Jonathan Herbst

Global Head of Financial Services
Norton Rose Fulbright LLP

United Kingdom
T:+44 20 7444 3166
United Kingdom
T:+44 20 7444 3166
Jonathan Herbst

Jonathan Herbst



Jonathan Herbst is the Global Head of Financial Services Regulation and joined the London practice as a partner in October 2002. He was previously Head of European Law at the UK Financial Services Authority from 2001 to 2002. 

Jonathan is a leading practitioner in the field of UK and EU financial services law and regulation. He specialises in regulatory advice relating to bank structuring, markets, commodity derivatives, custody and clearing and the regulatory aspects of acquisitions and disposals. Much of his work now involves strategic advice to senior management and legal teams on the implications of regulatory reform and relationships. 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, where he is "noted for his strength in the regulatory compliance space", as well as being recognised in Legal 500's Hall of Fame where he is "praised for forward thinking and ability to listen". In 2014 he won the Legal Week Client Partner of the Year (Global firm category) award. General Counsel who took part in the Legal Week survey described Jonathan variously as "brilliant", "flexible and interactive", having "excellent kudos" and being "incredibly bright and knowledgeable".

Jonathan is a leading commentator on Brexit and co-authored a report for the Financial Services Forum on regulatory equivalence which was extensively referenced in a number of publications including Financial News, Reuters, FT Financial Adviser and City AM.  As testament to his expertise on the topic, Jonathan gave evidence to the House of Lords EU financial affairs sub-committee inquiry on the impact of Brexit on financial services.

Jonathan is a member of the Law Society Financial Services sub-committee and the FCA Lawyers Consultative Group.  Jonathan is the editor of 'A Practitioner's Guide to MiFID II', published in 2018. Additionally, he is the co-author of the e-commerce volume of the Butterworths Financial Regulation Service, has written articles on market abuse and other regulatory issues for the Journal of International Financial Markets and is a frequent speaker at financial services conferences.

Jonathan's recent experience includes:

  • Advising on the HSBC re-domicile project in 2015 and the ring fencing project for HSBC UK over the past three years
  • Advising on a number of bank, broker and asset manager projects including two globally systemic banks
  • Advising on various private equity regulatory issues for major private equity houses
  • Long standing adviser together with other partners in the team to CME

Professional experience

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  • Solicitor, qualified in England & Wales


The future of UK regulation: 10 things to think about

Publication | June 08, 2021

NRF Outsourcing Toolkit

Publication | March 16, 2021

Financial services 40 minute briefing: The changing shape of the retail sector

Webinar | March 03, 2021


Publication | February 26, 2021