Shows
The Standard FormulaPrudential Solvency in Africa: Navigating Regimes Across Five Key MarketsOn the latest episode of "The Standard Formula," host Rob Chaplin is joined by associates Dev Jain and Richi Kidiata for a comprehensive tour of Africa’s rapidly evolving insurance landscape. The team delves into the regulatory frameworks of South Africa, Morocco, Egypt, Nigeria and Kenya — markets at the forefront of aligning with international best practices and standards such as Solvency II — and breaks down each jurisdiction’s approach to capital and liquidity requirements, risk management and governance, while highlighting recent reforms, local challenges and the growing integration of African insurers into the global financial system.💡 Meet Your Host 💡...
2025-12-181h 00
Fintech FocusNavigating Growth and Regulation: Lessons From Fintech Leadership“Cash, compliance and customers.” Welcome to the three risks that keep Pippa Hammond up at night. Pippa, general counsel and COO of a U.K. fintech unicorn, explains how this “powerful trio” is often connected and “so hard to win and so easy to lose.” Tune in to this conversation with host Joseph Kamyar for insights into high-growth fintechs, examining how to balance compliance with innovation and why the "move fast and break things" mentality needs refinement in regulated sectors.💡 Meet Your Host 💡Name: Joseph KamyarTitle: European Counsel, Corporate at SkaddenSpecialty: “Fint...
2025-12-1618 minThe Standard FormulaAnalysing Canada’s Prudential Solvency RegimeCanada has one of the world's most sophisticated and internationally integrated insurance markets, marked by robust capital requirements and an increasing orientation towards ESG- and climate-related considerations. Continuing Skadden’s global tour of prudential solvency regimes, host Rob Chaplin and colleague Chiara Iorizzo examine Canada’s insurance regulation structure, valuation approach, capital quality standards and modernization efforts.💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner, Insurance at SkaddenSpecialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic...
2025-10-1020 minThe Standard FormulaAn Update on the EU and UK’s Solvency RegimesIn this episode of The Standard Formula, host Robert Chaplin and Skadden colleague Theo Charalambous provide a high-level refresher on Solvency II, Solvency UK and relevant recent developments as part of Skadden’s year-long podcast series on global prudential solvency requirements. The hosts detail both regimes and relevant topics, including the Matching Adjustment Accelerator (MAIA), enhanced liquidity reporting requirements, and new exit planning obligations for Solvency UK that represent a shift away from Solvency II toward a U.K.-focused approach.💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner, Insurance at SkaddenSpecia...
2025-08-2740 minThe Standard FormulaAnalysing India’s Fast-Growing Insurance MarketIndia has emerged as the 10th-largest insurance market in the world by total premium volume, yet its insurance penetration level sits around 3%-4%, well below the global average of 7%. In the eighth episode of Skadden's year-long podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Anika Goodfellow explore the country’s evolving insurance regulatory landscape and outline its goal of transforming the sector to allow for companies to more easily conduct business.💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner, Insurance at SkaddenSpecialty: Rob primarily focuses on transact...
2025-08-1215 min
GILTI ConscienceTaxing Intelligence: AI's Role in Modern Tax AdministrationFor tax authorities and even taxpayers, AI promises to make lives easier. At the same time, it carries risks that “cannot be taken out of the system.” Dr. Stephen Daly, reader in tax law at King's College London, describes this dynamic in a conversation with Skadden partners David Farhat and Eric Sensenbrenner, associate Stefane Victor and senior advisor De Lon Harris. The panel explores the best and worst of the impact of AI in the tax world. Tune in for insights about what AI means for taxpayers and tax authorities alike.💡 Featured Guest 💡Name: Dr. Stephen Da...
2025-08-0644 minGILTI ConscienceBeyond the Runway: Navigating Tax, Tariffs and Transfer Pricing in Luxury FashionChanges in the luxury fashion industry are reshaping transfer pricing considerations, says Giuseppe Abatista vice president at Banca Popolare di Puglia e Basilicata. In this conversation with Skadden tax partner David Farhat and associate Stefane Victor, Giuseppe shares his insights about how price increases, supply chain centralization and tariff uncertainties are creating new transfer pricing complexities in an industry known for high profitability and strong IP.💡 Featured Guest 💡Name: Giuseppe Abatista What he does: Giuseppe is a tax lawyer and vice president at Banca Popolare di Puglia e Basilicata, a bank founded in the 19t...
2025-07-1043 minThe Standard FormulaAn Overview of the Prudential Solvency Regime in the United StatesIn the latest episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Rob Chaplin and colleague Chiara Iorizzo explore regulatory capital in the United States, one of the largest insurance markets in the world. They discuss how the insurance industry is regulated across the country, as well as how the National Association of Insurance Commissioners operates and interacts with state-level regulators. They also review how solvency capital is calculated in the U.S. and how companies licensed in multiple states must adhere to relevant laws in each jurisdiction, among other topics.💡 Meet Your Host 💡...
2025-06-2718 minThe Standard FormulaAssessing Prudential Solvency Regimes in the Middle EastThe Middle East insurance market is expected to grow significantly as a hub over the next several years, with predicted growth of almost 29% by 2028. In the fifth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Caroline Jaffer explore the regulatory landscape in the UAE, Saudi Arabia, Qatar, Bahrain and Oman. During the discussion, Mr. Chaplin and Ms. Jaffer explore the state of the Middle East insurance sector, including “financial free zones,” capital requirements, solvency margins and the growing influence of international standards in the region's evolving insurance markets.💡 Meet Your Ho...
2025-05-2937 minThe Standard FormulaExamining the Cayman Islands’ Prudential Solvency RegimeIn the fourth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and associate James Pickstock explore the Cayman Islands' insurance regulatory landscape. As the second-largest jurisdiction for captives and a significant player in reinsurance markets, the Cayman Islands provides insurers with the ability to design a bespoke capital, investment and resourcing model that is right for individual companies’ needs, making it an attractive market for insurers. Rob and James discuss the Cayman Islands’ insurance history, regulatory classifications, solvency capital requirements and investment rules. They also examine how the jurisdiction aligns closer to the U.S...
2025-04-2921 minGILTI ConscienceNavigating Permanent Establishments in International Tax LawWhen goods, services and rights go back and forth within a company, how do you attribute profit or loss to one part of the company versus another? Former OECD head of tax treaties and transfer pricing Mary Bennett and EY’s Mike McDonald join this episode of “GILTI Conscience” for a detailed discussion on the attribution of profits to permanent establishments. Skadden tax partners David Farhat and Nate Carden and associate Stefane Victor host the discussion, which explores, among other topics, critical differences between Articles 7 and 9 of the OECD Model Tax Convention and why these distinctions matter for multinational busine...
2025-03-251h 04The Standard FormulaAssessing Prudential Insurance Regulation in JapanIn the third episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Annabel Smethurst discuss Japan's insurance and regulatory landscape. As the world's fourth-largest insurance market, Japan has become increasingly attractive to foreign insurers due to its mature market, aging population and ongoing regulatory reforms. Rob and Annabel explore Japan's regulatory framework, its evolution from the "financial Big Bang" of the 1990s and the flourishing reinsurance sector that has emerged as the country aligns with international standards such as Solvency II and the Insurance Capital Standard (ICS).💡 Meet Your Host 💡...
2025-03-2430 minThe Standard FormulaAnalyzing Bermuda’s Prudential Solvency RegimeIn the second episode in Skadden’s yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Abraham Alheyali discuss the regulatory regime in Bermuda, a global center for insurance and reinsurance. More than 30 major firms underwrite from the country, and it is the largest supplier of catastrophe reinsurance to U.S. insurers. Rob and Abraham discuss the Bermuda Monetary Authority’s (BMA’s) regulatory approach toward different types of insurers and reinsurers, the four key concepts in Bermuda’s prudential regime, various requirements for capital holdings and investments, and how the insurance industry’s growth and increa...
