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Nineteenth Annual Institute on Securities Regulation in Europe: Practical Implications of U.S. Law on EU Practice


Speaker(s): Adam Pickard, Akshat Khaitan, Albert Stieglitz, Andrew J. Bagley, Anita B. Bandy, Anita McBain, Anna Meek, Ashar Qureshi, Cecil D. Quillen III, Ciarán McGonagle, Dan Robertson, Daniel K. Winterfeldt, Deborah A. Smith, Diana Billik, Dr. Kern Alexander, Edward A. Bibko, Erik Morris, Florian Drinhausen, Gillian Fairfield, Hugh Pugsley, John Horsfield-Bradbury, John J. Cannon, III, John Vanosdall, John W. White, Jon Aarons, Julia Smithers Excell, Kyle R. Williams, Lorenzo Corte, Mark Francis, Mark S. Bergman, Mark Steward, Martin Parkes, Mary B. Tokar, Michael J. Gallagher, Michael N. Dakin, Neil Stevenson, Nicholas Baumgartner, Nicholas J. Shaw, Nicola Higgs, Oliver Dudok van Heel, Richard Cohen, Rob Zink, Robert H. Mundheim, Sachin Davé, Sadia Salam, Sandra L. Moser, Sarah E. Lewis, Sebastian R. Sperber, Stephanie Betts, Thomas N. O'Neill III, William H. Hinman, Yasmine Bassili
Recorded on: Feb. 6, 2020
PLI Program #: 278734

Akshat Khaitan (London) joined KKR 2019 and is a member of the Capital Markets team. Prior to joining KKR, he worked in Deutsche Bank's EMEA leveraged finance group in London. Before that, Mr. Khaitan worked in Deutsche Bank’s financial institutions group in New York. He holds a Bachelor of Science in Commerce from University of Virginia, McIntire School of Commerce in Charlottesville, Virginia.


Albert Stieglitz is currently seconded to the United Kingdom’s Serious Fraud Office from the Fraud Section of the U.S. Department of Justice’s Criminal Division, where he has spent over a decade as a financial crime prosecutor.  His secondment to the SFO, and before that to the United Kingdom’s Financial Conduct Authority, are part of a unique position created by the Department of Justice to enhance cross-border cooperation and coordination on financial fraud and foreign bribery cases. 

During his time at the Department of Justice, Albert has led and supervised a variety of investigations and prosecutions of financial fraud, foreign bribery, and money laundering, both as a line prosecutor and most recently as an Assistant Chief in the Fraud Section’s FCPA Unit. 


Andrew Bagley is EMEA General Counsel of Goldman Sachs and head of the EMEA Legal Department. He serves as counsel to the European Management Committee and the Board of Directors of Goldman Sachs International, co-chair of the firm’s Structured Products Committee and is a member of the regional Conduct Risk, and Inclusion and Diversity committees.

Prior to joining the firm, Andrew qualified as a solicitor at Herbert Smith in London.
Andrew earned a BA in Literae Humaniores from Magdalen College, Oxford, in 1992.


Anita Bandy is an Associate Director in the Securities and Exchange Commission’s Division of Enforcement, where she assists in planning and directing the Commission’s enforcement program.  Anita joined the Commission in 2004 and then served in several positions of increasing responsibility in the Enforcement program.  During her tenure at the Commission, Anita has led multiple enforcement initiatives and has supervised dozens of investigations that resulted in actions spanning a wide range of matters, including financial fraud, offering frauds, market manipulation, the Foreign Corrupt Practices Act, the Jumpstart Our Business Startups Act, and other illegal acts that occur in the mergers & acquisitions, cyber, broker-dealer and investment-adviser space.  Prior to joining the SEC, Anita spent several years in private practice at the law firm of Proskauer LLP, where she focused on white collar and SEC defense work.  She received her J.D. with honors from American University and her undergraduate degree with honors from the University of Michigan.


Anita McBain is head of responsible investment at M&G Investments across equities, fixed income and multi-asset strategies. She assists the investment teams with ESG analysis, engagement and thematic research. Prior to joining M&G, Anita was head of sustainability for an impact investing fund that raised catalytic capital to mitigate climate change, address commodity driven deforestation and deliver societal and environmental impacts in line with the UN SDG goals.

Anita has worked at Deutsche Bank, BNP Paribas and European Credit Management. She has lived and worked in Singapore, is a graduate of City University, holds an MBA from Edinburgh University and is a current student on the MSt in Sustainability Leadership at Cambridge University.


Ciarán McGonagle joined ISDA as Assistant General Counsel in August 2017. Mr. McGonagle leads ISDA’s legal work on DLT and smart contracts. Mr. McGonagle also leads ISDA’s legal technology working group, aimed at increasing the levels of standardization and digitization in ISDA documentation. He also supports ISDA’s work on EU financial services regulation, including EMIR and MiFID II. Prior to joining ISDA, Mr. McGonagle spent over five years at Deutsche Bank, where he worked in the bank’s legal department specializing in derivatives and structured products. He also spent some time in Deutsche Bank’s Global Regulatory Management Group. He has also worked at Morgan Stanley and at Allen & Overy. Mr. McGonagle has a law degree from Queens University Belfast.


Dan Robertson is the Director of Vercida Consulting.com – The Global Diversity and Inclusion Company. He is highly respected as a subject matter expert on workplace diversity and inclusion management, unconscious bias and inclusive leadership. You can contact Dan on LinkedIn: Dan Robertson or Twitter: @dan_robertson1 or email: Dan@Vercidaconsulting.com


Diana Billik is a partner in the international capital markets department of Allen & Overy LLP, resident in the Paris office. Diana specializes in cross-border debt and equity offerings, involving capital raising in the U.S. market. She has deep experience advising issuers, arrangers and underwriters in relation to a broad range of debt, equity and liability management transactions by foreign private, sovereign and supranational issuers across Europe, the Middle East and Africa, including France, Sweden, Norway, Italy, Turkey, Greece, United Arab Emirates and West Africa. She advises on both SEC-exempt and SEC registered offerings into the United States and compliance with SEC reporting requirements for foreign issuers and security holders. Diana is admitted to practice in the State of New York and is a member of the Paris bar. 

Diana joined Allen & Overy in 1998 and became a partner in 2007.


