part of the energy transition are spurring investors, sponsors, and even traditional oil and gas producers to move in new directions. There is an increase in wind and solar projects being funded, with private equity demonstrating a parallel interest in renewables. Given the intermittent nature of these energy sources, developers and investors are also increasingly interested in energy storage, specifically battery technologies. However, the sector may remain dependent on government tax incentives in the US and EU. Shifts from combustion engines to electric engines are also likely to attract capital, while carbon capture and renewable...
2021-04-0112 minConnected With LathamPE Views: Foreign Investment Controls – Are We Seeing a More Nuanced Approach to Private Equity?Governments' desire to control investments by businesses from purportedly hostile nations has led to more investments being stalled or blocked in recent years. Recent moves to tighten FDI screening rules during the COVID-19 crisis accelerated this trend. While more and more countries are introducing or expanding their FDI screening regimes, well-established regimes (such as that operating in the US) are maturing and offering exemptions that may prove helpful to some private equity investors — while also creating new complexities. In this episode of Connected With Latham, London private equity partner Tom Evans discusses the obstacles and opportunities created by these ch...
2021-03-1112 minConnected With LathamHealthcare Tech: How Are Licensing Agreements Bridging the Industry Divide?As the healthcare and technology sectors converge to create revolutionary new products and innovations, companies operating in very distinct regulatory and business environments must find ways to adapt and cooperate. When non-registerable IP, such as software and data, feed patented medical inventions to produce personalized medicine, how have licensing agreements evolved to allow for such inventions to be developed and commercialized? In this episode of Connected With Latham, London partner and Global Vice Chair of the firm's Healthcare & Life Sciences Industry Group Robbie McLaren, Bay Area partner and Global Vice Chair of the Healthcare & Life Sciences Practice Judith Hasko...
2021-03-0329 minConnected With LathamHealthcare Tech: How Will the FDA Regulatory Framework Adapt to AI?Artificial intelligence (AI) is a burgeoning sector for investors and companies alike, but the unclear regulatory landscape for the use of AI in healthcare may cause headwinds that prevent it from achieving its full potential. The US Food and Drug Administration (FDA) asserts broad authority over medical devices, from toothbrushes to high-tech implants, under a decades-old regulatory framework. Recent advances in medical technology, including use of AI and machine learning, which are becoming increasingly integrated into traditional products and have accelerated the creation of novel devices that have the potential to revolutionize healthcare, but are nonetheless subject to a...
2021-02-2429 minConnected With LathamCopyright & Brexit: How Will Article 15 of the EU Copyright Directive Affect Publishers and Platforms?Under Article 15 of the EU's Copyright Directive, "information society service providers" must compensate "publishers of press publications" for the use of news articles, photos, and video. Translation: social media companies and search engines will need to pay up when users access news through their platforms. Yet, exactly how this transformation of the online news businesses is to take place remains to be seen. Will short excerpts and links count? Can search engines and platforms get around this provision by imposing their own terms? How can publishers begin to take advantage of Article 15? In this episode of Connected With Latham, L...
2021-02-1817 minConnected With LathamTech Trends: Has the Tide Turned for Transatlantic Data Transfers Post-Schrems II?After the EU's top court invalidated the Privacy Shield and cast doubt on the use of the model clauses in certain circumstances with consequences for global business, EU Business that use US service providers and US business that target US users across all industries. We explore the background to the decision, the current status of the existing transfer mechanisms, the guidance coming out of the European Data Protection Boards and new model clauses from European Commission and discuss whether the new Biden Administration will agree to changes to US privacy and surveillance to protect the privacy rights of EU...
2021-02-1621 minConnected With LathamCopyright & Brexit: Will the UK Copy the EU Directive or Develop Its Own Regime?The EU Copyright Directive, now implemented in Europe, did not "break the internet" as some feared, but has been controversial. With the longstop implementation date for EU Member States falling after Brexit, the UK need not and will not implement the directive. What does this mean for the future of copyright law in the UK, and what does the divergence of EU and UK law mean for companies navigating the regulatory landscape? In this episode of Connected With Latham, Deborah Kirk, London partner and Global Vice Chair of the Technology Industry Group and London associate Elva Cullen discuss the...
2021-01-2617 minConnected With LathamInsolvency Reform: Spotting and Mitigating Future Risk in Supply RelationshipsWith insolvency alone no longer valid grounds for severing most commercial contracts in the UK, how can suppliers and customers spot early warning signs of counterparty distress and head off future risk? This podcast is the second in a series of three considering the impact of the UK's new Corporate Insolvency and Governance Act, as well as existing insolvency-related regimes in the UK and the US on commercial contracts. In this episode of Connected With Latham, Andrew Moyle, Data and Technology Transactions partner, talks with London partner Christian McDermott, Washington D.C. associate Morgan Brubaker, and London associate Kristy...
