Alastair Holt

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."

Overview

Professional experience

Education and qualifications

Overview

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.

Work highlights

Brexit:

  • Advising a large US banking group on the impact of Brexit on its UK and European business.

Ring-Fencing:

  • Advising a UK banking group on its restructuring into separate “retail” and “markets” entities.

Regulatory Compliance:

  • 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.

Corporate Transactions:

  • 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.

Regulatory Investigations:

  • 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.

Contractual Documentation:

  • 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).

Governance:

  • 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.

Professional experience

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.

Education and qualifications

Alastair has a First Class degree in Law from the University of East Anglia.