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Norton Rose Fulbright

Jonathan Herbst

Tel:
Work 44 20 7444 3166
Email:
Norton Rose Fulbright

Work Department

Corporate, M&A and securities; regulation and investigations

Career

http://www.nortonrosefulbright.com/uk/people/3515


London: Corporate and commercial

Financial services

Within: Leading individuals

Jonathan Herbst - Norton Rose Fulbright

Within: Financial services

Benefiting from 'great experience in the area', Norton Rose Fulbright provides 'excellent all-round advice' to both retail and wholesale clients, both from a purely domestic standpoint as well as internationally - where it is able to leverage its huge global footprint. Aided by the firm's government relations and public policy team across Brussels, London and Washington, DC, and also with a large team of compliance and risk professionals working alongside the regulatory lawyers, the team is able to provide a holistic service which is mindful not only of the strict legal regulatory hurdles but also how to adapt in a commercial and practical way. The 'incredible' Jonathan Herbst heads up the office's four-partner non-contentious offering and has been at the forefront of thought leadership of major change in the industry including in relation to MiFID ii and Brexit (he recently co-authored a report for the Financial Services Forum on EU equivalence). Hannah Meakin has also been at the forefront of the firm's MiFID ii work on behalf of wholesale banking clients. In addition, Meakin's practice has also seen her active on the fintech front and in this regard she recently assisted Web 3.0 Technologies Foundation on its initial coin offering to support the creation of the a scalable, heterogeneous multi-blockchain system that would allow greater connectivity and inter-operability between blockchains. Imogen Garner leads the team's work on the buy-side and is advising The Investment Association (the leading trade association for the UK's asset management industry) on changes to the model documents used by its members to take into account the changes ushered in by MiFID ii. Spearheaded by dual-US and UK qualified partner Lista Cannon on the contentious side, the firm has the 'advantage of being able to draw on experience of being involved in cases with both a UK and US dimension', a strength which was further reinforced by the firm's recent merger with Chadbourne & Parke. Praised for her 'great strategic vision', Lista excels in handling multi-jurisdictional regulatory investigations/enforcements, and following five years of investigations and regulatory proceedings in the US and Europe achieved a notable victory on behalf of a former senior executive at JP Morgan, following the US government's decision to dismiss all civil and criminal charges against him.  Katie Stephen is also recommended for her contentious expertise and in addition to defending clients before the FCA and PRA, has also handled several Skilled Persons (section 166) reviews.

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London: Finance

Commodities: derivatives

Within: Commodities: derivatives

Norton Rose Fulbright is a strong player in the structured trade and commodity finance market, which requires significant expertise in commodity derivatives. The firm advises banks, development finance institutions, traders, producers and exporters in a broad range of commodities markets. Jonathan Herbst is global head of financial services and frequently advises on regulatory matters affecting trading, custody and clearing. Hannah Meakin is also recommended for advice on custody, brokerage and clearing. Daniel Franks has extensive experience in OTC derivatives and structured products, and handles commodity derivatives as part of structured trade finance transactions. The firm counts BTG Commodities (UK), Cargill and JPMorgan among its clients.

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Commodities: physicals

Within: Commodities: physicals

Norton Rose Fulbright is regarded as a strong firm for matters arising from the production, shipping,  transportation, warehousing, collateral management, financing and hedging of physical commodities, and it frequently handles complex disputes and regulatory matters arising from such activities. Among its clients are banks, DFIs, traders, producers and exporters in both emerging and developed markets. The practice is led by Nicholas (Nick) Grandage, who is head of banking and finance for the EMEA region and who has a stellar trade finance practice. He recently acted for Louis Dreyfus Company in in the disposal of its fertilisers and inputs businesses in Europe and Africa to Helios Investment Partners, which included the restructuring of commodity financing structures. Newly promoted partner Andrew Wood specialises in structured finance transactions in the commodities sector. He advised Standard Chartered Trade Services Corporation on an advance payment supply agreement for the purchase of LME-grade metals from an Indian supplier. Also recommended are litigator Neil Miller, newly promoted disputes partner Holly Stebbing and regulatory specialist Jonathan Herbst.

