Our Curious Amalgam

In February 2025, new rules for the pre-merger notification requirements in the U.S. came into effect. But will a February 2026 court decision undo these changes? Daniel Rosenthal, partner at Kirkland & Ellis, joins Jaclyn Phillips and Lexi Michaud to discuss a decision vacating the new rules, the subsequent appeal, and what might happen next. Listen to this episode to learn more about how to navigate merger filings in an uncertain time. With special guest: Daniel Rosenthal, Partner, Kirkland & Ellis Related Links: OCA #297 - HSR You Kidding Me? Unpacking the New Requirements for Merging Parties in the U.S. Hosted by: Jaclyn Phillips, Proskauer Rose and Lexi Michaud, Fried Frank

Over the last few decades, prior approval requirements were considered an extraordinary remedy in merger settlements, yet their use has fluctuated in agency enforcement across recent administrations. Where do the FTC and DOJ stand in their current practice? Bilal Sayyed, a Counsel at the Cadwalader law firm, and antitrust professor and former FTC policy leader, speaks with Anora Wang and Jeny Maier about the role of prior approval provisions in modern merger enforcement and what their recent rise—and retreat—signals about agency policy. Listen to this episode to learn how prior approval differs from traditional HSR review, when agencies have relied on such provisions, and what the evolving approach means for merging parties and future dealmaking. With special guest: Bilal Sayyed, Counsel, Cadwalader, Wickersham & Taft Related Links: 2021 FTC Statement on Use of Prior Approval Provisions in Merger Orders Bilal Sayyed, U.S. Antitrust Agency Merger Roundup & Commentary: FTC Reverses Routine Use of Prior Approval Requirements in Merger Settlements, Trump Antitrust Leadership Continues Departure from Antitrust Merger Policies of Previous Administration (July 15, 2025) Hosted by: Anora Wang, Arnold & Porter and Jeny Maier, Axinn, Veltrop & Harkrider

States have become increasingly active participants in merger enforcement, often conducting independent analyses and, at times, intervening alongside federal agencies in high-profile cases. What goes into states' analyses and decisions to intervene? Anthony Mariano, Chief of the Antitrust Division at the Massachusetts Office of the Attorney General, speaks with Lexi Michaud and Anora Wang about how states approach merger enforcement in parallel with the DOJ and FTC, the importance of independent state scrutiny, and, using the HPE–Juniper transaction to guide the discussion, how the Tunney Act promotes transparency and public interest oversight of federal settlements. With special guest: Anthony Mariano, Antitrust Division Chief, Massachusetts Office of the Attorney General Hosted by: Lexi Michaud, Fried Frank and Anora Wang, Arnold & Porter

State attorneys general are taking a more active role in merger control, with Colorado and Washington leading the way on new "mini-HSR" notification regimes. What do these new state pre-merger filing laws require, and how should companies and practitioners navigate them alongside the federal Hart-Scott-Rodino Act? Assistant Attorneys General Paula Pera Czollak and Bryn Williams join hosts Puja Patel and James Hunsberger to discuss the origins of the Uniform Antitrust Pre-Merger Notification Act, lessons from the first months of filings in Colorado and Washington, key interpretive questions practitioners are raising, and what the spread of state mini-HSRs could mean for national antitrust enforcement. Listen to this episode to learn more about how emerging state-level merger notification regimes are reshaping the U.S. antitrust landscape and what companies need to know now. With special guests: Paula Pera Czollak, Assistant Attorney General, Antitrust Division, Washington State Office of the Attorney General and Bryn Williams, First Assistant Attorney General, Colorado Attorney General's Office, Leader of Antitrust Unit Related Links: https://www.atg.wa.gov/premerger-notifications  Hosted by: James Hunsberger, Axinn, Veltrop & Harkrider and Puja Patel, Cleary Gottlieb Steen & Hamilton

China's antitrust regime has evolved rapidly over the past decade. What role does economic analysis play in the actual enforcement? Anora Wang and Kathleen Hu speak with Dr. Vanessa Zhang of Compass Lexecon about the growing role of economic analysis in Chinese competition law, drawing on her experience advising China's antitrust authority and serving as a testifying expert in high-stakes cases. The conversation explores how economic evidence is developed, evaluated, and increasingly relied upon in China's evolving antitrust regime. With special guest: Vanessa Zhang, Executive Vice President, Compass Lexecon Related Links: The Complex Geopolitics of Digital Regulation: The Three Body Problem Hosted by: Anora Wang, Arnold & Porter and Kathleen Hu, Cornerstone Research

