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Barnabas
W.B.
Reynolds
Partner
Education
Queens’ College Cambridge, LL.M., 1990
Downing College Cambridge, M.A., 1989
Practice
Barnabas Reynolds is head of the global Financial Institutions Advisory & Financial Regulatory Group and also serves on the firm’s nine-member global Policy Committee. He advises fund managers, custodians, banks, investment banks, exchanges, clearing houses and settlement systems, insurers and reinsurers on their businesses in the London and continental European markets. He is recognised by Chambers as one of the leading individuals in financial services and insurance, by Legal Experts as a leading practitioner in financial services and investment funds, by IFLR as a leading lawyer in financial services, and was named as one of the elite “Leading individual” in the Financial services (non-contentious/regulatory) section of the UK Legal 500 services in 2012. Barney was one of the top three contenders for the Financial Times’ Legal Innovator of the Year - 2011. The Financial Times Innovative Lawyer Awards praised him for being a “global leader in developing new exchanges, clearing houses and settlement systems.” Barney is also listed as a “Super Lawyer” for 2013 under “Financial and Investment Services” by Thomson Reuters in the Law Society Gazette.
Experience
Advising financial institutions, infrastructure providers and corporates on business structure, ongoing compliance and other advisory issues
- AIG, Allianz, Bank of England, Barclays Bank Plc, British Bankers’ Association, Caxton Corporation, Charles Schwab, Chicago Mercantile Exchange, CIBC, Citi, Co-Operative Bank, Credit Suisse, Deutsche Bank, Deutsche Börse, Dubai Mercantile Exchange, E*Trade, EBRD, Eurex, Financial Services Authority, Global Asset Management, Goldman Sachs, IntercontinentalExchange, Inc (ICE), JPMorganChase, Lazard, London Investment Banking Association, Lloyd’s of London, London Stock Exchange, Merrill Lynch, Morgan Stanley, the NASD, Nasdaq, Prudential, the Takeover Panel, UBS and Zurich Insurance Company
Structuring and facilitating acquisitions and disposals of financial businesses
- Abu Dhabi investors on the acquisition (and subsequent disposal) of certain debt and equity interests in Barclays Bank plc
- ICE Inc. on its proposed acquisition of NYSE Euronext
- Fairfax on its minority investment in the Bank of Ireland
- Hypo Real Estate on its restructuring
- Allianz in the sale of Dresdner Bank to Commerzbank AG
- Citi in its acquisition of Old Lane
- RBS in its acquisition of ABN AMRO
- Legg Mason in its acquisition of Citibank’s asset management business
- Société Générale in its derivatives joint venture with Calyon
- CSFB in the sale of Pershing to Bank of New York
- Citibank in the sale of CEFS, which manages the Universal Bank, to JPMorganChase Bank
- Citi in the largest credit card joint venture in the world to date
- Thomson on its acquisition of TradeWeb
- Lloyd’s on the hivedown of LPSO and LCO and subsequent joint venture with Xchanging
Establishing new financial institutions and infrastructure providers
- ICE Clear in its establishment as the first new derivatives clearing house in London since 1880
- ICE on its establishment of a CDS central counterparty in Europe and the US
- FOW 2009 “Most Innovative work by a Law Firm” in the field of exchange-traded or centrally cleared derivatives
- Legal Business 2010 Structured Finance/Debt Capital Markets Team of the Year
- SIX x-clear in becoming the second (parallel) central counterparty for the London Stock Exchange
- FT Innovative Lawyers Awards 2009 recognition for “Standout” work
- SIX x-clear on providing clearing services to a number of MTFs trading in equities and other products including establishing various clearing arrangements
- The Depository Trust & Clearing Corporation (DTCC) on setting up of a new subsidiary, DTCC Derivatives Repository Ltd, a new global repository for OTC derivatives based in Europe
- FT Innovative Lawyers Awards 2011 recognition for “Standout” work
- Morgan Stanley on the establishment of its UK bank and the establishment of MSCI in the UK