Edward Bibko is the General Counsel, EMEA and Asia, for Jefferies. Previously he was a law firm partner specializing in cross-border listings onto the London Stock Exchange. Edward is US- and UK-qualified and has advised on capital markets transactions for more than 25 years. In addition to acting as co-chair of the US Lawyers in London Forum, he is on the Court of the Worshipful Company of Solicitors and is currently shortlisted for the Association of Corporate Counsel’s General Counsel of the Year award. Edward lives with his wife and an elderly cat, and enjoys mixing cocktails.


Florian took the role as Global General counsel of Deutsche Bank beginning 2018. He joined Deutsche Bank in 2014 as General counsel EMEA and in 2016 was appointed Chief Governance Officer for Deutsche Bank group. Before joining Deutsche Bank, Florian spent 10 years as an equity partner at Linklaters LLP. He studied laws at the University of Cologne and King’s college London. Florian obtained a Ph.D. from the University of Cologne in 1994 and today teaches law at the EBS Universität für Wirtschaft und Recht in Wiesbaden where he holds an honorary professor title.


Hugh Pugsley is General Counsel, HSBC UK leading the HSBC UK legal team in delivering legal support to HSBC  UK and its businesses. As HSBC UK General Counsel, Hugh sits on the HSBC UK Exco and the Group  Legal Exco and  attends the board of the ring fenced bank. Hugh is  also a bank nominated director of the  trusteeof the UK pensions scheme.

Prior to joining HSBC in  2015, Hugh was General Counsel for Group Legal at  Lloyds Banking Group leading the group legal teams which supported Lloyds' executive and head office functions. At Lloyds Hugh  attended the group disclosure committee  and led the legal teams disposing billions of assets required by  the EU under state aid rules post the financial crisis including the IPO of TSB.

Hugh has  also worked at UBS where he was Head of Corporate Legal MENA. He trained and worked as a corporate lawyer at Allen & Overy during which time he spent a year on secondment working as an investment banker.


John Horsfield-Bradbury, based in London, leads our representation of major European companies on a variety of capital markets and M&A projects. His practice includes equity and debt capital markets transactions and cross-border mergers and acquisitions.

M&A

  • Anheuser-Busch InBev SA/NV on its acquisition of SABMiller plc, the biggest ever takeover of a London-listed company and one of the most complex acquisitions in history
  • Telia Company, the pre-dominant Swedish telecommunications company, in its exit for multiple Eurasian businesses including, the sale of its 51.3% indirect interest in the Azeri telecommunications operator Azercell LLC and the sale of its 75% indirect in interest in Kazakh telecommunications operator, Kcell JSC and the sale of its mobile telecommunication business in Georgia, operated by Geocell LLC.
  • Telia’s sale of all of its common shares in Spotify Technology S.A., (a holding company for Spotify), for an aggregate cash consideration of approximately $272 million.
  • BP plc on its agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company to acquire a minority interest in Abu Dhabi’s ADCO onshore oil concession in exchange for shares representing approximately 2% of BP’s issued share capital
  • Credit Suisse on the acquisition of the private wealth management business in Europe, Middle East and Africa of Morgan Stanley
  • Barclays on the $15.2 billion sale of the Barclays Global Investors business to BlackRock
  • Silver Lake Partners and Skype on the $8.5 billion acquisition of Skype by Microsoft

Capital Markets

  • Budweiser Brewing Company APAC Limited in its USD $5.75 billion initial public offering and listing of shares on the Hong Kong Stock Exchange. This was the third-largest global IPO of 2019, and Hong Kong's highest-value IPO of the year.
  • Anheuser-Busch InBev on its $8.2 billion rights offering, its debut listing of ADSs on the NYSE, its $3.25 billion SEC-registered debt exchange offer and on multiple registered and unregistered debt offerings including the second largest bond offering of all time when it issued $46 billion aggregate principal amount of guaranteed notes to pre-fund the acquisition of SABMiller plc
  • Pershing Square Holdings on its initial public offering and listing on Euronext Amsterdam
  • XXL ASA, the largest Nordic sports retailer, in connection with its initial public offering and listing on the Oslo Børs
  • BP plc on over $50 billion of U.S.-registered notes since 2008
  • Equinor ASA on multiple SEC-registered debt offerings
  • Skandinaviska Enskilda Banken on its $1.85 billion rights offering
  • Jaguar Land Rover Automotive’s dealers in connection with its guaranteed senior high-yield notes offering.


John Vanosdall is a Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the U.S. Securities and Exchange Commission (the SEC or the Commission). He leads the activities of OCA’s accounting group, which includes understanding investor and other perspectives on accounting matters and consulting with public companies, auditors, and divisions and offices within the SEC on the application of accounting standards and financial disclosure requirements.  John also leads the accounting group in assisting to discharge the Commission’s oversight of the Financial Accounting Standards Board (FASB). 

Before joining the Commission, John was a Partner at PwC from 2014 to 2019, working in the National Office and the Deals practice. His responsibilities included providing clients and engagement teams with advice on complex accounting issues arising from business combinations, segments, disposal transactions, minority investments, fair value measurements, and revenue and compensation arrangements. 

John previously worked as a Professional Accounting Fellow in OCA at the SEC from 2012 to 2014.  During this time, he was responsible for providing views on interpretative matters to SEC registrants, actively monitoring and providing oversight comments to the FASB on current standard setting projects, and working on special projects within OCA. 

John earned an MBA and B.S. in Business Administration from Indiana University in Bloomington, IN.  He is a Certified Public Accountant in California.