2025-02-2836 min
The Informed BoardIs an Activist Targeting Your Company?How do you know if your company is likely to be a target for activists? And what is the best way to respond when approached by an activist? Skadden M&A partner Ann Beth Stebbins discusses the activist’s playbook with Ted White of Legion Partners Asset Management, a veteran activist investor, and Elizabeth Gonzalez-Sussman, head of the firm’s Shareholder Engagement and Activism Practice. Activists seek to identify companies where value can be increased. Some activists will focus on operational or governance improvements, while others will press for transactions that could release value, Ted and El...
2025-02-1827 min
Fierce CompetitionNavigating Change: Recent Developments in UK Competition LawSkadden antitrust partners Aurora Luoma and Bill Batchelor delve into the significant legislative and policy changes in U.K. competition law that took effect at the beginning of 2025. These changes, introduced by the Digital Market Competition and Consumers Act (DMCC), aim to address gaps in merger control and the digital markets regime while enhancing the enforcement capabilities of the Competition and Markets Authority (CMA). The conversation highlights changes in the CMA's jurisdiction, particularly in reviewing mergers; procedural changes, such as the ability to fast-track to Phase 2; and the introduction of the strategic market status (SMS) regime. Bill a...
2025-02-1830 minThe Standard FormulaUnpacking the IAIS’ Adoption of the Insurance Capital StandardHost Rob Chaplin and Skadden colleague Caroline Jaffer debut the first episode of a yearlong series on global prudential solvency requirements, which will form the basis of the forthcoming Encyclopaedia of Prudential Solvency publication. In this episode, they discuss the International Association of Insurance Supervisors’ (IAIS’) December 2024 adoption of the Insurance Capital Standard (ICS), which Rob notes is a “watershed moment” in global insurance regulation. Rob and Caroline outline key components of the IAIS and the ICS, as well as detail what supervisory authorities and internationally active insurance groups (IAIGs) can expect next regarding the ICS.🗝️ Key Points 🗝️
2025-02-1018 minThe Standard Formula12 Key Insurance Regulatory Developments: A Look Back at This Year’s HighlightsAs 2024 draws to a close, Rob Chaplin invites colleagues to review a year of change throughout the insurance industry. In keeping with the spirit of a traditional holiday countdown, the team presents 12 topics that spanned the year.For more Skadden insights about Solvency II, click here for their updated guide, The Standard Formula: A Guide to Solvency II.💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner, Insurance at SkaddenSpecialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint...
2024-12-1727 minFintech FocusNavigating IT and Security Risks in Fintechs in Light of Impending DORA DeadlineWith regulators increasingly scrutinizing IT and security risks for fintechs, host Joseph Kamyar invites Skadden colleague Susanne Werry for a discussion about the EU’s Digital Operational Resilience Act (DORA), which becomes effective next month. The act is expected to compel financial entities and relevant technology providers to reexamine existing contracts, policies, procedures and governance arrangements. Susanne, Frankfurt-based counsel in the Cybersecurity and Data Privacy and Artificial Intelligence Groups, offers important takeaways as 2025 draws near. While some companies are well on the way to DORA compliance, she notes, others are in the early stages. 💡 Meet Your Ho...
2024-12-1117 minThe Standard FormulaThe SFCR and Other Public Reporting: A Solvency II CornerstoneIn this installment of The Standard Formula’s series on Solvency II, host Robert Chaplin and Chiara Iorizzo unpack the regime’s public reporting element. As Rob explains, public reporting “bolsters transparency and market discipline across the insurance industry.”Rob and Chiara cover requirements of the Solvency and Financial Condition Report (SFCR) and discuss some proposed changes to these reporting requirements. They also explore external audit requirements and review the role of the European Insurance and Occupational Pensions Authority (EIOPA) in information disclosure.💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner, Insurance at S...
2024-11-2521 minFierce CompetitionBelow-Threshold Mergers: Global Antitrust ScrutinyAntitrust regulators throughout the world often use their authority to review transactions that fall below filing thresholds. Host Julia Zhu invites Skadden colleagues Joseph Rancour and Niels Baeten to discuss how these deals fit in the global regulatory picture. The three antitrust attorneys cover ways in which enforcement is carried out, how deal-makers know if their transactions are called in and what the future holds in this area. Joe describes the legal frameworks and enforcement activities in the U.S., Niels discusses the environment in the EU and U.K. — including implications of the European Court of Jus...
2024-11-2537 minFintech FocusReconciling AI With Fair Lending and Consumer ProtectionWhen it comes to AI in the consumer financial services context, U.S. laws lag somewhat behind the technology. But as Darren Welch explains in this edition of “Fintech Focus,” regulators are indeed targeting AI. Skadden consumer financial services partner, Darren Welch joins host Joseph Kamyar in this episode of “Fintech Focus” for a discussion on AI in the fintech sector, specifically fair lending and consumer protection. Darren breaks down how regulators enforce transparency in lending decisions and how lenders can mitigate risk. He notes: “We’ve worked with a lot of clients on helping them set up their fair...
2024-11-2114 minThe Informed BoardWhen and How To Replace a DirectorInvestors often believe that companies are too slow to refresh their boards. Directors and CEOs may also think that their companies do not have the right mix of directors, as strategies change and some directors’ skills become dated. Yet annual board turnover remains low and fairly steady, Spencer Stuart partner Laurel McCarthy tells podcast host, Skadden M&A partner Ann Beth Stebbins. Together with Skadden partner, Elizabeth Gonzalez-Sussman, Laurel and Ann Beth discuss the ways boards should approach refreshment, and the risk that they could be targeted by activist investors if they do not replace directors regularly. ...
2024-11-1923 minThe Standard FormulaUnderstanding the Supervision Component of Solvency IIHost Robert Chaplin and guest James Pickstock cover the Solvency II supervision framework, which is designed to protect policyholders and promote insurer soundness. They focus on the Regular Supervisory Report (RSR), a quantitative tool that is among four key areas that insurers must disclose to supervisors. Robert and James also look ahead to legislative reform effective at year’s end.Watch for our next episode, which will focus on the Solvency and Financial Condition Report, another key area that must be reported to supervisors. 💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner...
2024-10-2819 minFintech FocusSanctions Compliance: Regulators Set Their Sights on FintechsU.K. regulators, as well as regulators worldwide, are taking a tough line on corporate crime.To guide fintechs on the current landscape, Jonathan Benson joins the latest episode of “Fintech Focus” to discuss trends and developments that we’re seeing for fintechs regarding sanctions compliance. Tune in to this conversation led by host Joseph Kamyar as they discuss recent cases and offer takeaways for fintechs that find themselves navigating several regulatory bodies, multiple jurisdictions and evolving regulatory priorities.💡 Meet Your Host 💡Name: Joseph KamyarTitle: European Counsel, Corporate, SkaddenSpecialty: “...
2024-10-2214 minFintech FocusThe UK Fintech Investment LandscapeHost Joseph Kamyar is joined for this episode of “Fintech Focus” by Susanne Chishti, founder of FINTECH Circle, for a look at the U.K. fintech investment landscape, in particular investment levels and trends and how they’re shaping deal terms in the U.K. They also look at the various fintech verticals and their increased use of AI, among other industry topics.💡 Meet Your Host 💡Name: Joseph KamyarTitle: European Counsel, Corporate at SkaddenSpecialty: “Fintech Focus” host and European counsel Joseph Kamyar advises on a wide variety of corporate transactions, in...