2021-01-2122 minConnected With LathamHealthcare Tech: What Legal Pitfalls Should Tech Companies Avoid As They Jump Into Healthcare?The US regulators have been particularly focused on new players in the health tech space and the novel regulatory issues their products present within the existing legal framework. While the market is ripe with opportunity for innovative healthcare delivery models, tech companies should proceed with caution and ensure they understand the complex rigors and requirements of US healthcare regulations and enforcement regimes. In this episode of Connected With Latham, Washington D.C. partner John Manthei, Global Chair of the Healthcare & Life Sciences Practice, speaks with Terra Reynolds, Global Vice Chair of the firm's Healthcare & Life Sciences Industry Group, and...
2021-01-1322 minConnected With LathamFintech Focus: Crypto in the Crosshairs – What Regulatory Themes Characterized 2020?Throughout 2020, cryptocurrencies experienced incremental progress towards the mainstream as institutional investors and financial institutions made positive statements about the nascent asset class, an increasing number of jurisdictions sought to establish frameworks to decisively regulate the issuing and trading of cryptocurrencies and, in some markets, regulatory enforcement continued apace. However, questions remain around the regulation of decentralized networks and whether enhanced regulatory regimes will reduce regulatory arbitrage and jurisdiction shopping. In this episode of Connected With Latham, as part of our "Fintech Focus" series, Hong Kong counsel Simon Hawkins discusses developments in crypto regulation in Europe, the US, and Asia...
2021-01-0726 minConnected With LathamFintech Focus: How Did Singapore Solidify Its Position as a Leading Fintech Hub in 2020?In 2020, Singapore solidified its position as a leading center of fintech innovation, as the country continued to advance legislation and regulations to facilitate innovation and hosted the world's largest fintech event in December. From new payment services and digital bank regimes to the launch of a crypto-asset trading platform by a major bank, Singapore saw traditional financial institutions playing an increasingly important role in fintech innovation. In this episode of Connected With Latham, part of our "Fintech Focus" series, Hong Kong counsel Simon Hawkins, Global Co-Chair of the firm's Blockchain and Cryptocurrency Task Force, speaks with Singapore partner Farhana...
2020-12-1816 minConnected With LathamFintech Focus: Payments During the Pandemic – What Key Legal and Regulatory Themes Emerged During 2020?2020 has been another year of growth for fintech and payments, as economies became increasingly cashless and alternative payment products and regulations proliferated. What is driving alternative payments products and networks like stablecoins and central bank digital currencies? How have payments regulations been stress tested in Europe? What have been the key areas of regulatory change and what has been the impact of the COVID-19 pandemic on payments? In this episode of Connected With Latham, as part of our "Fintech Focus" series, Hong Kong counsel Simon Hawkins, Washington, D.C. partner Todd Beauchamp, and London partner Christian McDermott discuss four...
2020-12-1726 minConnected With LathamRestructuring in Asia: How Will Chinese Bond Defaults Resolve?With the second largest bond market in the world, China has weathered the economic downturn this year relatively well, without widespread credit dislocation. Looking ahead, will that picture change as Chinese regulators return to policy normalization, away from the accommodative stance that has sustained issuers and helped mitigate defaults? How will China defaults be resolved? In this episode of Connected With Latham, Hong Kong partner Howard Lam speaks with Kenneth Ho, Goldman Sachs' Head of Asia Credit Strategy Research, to discuss what China bond market participants can expect in the year ahead. This podcast is pr...
2020-12-1521 minConnected With LathamPE Views: The Lipstick Effect — Why Are Beauty Deals Increasingly Attractive for Private Equity?Recent high-profile beauty M&A deals, coupled with economic turbulence, have brought renewed interest in the "lipstick effect" – when consumer demand for relatively affordable luxuries, such as lipstick, continues or increases during economic recessions. Indeed, the beauty market is booming as home-bound consumers seek to be "camera ready" for video calls and social media updates. In this episode of Connected With Latham, Tom Evans speaks with fellow London partner Deborah Kirk about the recent surge in private equity investment in the beauty sector, as well as the particular digital and celebrity-focused due diligence concerns unique to such deals. ...
2020-12-1409 minConnected With LathamTech Trends: CCPA and the Next Wave of Data Privacy RegimesNearly a year after California's landmark Consumer Privacy Act (CCPA) went into effect, the reach and interlocking complexity of the world's data privacy laws continue to expand, from a maturing GDPR in Europe to additional regimes in California and beyond. How are companies adapting to the CCPA and navigating the relentlessly evolving data privacy landscape? In this episode of Connected With Latham, Gail Crawford, London partner and Global Chair of the Data & Technology Transactions Practice, speaks with Bay Area partner Michael Rubin, a leader of the Data Privacy & Security Practice and Global Vice Chair of the Technology Industry Group...