Kern Alexander holds the Professorial Chair in Law and Finance and is Professor of Banking Regulation at the University of Zurich. He is the author of many research articles and books, including most recently Principles of Banking Regulation (Cambridge University Press, 2019), Brexit and Financial Service (co-author, Moloney et al, Bloomsbury, 2018), Global Governance of Financial Systems (co-author, Oxford Univ Press 2006), and Economic Sanctions: Law and Public Policy (Macmillan 2009). Recently, he led research projects and authored commissioned reports and articles for the United Nations and Cambridge University on international banking regulation and environmental sustainability. His path breaking report, Stability and Sustainability in Banking Reform: Are Environmental Risks Missing in Basel III (Cambridge, 2014) was the first study of the interrelationship between banking regulation, environmental sustainability and climate change. His report has been widely cited and has spawned a growing area of research that analyses the relationship between law/regulation, finance and sustainability. He is the Founder of the Research Network for Sustainable Finance www.rnsfin.com

His public service includes serving as Specialist Adviser to the UK Parliament’s Joint Select Committee on the Financial Services Act 2012 and as Adviser to the UK Serious Fraud Office on the LIBOR investigations and prosecutions (2013-2019). He has also advised HM Treasury on economic policy and financial regulation and advised HM Foreign and Commonwealth Office on international and UK economic sanctions. He has given invited oral and written evidence on many occasions to the UK Parliament’s House of Commons Treasury Committee and the House of Lords Select Committee on Economic Affairs and House of Lords Committee on Europe about European and UK banking and financial market regulation. He also gave invited evidence on UK economic sanctions policy to the House of Lords Select Committee on Economic Affairs in 2006 (chair Lord Wakeham) that was widely cited in the Committee’s Final Report. His public service also includes Member of the Expert Panel on Financial Services for the European Parliament (2009-2014) and Subject Matter Expert in Banking Regulation and Resolution for the European Court of Auditors (2016-2019). His academic work and parliamentary evidence is cited extensively in British and European Parliamentary reports. He comments regularly for the BBC and Bloomberg on UK, European and Swiss banking and financial regulation issues. He is a Member of the Bar.


Lorenzo Corte has acted on a number of complex and/or contested takeover assignments and trans-Atlantic transactions, including:

  • Intel Corporation’s US$15.3 billion acquisition of Mobileye N.V.;
  • Konecranes’ proposed all-stock merger with Terex Corporation (NYSE) and its subsequent acquisition of a division of Terex;
  • VimpelCom’s (now VEON) US$30 billion exchange offer for OJSC VimpelCom and simultaneous business combination with CJSC Kiyvstar G.S.M.; and
  • Arcelor in the US$22.8 billion unsolicited bid by Mittal Steel Company NV and their subsequent US$33.8 billion merger.

Mr. Corte represents strategic investors in connection with cross-border acquisitions, sales of privately owned companies and assets, and joint ventures in Europe, the Middle East, Africa, the United States and the CIS region. He has completed transactions for, among others, Anheuser-Busch, Cinépolis, Danaher Corporation, Engen/Petronas, ExxonMobil Corporation, Kellogg Company, Moody’s Corporation, Mylan, NTT DoCoMo, Nomura, ST Microelectronics N.V., Valeant Pharmaceuticals International and Validus Holdings.

He regularly acts for financial sponsors on their investments and divestments in Europe, including Investindustrial, Silver Lake Partners, DH Private Equity, Ares Life Sciences (Mr. Bertarelli), Teseo Capital (Mr. Ferrero) and LetterOne, for which he has completed a number of transactions in the technology, energy and retail sectors.

Mr. Corte also heads Skadden’s Italian desk. His experience in M&A transactions representing Italian parties includes acting for Assicurazioni Generali S.p.A., Brembo S.p.A., Fabbrica Italiana Lapis ed Affini S.p.A., Gentium S.p.A., Luxottica Group S.p.A. and the Ministry of Treasury of the Republic of Italy.

Mr. Corte lectures and participates in seminars related to his practice and is an adjunct professor in M&A at Ohio State University School of Law. He is recommended as a leading individual in Chambers Global, Chambers Europe and Chambers UK, which cites sources describing Mr. Corte as “instrumental in devising some incredibly innovative structuring” and stating “I would bet the bank on him.”


Mark Francis is the FCA’s director of Wholesale and Unauthorised Business Investigations. Sitting within the enforcement division, Mark’s directorate conducts forensic investigations into regulatory breaches and criminal offences by firms and individuals operating in the wholesale arena, as well as those carrying on regulated activities without authorisation, in breach of the general prohibition. Typical cases include insider dealing, market manipulation, systems and controls failings, and consumer scams such as boiler rooms.

Mark joined the then FSA, in 2009 focusing on unauthorised business investigations and became Head of the Unauthorised Business Department in 2013. He led some of the department’s largest cases dealing with many types of unauthorised investment schemes. Mark moved to Wholesale Enforcement in 2016 where he worked on a variety of enforcement investigations including insider dealing, market abuse and misconduct in wholesale firms. Mark became director of Wholesale and Unauthorised Business Investigations in 2018. Mark is a qualified accountant and spent 12 years in practice at BDO LLP before joining the regulator. During his career in practice he specialised in forensic financial investigations particularly providing investigative and asset management expertise to a range public and private sector clients.


Martin Parkes, Managing Director, is a member of BlackRock's Global Public Policy Group based in London. Martin is responsible for  engaging  with policy makers and BlackRock's clients on policy and regulation relating to investor protection and distribution, retirement and fund structures in the EU and the UK. He participates in a number of regulatory expert groups: he is currently a member of the AMF’s Consultative Commission on Post Market issues and was previously a  member of ESMA's Investor Protection and Intermediaries Standing Committee's Consultative Working Group. He chairs the Investment Association’s International and European Policy Committee and regularly contributes to the work of other asset management trade bodies such as EFAMA, ICMA, ALFI and Irish Funds and ICI Global.

He is also a committee member of BlackRock's LGBT OUT & Allies network, particularly supporting the network on external events and outreach with other firms and networks.

Martin has worked at BlackRock since 2004 and prior to joining the Public Policy team in 2011 he worked in BlackRock's legal team responsible for BlackRock's European-managed investment funds. Martin  studied European Law at the University of Exeter and at the Universite d'Aix-Marseille III and is a qualified solicitor in England and Wales.


Mary Tokar was appointed to the International Accounting Standards Board (Board) in January 2013 and was reappointed for a second term in July 2017. Prior to joining the Board, Ms Tokar served as the global leader for KPMG’s International Financial Reporting Group, responsible for KPMG’s dialogue with global accounting regulators and standard-setters. 

At KPMG, Ms Tokar worked with engagement teams and clients in developed and emerging economies on their transition to and application of IFRS Standards. She served as a member of the IFRS Interpretations Committee from 2001 to 2007 and was a KPMG global leader for employee benefit and share-based payment accounting.

