Jonathan Herbst

Global Head of Financial Services
Norton Rose Fulbright LLP

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

Jonathan Herbst

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Biography

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.

Jonathan is ranked in a number of categories across Chambers, including Band 1 for Financial Services: Non-contentious Regulatory and Band 3 for Commodities: Derivatives & Energy Trading. Clients rate him highly, commenting that "Jonathan is a well-known and respected figure in the industry. He has a client focus and is always available to answer questions. He's a powerhouse in terms of his breadth of knowledge and expertise." and "Jonathan is a really good full-service lawyer. He is credible and works phenomenally hard." Others added "Jonathan is faultless." and "Jonathan is always super helpful and pragmatic in his approach, and you feel like he understands your needs as a client".

Hall of Fame, Financial Services: contentious  The Legal 500 UK 2025
“Jonathan has an impressive understanding of the legal and regulatory framework. He is able to advise in a calm and reassuring manner across a number of complex and sensitive matters.”  “He has a wealth of international experience. His awareness, pragmatism, and extensive experience make him a pleasure to work with.”

  • 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.