Jonathan Herbst (UK)

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Seminar – Markets infrastructure: The big picture post-Brexit

The Norton Rose Fulbright annual Markets Infrastructure seminar is back! Please join us from 15:45 – 19:00 on Thursday, 8 September 2022 for an update and discussion on key topics in the world of trade and post-trade. The seminar will be of interest to legal, compliance and risk professionals working with the buy and sell … Continue Reading

FCA portfolio letter on the Alternatives Supervisory Strategy

On 9 August 2022, the FCA published a portfolio letter on its Alternatives Supervisory Strategy. The letter outlines the FCA’s updated supervisory strategy and priorities for firms within its ‘Alternatives’ portfolio together with firms that are predominantly active in the alternative investment sector (together firms). The FCA’s alternatives portfolio is comprised of FCA authorised firms … Continue Reading

New podcasts on the Financial Services and Markets Bill

In the latest episodes of our Regulation Tomorrow podcasts: Jonathan Herbst and Hannah Meakin provide a high-level overview of the Financial Services and Markets Bill which was introduced on the 20 July 2022 (Apple podcasts / Spotify). Jonathan Herbst, Hannah Meakin and Albert Weatherill focus specifically on the Bill’s provisions relating to critical third parties … Continue Reading

FCA consults on broadening retail access to the long-term asset fund

On 1 August 2022, the FCA published Consultation Paper 22/14 ‘Broadening retail access to the long-term asset fund’ (CP22/14). In CP22/14 the FCA sets out proposals for broadening the retail distribution of long-term asset funds (LTAFs) to more categories of retail investors, whilst including further investor protections. The FCA is proposing to treat a LTAF … Continue Reading

FCA publishes policy statement on new Consumer Duty

On 27 July 2022, the FCA published Policy Statement 22/9 ‘A new Consumer Duty – Feedback to CP21/36 and final rules’ (PS22/9). This was accompanied by the FCA’s ‘Final non-Handbook Guidance for firms on the Consumer Duty’ (FG22/5). PS22/9 follows Consultation Papers 21/36 and 21/13 on the new Consumer Duty, which the FCA published in … Continue Reading

Regulation Around the World – Beyond Sanctions

What have the financial services regulators been doing following the sanctions imposed on Russia? In the latest instalment of our Regulation Around the World series we cover some of the regulatory alerts that financial services regulators have issued in key jurisdictions. Our global updater focussing on the regulatory alerts is accompanied by further analysis in our … Continue Reading

Happy Easter to our readers

To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading

RT Plus – Beyond Sanctions – Market conduct and Economic Crime Bill

In the first instalment of our ‘Beyond Sanctions’, Jonathan Herbst and Haney Saadah consider market conduct issues in light of the developments in Ukraine and the UK’s Economic Crime Bill. The podcast is available to stream and download from the Norton Rose Fulbright website, Apple Podcasts and Spotify.… Continue Reading

New episode of RT Plus – CP 22/2 – Strengthening our financial promotion rules for high risk investments, including cryptoassets

A new episode of RT Plus is available to stream and download. In this episode, Jonathan Herbst and Hannah Meakin discuss the FCA’s recent consultation paper, CP22/2 – Strengthening our financial promotion rules for high risk investments, including cryptoassets. CP22/2 has been long anticipated, having been trailed by a discussion paper on the same topic … Continue Reading

New FCA webpage on financial sanctions measures in relation to Russia

On 22 February 2022, the FCA published a new webpage concerning its expectations of firms in light of the UK’s sanctions on Russia. The key message from the FCA is that it expects firms to have established systems and controls to counter the risk that they might be used to further financial crime and this … Continue Reading

FCA issues statement on supervision of commodity derivative position limits

On 20 December, the FCA published a statement on its website regarding the supervision and enforcement of commodity derivative position limits (‘the Statement’). The Statement reiterates the position taken in its December 2020 Supervisory Statement (‘2020 Statement’) that the FCA did not intend to take supervisory or enforcement action for positions that exceed limits where … Continue Reading