Previously, Ms Tokar worked at the US Securities and Exchange Commission (SEC) as the international senior associate chief accountant. Ms Tokar was the lead SEC representative for international accounting issues; she also chaired an international committee of securities regulators working on disclosure and accounting issues for the International Organization of Securities Commissions (IOSCO).

Ms Tokar holds an MBA from New York University’s Stern School of Business, US.


Michael Dakin, a high yield specialist, has been a partner at Clifford Chance since 2005 and leads the firm's global high yield practice.  Michael has extensive experience advising private equity sponsors, issuers and underwriters on high yield debt and leveraged finance transactions in Europe, the United States and Asia.

Michael is currently in his second term as Vice-Chairman of the AFME High Yield Division, he sits on the group's Executive Committee and has taken a lead on many of the policy and market related initiatives of the AFME High Yield Division.

In addition to primary issuance high yield and leveraged finance lending, Michael advises clients in a number of the other areas, including initial public offerings, especially those involving in private equity client portfolio companies, high yield related restructurings and general debt offering.

Prominent transactions on which he has advised in the last 12 months include advising Macquarie and TDC on one of the largest and most successful public-to-private transactions financed with High Yield Notes.  Michael represented the banks in connection with GetLink first of its kind green bond which was issued under an EMTN structure with high yield style covenants. As well as Logicor's largest ever euro issuance by a debut issuer and utilised a novel High Yield Notes-style covenant package in an EMTN programme.


Mr. Mundheim is Of Counsel to Shearman & Sterling and Professor of Corporate Law & Finance at the James E. Rogers College of Law at the University of Arizona. He was formerly the Executive Vice President and General Counsel of Salomon, Inc. (1992-1997). Mr. Mundheim was the University Professor of Law and Finance at the University of Pennsylvania (1980-1992) and the Dean of the University of Pennsylvania Law School (1982-1989). In addition, Mr. Mundheim has served as General Counsel of the U.S. Treasury Department (1977-1980) and as Special Counsel of the Securities & Exchange Commission (1962-1963).

Mr. Mundheim was a member of the American Bar Association’s Standing Committee on Ethics and Professional Responsibility (2006-2012) and served as its Chair (2008-2011). He was a member of the Council of the American Law Institute (1985-2012) and served as a Consultant and Advisor to the Council on the Institute’s Principles of Corporate Governance (1980-1992). He also served as an Advisor to the American Law Institute’s Restatement of the Law – the Law Governing Lawyers, as a member of the American Bar Association President’s Task Force on Corporate Responsibility, and as a member of the Association of the Bar of the City of New York’s Presidential Task Force on Lawyers’ Role in Corporate Governance.


Nicola Higgs is a partner in the London office of Latham & Watkins. Ms. Higgs specializes in financial services regulatory advice and has vast experience advising financial institutions and market infrastructure providers on a wide range of complex domestic and cross-border regulatory issues.

Ms. Higgs advises global investment banks, corporate finance houses, fund managers, insurers, stockbrokers, market infrastructure, and data services providers on a variety of legal and regulatory risk management matters, with particular expertise in the FCA’s Conduct of Business Rules, European regulatory developments, such as MiFID II, PRIIPs KID Regulation, and the EU Benchmark Regulation, and contested enforcement actions.

Ms. Higgs has developed a formidable reputation advising global investment firms on the sale of complex derivative products to professional and retail investors, including cross-border issues.

Ms. Higgs also has a strong track record in advising private banks and wealth managers on their regulatory obligations.


Sadia Salam helps women leaders especially BAME women leaders and organisations who want to champion them to remove blocks to diversity and inclusion. Prior to becoming an independent consultant and coach, Sadia’s legal career spanned two decades, during which time she practised as a senior corporate, mergers and acquisitions lawyer at Osborne Clarke. After 10 years in private practice, she moved in-house to global management consultancy, Oliver Wyman where she built and headed up the legal team in Europe, Middle East, Africa and Asia Pacific region.  Throughout her years as a lawyer, Sadia has sponsored, mentored and coached others. Having achieved her own career aspirations, Sadia realised that she was more passionate about helping others fulfil their careers. Sadia now works full time as an Executive Coach and also helps organisations to develop the talent pipeline of women through coaching, facilitation of courageous conversations and workshops. www.sadiasalam.com


Sandra Moser is a Partner in the Washington, D.C. and Philadelphia offices of Morgan Lewis. Ms. Moser’s practice focuses on the representation of companies, boards of directors and senior executives in investigations, sensitive matters, corporate crises, litigation and other disputes involving law enforcement and regulatory agencies around the world.

Ms. Moser is the former chief of the Department of Justice (DOJ) Fraud Section in Washington, D.C., which has exclusive criminal enforcement jurisdiction over the DOJ’s enforcement of the Foreign Corrupt Practices Act (FCPA) and routinely handles many of the world’s most significant economic crime cases, including securities and commodities fraud, manipulation of financial markets, False Claims Act and other healthcare-related violations, and international money laundering offenses. Ms. Moser is an experienced trial lawyer who, prior to assuming the chief role, served the Fraud Section in several other leadership positions and also was for several years a federal prosecutor in the District of New Jersey’s elite Special Prosecutions Division. Prior to joining the Department of Justice, Ms. Moser worked in private practice and served as a federal law clerk for the U.S. District Court for the Eastern District of Pennsylvania and the U.S. Court of Appeals for the Third Circuit.

Ms. Moser earned her law degree at the Northwestern University Pritzker School of Law, where she graduated cum laude and served as editor for the Journal of Criminal Law & Criminology. She earned her undergraduate degree at the University of North Carolina at Chapel Hill, where she was awarded two degrees, in Journalism and Women’s Studies, and graduated first in her class.


Sarah Lewis’ practice focuses on corporate transactions with a particular focus on U.S. securities laws. She regularly works on transactions involving financial and technology services companies and advises clients on regulatory aspects associated with FinTech initiatives, particularly in relation to the treatment of cryptoassets under relevant U.S. and UK securities law.

Sarah is a member of the FMLC FinTech Scoping Forum and a member of the FMLC’s working group on ICOs.

Sarah joined the firm in 2004 and became counsel in 2013. She was resident in the Washington, D.C., office until January 2007.


