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 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. 

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
  • Regulatory advice in relation to a global banks domicile review; this involved discussions and advisory work in relation to the potential impact of MiFID II and MiFIR.
  • 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. 
  • Providing regulatory advice on the branch authorization of a large US bank. 
  • Assisting a UK bank with its regulatory capital issues. 
  • Undertook 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 banks on their documentation and systems and controls projects to implement the Senior Managers Regime.
  • Documentation and systems and controls reviews for a global bank on its handling of inside and confidential information.
  • 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 – NRF FS&M Bill sound bytes

Podcast | November 24, 2022

Regulating crypto-assets in Europe: Practical guide to MiCA

Publication | September 21, 2022


Publication | August 31, 2022