“Jonathan Herbst is a global authority in financial services regulation, trusted by banks, funds and financial institutions to navigate complex regulatory strategy with confidence and precision. Drawing on rare experience from both the regulatory and advisory sides, he delivers calm, pragmatic guidance that helps institutions align governance, risk and commercial ambition in an ever-evolving regulatory landscape.”

Fantastic Lawyers® Editorial, 2026

Jonathan Herbst is a financial services law and regulation lawyer based in London and the Global Head of Financial Services at Norton Rose Fulbright LLP. He is widely regarded as a leading practitioner in financial services regulation, advising a broad range of clients in the UK and internationally on complex regulatory, governance and strategic matters.

Jonathan is particularly recognised for his extensive experience in bank structuring and advisory work. He has advised numerous banks on major documentation, systems and controls projects, including the implementation of the Senior Managers and Certification Regime, helping institutions respond to evolving regulatory expectations with confidence and clarity.

What Jonathan Herbst Does

Jonathan advises across the full spectrum of financial services regulation, including banking regulation, capital markets, fintech, funds and asset management, payments, risk advisory and financial investors. His work frequently involves large-scale regulatory change projects, cross-border structuring, authorisations, governance reviews and ongoing regulatory engagement.

He acts for banks, brokers, asset managers and investment firms on strategically important matters where regulatory risk, commercial objectives and reputational considerations intersect.

Why He’s Different

Jonathan is consistently described by clients as calm, pragmatic and highly reassuring when advising on complex and sensitive regulatory matters. He is known for delivering clear, first-class advice grounded in a deep understanding of both regulatory intent and market practice.

Before joining Norton Rose Fulbright as a partner in 2002, Jonathan served as Head of European Law at the UK Financial Services Authority, giving him first-hand insight into regulatory policy-making and supervisory perspectives that continues to inform his advisory approach.

Representative Experience

• Advising KKR on the regulatory aspects of major transactions, including its €600 million acquisition of a majority stake in heidelpay and its $3.3 billion take-private of MasMovil.
• Advising PGIM Financial Limited on the implementation of the UK Investment Firms Prudential Regime and the MiFIDPRU Remuneration Code.
• Assisting investment managers with the implementation of the Senior Managers and Certification Regime, including governance, systems and controls workstreams.
• Providing ongoing regulatory advice to Citadel on post-Brexit legislative and regulatory developments.
• Advising Bain Capital on its proposed acquisition of LV=, delivering extensive regulatory, compliance and risk management advice.
• Advising BMO Financial Group on the sale of its EMEA asset management business to Ameriprise Financial.
• Advising banks on the transfer of global markets operations into the UK, including regulatory applications and client documentation.
• Providing regulatory advice on branch authorisation for a large US bank.
• Assisting UK banks with regulatory capital issues and whistleblowing-related regulatory reviews.
• Advising globally systemic banks, brokers and asset managers on conduct and prudential matters.

Recognition & Trust Signals

Jonathan is ranked Band 1 by Chambers and Partners for Financial Services: Non-contentious Regulatory and is listed in the Legal 500 Hall of Fame. Clients describe him as “unflappable”, “faultless”, and a “powerhouse” with exceptional breadth of knowledge, noting his client focus, availability and pragmatic approach.

He is also ranked by Chambers for Commodities: Derivatives and Energy Trading and is recognised in The Legal 500 UK for both contentious and non-contentious financial services regulation.

Thought Leadership & Public Profile

Jonathan is a leading commentator on financial services regulation and Brexit. He has co-authored and contributed to major practitioner texts, including works on MiFID, financial regulation and Brexit, and has been widely quoted in Financial News, Reuters, FT Financial Adviser and City AM.

He has given evidence to the House of Lords EU financial affairs sub-committee and has chaired and moderated high-profile regulatory panels, including at City & Financial’s Beyond Brexit Summit.

Professional Roles & Speaking

Jonathan maintains an active quasi-public sector profile. He has been instructed by industry bodies to chair regulatory working groups and regularly speaks at major financial services conferences and public policy events.

Credentials

Jonathan is a solicitor and a non-practising barrister qualified in England and Wales.

Location & Contact

Jonathan Herbst is based in London and advises financial institutions globally.

Phone: +44 (0)20 7444 3166 Firm: Norton Rose Fulbright LLP