Stephanie Betts joined M&G in January 2018 as Investment Specialist for the Income team focusing on M&G Pan European Dividend Fund, M&G European Select Fund, M&G Dividend Fund and M&G UK Select Fund. She joined from Citigroup (after an extended maternity leave) where she was managing the European equities desk selling to French and a selection of UK institutional accounts. Stephanie began her career as a securities regulation lawyer with Sullivan & Cromwell (New York) before transferring to Lehman Brothers in investment banking (New York), and equities sales (London). Thereafter, she joined JP Morgan and latterly Citigroup. Stephanie graduated from New York University School of Law with a Master’s Degree (LLM) in Corporate Taxation & Securities Regulations and holds an MBA in Corporate Taxation and Finance from the Institute of Political Sciences in Paris and a Law Degree in Corporate Law & Tax from the University of Paris II–Assas.


Ashar Qureshi is a partner in the Corporate Department and head of EMEA global transactions, resident in Fried Frank's London office. He joined the Firm in 2018.

Mr. Qureshi concentrates his practice on international corporate transactions, including capital markets, mergers and acquisitions, and corporate finance, covering Europe, Africa and the Middle East. He has experience representing international financial institutions, including underwriters, as well as corporations and governments on IPOs, equity and debt securities (including high-yield), complex hedge fund and private equity transactions and structures, rights offerings, and restructurings and privatizations.

Mr. Qureshi is consistently recognized as a leading capital markets and corporate practitioner in legal directories, including Chambers Global, Chambers Europe and Chambers UK, and is described by many “as the best lawyer ... in London”. Chambers UK noted Mr. Qureshi as “extraordinarily intelligent, experienced and knowledgeable”. Chambers UK also noted clients say: “He is a scarily good negotiator. On top of this, he is very effective and just tremendously fun to work with”.

Mr. Qureshi is also recognized by IFLR 1000 in the capital markets: equity and M&A categories.

Prior to joining Fried Frank, Mr. Qureshi worked at another large international law firm. Mr. Qureshi was also previously a founding partner in multi-billion dollar hedge fund and the Executive Vice Chairman of Renaissance Group.

Mr. Qureshi received his BA, magna cum laude, from Harvard College in 1987, and his JD, cum laude, from Harvard Law School in 1990.

He is admitted to practice in New York.


Daniel is a partner in Reed Smith’s Global Capital Markets practice. Currently based the London office, Daniel’s practice focuses on representing US, UK, European and Asian investment banks and corporate issuers in a wide range of securities transactions, including Rule 144A and Regulation S equity and debt offerings; Category 3, Regulation S transactions for US companies listing in the United Kingdom; rights offerings; exchange offers; equity-linked securities offerings; initial public offerings and secondary and follow-on offerings of equity securities, including SEC-registered transactions. 

Daniel founded the Forum for US Securities Lawyers in London in 2006 to address US securities issues in the London market across law firms, banks and intermediaries.  The Forum was short-listed by the British Legal Awards in 2009 for ‘Law Firm Innovation’.  The Forum was 'Highly Commended" by the FT Innovative Lawyers Awards in 2016 in the category ‘Innovation in Navigating Regulation’.  www.tffuslil.com

Daniel is also the founder (2008) and chair of the InterLaw Diversity Forum, which seeks to promote meritocracy and inclusion for diverse groups in the legal sector.

The InterLaw Diversity Forum was ‘Standout Winner’ for ‘Diversity’ at the FT Innovative Lawyers Awards (2008); it was ‘Highly Commended’ by the FT Innovative Lawyers Awards for ‘Innovation in Human Resources’ (2016); and shortlisted for ‘Excellence in Diversity & Inclusion’ at the Law Society Excellence Awards (2019).  www.interlawdiversityforum.org

Daniel was named the ‘Legal Innovator of the Year’ at the FT Innovative Lawyers Awards in 2012 for his work in capital markets and diversity and inclusion. Daniel was ‘Highly Commended’ for ‘Solicitor of the Year – Private Practice’ at the 2019 Law Society Excellence Awards.

Daniel was a member of the Equality & Diversity Committee at the Law Society of England & Wales for six years; he was a member of the Judicial Appointments Commission’s Judicial Diversity Task Force for three years.

Daniel was a member of the Primary Markets Group of the London Stock Exchange for seven years.

Daniel was admitted to the Bar of the Supreme Court of the United States in 2013.

Daniel's US securities practice is highlighted in various directories:

  • Legal 500 2020for Equity Capital Markets states that Daniel is “highly recommended” with testimonials stating: “Daniel Winterfeldt is a force of nature.” and “Especially strong in US securities law.”
  • Legal 500 2017 writes:  Daniel Winterfeldt is 'one of the few go-to lawyers in London for US securities law', is 'a go-to person for advice on complex US securities matters', and acts as a key regulatory adviser to the LSE.
  • Chamber & Partners 2017 lists Daniel as a 'Notable Practitioner' and writes: "Daniel Winterfeldt …is 'unquestionably one of the best US lawyers in London. His understanding of US securities is great, and he translates it to make issues understandable' ... Clients admire his technical expertise.”
  • Chambers & Partners 2016: “[Daniel] is tenacious, determined and has a deep knowledge of US securities law”, comments one client, who adds: "This enables him to think about solutions that work from a UK and US legal and commercial perspective."


Deborah is an executive director / senior counsel in the legal department to the Investment Banking Division at Goldman Sachs International. She also serves as co-chair of the firm’s EMEA Pro Bono Committee and is a member of the Steering Committee of the London Legal, Compliance, Internal Audit & Executive Office Women’s Network. Deborah joined Goldman Sachs in 2012. Prior to joining the firm, Deborah worked as a US Associate / Counsel at Linklaters, having worked in their Paris, Dubai and London offices. Deborah earned a BA in Political Science from Dartmouth College in 1995 and a JD from New York University School of Law in 2000.


Jon has over 30 years of strategic communications experience and an extensive network of relationships in the UK and across Europe, the Middle East and Africa.

Achievements include:

  • Multiple cross-border issues, crisis and transaction assignments, with particular knowledge of emerging markets.
  • The development of a global communications network, supporting the integration of acquired businesses and recruitment of affiliates.
  • Spearheading the growth of SVC’s London office and its business in the EMEA region.

Jon began his career on the staff of a senior politician and joined SVC from FTI Consulting, where he had served in numerous senior roles.