2024-10-0117 minThe Standard FormulaInsurers in Difficulty: Staying Compliant Under Solvency IIWhen U.K. insurers observe they cannot comply with requirements under Solvency II, there are detailed steps that one must take.Feargal Ryan, European counsel in Skadden’s Financial Institutions Group, and host Rob Chaplin, head of the firm’s Financial Institutions Group in Europe, break down insurers’ obligations. They explain differences between the Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) and examine the Prudential Regulation Authority’s (PRA’s) requirements.💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner, Insurance at SkaddenSpecialty: Rob primarily focuses on transactional an...
2024-09-2320 minFintech FocusManaging a Workforce in a Regulated EnvironmentIn this follow-up to episode three’s discussion about growth-stage fintechs navigating workforces in a regulated environment, host Joseph Kamyar is joined by Skadden colleagues Helena Derbyshire and Sebastian Barling for a conversation about how fintechs can manage the exits of senior employees and managers. Helena and Sebastian cover topics including processes for dismissing employees, requirements for dismissals at regulated firms, and legal considerations regarding post-employment restrictions, such as non-competes.💡 Meet Your Host 💡Name: Joseph KamyarTitle: European Counsel, Corporate at SkaddenSpecialty: “Fintech Focus” host and European counsel Joseph Kamyar...
2024-09-1721 minFierce CompetitionDevelopments and Trends in Cartel EnforcementCartels may be as old as “Adam Smith’s smoke-filled room,” but in today’s world, they’re employing sophisticated tools like algorithms and AI. Enforcers continue to target price-fixing, bid-rigging and other potential antitrust violations.Skadden attorneys Bill Batchelor (partner, Brussels and London) and James Fredricks (partner, Washington, D.C.) highlight what’s changed 一 and what hasn’t 一 when it comes to cartel enforcement. They compare and contrast prosecutorial priorities and methods on both sides of the Atlantic. “Prevention,” as Bill explains, “still remains far, far better than the cure.” Tune in for their insight and guidance to corporate coun...
2024-09-1027 minGILTI ConscienceThe Ongoing Journey of Amount BAmount B is designed to streamline transfer pricing for baseline distribution and marketing companies worldwide, but “we’re apparently in a world of complexity and controversy,” says Jessie Coleman..A principal at KPMG, Jessie joins Skadden attorneys Nate Carden, David Farhat, Eman Cuyler and Stefane Victor to discuss everything there is to know about the current and future status of Amount B. Together, they explore questions of scoping – will jurisdictions agree that an entity is in-scope? – and who’s signing on to Amount B, as well as tensions that may arise over how to handle disputes. For compani...
2024-09-0437 minThe Informed BoardWhat Goes On Inside Your Board Room? Investors Want To KnowWhat do investors think makes a board effective? Skadden M&A partner Ann Beth Stebbins kicks off the discussion with that question with her guests, Allie Rutherford and Adrienne Monley of PTJ Camberview, which advises companies on shareholder relations. It's a board that evolves with the trends, says Allie. It's a board that discloses its composition in a way that conveys how the skill sets and the experiences of particular directors and directors in combination meet the business and strategy needs of the particular company.Companies need to show investors that they have right directors a...
2024-09-0424 minThe Standard FormulaValuation of Assets and Liabilities Under Solvency IIBecause strategically allocating assets and managing investments are key to an insurer’s business, valuing assets and liabilities is an important area of focus.In this episode of “The Standard Formula,” host Rob Chaplin, head of Skadden’s Financial Institutions Group in Europe, is joined by associate Olivier Peeters for a conversation about Solvency II’s requirements for asset and liability valuation. Rob and Oliver cover the general principles and specific rules for some balance sheet items and explore recent trends regarding investments into illiquid, or alternative, assets.💡 Meet Your Host 💡Name: Robert ChaplinTi...
2024-08-2118 minFintech FocusGrowing a Workforce in a Regulated EnvironmentFor growth-stage fintechs, managing a rapidly growing workforce within a structured regulatory environment can be a challenge.Sebastian Barling and Damian Babic join host Joseph Kamyar for this episode of “Fintech Focus” to guide fintech employers on this fluid regulatory environment. They share insight into necessary documentation to factor into the onboarding process of senior hires, key employment law considerations to keep in mind and potential disciplinary actions that regulators can bring💡 Meet Your Host 💡Name: Joseph KamyarTitle: European Counsel, Corporate at SkaddenSpecialty: “Fintech Focus” host and European couns...
2024-08-0511 minThe Standard FormulaGovernance Regulatory Compliance for InsurersSolvency II imposes numerous governance requirements on insurers. In this episode of “The Standard Formula” podcast, Skadden partner Sebastian Barling and Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, guide insurers through these complex requirements.They spotlight the Own Risk and Solvency Assessment, or ORSA, a cornerstone component of Solvency II that insurers must use to assess their risks and solvency needs. Sebastian and Rob also detail the Senior Managers and Certification Regime, or SMCR, which applies to insurers in the United Kingdom. The SMCR complements and enhances the governance requirements under Solvency II. Th...
2024-07-2914 minFierce CompetitionAntitrust Challenges in Organized Sports: How They Play Out in the EU, UK and USIn the United States, United Kingdom and the European Union, sports leagues — from soccer to golf to ice skating — are testing the boundaries of antitrust and competition laws.Skadden attorneys Bill Batchelor (partner, Brussels and London), Karen Lent (partner, New York) and Vikram Pandit (associate, Brussels) consider the intersection of sports and competition law on both sides of the Atlantic. Courts in all these jurisdictions are grappling with high-stakes questions concerning conspiracy, commercialism and college athletes. The cases that Bill, Karen and Vikram highlight involve a “super” soccer league in Europe, the NCAA’s amateurism model, salary caps for s...
2024-07-2934 minGILTI ConscienceGILTI Conscience Spotlight Series: Embracing DiversityIn our second episode in our spotlight series focused on celebrating diversity, GILTI Conscience’s David Farhat and Stefane Victor are joined by colleagues Brian Breheny and Jordan Schwartz for an earnest dialogue on DEI in big law. The guests discuss some of the challenges they faced as gay professionals, including their experiences coming out at work and questions they faced, as well as their efforts to advocate for diversity in the workplace and embrace its importance.💡 Featured Guests 💡Name: Brian Breheny What he does: Brian Breheny is a partner and co-head of Skadden’s...
2024-07-1731 minThe Standard FormulaUsing an Internal Model to Calculate Solvency Capital Requirements“Insurers are expected to hold eligible owned funds in excess of the Solvency Capital Requirement. There are two main methods of calculating the SCR under Solvency II, the standard formula and internal model methods.”In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group is joined by colleague George Belcher to discuss Solvency II’s internal models (IM). Despite a higher cost of development, IMs offer numerous benefits, such as more accurate risk sensitivity, more flexibility and more available data. Rob and George also explore partial IMs, changes to e...
2024-06-2713 minGILTI ConscienceSpotlight Series: A Celebration of Pride Month With IRS Veteran De Lon Harris“You want people to be themselves. You're going to get the most productivity, the most career longevity from somebody that's happy about being where they are,” says De Lon Harris. In celebration of Pride Month, Skadden tax senior advisor De Lon Harris joins Eman Cuyler and Stefane Victor on “GILTI Conscience,” where he discusses his life and career as a gay professional. De Lon talks about his 30-plus years at the IRS and the different roles he took on, as well as his experience as a gay person working in government service. He also touches on mentorship, including...
2024-06-2627 minThe Standard FormulaDissecting the Solvency Capital Requirement“The Solvency Capital Requirement, or SCR, is designed to protect policyholders by helping to make sure that insurers can survive difficult periods and pay claims as they fall due.”In this episode of "The Standard Formula" podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, is joined by colleague Will Adams as they take an in-depth look at the Solvency Capital Requirement, one of Solvency II’s most important and complex provisions. The discussion covers the SCR’s key features, risk modules, how it’s calculated and its relationship with the Minimum Capital Requirement...