Businesses are increasingly considering the use of generative AI for work that historically relied on human creativity, including in the area of marketing and advertising. But can ads made with gen AI really be more effective than human-created ads? Professor Vilma Todri of Emory University Goizueta Business School joins Kathleen Hu and Jaclyn Phillips to discuss her recent research on the impact of visual generative AI on advertising effectiveness. Listen to this episode to learn more about how gen AI is being used in advertising and the implications for ad effectiveness and AI disclosure policies. With special guest: Vilma Todri, Associate Professor, Goizueta Business School of Emory University Related Links: The Impact of Visual Generative AI on Advertising Effectiveness Hosted by: Kathleen Hu, Cornerstone Research and Jaclyn Phillips, Proskauer Rose

In 2006, various parties came together to form Brazil's Amazon Soy Moratorium in an effort to curb illegal deforestation in the Amazon Rainforest. Today, challenges regarding Brazil's Soy Moratorium continue to mount, with passionate advocacy from farmers, environmentalists, government agencies, and international organizations. What might seem a cut-and-dry conflict between free enterprise and environmental conservation becomes more complicated when we delve deeper. With an antitrust cartel investigation in limbo, a pseudo-private agreement to arguably higher deforestation standards than those instituted by the government, and international observers on the scene, including customers and climate activists, the facts surrounding Brazil's Soy Moratorium are ripe for unpacking. Our guest today is antitrust attorney Eduardo Frade, who joins Barry Nigro and Anora Wang to discuss Brazil's Soy Moratorium and the various antitrust and competition questions it raises. With special guest: Eduardo Frade, Partner, Mattos Filho Related Links: General Superintendence of the Administrative Council for Economic Defence (CADE) decides to adopt preventive measures to suspend the Soy Moratorium Hosted by: Barry Nigro, Fried Frank and Anora Wang, Arnold & Porter

The past few years have been a critical time in the development of data privacy laws and the regulation of AI in the United States. As we look toward 2026, the complexities are only increasing. In this episode, the Antitrust Law Section's Privacy and Information Security (PRIS) Committee joins forces with OCA to focus on the highlights of 2025 and predictions for 2026. Hosts Alicia Downey and Anora Wang talk to PRIS Committee vice chairs Jessica Cohen of Verizon Communications and Alex Brown of Alston & Bird about why the next 12 months could redefine how AI and data privacy are regulated at the federal and state levels. In addition, listeners will hear from Jessica about being a mother of five, and get an update on Walter, a beauty pageant-winning dog, who was just a puppy when Alex was a featured guest on OCA Episode #89 back in 2020. With special guests: Jessica Cohen, Senior Counsel, Regulatory Affairs, AI, Cybersecurity & Privacy, Verizon Communications and Alexander G. Brown, Partner, Alston & Bird LLP Related Links: Kathleen Benway, Alexander G. Brown, Maki DePalo, Jennifer C. Everett, Graham Gardner & Hyun Jai Oh, "Flurry of FTC Activity Shows Enforcement Emphasis on Youth Protection," 12 PRATT'S PRIVACY &CYBERSECURITY LAW REPORT 8 (LexisNexis A.S. Pratt 2026) Alexander G. Brown & Katherine Doty Hanniford, "First 100 Days – Federal Privacy and Cybersecurity Regulation and Enforcement Under the Second Trump Administration," Alston & Bird Advisory (May 8, 2025) Our Curious Amalgam, Episode #89 What's the Deal with Data Portability? Understanding the Competition and Privacy Aspects Surrounding the Movement of Data, November 30, 2020, featuring Alex Brown Hosted by: Alicia Downey, Downey Law and Anora Wang, Arnold & Porter