Jon has a B.A. honours degree in politics from Exeter University and is a past President of the UK’s Chartered Institute of Public Relations.


Kyle is head of the EMEA Corporate, Finance and Consumer Banking Legal Group within the Legal Department. He is a member of the Structured Investment Products Committee and the Deposit Pricing and Acquisition Subcommittee, and serves as counsel to the Goldman Sachs International (GSI) Asset and Liability Committee and the GSI Bank Asset and Liability Committee. Kyle is also co-chair of the Firmwide Black Network in Europe. Prior to moving to London, he worked in Treasury Legal in New York for four years. Kyle joined Goldman Sachs in 2006 as a vice president and was named managing director in 2013.

Prior to joining the firm, Kyle worked for the law firm Davis, Polk & Wardwell in New York City in the capital markets and structured products practice groups. Kyle is a member of the National Council for Washington University School of Law and serves on the Advisory Board for the New Silk Road Forum in London.

Kyle earned a BA in Finance from California State Polytechnic University, Pomona in 1996 and a JD from Washington University Law School in 2001.


Mark is Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority. He has been involved in corporate, financial services and securities regulation since 1987 in Australia, Hong Kong and in the UK, specialising in investigatory work and resulting litigation.

Mark joined the FCA from the Hong Kong Securities and Futures Commission, where he was Executive Director of Enforcement and a member of the board for 9 years. Before joining the SFC, Mark was Deputy Executive Director, Enforcement with the Australian Securities and Investments Commission.


Neil is a director in Deloitte’s National Accounting & Audit team, where he works on projects relating to corporate reporting, including ESG and climate change. He has worked in the accounting and finance arena since 1995, at PwC, the professional accountancy body ACCA and most recently at the International Integrated Reporting Council (IIRC). At the IIRC, Neil led on implementation of integrated reporting, having been a member of the IIRC working group that established the global integrated reporting framework. He has worked extensively with sustainability standard setters and ESG organisations in the UK and worldwide.


Rob Zink joined the Fraud Section in 2010. Zink was appointed Acting Principal Deputy Chief in May 2017 and assumed the role of Acting Chief in January 2019 after serving as a supervisor in both the HCF and SFF Units. Since May 2019, Zink has occupied the position of Chief of the Fraud Section.


Tom is a London-based US securities partner and Head of the US Securities Group at Herbert Smith Freehills.

Tom's practice focuses on corporate finance and securities offerings, including the representation of underwriters, issuers, sponsors and other sellers on cross border (SEC registered and Rule 144A) equity and debt offerings. He also provides corporate governance and compliance advice to foreign private issuers with securities registered with the SEC and listed on US stock exchanges. 

Tom has worked across a broad range of capital markets products including in the equity (IPOs, secondary issues, block trades and convertible bonds) and debt (high grade and high yield) capital markets as well as public mergers and acquisitions and M&A financings.

Tom has been based in Paris and London for over 20 years and speaks English and French.


Yasmine is a Managing Director, and head of the Transaction Executions and Risk Management team in EMEA, within the Investment Banking Division of Goldman Sachs.  Prior to joining Goldman Sachs in 2007, Yasmine spent 10 years as a banking and Finance lawyer in New Zealand and London.


Nick Shaw is a Partner in the Firm's Corporate Department. He represents private equity sponsors and banks in capital markets and acquisition finance transactions. His private equity financing experience includes numerous representations for sponsors such as KKR, Apax and Blackstone and their portfolio companies.

He received his B.A.(Jur.) from the University of Adelaide in 1991, his LL.B.(Hons.) from the University of Adelaide Law School in 1994, an LL.M.(Comm.) from the University of Adelaide Law School in 1997 and an LL.M. from Columbia University School of Law in 1997. He was a James Kent Scholar at Columbia in 1997.


Erik Morris is a Managing Director and the Head of EMEA Legal for the Investment Banking and Capital Markets division of Credit Suisse. He is responsible for providing legal coverage for a range of investment banking products, including debt capital markets, equity capital markets, leveraged finance and mergers and acquisitions.

Erik joined Credit Suisse in 2009. Previously he was at Herbert Smith (London) and Skadden Arps (New York).  He was educated at the University of California, Los Angeles (B.A.) and the University of California, Berkeley (J.D.).


John Cannon is a partner in the Compensation, Governance and ERISA Group and Co-Chair of the firm’s Corporate Governance Advisory Group.  In his practice, he focuses on all aspects of compensation and benefits, including corporate, securities, bankruptcy, employment and tax laws and ERISA.  He has extensive experience in executive compensation and corporate governance matters, Dodd-Frank and Sarbanes-Oxley, and the employee issues raised in the mergers and acquisitions context.  He also has experience advising startup companies in the biotechnology sector regarding corporate and compensation matters.   John joined the firm in 1985 and became a partner in 1994.

John currently serves on the Advisory Committee for the Salzburg Global Forum on Corporate Governance, is an Inaugural Fellow for the American College of Governance Counsel and is an Advisor to the American Law Institute’s Restatement of the Law, Corporate Governance project.  He frequently lectures at law schools, including the University of Arizona, Penn, Harvard and the University of Colorado.

John graduated from Harvard and New York University School of Law.


John W. White is a partner in Cravath, Swaine & Moore LLP's Corporate Department and serves as Chair of its Corporate Governance and Board Advisory practice. From 2006 through 2008, he served as Director of the Division of Corporation Finance at the U.S. Securities and Exchange Commission, which oversees disclosure and reporting by public companies in the United States. During his over 25 years as a partner at Cravath, John has focused his practice on representing public companies on a wide variety of matters including, more recently, public reporting and disclosure obligations, corporate governance matters and restatements, revisions and other financial crises.

John is a member of the Financial Accounting Standards Advisory Council (FASAC), which advises the Financial Accounting Standards Board (FASB). From 2010 to 2018, he served as a member of the Standing Advisory Group (SAG), which advises the Public Company Accounting Oversight Board (PCAOB). John is a member of the Board of Directors of Financial Executives International (FEI) and a member of the Board of Trustees and Chair of the Audit Committee of the Practising Law Institute (PLI). He served three years on the New York Stock Exchange’s Legal Advisory Committee, four years as Chairman of the Securities Regulation Institute, five years as Co-chair of PLI’s Annual Institute on Securities Regulation and six years on the Board of Trustees and Audit Committee of the SEC Historical Society. John was twice selected by the National Association of Corporate Directors (NACD) as one of the 100 “most influential people in the boardroom and corporate governance community.”