2024-05-2918 minThe Informed BoardWhen and How Directors Should Engage with InvestorsIn this episode of the Informed Board podcast, our host, Skadden M&A partner Ann Beth Stebbins is joined by guest, Rebecca Corbin from Corbin Advisors, to explore the critical role that board directors play in shareholder engagement. Corbin stresses that a proactive approach toward shareholder engagement can enhance a company’s value. In their conversation, Ann Beth and Rebecca discuss how a board can best stay attuned to investor sentiment, the practical actions a company can take to raise the profile of its directors, and the role of the board in spreading the culture and message of...
2024-05-1521 minGILTI ConscienceDissecting Cross-Border Transfer Pricing Resolutions with Clark Armitage“Transfer pricing, itself, is more of an art than a science. There's a lot of gray area in many, many aspects of transfer pricing,” says Clark Armitage. In this episode of the “GILTI Conscience” podcast, Skadden attorneys Nate Carden, David Farhat, Eman Cuyler and Stefane Victor, are joined by guest Clark Armitage of Caplin & Drysdale. The group dives into a comprehensive discussion about the intricacies of ICAP, MAP and APA in cross-border transfer pricing issues. They consider the application of each as a tool, debating their benefits and potential drawbacks in aiding taxpayers. The panel also discu...
2024-05-0736 minFierce CompetitionUnderstanding the FTC’s Landmark Ban on NoncompetesIn this episode of the "Fierce Competition" podcast, Skadden attorneys Tara Reinhart (partner, Washington, D.C.), Annie Villanueva Jeffers (partner, New York and Palo Alto) and Justine Haimi (counsel, New York) explore the Federal Trade Commission's (FTC’s) landmark ban on noncompete agreements. They discuss the FTC's rationale for the rule, as well as potential implications of the ban for businesses and enforcement challenges it may face. Tara, Annie and Justine point out the likelihood of a preliminary injunction against the rule due to ongoing litigation, and they highlight strategies for employers to navigate this new landscape. The episode em...
2024-05-0239 minThe Standard FormulaSolvency II Back to Basics: Technical Provisions“Technical provisions are crucial, as they form the fundamental basis for assessing the financial stability of insurance and reinsurance plans.”In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, is joined by colleague Mary Bonsu. Rob and Mary delve into the complexities of technical provisions under Solvency II, shedding light on crucial elements such as best estimate of liabilities and risk margins. They discuss factors influencing these elements, such as financial guarantees, future management actions and risk-free interest rate term structures.The conversation also touches on methods to...
2024-04-2914 minFintech FocusWhat Does AI Safety Mean for Fintechs?There have been big headlines in the world of AI over the past few weeks. In this episode of Skadden’s “Fintech Focus” podcast, host Joseph Kamyar is joined by Nicola Kerr-Shaw to discuss AI safety within the fintech sector. They delve into recent developments, including the EU AI Act and the U.K.-U.S. landmark agreement on AI safety. The episode also covers key takeaways for financial service entities regarding the EU AI Act, practical compliance strategies for fintechs, contractual risks that are starting to emerge for businesses concerning client-facing AI tools and privacy questions surroun...
2024-04-1618 minGILTI ConscienceGILTI Conscience Spotlight Series: A Conversation With Women Trailblazers in TaxIn this episode of the “GILTI Conscience” podcast, Skadden attorneys Eman Cuyler and Stefane Victor are joined by Jessica Hough, tax partner and head of Skadden’s Washington, D.C. office, and Pam Olson, a tax policy consultant at PwC, both of whom have significant experience advising on issues related to tax policy.Tune in to this special episode in which two very distinguished women leaders within the tax community share their insights, experience and strategies for success, as well as how to lead with purpose.💡 Featured Guests 💡Name: Pam OlsonWhat she doe...
2024-04-1135 minThe Standard FormulaInvestment Rules for Insurers and ReinsurersThe U.K.’s investment rules for insurers and reinsurers have become particularly interesting due to recent proposals for reform relating to U.K. sovereignty and the ESG movement. In this episode of “The Standard Formula” podcast, host and Skadden partner Rob Chaplin is joined by colleagues Ben Lyon and Verena Mengis. Tune in as Ben and Verena delve into a wealth of topics, including the prudent person principle (PPP) in the context of the U.K.'s Solvency II investment rules. Discover the key aspects of PPP and how it applies to insurers' and reinsurers' asset portfoli...
2024-03-2716 minFierce CompetitionTakeaways From the Illumina-Grail Merger Challenge SagaIllumina announced in December that it would divest GRAIL, the result of a merger challenge with many twists and turns both in the United States and in Europe. In this episode of the “Fierce Competition“ podcast, Skadden attorneys Julia York (partner, Washington, D.C.), Ingrid Vandenborre (partner, Brussels) and Michael Sheerin (counsel, New York) talk about the three-year Illumina-GRAIL saga. In particular, they focus on three key areas of the Fifth Circuit's ruling that appear most likely to impact future merger enforcement efforts in the United States.Tune in to hear about Illumina’s divestment of GRAI...
2024-03-2539 minFintech FocusFintech Focus: Are Regulators Dictating Fintech Deal Terms?On this inaugural episode of the “Fintech Focus” podcast — which will examine trends and developments throughout the fintech space — Skadden attorneys Joseph Kamyar and Azad Ali kick off a series that will look at the extent to which regulators are dictating fintech investment terms.To begin the series, Joseph and Azad take a look at neobanks — which have been garnering much attention in the press — and reflect on how regulators have shaped neobank fundraisings over the past couple of years.They also provide insights into the shift in neobank fundraising strategies post-PRA guidance. 💡 Meet Your Host 💡Name...
2024-03-0513 minFintech FocusWelcome to Fintech FocusFrom Skadden, Fintech Focus is a podcast exploring the latest global legal and regulatory issues in the fintech space, from dealmaking and finance trends, to advancements in AI and digital currencies, to the implications of regulatory and enforcement priorities. Whether you’re an investor, CEO or in-house counsel, we’ll help you get up to speed quickly on developments impacting the fintech industry.DisclaimerFintech Focus is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be c...
2024-03-0400 minThe Standard FormulaUnderstanding the UK’s Matching Adjustment RegimeIn September 2023, the U.K.'s Prudential Regulation Authority (PRA) released its second consultation paper on reforms to the Solvency II regime for U.K. insurers. These reforms relate to the use of the Matching Adjustment, a mechanism that adjusts the discount rate that can be applied to the valuation of an insurer’s insurance and reinsurance obligations. In this episode of the “The Standard Formula” podcast, host and Skadden partner Rob Chaplin is joined by colleague Theo Charalambous to discuss the intricacies of the U.K.'s Matching Adjustment regime for insurers, including the rationale behind it, whi...
2024-02-2721 minThe Informed BoardCEO Succession Planning on a Clear Day“There’s certainly an argument to be made, that the moment you name a new CEO, then you ought to be starting to think about who the next person is,” says Blair Jones. In this episode of the Informed Board podcast, our host, Skadden M&A partner Ann Beth Stebbins, is joined by guests, Blair Jones, a managing director at Semler Brossy Consulting Group LLC, and Erica Schohn, partner and head of the Executive Compensation and Benefits Practice at Skadden, to explore best practices in CEO succession planning. They highlight the importance of preparedness, noting that a well-co...