The UK merger control regime is undergoing procedural and substantive changes. What is happening and what should practicioners know? John Schmidt, solicitor at Arnold & Porter in London, joins Matthew Hall and Jaclyn Phillips to discuss the changes introduced by the UK Competition and Markets Authority's (CMA) and the UK government. Listen to this episode to learn more about new CMA jurisdictional and procedural guidance, a strategic reform of UK merger remedies and institutional changes to phase 2 merger reviews. With special guest: John Schmidt, partner, Arnold & Porter Related Links: Arnold & Porter, UK Merger Review Reform: From Merger Mystery To Remedy Rodeo (17 November 2025) UK CMA, Merger remedies (19 December 2025) UK CMA, Mergers: Guidance on the CMA's jurisdiction and procedure (19 December 2025) UK government press release, Growth placed at the heart of regulators' remit alongside new measures to boost scrutiny and transparency (21 October 2025) Hosted by: Matthew Hall, McGuireWoods and Jaclyn Phillips, Proskauer Rose

Blockchain and cryptocurrency promised to decentralize modern financial markets to take market power away from centralized financial intermediaries. But have they lived up to this promise? Hanna Halaburda, Associate Professor of Technology, Operations, and Statistics at NYU, joins Panos Dimitrellos and Christina Ma, to break down the layers of blockchain and the competitive forces and dynamics in these markets. Listen to this episode to learn more about the intersection of blockchain, crypto and antitrust. With special guest: Hanna Halaburda, Associate Professor of Technology, Operations, and Statistics, NYU Stern Related Links: Hanna Halaburda Articles and Research Hosted by: Christina Ma, Wachtell, Lipton, Rosen & Katz and Panos Dimitrellos, Secretariat Economists

Billions have been claimed under the UK competition law opt-out collective actions regime since its introduction in 2015. What issues are faced by class members, class representatives and defendants? Jeremy Robinson, solicitor at Harcus Parker in London, joins Matthew Hall to discuss the regime. Listen to this episode to learn more about how it is structured, funding issues, the first damages award and the UK government's call for evidence on its operation. With special guest: Jeremy Robinson, partner, Harcus Parker Related Links: Harcus Parker, The future of the UK's competition collective actions regime, 15 October 2025 Harcus Parker, The CJC Review of Litigation Funding, 13 June 2025 UK Department for Business & Trade, Opt-out collective actions regime review: call for evidence, 6 August 2025 UK Competition Appeal Tribunal judgment, Kent v Apple, 23 October 2025 Hosted by: Matthew Hall, McGuireWoods

Computational methods are increasingly used by competition law regulators worldwide. But what are these and can companies also take advantage? Todd Davies, PhD candidate in competition law at University College London, joins Matthew Hall and Anora Wang to discuss the issues raised by the use of computational antitrust. Listen to this episode to learn more about the pros and cons of adoption by regulators, new tools available to companies, possible responses by regulators and key takeaways for practitioners and companies. With special guest: Todd Davies, University College London Related Links: Todd Davies, The Dark Side of Computational Antitrust: When AI is Used to Evade the Law, Kluwer Competition Law Blog (October 28, 2025) Thibault Schrepel, Computational Antitrust: An Introduction and Research Agenda (January 15, 2021) Thibault Schrepel and Teodora Groza, Computational Antitrust Worldwide: Fourth Cross-Agency Report (June 18, 2025) Hosted by: Matthew Hall, McGuireWoods and Anora Wang, Arnold & Porter

GenAI is one of the fastest-growing consumer tools in history. But what have we learned about competitive dynamics in the industry? Economists Andrea Asoni and Matteo Foschi join Jaclyn Phillips and Lexi Michaud to discuss what early economic insights can help us understand about the risks and benefits posed by the growth of AI. Listen to this episode to learn more about how the development of AI impacts market development. With special guests:Andrea Asoni, Vice President, Charles River Associates and Matteo Foschi, Vice President, Charles River Associates Related Links: Contested ground: Early competition and market dynamics in generative AI Hosted by: Jaclyn Phillips, Proskauer Rose and Lexi Michaud, Fried Frank

As pay transparency laws rapidly expand across U.S. jurisdictions, companies are facing complex intersections between labor law, antitrust compliance, and pay-equity analytics. Where are the high risk areas? Ye Zhang, a labor economist and director at Resolution Economics, joins Anora Wang and Alicia Downey to unpack how state law disclosure mandates interact with competitive dynamics in labor markets, when pay benchmarking can cross antitrust lines, and how firms can design compensation systems that are both transparent and compliant. With special guest: Ye Zhang, Director, Resolution Economics   Related Links: U.S. Dep't of Justice & Federal Trade Commission, FTC-DOJ Antitrust Guidelines for Business Activities Affecting Workers (Jan. 2025) Hosted by: Anora Wang, Arnold & Porter and Alicia Downey, Downey Law