 


Nicholas Baumgartner is Associate General Counsel at Citigroup and is based in London. Nicholas joined Citi in 2010, and leads legal coverage of Citi’s equity capital markets and equity-linked businesses, as well as Citi’s analyst research business, throughout Europe, the Middle East and Africa. Previously, Nicholas worked in the corporate department of Freshfields Bruckhaus Deringer, where he began his legal career. In 2013, Financial News named Nicholas as one of its “40 under 40 Rising Stars” in the European legal profession.

Nicholas’ expertise includes initial public offerings and listings on global stock exchanges; follow-on offerings of major financial institutions and corporates; offerings of equity-linked securities, in particular by FIG and emerging market issuers; SEC-registered offerings and ongoing reporting filings; offerings of high-yield debt; cross-border M&A transactions; private placements; and accelerated equity offerings and block trades.

Nicholas is admitted to the New York State Bar and holds a J.D. from Vanderbilt University Law School, a B.A. in German Literature from Oberlin College and a B.Mus. in Piano Performance from Oberlin Conservatory of Music. He has published articles in the Vanderbilt Journal of Entertainment and Technology Law and in BACH, Journal of the Riemenschneider Bach Institute. Nicholas remains an active pianist and chamber musician.


Richard Cohen is General Counsel and Legal Product Architect at Nivaura, together with his role as General Counsel he focusses on the design, implementation and commercialisation of the legal technology which underpins Nivaura's offering. Prior to joining Nivaura Richard was a lawyer in Allen & Overy's debt capital markets practice where he acted for both managers and issuers and specialised in straight-debt (Regulation S and Rule 144A standalone issues, LPNs, MTN programmes, CP, CDs), covered bonds and liability management transactions. He combined his debt capital markets practice with a focus on fintech and blockchain advisory work in the context of the optimisation of securities issuance. Richard was cited in the 2019 edition of Chambers & Partners for his work in this area.


William H. Hinman is Director of the SEC’s Division of Corporation Finance.  The Division seeks to ensure that investors are provided with material information in order to make informed investment decisions, provides interpretive assistance to companies with respect to SEC rules, and makes recommendations to the Commission regarding new and existing rules.

Before serving at the Commission, Mr. Hinman was a partner in the Silicon Valley office of Simpson Thacher & Bartlett LLP, where he practiced in the corporate finance group.  He has advised issuers and underwriters in capital raising transactions and corporate acquisitions in a wide range of industries, including technology, e-commerce, and the life-sciences.

Prior to joining Simpson Thacher in 2000, Mr. Hinman was the managing partner of Shearman & Sterling’s San Francisco and Menlo Park offices.  He received his B.A. from Michigan State University with honors in 1977 and his J.D. in 1980 from Cornell University Law School, where he was a member of the Editorial Board of the Cornell Law Review.  He is a member of the Bar Association of the State of California and the Association of the Bar of the City of New York.  Mr. Hinman also is a fellow of the American Bar Foundation.


Cecil Quillen is a London-based U.S. partner of Linklaters LLP, and is the leader of the Firm’s global U.S. securities practice.  He works on a broad spectrum of securities and finance matters, with a special emphasis on cross-border offerings of debt and equity securities, particularly emerging-markets, investment-grade and high-yield/covenant-intensive debt securities, and is also actively involved in U.S.-related aspects of the Firm’s structured finance practice.  Cecil regularly speaks at a variety of professional conferences, is an officer of the Securities Law Committee of the International Bar Association and chairs its Underwriting and Distribution Subcommittee, sits on the Advisory Committee for Securities Regulation in Europe of the Practising Law Institute and served from 2005 until 2016 as a member of the board of directors of the High Yield Division of the Association for Financial Markets in Europe (formerly the European High Yield Association).

Cecil is also a member of the board of directors of Bank of Georgia Group PLC, the London-premium-listed/FTSE-250-constituent holding company for the largest commercial bank in Georgia. He is a trustee of the University of Virginia Law School Foundation and UK Friends of Harvard University.

Cecil became a partner of Linklaters in 1996 and was resident in the Firm’s New York office before transferring to the London office in 2000.  He was educated at Harvard (A.B., 1985) and the University of Virginia (J.D., 1988), clerked for Hon. John D. Butzner, Senior Circuit Judge, U.S. Court of Appeals, Fourth Circuit, and practiced for a number of years at a large New York-based law firm, before joining Linklaters.  He is admitted to practice in New York and the District of Columbia.


Mark S. Bergman is the head of the Global Securities and Capital Markets Group at Paul, Weiss, Rifkind, Wharton & Garrison LLP and is resident in the firm’s London office. Mr. Bergman joined Paul, Weiss in 1982 and was elected to partnership effective January 1, 1991. In the early 1990s, Mr. Bergman was the resident U.S. corporate partner in the firm’s Paris office.

Mr. Bergman has extensive experience in corporate finance transactions in which U.S. and non-U.S. issuers access the equity (ECM) and debt (DCM) capital markets. He has handled issuer and underwriter representations since the early 1980s, was instrumental in establishing the Securities and Capital Markets Group at Paul, Weiss in the early 1990s and began focusing on cross-border capital markets transactions in the mid-1990s. 

Mr. Bergman has handled the full range of ECM mandates, including initial public offerings, rights issues/open offers and other forms of follow-on offerings, exchange offers, privatizations, spin-offs/demergers, accelerated book-build offering and the establishment of ADR programs, and the full range of DCM mandates, including MTN and EMTN programs, Yankee bond offerings and high yield debt offerings (including in the context of leveraged acquisitions). He also has extensive experience representing financial institutions in connection with offerings of perpetual and dated hybrid securities for regulatory capital purposes, including instruments with innovative loss absorption provisions. He has significant experience with SEC-registered offerings, and he has handled Rule 144A offerings since the exemption was promulgated in April 1990, having been among the first to convert a public template to a Rule 144A template within weeks of the effectiveness of the exemption.