2024-02-1324 minThe Standard FormulaGroup Supervision Under Solvency IIThis episode of the “The Standard Formula” podcast is the fourth in the “Back to Basics” series focusing on developments in the Solvency II regime. Skadden partner Rob Chaplin is joined by colleague Feargal Ryan to explore the complexities of group supervision under Solvency II.Rob and Feargal begin with a discussion of the circumstances under which the U.K. Prudential Regulation Authority (PRA) rules on group supervision will apply to a group, followed by a look at methods for calculating group solvency. They also cover how own funds requirements operate at a group level, and conclude the disc...
2024-01-3018 minFierce CompetitionLetter From London: The Rise of UK Class Actions and the Competition Appeal TribunalUntil recent years, there was barely a single collective claim in Europe, but now, things have changed.This episode of the “Fierce Competition” podcast features Skadden partners Bill Batchelor, Bruce Macaulay and Matt Martino, who explore class action lawsuits in the U.K. and U.S., focusing on the evolving role of the Competition Appeal Tribunal (CAT), a new collective actions tribunal in the U.K., which is currently handling 48 live proceedings, involving a range of unique claims.Differences in the certification process in both jurisdictions are analyzed, as well as the impact of funding agre...
2024-01-2228 minThe Standard FormulaDevelopments on the Horizon for the UK Change-in-Control Regulatory RegimeIn this episode of “The Standard Formula” podcast, which focuses on Solvency II developments, Skadden partner Rob Chaplin is joined by colleague Olivier Peeters to discuss the U.K.'s change in control regime for insurers and insurance brokers.Rob and Olivier delve into the concept of a “controller” as defined in the U.K. Financial Services and Markets Act 2000 and the obligations that the U.K. regime imposes on controllers looking to acquire a regulated firm. More specifically, they discuss the controller application process required for regulatory approval before closing a transaction, the assessment of applic...
2024-01-1720 minGILTI ConscienceInside the IRS: A Conversation With Former Agency OfficialsOn this episode of the “GILTI Conscience” podcast, Skadden attorneys David Farhat, Nate Carden, Eman Cuyler and Stefane Victor, are joined by colleagues Fred Goldberg and De Lon Harris, both of whom have had distinguished careers with the IRS. Tune in to hear Fred and De Lon share their thoughts, insights and predictions on the latest IRS projects and initiatives, as they talk about what's going on at the agency, new funding, enforcement priorities and tips for a more successful interaction with the IRS.Want more? Check out this prior episode with Fred Goldberg as he sha...
2024-01-0435 minFierce CompetitionPrivate Equity Under the Antitrust MicroscopeThis episode of the “Fierce Competition” podcast features Skadden antitrust/competition partners Ken Schwartz (New York), Tara Reinhart (Washington, D.C.) and Aurora Luoma (London), who dig into the complexities behind increased antitrust scrutiny for private equity transactions. They shed light on the regulatory focus on market roll-ups, delve into recent litigation and unpack potential political motivations behind the new merger guidelines. The Skadden team provides a guide for private equity firms in this unpredictable regulatory landscape and highlights the importance of being litigation-ready and effectively communicating the benefits of their deals. The bottom line? In the midst...
2023-12-1821 minThe Standard FormulaSolvency II Back to Basics: Third Country Branches and Cross-Border Provision of ServicesThis episode of “The Standard Formula” podcast is part three of the “Back to Basics” series, which takes a deep dive into the Solvency II regime. Skadden partner Rob Chaplin is joined by his colleague Meher Pahuja to discuss third-country branches and the cross-border provision of services. Rob and Meher explore the significance of third-country branches and the cross-border provision of services, shedding light on the regulatory landscape before and after Brexit. They emphasize the importance of these topics, discussing “passporting” and pre-Brexit regulations. They also provide insights into the post-Brexit environment, explaining the Temporary Permissions Regime (TPR) and the...
2023-12-1216 minGILTI ConsciencePillar Two Analysis: An Asia-Pacific ViewpointThe evolving landscape of tax reforms in Japan and the broader Asia Pacific region presents a complex tapestry of challenges and strategic shifts.On this episode of the “GILTI Conscience” podcast, Skadden partners Nate Carden and David Farhat are joined by Samuel Gordon, an international tax partner at Deloitte in Japan to dissect tax implications, reform and concerns in this part of the globe.The discussion delves into the viewpoint of Pillar Two in Japan, as well as in the larger Asia Pacific region. The conversation also includes how Pillar Two is coming into play in o...
2023-12-0740 minThe Standard FormulaReinsurance and Risk Transfer: Risk Mitigation Under the Solvency II RegimeThis episode of “The Standard Formula” podcast is a continuation of the Back to Basics series. Skadden partner Rob Chaplin and his colleague Imad Mohammed Nazar focus on reinsurance and risk transfer under Solvency II.Reinsurance is a crucial aspect of the insurance industry and plays a significant role in mitigating risk. Under the Solvency II regime, insurers are subject to specific rules and regulations governing risk mitigation techniques. Mr. Chaplin and Mr. Nazar discuss the wide array of risk mitigation techniques available under Solvency II, defined by the regime as “all techniques which enable insurance and insure...
2023-11-1315 minThe Informed BoardHow Will Corporate DEI Policies be Affected by the Supreme Court Ruling in the University Affirmative Action Cases?Skadden partners Ann Beth Stebbins, David Schwartz and Lara Flath discuss the implications for US companies of the Supreme Court’s decision in June striking down race-based affirmative action programs in higher education. David Schwartz is global head of Skadden’s labor and employment group, and Lara Flath is a Skadden litigation partner who represented the University of North Carolina (UNC) in the litigation relating to its consideration of race in the admissions process. 💡 Meet Your Host 💡Name: Ann Beth StebbinsTitle: Partner at SkaddenConnect: LinkedIn💡 Featu...
2023-11-0723 minGILTI ConscienceInsuring Transfer Pricing RiskWhile tax insurance can be used in a variety of contexts, from M&A deals to regular tax planning scenarios, it is also relevant when it comes to transfer pricing. Recent developments have expanded the scope of tax insurance to cover multiple years of transfer pricing in returns in M&A deals, and the potential of seeing more transfer pricing insurance in the future is a strong possibility.On this episode of the “GILTI Conscience” podcast, hosts Nate Carden and David Farhat are joined by Skadden’s Eman Cuyler and Stefane Victor and Yoav Shans of McGill and Pa...
2023-10-3134 minThe Standard FormulaBack to Basics: Exploring the Many Facets of the Solvency II RegimeThis episode of “The Standard Formula” podcast launches the “Back to Basics” series, which will comprehensively cover the U.K.’s Solvency II regime. For the premiere episode, Skadden partner Rob Chaplin and associate David Wang delve into the intricacies of own funds, a core concept of Solvency II.Own funds constitute an insurer's regulatory capital, comprising both balance sheet and limited off-balance sheet items. This discussion covers the three classification categories for own funds: Tier 1 (highest quality), Tier 2 (middle) and Tier 3 (broader spectrum and flexibility). Mr. Chaplin and Mr. Wang outline the specific requirements for each tier. Two...
2023-10-1815 minFierce CompetitionA Look at the Evolving Global Deal LandscapeAround the world, regulators are rapidly evolving their approaches to merger control. The landscape has become increasingly complex and fragmented. Transactions that were once straightforward now take much longer and are more likely to be challenged. Responding to a perception that their old tools were not working as well as perhaps they should, regulators have introduced a wave of new thresholds and regimes, and also are exploring novel theories of harm and demanding larger volumes of evidence to support mergers.This premiere episode of the “Fierce Competition” podcast features three partners from Skadden’s Global Antitru...