2020-12-0920 minConnected With LathamCorporate Culture: How to Attain Sustainable ChangeCulture has become a point of focus for regulators and corporate stakeholders. The UK Financial Conduct Authority has taken a particular interest in culture and conduct within the financial services sector following the financial crisis. Companies increasingly recognise a need to measure and monitor their culture, yet struggle to do so given its amorphous nature. In this episode of Connected With Latham, London partner Rob Moulton speaks with the authors of "Culture — A Practical Framework for Sustainable Change", London partner David Berman and associate Nell Perks, as well as Nathan Seltzer, Global Vice Chair of the firm's White Collar Def...
2020-12-0227 minConnected With LathamBrexit & Financial Services: Preparing for the End of the Transition PeriodWith the end of the Brexit transition period looming, many financial services firms are asking what they need to do between now and the end of the year to ensure regulatory compliance. In this episode of Connected With Latham, Anne Mainwaring, London associate in the Financial Regulatory Practice, joins Stephen Hanks, Manager in the Markets Policy Department at the UK's Financial Conduct Authority, to discuss key focus areas in the run up to, as well as beyond, the end of the transition period. Focus topics include the approach to onshoring, the key MiFID II onshoring changes, and the FCA's a...
2020-11-1736 minConnected With LathamTech Trends: Tech M&A – How Has the Pandemic Changed the Market?2020 has been a year of rapid change in how we work and live – changes facilitated by technology. Despite fewer M&A megadeals and a lower volume overall, tech stands out as an increasingly active and competitive sector. To catch up on the latest trends in the fast-paced tech M&A market, Ben Potter speaks with Bay Area M&A partner Luke Bergstrom, who has shepherded many of the largest tech deals of the past decade. In this episode of Connected With Latham, Ben and Luke examine pandemic-related market trends, how strong capital markets and the rise of SPACs are in...
2020-10-2221 minConnected With LathamInsolvency Reform: Termination on Ipso Facto of Supply ContractsSweeping changes to the UK's insolvency regime became effective on 25 June 2020, curtailing the ability of parties to terminate commercial contracts for the delivery of goods and services on the grounds, ipso facto, of the other party's insolvency. Coming in the midst of the COVID-19 pandemic, this change is particularly important for companies that depend on third-party service providers for critical business functions. This podcast is the first in a three-part series looking into the practical effects of the UK's insolvency reforms that have rendered these ipso facto clauses unenforceable. In this episode of Connected With Latham, Andrew Moyle, Data...
2020-10-1418 minConnected With LathamThe ABCs of ESG: How Are Companies Going Beyond the Basics?Environmental, social, and governance (ESG) issues continue to rise in importance for global companies, a trend driven by investors, employees, customers, and other stakeholders. How are companies approaching ESG risks and opportunities? What are the accepted ESG benchmarks? What ESG issues will predominate over the coming years? In this episode of Connected With Latham, Kristina Wyatt, Latham's Director of Sustainability, addresses these questions and more with the Co-Chairs of Latham's ESG Task Force, Houston partner Ryan Maierson and London partner Paul Davies. This podcast is provided as a service of Latham & Watkins LLP. Listening to t...
2020-09-2320 minConnected With LathamTech Trends: AI is Here. Now, can we teach the robots ethics and legal compliance?As we move from the age of AI development to the era of implementation, governments and companies are wrestling with the ethical, legal, and business challenges of deploying AI and machine learning technology in a globally competitive environment. In this episode of Connected With Latham, Ben Potter, Global Chair of Latham's Technology Industry Group and Global Vice Chair of the firm's Emerging Companies Practice, talks with Bay Area partner Michael Rubin, a leader of the firm's Data Privacy & Security Practice and Global Vice Chair of Latham's Technology Industry Group, and recently retired Latham partner Karen Silverman, Founder and CEO of...
2020-07-2126 minConnected With LathamTech Trends: How Does Growth Debt Fuel Startups Between Equity Rounds? Key developments in growth debt and how emerging companies should be thinking about it.In today's competitive environment, how are startups fueling themselves between equity funding rounds as they move toward IPO? Increasingly, the answer is growth debt. In this episode of Connected With Latham, Bay Area partner Ben Potter, Global Chair of Latham's Technology Industry Group and Global Vice Chair of the firm's Emerging Companies Practice, explores the phenomenon of growth debt, and how emerging companies should be thinking about it with Bay Area partner Haim Zaltzman, Chair of the firm's Finance Department in the Bay Area. This podcast is provided as a service of Latham & Watkins LLP. Li...
2020-06-2917 minConnected With LathamTech Trends: IPO or Direct Listing? What companies need to consider when choosing the right path.There is perhaps no better source on the topic of direct listings than Greg Rodgers, a capital markets partner in Latham's New York office and a pioneer of this innovative approach to going public. Latham has been at the cutting edge of this product, representing Spotify in its groundbreaking direct listing and the financial advisers in Slack's direct listing. In this episode, Bay Area partner Ben Potter, Global Vice Chair of Latham's Emerging Companies Practice and Chair of the firm's Technology Industry Group, talks with Greg about the genesis of the direct listing, how it differs from a traditional...
2020-06-1811 min