Over the years, Mr. Bergman has been involved in a range of domestic U.S. and cross-border public M&A transactions. In the cross-border M&A sarena, Mr. Bergman has advised on cross-border tender offers, exchange offers and going private transactions involving listed companies in the United States as well as other companies with significant levels of U.S. shareholders.

Mr. Bergman advises a range of listed companies on reporting and other obligations under the securities laws, the establishment of corporate compliance programs, and compliance with corporate governance standards under the securities laws and stock exchange rules. He has advised companies in connection with SEC and other U.S. regulatory investigations, and stock exchange proceedings.

Since 1990, Mr. Bergman has been involved in the preparation of many of the firm client alerts on securities law and corporate governance developments. He is a frequent contributor to professional journals and other publications. He regularly serves as a panelist at conferences and seminars on a range of capital markets, financial reporting, corporate governance, corporate compliance and other securities law topics, including trends in the global capital markets, emerging disclosure topics and securities enforcement trends. He is one of the firm's two principal points of contact on issues relating to the June 2016 UK referendum on withdrawal from the European Union.

Mr. Bergman received his B.A. from Bowdoin College in 1978 (magna cum laude), his M.A. from the University of Virginia in 1979 and his J.D. from Washington College of Law, American University, in 1982, where he was editor-in-chief of the Law Review. Mr. Bergman is admitted to the Bars of the State of New York and the District of Columbia.


Sebastian R. Sperber is a partner at Cleary Gottlieb Steen & Hamilton LLP based in the London office. Sebastian’s practice focuses on international capital markets transactions and merger and acquisition transactions. He regularly counsels companies on compliance with U.S. securities law requirements and related corporate governance matters.

Sebastian has devoted a substantial amount of time to working on global equity offerings, including privatization transactions in several countries. Sebastian’s M&A experience includes both public and private transactions in various industries in Europe and Asia. His practice also includes derivative products, and he has assisted a number of clients in structuring OTC and listed instruments.

Sebastian has been recognized by Chambers Global, Chambers UK, The Legal 500 UK and IFLR 1000: The Guide to the World’s Leading Financial Law Firms for his work in the debt and equity capital markets, and by IFLR 1000: The Guide to the World’s Leading Financial Law Firms in the M&A category.

Sebastian is widely published on topics in the capital markets, and frequently speaks on such topics at professional conferences. Publications co-authored by him include the firm’s treatise on U.S. Regulation of the International Securities and Derivatives Markets and The Sarbanes-Oxley Act: Analysis and Practice (2003).

Sebastian received a J.D. in 1988 from Columbia Law School, where he was a Harlan Fiske Stone Scholar and Editor-in-Chief of the Columbia Journal of Transnational Law, and a Bachelor of Arts, cum laude, in 1985 from Columbia College.

Sebastian joined the firm in its New York office in 1988 and became a partner in 1997. From 1990 to 2000 (except for a stint in Hong Kong in 1998), he was resident in the London office. He spent 2001 to early 2004 in Hong Kong and then returned to London. He is a member of the Bar in New York.


Adam is a Managing Director of Morgan Stanley and is Chief Risk Officer of the firm’s Global Capital Markets business in EMEA, based in London. Adam joined Morgan Stanley in 2010, working in Equity Capital Markets. In his current role, among other responsibilities, he chairs Morgan Stanley’s EMEA Equity Underwriting Committee and oversees the Capital Markets Execution and Transaction Management teams across equity and debt products in the region. Adam also represents the firm on Capital Markets boards and committees of industry organisations in EMEA, including the Association for Financial Markets in Europe and the International Capital Markets Association. Before joining Morgan Stanley, Adam was a corporate lawyer at Linklaters LLP in London. Adam holds a Bachelor of Law degree from the University of Exeter.


As Vice Chairman, Stakeholders & Client Service, Mike is responsible for overseeing PwC’s Government, Regulatory Affairs & Public Policy Office. In this role, Mike engages with a broad range of regulators, government agencies, legislative bodies, and non-government organizations important to PwC and its clients.

Mike has more than 30 years of professional experience with PwC.

Prior to his appointment as a Vice Chairman, he was the firm's Managing Partner, Assurance Quality where he led PwC's U.S. Assurance National Office (National Office). National Office functions include: Accounting Services; SEC Services; Risk Management; Strategic Thought Leadership; and Auditing Services Methods and Tools. In this role he was also responsible for PwC's Assurance Learning & Development, Regulatory Relations, and Inspections groups.

Prior to his appointment as a Managing Partner, Mike held other National Office leadership positions including: U.S. National Office Leader; U.S. Chief Accountant; U.S. Risk Management Leader; and National Office Accounting Consulting Partner. Prior to joining the National Office, he served as a Global Engagement Partner on a number of multinational SEC registrants focused primarily in the chemical/industrial products sector. 

Mike served on PwC's U.S. Board of Partners and Principals, including the Finance, Governance, and Clients and Strategy committees.

From 2010-2016 Mike served as member of the Public Company Accounting Oversight Board's (PCAOB) Standing Advisory Group (SAG). He also served on The Center for Audit Quality's (CAQ) Professional Practice Executive Committee (PPEC) which he chaired from 2011-2016. Mike is a frequent speaker at profession related events and is a member of the AICPA and PICPA.


Sachin (Sach) is a U.S.-qualified partner in the international capital markets department of Allen & Overy in London. Sach specialises in advising foreign governments, issuers and investment banks in connection with international debt and equity offerings, including Rule 144A, Regulation S and other private placement transactions as well as U.S. SEC- registered offerings. Sach is an active member of our EMEA practice and has played a key role in a large number of equity and debt transactions within developed and emerging markets in the region.

Sach has been ranked as a leading individual for emerging markets and a noted lawyer for debt capital markets in the latest edition of Legal 500 as part of A&O’s tier 1 teams in debt capital markets and emerging markets, a highly regarded lawyer in IFLR 1000 and has been ranked by Chambers for his capital markets work in Turkey. Sach worked in New York for eight years before joining Allen & Overy in 2008 and has been a partner since 2011.

Professional qualifications

  • Admitted to the bar, State of New York, USA, 2000
  • Admitted as barrister and solicitor, Ontario, Canada, 2000
  • Registered foreign lawyer, England and Wales, 2011

Academic qualifications
BA, Economics
LLB (Hons), University of Toronto, 1998
MBA, University of Toronto, 1998