Every trial tells a story — but what happens when the storyteller becomes the judge? The honorable Judge Richard Franklin Boulware II speaks with Anora Wang and Jeny Maier on his remarkable journey from public defender to federal judge, lessons on persuasion, fairness, and the fine art of trial craft, and what it really means to keep score in the pursuit of justice. Along the way, we'll talk about competition on the field and in the courtroom, the evolving role of lawyers in upholding trust in the judiciary, and how the legal profession can help protect the judiciary from rising threats. With special guest: Judge Richard Franklin Boulware II, United States District Court for the District of Nevada Related Links: Le et al v. Zuffa, LLC, No. 2:2015cv01045 - Document 839 (D. Nev. 2023) Hosted by: Anora Wang, Arnold & Porter and Jeny Maier, Axinn, Veltrop & Harkrider

The HSR rules got a major update in February 2025, shaking up the landscape for dealmakers. How have those updated rules played out in practice? In this episode, Zachary Goodwin of Ropes & Gray discusses with Amanda Hamilton and Puja Patel the challenges and lessons learned thus far from navigating the updated rules. With special guest: Zak Goodwin, Partner, Ropes & Gray Hosted by: Amanda Hamilton, NexArc Strategies and Puja Patel, Cleary Gottlieb Steen & Hamilton

Ukraine's antitrust/competition law regime remains in place despite Russia's invasion. How are the rules enforced and what changes can we expect? Timur Bondaryev, a leading Ukrainian lawyer, joins Matthew Hall and Anora Wang to discuss merger control and antitrust/competition law enforcement and practice in Ukraine as well as the proposed introduction of foreign direct investment (FDI) control. Listen to this episode to learn more about the past, present and future of the rules in this important jurisdiction. With special guest: Timur Bondaryev, Senior Partner, Arzinger Related Links: Ukraine: Antitrust Enforcement in Challenging Times, Concurrences (November 2023) Merger control in Ukraine: positive developments for global deals despite wartime challenges, Competition Law International (June 2025) Hosted by: Matthew Hall, McGuireWoods and Anora Wang, Arnold & Porter

Antitrust enforcers have grown increasingly skeptical of merger remedies over time, but their approach varies with each administration. Where do antitrust enforcers in the second Trump administration stand on merger remedies? Adam Di Vincenzo, an antitrust deal lawyer, joins Amanda Hamilton and Jaclyn Phillips to discuss these shifts and offers practical advice for proposing merger remedies given the current landscape. Listen for insights on recent merger settlements and best practices for proposing merger remedies. With special guest: Adam Di Vincenzo, Partner, Milbank LLP Hosted by: Amanda Hamilton, NexArc Strategies and Jaclyn Phillips, Proskauer Rose

The concept of intent is usually considered of little relevance to EU competition law enforcement and practice. But is that the reality and should this change? Maya-Salomé Garnier, lecturer at Aix-Marseille University, joins Matthew Hall and Alysha Pannu to discuss her book "Intent in Competition Law", which is the published version of her 2023 PhD thesis. Listen to this episode to learn more about the real role of intent in competition law and how an understanding of this can be used in practice. With special guest: Maya-Salomé Garnier, Maître de conférences en droit privé et sciences criminelles, Aix-Marseille Université, France Related Links: Intent in Competition Law, Maya-Salomé Garnier (Concurrences, 2025) Hosted by: Matthew Hall, McGuireWoods and Alysha Pannu, Osler Hoskin & Harcourt

Reverse acquihires are turning traditional merger dynamics on their head, raising fresh questions for dealmakers and regulators alike. But what exactly are the antitrust and HSR implications when talent, not technology or assets, drives the transaction? Sam Weinstein, Professor of Law at the Benjamin N. Cardozo School of Law, joins hosts Lexi Michaud and Anant Raut to unpack how reverse acquihires fit within existing merger frameworks, what, if anything, triggers reporting obligations, and where enforcement agencies may focus next. Listen to this episode to learn more about how shifting deal structures are testing the boundaries of antitrust review and compliance. With special guest: Sam Weinstein, Professor of Law at the Benjamin N. Cardozo School of Law and Faculty Co-Director of the Heyman Center on Corporate Governance Related Links: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5316792 Hosted by: Lexi Michaud, Fried Frank and Anant Raut