Partner, Financial Regulation Group, London
"I specialise in financial services regulation and cover all types of regulatory issues, including structuring, licensing, conduct of business, governance and prudential regulation, for a wide range of clients. I aim to give clear, practical guidance, which cuts through the complexity of the underlying issues and provides clients with tangible solutions."
Education and qualifications
Alastair advises banks, broker-dealers, asset managers, insurers and other regulated financial services firms on applicable regulation, including in relation to:
- the regulatory licenses which firms need to provide their products and services in the UK and other countries;
- conduct of business, including the regulatory rules which firms need to comply with when designing and providing their products and services to clients, and when dealing in wholesale markets;
- governance, including the arrangements which firms need to have in place to control their business and regulatory risk, such as internal policies, systems and controls;
- prudential regulation, including identifying which rules apply and their impact, group structuring, and how the PRA/FCA are likely to view certain arrangements; and
- fintech, including the regulatory characterisation of novel products and the regulatory rules which apply to these.
Alastair was recognised as a rising star by the Legal 500 directory for 2020. He is the author of the UK Chapter of “Banking Regulation 2020”, a global comparative guide which can be accessed here.
- Advising a large US banking group on the impact of Brexit on its UK and European business.
- Advising a UK banking group on its restructuring into separate “retail” and “markets” entities.
- Advising a large UK “universal” bank on its regulatory compliance framework (including policies, procedures, practical controls and overall governance) across all business lines and functions.
- Advising clients on various new product launches, including an operational risk insurance policy, a dual currency deposit, a retail investment product involving significant leverage, and a novel fintech product.
Regulatory Licensing, including Cross-Border:
- Advising an offshore bank on its ability (from a regulatory licensing perspective) to market and sell products and services into the UK on a cross-border basis.
- Advising various banks on their ability (from a regulatory licensing perspective) to provide products and services on a cross-border basis from the UK into numerous other jurisdictions.
- Advising a private equity fund on the acquisition of a credit card portfolio, including regulatory licensing options and due diligence.
- Advising on the re-capitalisation of a large group of insurance brokers, including regulatory change in control applications and regulatory capital issues.
- Advising a large US asset manager on the Financial Conduct Authority’s Market Study into the asset management sector and the subsequent Competition and Markets Authority’s investigation into Investment Consultancy and Fiduciary Management.
- Advising a Japanese group on a s.166 “skilled person” report into their risk management and regulatory reporting arrangements.
- Advising a wealth manager on the preparation of a single set of client-facing terms to cover all products and services across a range of jurisdictions.
- Drafting execution-only dealing and investment management agreements. Drafting a rulebook for a multi-lateral trading facility (MTF).
- Advising broker-dealer groups on their remote booking arrangements.
- Advising an investment bank on its arrangements to control inside and confidential information.
Prudential Regulation and Structuring:
- Advising firms on the impact of the Investment Firms Review (IFR) and Intermediate Parent Undertaking (IPU) requirements on their business.
- Advising firms on various issues relating to regulatory capital and consolidated supervision.
Alastair has completed secondments to Barclays and the Financial Structuring team within Linklaters. Prior to training as a lawyer, Alastair worked within the Compliance function of large asset management firm.
Alastair regularly presents on a wide range of regulatory topics, including Brexit, the Investment Firms Review and other regulatory reforms that firms are grappling with.