2023-10-1737 minGILTI ConscienceGearing Up for Pillar TwoPillar Two is no longer hypothetical. It’s now time for Pillar Two “readiness.”In this episode of the “GILTI Conscience” podcast, hosts David Farhat, Nate Carden, Eman Cuyler and Stefane Victor discuss Pillar Two with Eric Sensenbrenner and Paul Oosterhuis. The group delves into the current state of Pillar Two, which has shifted from a source of concern to a challenge being actively addressed. Companies will have to remain nimble as changes and adjustments are likely during the implementation process. 💡 Featured Guests 💡Name: Eric SensenbrennerWhat he does: Eric is the head of Skadd...
2023-10-0338 minFierce CompetitionWelcome to Fierce CompetitionFrom Skadden, Fierce Competition is a podcast for corporate counsel of multinational organizations who face the challenges of navigating antitrust policy and enforcement around the world. This is not another U.S. or Eurocentric antitrust podcast. We’re covering global antitrust issues, impacting the most complex industries.In today's fast-paced global economy, staying informed about antitrust developments is more crucial than ever. From digital antitrust, to the uncertainty of enforcement, to the disparity with how jurisdictions handle mergers, Skadden’s global Antitrust and Competition Group will provide you a nuanced analytical perspective of what's happening in this ever...
2023-10-0300 minGILTI ConscienceSpotlight Series: Utilizing Tax Knowledge for the Greater GoodPro bono projects provide unique flexibility and opportunities for skill development, benefiting both the professional who takes on the work and the client. In this episode of “GILTI Conscience,” hosts David Farhat, Stefane Victor and Nate Carden present the next installment of the podcast’s Spotlight Series, which includes a discussion with associates Jared Binstock and Sanessa Griffiths about the role pro bono work plays in tax and their experiences and motivations behind taking on this type of work.Both Sanessa and Jared provide examples of how to find pro bono projects that are a good fi...
2023-08-2829 minThe Informed BoardWill the EU’s Focus on Foreign Subsidies Make It More Difficult To Acquire European Businesses?Companies now face an additional regulatory hurdle when making acquisitions in the European Union. In addition to merger control and foreign direct investment (FDI) filings, they will be subject to the EU’s new Foreign Subsidies Regulation (FSR), Skadden partner Giorgio Motta explains. The law, which took effect in July, allows the European Commission to look into acquisitions of, and investments in, businesses in Europe by non-EU companies that have received some sort of financial support from a non-EU government. Read the full summary of the conversation HERE.💡 Meet Your Host 💡Name: Ann Beth Ste...
2023-08-2424 minThe Standard FormulaUnderstanding Insurance Resolution RegimesThis episode of The Standard Formula podcast discusses three emergent insurance resolution regimes that deal with the failure, or potential failure, of insurers. Lamya Al-Yazdi, a member of Skadden’s London insurance team, joins Skadden partner Rob Chaplin to discuss the U.K. HM Treasury consultation on the insurer-specific recovery and resolution regime (IRR), the EU Insurance Resolution and Recovery Directive (IRRD) and the proposals outlined in the consultation paper by the Bermuda Monetary Authority.Starting with the U.K., Rob and Lamya review the four resolution objectives for the IRR. They also discuss the EU’...
2023-08-2216 minGILTI ConscienceTax Insurance 101In this episode of the “GILTI Conscience” podcast, David Farhat, Nate Carden and Stefane Victor are joined by Mike Gaffney of Atlantic Global Risk to talk about tax insurance and its role in addressing uncertainty in tax laws. Mike describes the workings of tax insurance, including the length of a typical policy, particularly surrounding a deal, and explored ideas such as deciding what covered tax position to insure and how various jurisdictions come into play.The conversation takes listeners through the impact that evolving international tax law has had on tax insurance; what multinationals need to co...
2023-07-2430 minGILTI ConscienceSpotlight Series: An Evolution of Workplace Diversity and AcceptanceIn this episode of the “GILTI Conscience” podcast, hosts David Farhat and Nate Carden are joined by associates Stefane Victor and Eman Cuyler, and Howard Sacarob, head of U.S. tax for the Royal Bank of Canada (RBC). Mr. Sacarob is also a member of RBC’s diversity leadership council and an executive sponsor of the Pride Employee Resource Group (ERG) at RBC, where he works to make diversity and inclusion central to the firm’s culture.The participants reflected on obstacles they’ve faced in the professional world as individuals with diverse perspectives and identities.They discussed...
2023-06-2826 minThe Standard FormulaInternational Association of Insurance Supervisors: Who They Are and Their Industry ImpactIn this episode of “The Standard Formula” podcast, partner Rob Chaplin reviews the International Association of Insurance Supervisors (IAIS) with European counsel George Belcher and associate Feargal Ryan from our London insurance team.They discuss how the voluntary membership organization oversees the global standard for the implementation of principles, standards and guidance. Additionally, they discuss the current focus of the IAIS, future developments and the current issues at play. In addition to detailing the IAIS’ three main areas of activity, they discussed how the IAIS fits in with other international bodies. They also discussed the IAIS’ report on the pr...
2023-06-2612 minGILTI ConscienceAmount B Back in the SpotlightIn this episode of the “GILTI Conscience” podcast, Skadden partners David Farhat and Nate Carden, along with associates Eman Cuyler and Stefane Victor, discuss Pillar One’s Amount B with Jessie Coleman of KPMG.In December 2022, the OECD issued documentation providing a much anticipated outline of Amount B, however, many uncertainties still remain surrounding scoping requirements and pricing.There is still much work to be done to address concerns around the drafted Amount B documentation and ensure the new framework will work for both developed and developing countries. However, many countries seem committed to making Amount B a succ...
2023-06-2034 minGILTI ConscienceUpdate on Pillar Two: Where it Stands Today and What To ExpectAfter a slow start, the Pillar Two initiative has gained momentum across the globe.“GILTI Conscience” hosts David Farhat, Nate Carden, Stefane Victor and Eman Cuyler spoke with Vikram Chand, a professor at the University of Lausanne, to discuss the latest Pillar Two developments and implications for international taxation.The conversation delves into the widespread adoption of Pillar Two, including in Europe, Asia and low-tax jurisdictions. They explore how the European directive has played a significant role in triggering the implementation of these rules by various countries, as well as the objectives and complexities of Pillar Two. Tune...
2023-05-2434 minThe Informed BoardWhat A New Executive Order and Tighter Controls on Tech Exports Mean for Companies Doing Business in ChinaIn 2022, the U.S. restricted technology exports to China that might have military uses, and an executive order is expected soon limiting investments in certain Chinese tech companies. Skadden M&A partner Ann Beth Stebbins leads a discussion about the reasons for the rules and their impact on companies doing business in China. Joining her are Jessie Liu, a partner in Skadden’s White Collar Defense and Investigations Group, and partner Brian Egan of the firm’s National Security, CFIUS and International Trade Groups.Read the full summary of the conversation HERE.💡 Meet Your Host 💡Name...
2023-05-2321 minThe Standard FormulaBermuda Monetary Authority Proposes Enhancements to its Regulatory RegimeIn our latest installment of “The Standard Formula” podcast, partner Rob Chaplin and associate Ilianna Kotini discuss the proposals made in the Bermuda Monetary Authority's (BMA) latest consultation paper, which are focused on the BMA’s plan to enhance the regulatory and supervisory regime for commercial insurers and insurance groups. The proposals cover four main areas: changes to the calculations of insurers’ technical provisions, amendments to the computation of the Bermuda Solvency Capital Requirement (BSCR), enhancements to the prudential rules and reporting forms set out in the BMA's section 6(d) framework and revisions to the fees charged to life in...