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Derivatives and structured products

Within: Derivatives and structured products

Norton Rose Fulbright's structured finance and derivatives practice sits within the capital markets group and is led by Nigel Dickinson and Daniel Franks, who have strong relationships with investment banks and count Goldman Sachs, JPMorgan Chase, Bank of America Merrill Lynch, Citibank and Commerzbank among their clients. Dickinson acted for a syndicate of investment banks including Credit Suisse, Deutsche Bank and Natixis on a $3.1bn loan to the Central Bank of Egypt, which in return transferred $4bn of collateral in the form of sovereign bonds issued by the Arab Republic of Egypt. He also acted for Merrill Lynch International on a repackaging transaction whereby Galaxy Capital Public Limited issued notes under its $50bn limited recourse secured debt issuance programme in respect of bonds issued by Novo Banco. Derivatives specialist Hannah Meakin also played a key role in that deal. A highlight for Franks was his work for a global investment bank on a template for total return swap to maturity confirmation, which involved a synthetic financing arrangement structured as a TRS and with embedded credit-linked mechanics, for use across the EMEA and APAC regions. Franks also advised a commodities broker on EMIR variation margin regulations and the negotiation of ISDA agreements. Derivatives specialist Jonathan Herbst is also recommended.

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Trade finance

Within: Trade finance

Norton Rose Fulbright has a prominent role in structured trade finance transactions and the vastly experienced banking lawyer and practice head Nicholas (Nick) Grandage is one the leading lights in the market. He frequently acts for prominent banks, suppliers and trading houses such as BP, Louis Dreyfus and Citibank. His recent highlights include advising AIG and Standard Chartered Bank on the groundbreaking establishment of the first blockchain-enabled platform for the purchasing of trade finance receivables from a global logistics company. Newly promoted partner Andrew Wood, whom clients describe as 'responsive, straightforward and very frank', specialises in structured finance transactions in the trade and commodity sector and frequently handles pre-export and prepayment finance deals, as well as supply chain and receivables financings and borrowing base transactions for clients such as Rosneft, Gazprom Neft, Standard Chartered Bank and HSBC. He acted alongside senior associate Richard Wilkes  for the European Bank for Reconstruction and Development on the EBRD Trade Facilitation Programme, which involved the drafting and negotiation of documentation for issuance facilities and revolving credit agreements. The practice also calls upon the extensive knowledge of of Jonathan Herbst, who is the firm's global head of financial services; dispute resolution specialist Neil Miller; regulatory expert Hannah Meakin; and structured finance partner Daniel Franks.

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London: Risk advisory

Brexit

Within: Brexit

Norton Rose Fulbright fields a core multidisciplinary Brexit team, which is led by Emma Giddings, that monitors developments in the negotiations and assesses the commercial implications for clients. Its advice on Brexit covers all the industries in which the firm has a particular focus, such as financial institutions, insurance, energy, transport and life sciences. The firm launched a dedicated trade practice in London in January 2017 as a response to the EU referendum vote; practice head Mark Simpson has trade treaty law experience, which includes free trade agreement negotiations under the WTO framework. In addition, counsel Milagros Miranda Rojas has more than 15 years of experience of advising and representing governments in trade policy and international trade law issues. Beyond core legal advice to its clients, the firm is extremely active on the thought leadership front. Jonathan Herbst has provided evidence to the House of Lords EU financial affairs sub-committee on the impact of Brexit on financial services. He has also been asked by the same sub-committee to give evidence on how financial regulation and supervision can evolve post-Brexit to ensure financial stability, and to ensure equivalence/some other form of close relationship between the UK and EU regulatory regimes to preserve market access. Harry Theochari is advising the UK government on the impact of Brexit on the UK's port and shipping interests. The energy team has been involved in various Brexit-related speaking engagements, conferences and client training events.

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Corporate governance

Within: Corporate governance

Norton Rose Fulbright combines local expertise with the resources of a wider global network to cover the full range of contentious and non-contentious issues across the corporate governance sphere. Its depth and breadth of expertise has enabled it to develop strong relationships with a number of FTSE 100 and FTSE 250 companies, financial institutions and investors, among others. Led by Christopher Pearson, the team advises clients on a wide range of matters, including preparing for AGMs, annual reporting obligations, shareholder activism, board composition and conflicts policies. Corporate partner Claire O’Donnell, who has more than 15 years of M&A experience, advises boards on the ethical aspects of transactions, directors' duties and other governance issues. Jonathan Herbst, who is the global head of the financial services regulatory practice, has specialist expertise in banking and brokerage regulation. The firm's strong non-contentious offering is complemented by its excellent record in contentious matters, including domestic and cross-border regulatory investigations and enforcement action. It has a particularly stand out reputation in investigations into financial crimes and related prosecutions; Sam Eastwood, (now at Mayer Brown International LLP) who led the business ethics and anti-corruption practice, is a name to note in this space. On a related note, Neil O’May, Ruth Cowley, Jason Moss and Paul Griffin are representing Carl Rogberg, the former financial director of Tesco, in a Serious Fraud Office prosecution connected with accounting practices at the retailer.

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