Global Head of Financial Services
Norton Rose Fulbright LLP
Related services and key industries
- Business ethics and anti-corruption
- Capital markets
- Corporate, M&A and securities
- Financial services and regulation
Key industry sectors
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.
- 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.
Regulation Tomorrow Plus – HM Treasury consults on the UK’s financial services regime for cryptoassets
Podcast | February 02, 2023
New briefing note: Digital Operational Resilience for the Financial Sector (DORA): 10 things to know
Blog | January 18, 2023
Podcast | January 17, 2023