2023-04-2615 minGILTI ConscienceSpotlight Series: Carving Your Path in Transfer PricingThough many opportunities exist for students interested in a career in tax law, there has been no clear environment for cultivating talent in the area of transfer pricing. Now, an ABA program offers up-and-coming professionals the opportunity to learn directly from leaders in this niche field. Launched in the midst of the pandemic in 2020, “Transfer Pricing: From Classroom to Boardroom” (TP C2B) seeks to provide students interested in pursuing transfer pricing careers with a multi-disciplinary “insider” look into how transfer pricing policies are designed and administered. With the help of mentors and enthusiastic volunteers, the program culminates...
2023-04-1929 minThe Informed BoardHow the SEC Is Making it Harder To Exclude Shareholder Proposals and What This Means for ESG This Proxy SeasonThe SEC’s Rule 14a-8, which gives shareholders the right to put proposals to a vote of other shareholders, was adopted to allow shareholders access to other shareholders and management, BlackRock Head of External Affairs Dalia Blass explained. But it came with some protections to prevent proposals that would be a waste of time, such as those that had little to do with the company’s business. Ahead of the 2022 proxy season, the SEC changed its approach, making it harder for companies to exclude shareholder proposals, even highly prescriptive or granular, micromanaging measures. Read the full summary of t...
2023-03-2128 minThe Informed BoardPass-Through Voting: Empowering Shareholders or Increasing the Influence of Proxy Advisors?In a move intended to “democratize” shareholder voting, several large index funds are giving their investors a say in how shares are voted, instead of leaving those choices to fund managers’ stewardship teams. In the pilot projects, aimed primarily at institutional investors, fund investors are given several options: to vote as the fund manager’s stewardship team recommends; to vote with management; to vote according to an advisor; or possibly some other formula to be administered by the fund manager.Read the full summary of the conversation HERE.💡 Meet Your Host 💡Name: Ann Beth Stebbins
2023-03-1514 minGILTI ConscienceSpotlight Series: Beyond the Technical Side of Tax LawIn this episode of GILTI Conscience, Skadden’s Nate Carden, David Farhat and Stefane Victor continue the podcast’s spotlight series with tax associate Katy Stone, who discusses the impact tax-related pro bono work has had not only on the lives of other but also on her career.Katy describes how pro bono matters — which she was introduced to early — frequently have a deeply human element and providing tax assistance often has a tangible influence on people’s lives. “I think there's relief from some of these taxpayers in getting someone to explain the world of tax to them and...
2023-03-1429 minThe Standard FormulaComparing Prudential Solvency Regulatory RegimesIn its simplest form, a prudential solvency regime is designed to ensure insurance policyholders are compensated while allowing insurers to remain competitive and not unnecessarily over-capitalized. The three most significant prudential solvency regulatory regimes globally are Solvency II in the EU and U.K., U.S. risk-based capital (RBC) and the Bermuda Solvency Capital Requirement (BSCR).There are commonalities among the regimes, and they all reflect three main elements: companies need to be conservative in their estimate of liabilities; calculations need to force insurers to invest in assets with an appropriate liquidity and risk profile; and companies m...
2023-03-0816 minGILTI ConscienceAn In-Depth Look at International Tax in Africa: Part 2In the second of this two-part GILTI Conscience series, our Skadden tax attorneys continue their conversation with Lolade Ososami, a partner and head of the tax team at Udo Udoma & Belo-Osagie, and Zach Pouga, a partner in the International Tax Group at Ernst & Young, on the myriad tax issues faced by Africa-based companies, companies with a presence in Africa and those doing business on the continent.Among other topics, the conversation touches on treaty networks, the role of taxation in general, implementation of tax laws in the various countries and the potential for a unified approach to...
2023-01-2627 minThe Standard FormulaThe Edinburgh Reforms: Big Bang 2.0 or Thoughtful Change?Following the recently introduced Solvency UK for insurers, the British government has announced the Edinburgh Reforms, which propose various amendments to the UK’s financial services sector. These Reforms are the most significant divergences from the EU’s financial services regulations and are intended to secure the UK's status as a leading financial center.In this episode of “The Standard Formula” podcast, Skadden partners Robert A. Chaplin and Greg Norman discuss the proposed amendments and their implications for regulatory change. Rather than viewing this extensive list of reformations as similar to the “Big Bang” of the 1980s — the last drama...
2023-01-2512 minGILTI ConscienceAn In-Depth Look at International Tax in Africa: Part 1Conversations surrounding transfer pricing practices rarely span to include the myriad regulations throughout Africa. However, across the continent, there are vast distinctions between countries that are thriving under new international tax rules and others that are struggling to keep up. Lolade Ososami, a partner and head of the tax team at Udo Udoma & Belo-Osagie, says that transfer pricing has grown and evolved in Africa over the last decade. When the OECD released the BEPS action plans in 2018, it had a huge impact on tax practitioners, particularly in Nigeria. Zach Pouga, a partner in the International Ta...
2023-01-1821 minThe Standard FormulaUK Government Announces Post-Brexit Solvency II ReformsAs part of its departure from the European Union (Brexit), the United Kingdom is moving away from key EU insurance prudential regulatory standards, including by liberalizing the EU Solvency II regime. These reforms can be seen as political as well as regulatory — and if you’re an insurance professional, it is important to understand what these changes mean and how they may impact you. The Solvency II regime came into force in the UK in 2016. The government announced a review of the regime in June 2020, followed by a range of proposed amendments this year.The refor...
2022-12-1911 minThe Standard FormulaWelcome to The Standard Formula - Solvency Two for InsurersFrom Skadden, The Standard Formula is a Solvency Two podcast for UK and European insurance professionals.Join us as Skadden Partner Robert Chaplin leads conversations with industry practitioners and explores Solvency Two developments that matter to you.If you’re enjoying The Standard Formula, be sure to subscribe in your favorite podcast app so you don’t miss any future episodes.Additional information about Skadden can be found at Skadden.com.The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. Skadden is recognized for its deep...
2022-12-1400 minGILTI ConscienceThe UK Tackles Pillars One and TwoIn an effort to address tax issues surrounding the ever-growing digitalization of the global economy, the OECD proposed blueprint plans called Pillar One and Pillar Two. Though they were introduced in October 2020, implementation remains a challenge. In this episode of the GILTI Conscience podcast, Europe tax head James Anderson and London tax partner Alex Jupp join our hosts to discuss how the U.K. may be the first out of the gate in Europe to see some traction with potentially carrying out the Pillars. From international M&A compliance to political challenges and technical hurdles, Jam...
2022-11-3031 minGILTI ConscienceSpotlight Series: Pro Bono Opportunities in the Tax WorldFor many low-income individuals, filing taxes may be a daunting task, and many may even choose to avoid interacting with the IRS altogether due to negative experiences. However, not filing taxes may mean missing out on crucial refunds and benefits.. From low-income taxpayer clinics in communities to organizations and initiatives such as VITA, GetYourRefund and Code For America, there are a multitude of pro bono opportunities for tax attorneys to get involved in to ensure taxpayers receive the benefits they deserve.According to Jaclyn Roeing, an attorney at Skadden who volunteers with Community Tax Aid in...
2022-10-0627 minThe Informed BoardShould Your Company Take a Stand on Political and Social Issues?Skadden partners Ann Beth Stebbins and Ki Hong, Joele Frank partner Jamie Moser and the chief people officer of Duck Creek Technologies, Courtney Townsend, discuss the demands companies face to take positions on political and social issues and growing scrutiny of corporate political contributions.Corporate culture is important to today’s work force, and employees often expect their employers to speak out on political and social issues that are important to them. Employees are also increasingly aware of a company’s political contributions.Understanding employee perspectives on issues that are important to them is vital, says...
