Jonathan Herbst

Global Head of Financial Services
Norton Rose Fulbright LLP

United Kingdom
T:+44 (20) 74443166
United Kingdom
T:+44 (20) 74443166
Jonathan Herbst

Jonathan Herbst



Jonathan Herbst is a financial services law and regulation lawyer based in London and is the global head of financial services regulation.

Jonathan is a leading practitioner in the field of financial services law and regulation, and advises a broad range of clients based in the UK and globally. He is recognized for his extensive and significant experience in bank structuring and advisory work. In particular, he has advised a number of banks on their documentation and systems and controls projects to implement the Senior Managers Regime. 

Jonathan is ranked Band 1 in Chambers and Partners, 2023 and in the Hall of Fame in Legal 500, 2023 where clients describe him as, "unflappable and always a reassuring, calm and pragmatic presence", providing "first-class advice and support."

Prior to joining the firm as a partner in October 2002, Jonathan was Head of European Law at the UK Financial Services Authority from 2001 to 2002. 

Professional experience

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  • Solicitor, qualified in England & Wales
  • Non,practising barrister, qualified in England & Wales
  • Advising KKR on the regulatory aspects of numerous transactions including its EUR 600 million acquisition of a majority stake in European payment services firm heidelpay; and its $3.3 billion take private of Spanish telecoms company MasMovil alongside Cinven and Providence.
  • Advising PGIM Financial Limited on the implementation of the UK's Investment Firms Prudential Regime (IFPR) and the new MiFIDPRU Remuneration Code.
  • Assisting an investment manager implement the Senior Managers & Certification Regime (SMCR) by working in partnership with the client on multiple work streams including liaising with key teams on the detail of the rules and requirements of the regulator; and addressing a range of regulatory, governance, systems and controls queries.
  • Providing ongoing regulatory support to Citadel on a broad range of matters including on the post-Brexit legislative and regulatory environment.
  • Advising Bain Capital on its year-long effort to acquire LV=, the UK's second largest insurance mutual. We provided extensive and wide ranging regulatory, compliance and risk management advice to Bain Capital.
  • Advising BMO Financial Group on the sale of its EMEA asset management business to Ameriprise Financial, Inc.
  • Advising an investment manager in relation to various IFPR related matters and in particular in relation to the application of various K-Factors.   
  • Advising a bank on the transfer of its global markets operation into the UK, which involved assisting on regulatory applications and the preparation of client documentation.
  • Regulatory advice on the branch authorisation of a large US bank.
  • Assisting a UK bank with its regulatory capital issues.
  • A review exercise for the purpose of advising a bank following whistleblowing allegations made in relation to the Bank's compliance with its regulatory requirements.
  • Advising on a number of bank, broker and asset manager projects including two globally systemic banks.
  • Advising numerous banks on conduct and prudential related issues.

Band 1, Financial services regulation, Chambers and Partners, 2023
"He's unflappable and always a reassuring, calm and pragmatic presence. Jonathan provides first-class advice and support"

Hall of Fame, Practice, The Legal 500, 2023
"incredible breadth of knowledge and experience, manner that is attractive to all and incredible pragmatism – real value add"

Band 1, Financial Services – Non-contentious Regulatory, Commodities: Derivatives & Energy Trading, Chambers and Partners UK, 2023
"'high-profile figure in the financial regulatory arena"
"frequently advises household names in banking on cross-border compliance programmes".

  • A Practitioner's Guide to MiFID, Commodity derivatives chapter: Co-author
  • Financial Regulation Service (Butterworths) e-commerce volume: Co-author
  • Brexit and Financial Regulation (Oxford University Press): Contributor and co-editor. 

Jonathan is a leading commentator on Brexit and has been quoted and extensively referenced in a number of publications including Financial News, Reuters, FT Financial Adviser and City AM. Jonathan gave evidence to the House of Lords EU financial affairs sub-committee inquiry on the impact of Brexit on financial services. He also moderated a panel discussion at City & Financial's Beyond Brexit Summit, titled 'Towards a new model for UK financial services regulation'.  

Jonathan has an increasing quasi-public sector profile. He has been instructed by the likes of IRSG to chair the branches Future Regulation Group and UK Finance on the Bounce-Back bond HM Government initiative. 

Jonathan regularly participates in public events, where he acted as chair for plenary discussions at City & Financial's 'The UK's Post-Transition Regulatory Regime for Financial Services' in November 2020 and the Financial Services Summit in May 2022 .

Jonathan is a frequent speaker at financial services conferences.