Merry Christmas and a Happy New Year to our readers

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 6 January 2021 although if there are any significant developments we will endeavour to provide an update.… Continue Reading

The Future Regulatory Framework Review – RT Plus Podcast out now

Another episode of RT Plus is out now to stream and download. In this episode we are delighted to be joined by UK Finance’s Director of Strategy and Policy, Matthew Conway, for a lively discussion on the Treasury’s latest consultation paper on the Future Regulatory Framework Review. In this episode, Jonathan Herbst and Matthew Gregory … Continue Reading

The UK TPR is ending – what should EU firms do next?

The recording of our recent webinar ‘The UK TPR is ending – what should EU firms do next’ is now available. The webinar, which is targeted both at standalone EU firms using the temporary permissions regime (TPR) and at EU firms using the TPR who are within those groups with a UK presence, covers the … Continue Reading

Norton Rose Fulbright | Transactions special: Deal making in a regulated environment

3 More London Riverside SE1 2AQ  08 December 2021 | 08:50 – 09:30 GMT There have been many macro-economic factors driving enhanced deal volumes in the last few years, from Brexit to pandemic-related realignments. Transactions involving regulated entities present unique challenges to principles, as well as their lawyers and other advisors throughout the transaction timeline. … Continue Reading

Latest episode of the RT Plus Evolution and Divergence series – out now

The latest episode of the RT Plus podcast series on Evolution and Divergence – Markets in the EU and UK, is out now. In this third episode we look at potential changes to the bonds and derivatives regime in both the UK and Europe. With the Wholesale Markets Review currently underway in the UK and … Continue Reading

Norton Rose Fulbright | Transactions special: Deal making in a regulated environment

3 More London Riverside SE1 2AQ 08 December 2021 | 08:50 – 09:30 GMT There have been many macro-economic factors driving enhanced deal volumes in the last few years, from Brexit to pandemic-related realignments. Transactions involving regulated entities present unique challenges to principles, as well as their lawyers and other advisors throughout the transaction timeline. … Continue Reading

Open Banking around the world 2021 | A global comparative guide

Since open banking was first implemented in the UK through the PSD2 and the Open Banking Standard in 2018, jurisdictions around the world have adopted their own approaches, and the concept has gained momentum internationally. The open banking around the world comparative guide profiles the new approaches being taken to facilitate open banking throughout key … Continue Reading

RT Plus episode on commodities firms under the UK IFPR regime – out now

The latest episode of RT Plus is out now to stream and download. This episode continues our UK IFPR Series and focusses on the requirements imposed upon commodities firms. In this episode of RT Plus, Jonathan Herbst, Hannah Meakin and Jochen Vester discuss the application of the IFPR regime to commodities firms at a macro … Continue Reading

UK Investment Firms Prudential Regime final rules published

On 22 October 2021, the Financial Conduct Authority (FCA) published a press release regarding Investment Firms Prudential Regime (IFPR) final rules. The rules aim to streamline and simplify prudential requirements for solo-regulated UK firms authorised under the Markets and Financial Instruments Directive (MiFID). It will focus requirements and expectations away from the risks faced by … Continue Reading

RT Plus Evolution and Divergence Series – Episode 2 on equities is out now

The second episode in our special RT Plus series, Evolution and Divergence: Markets in the EU and UK, is out now to download and stream. In this mini-series, we are examining the evolution of the markets regime in both the UK and EU, drawing out any divergences are likely to emerge. In this episode, Jonathan … Continue Reading

RT Plus – The PRA’s approach to branch and subsidiary supervision – PS19/21 – out now

An RT Plus episode on the PRA’s PS19/21 policy statement on branch and subsidiary supervision is out now to stream and download. In this latest episode, Jonathan Herbst and Matthew Gregory discuss the impact of this on foreign firms operating by way or branch or subsidiary in the UK. RT Plus and the Regulation Tomorrow … Continue Reading
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