2022-09-2130 minGILTI ConscienceTalking Transfer Pricing and the Arm’s Length Principle With Mike McDonaldThe OECD transfer pricing guidelines include DEMPE — the development, enhancement, maintenance, protection and exploitation of intangibles — as part of their efforts to deal with the legal status of both IP and economic ownership. Originally, the regulations stated that only legal ownership existed; DEMPE was incorporated to accommodate contributions made by entities other than the legal owner. But how dependable and comprehensive are the DEMPE guidelines? In this episode of “GILTI Conscience,” Mike McDonald, an executive director in the National Tax Department at Ernst & Young, joins our hosts to discuss whether DEMPE is supportable and more efficient...
2022-08-3042 minGILTI ConscienceBlockchain for Beginners: Basic Tax Issues for Digital AssetsIn this episode of the “GILTI Conscience” podcast, Roger Brown, global head of Tax Strategy at Chainalysis, joins our hosts Nate Carden and David Farhat to talk about the basics of blockchain. Roger explains what blockchain is, how tax rules apply to crypto and the field’s potential benefits.Roger says that people regularly approach him with questions about blockchain and crypto — although the sector began forming many years ago, substantial uncertainty remains, especially regarding tax rules and policies. Roger therefore begins this overview with the basics. He notes that buzzwords like “bitcoin” and “blockchain” are commonly thrown around, b...
2022-07-2734 minGILTI ConscienceTax Legend Fred Goldberg Shares Insights From His 50 Years in Tax LawIn this episode of the “GILTI Conscience” podcast, longtime Skadden tax partner Fred Goldberg joins our hosts Nate Carden and David Farhat to discuss his one-of-a-kind journey through the public and private tax sectors. Fred details the changes he’s seen, his hopes for the future of the field and his advice for those looking to begin a career in tax law.As Fred notes, the tax system is the one set of regulations that every individual, family, business and nonprofit in the country must contend with each year. And for each, the challenge is the same: When y...
2022-06-2239 minThe Informed BoardHow Antitrust Regulators and the SEC Are Advancing the Wider Biden AgendaIn this inaugural episode of “The Informed Board” podcast, Skadden partners Maria Raptis and Raquel Fox join our host Ann Beth Stebbins to discuss changing approaches to antitrust and securities regulation in Washington. They talk about new priorities in antitrust enforcement, new disclosure initiatives by the Securities and Exchange Commission (SEC), and the obstacles that could hinder regulatory rulemaking. Since President Biden took office, there has been a shift in Washington. The administration’s policies were no surprise; the president campaigned on them. But the ways in which regulatory agencies have been harnessed to pursue the administration’s objecti...
2022-05-3129 minThe Informed BoardWelcome to The Informed BoardFrom Skadden, The Informed Board is a podcast for directors facing the rapidly evolving challenges of a global market. A complement to our newsletter for directors, our aim with this podcast is to help flag potential problems that may not be fully appreciated, explain trends, share our observations and give directors practical guidance without a lot of legal jargon.Join Skadden partners who draw on years of front-line experience inside boardrooms to explore the complex issues facing directors today.If you like what you’re hearing, be sure to subscribe to your favorite podcast app so...
2022-05-1900 minGILTI ConscienceThe Issue Behind 'Almost All' Transfer Pricing Cases: Ex Ante or Ex Post BasisIn this episode of the “GILTI Conscience” podcast, Bram Isgur, principal at Keystone Strategy, joins our hosts Nate Carden and David Farhat to talk about transfer pricing on an ex ante and ex post basis. They discuss the use cases for each method, how these methods differ across industries and why it’s important to think about the bigger picture in preparing for unimaginable events and changes. So, should you take an ex ante approach, where you look forward and try to figure out your pricing for events that have not yet occurred? Or do you take an ex p...
2022-05-1839 minGILTI ConscienceNavigating the Once-Obscure German Nonresident Withholding TaxIn this episode of the “GILTI Conscience” podcast, Kroll directors Ryan Lange and Kerim Keser and Skadden partner Johannes Frey join our hosts Nate Carden and David Farhat to explore the details of the German nonresident IP withholding tax. They discuss taxation questions that are still up in the air, how the rule could affect multinational corporations, the valuation of intellectual property (IP) registration and the best steps to take if you owe taxes under this law. Originally implemented in 1925, the German nonresident IP withholding tax is coming back into the public eye after years of inactivity. The t...
2022-04-2946 minGILTI ConscienceNew Regulation: Statutes, Pillars and the Build Back Better ActIn this episode of the “GILTI Conscience” podcast, Skadden international tax attorney Paul Oosterhuis and associate Huzefa Mun join our hosts Nate Carden and David Farhat to discuss legislation, new regulations and the Build Back Better Act. They examine possible outcomes if the Build Back Better Act is not adopted, including changes in other tax regulations that could arise, as well as the potential impact of the “Two-Pillar Solution” on global taxation.The Build Back Better Act has received a great deal of recent attention, but it doesn’t look like we’re going to see any movement on...
2022-03-3047 minGILTI ConscienceThe Tax Legislation Process and What to Expect in 2022In this episode of the GILTI Conscience podcast, Loren Ponds, Member at Miller & Chevalier in Washington, D.C., joins our hosts to share an overview of the tax legislative process. She discusses the outlook for current tax bills moving through the house and how changes and feedback are incorporated.Over the past two decades, most of the major tax legislation has gone through a reconciliation process where the bills start in the house. The review procedure includes a scoring process to ensure the bill will not increase the deficit before it can be passed. Feedback a...
2022-03-1644 minGILTI ConscienceSpotlight Series: The Importance of Diversity, Equity & Inclusion in Tax LawDiversity, equity and inclusion (DEI) make business sense for every professional community. For the tax practice, where creativity is essential, diversity elevates the practice, benefitting everyone from clients to the government and practitioners themselves.The tax community, however, lacks DEI for a host of reasons. At the heart of the problem is the ubiquity of whiteness and a pervasive insensitivity to otherness, whereby "others" must learn to navigate whiteness to survive. Maleness and whiteness often are used as synonyms for competence, which leaves women, people of color and LGBTQ+ attorneys constantly feeling compelled to prove themselves.
2022-02-2334 minGILTI ConscienceArm’s Length Principle Vs. Implicit Support: What’s The Way Forward?Understanding the 2022 OECD Transfer Pricing Guidelines and how it applies to guarantees and other financial transactions is essential for multinationals trying to manage intercompany lending and get their transfer pricing right.Granted, these companies have to fund themselves, whether through intercompany debt or guaranteed loans. They have to move money across borders, but how they do that, how the rules apply in different tax jurisdictions, and how everyone gets their appropriate piece of the pie can become very complicated.Profound transfer pricing questions tend to arise when deciding which credit rating applies to a subsidiary...
2022-02-1737 minGILTI ConscienceMusings on Multinational Tax: What to Expect From GILTI ConscienceThe team at Skadden, Arps, Slate, Meagher & Flom LLP is always happy to debate multinational tax issues. And with the way things have been changing in the last two years, it’s never been a better time to hit "record" on those conversations, and share them with fellow self-proclaimed tax nerds and those just getting started in the field.“Five years ago, we had a radically different international tax system from what we have today, which may change again significantly in the next year or two," says Skadden partner Nate Carden. “You have to constantly be thinking, How do...
2022-01-1025 minGILTI ConscienceIntroducing GILTI Conscience: Casual Discussions on Transfer Pricing, Tax Treaties, and Related TopicsThis is GILTI Conscience: Casual Discussions on Transfer Pricing, Tax Treaties, and Related Topics, a podcast from Skadden that invites thought leaders and industry experts to discuss pressing transfer pricing issues, international tax reform efforts, and tax administration trends. We also dig into the innovative approaches companies are using to navigate the international tax environment and address the obligation everyone loves to hate.If you like what you’re hearing, be sure to subscribe in your favorite podcast app so you don’t miss any future conversations. Skadden's tax team is recognized globally for providing clients with crea...
2022-01-0400 min