- AIGGIC on the establishment of a new European sales and broking entity
- Chicago Mercantile Exchange, Eurex Clearing AG, Eurex US, ICE Futures US and ICE Clear US in becoming UK recognized overseas investment exchanges and clearing houses
- Eurex Clearing AG in the provision of central counterparty services for the Irish Stock Exchange
- British Bankers’ Association in the establishment of an operational risk database for the London market
- The Financial Services Authority in the establishment of Financial Ombudsman Service
- LMAX Limited on the establishment of a retail derivatives platform
New funds, financial services and products
- Various institutions on the development of new funds (e.g., Merrill Lynch, Eurazeo), financial services and products (e.g., Morgan Stanley, Deutsche Bank)
Outsourcings
- Many of the main institutions on business process, IT and offshore outsourcings, including Citibank to JPMorgan (in relation to the UK Post Office’s “Universal Bank”), Deutsche Bank to State Street (back office services), CSFB to Bank of New York (back office services), Citibank to ABN AMRO (back office services), WestLB to Hewlett Packard (IT), Lloyd’s to Ins-Sure (a joint venture with Xchanging, in relation to LPSO and LCO), Winterthur to Citibank (fund administration)
UK and EU regulatory aspects of capital markets offerings
- Various institutions on legal and regulatory restrictions, stabilization, analysts’ research, ethical walls and corporate publicity
Legislative drafting, impact of new laws and regulations and legislative lobbying
- U.A.E. government on reforming its financial regulatory framework and drafting underlying legislation
- Legal Business 2012 Regulatory Team of the Year
- FT Innovative Lawyers Awards 2012 recognition for “Standout” work
- Numerous institutions and infrastructure providers on new laws and regulations in the UK and elsewhere
- Lloyd’s in drafting various byelaws, including the LPSO and LCO byelaws
Regulatory disputes, investigations and enforcement proceedings
- Various clients on such matters
Shipping Law
- Mr. Reynolds is the co-author of Shipowners’ Limitation of Liability, a book which examines the highly unusual right of shipowners, arising under various international Conventions and national regimes, to limit their liability arising from any one incident, against all potential claimants, to an amount based on the vessel's value or tonnage. This book draws on Mr. Reynolds’ experience of shipping law and pays consideration to various practical topics including forum-shopping and how the conflict of laws rules of various jurisdictions might be used by those involved in the incident to raise the most advantageous defence or select the most suitable tribunal to establish or challenge the right to limit.
Selected Professional & Business Activities
- Former Acting General Counsel at SSSB Asset Management
- Member of the main UK and continental European financial services market committees including the Financial Services Authority: Lawyers’ Consultative Group
Publications
- “Treating compliance fairly: is compliance being asked to achieve the impossible?,” Thomson Reuters
- “Shipshape banks: Shipping has a lesson for bank resolution,” Financial World
- “Shadow banking: are the shadows really the banks? – opinion,” IFLR
- “Europe: Sewing on the shadows: a lawyer's take on Peter Pan banking,” IFLR
- “Whither financial centres? – a legal and regulatory perspective”
- “MiFID II: A cure for all ills?,” IFLR (with Thomas Donegan and Anna Doyle)
- “What’s broken with the UK’s client asset and money protections and how to fix it,” JIBLR (with Thomas Donegan, Azad Ali, Aatif Ahmad)
- “It’s not just about “black swan” events’”, FT.com
- “Financial Regulation: A Looming Sledgehammer,” Moneycontrol.com
- “Conservatives’ call for ‘major overhaul’ of FSA could backfire,” (2009), Complinet
- “FSA publishes detailed proposals for new bank/investment firm liquidity reporting regime,” (2009), Complinet
- “IOSCO aims to harmonise international regulation of credit rating agencies,” Complinet
- “Opening the Vault: Banking Sector Liberalization in India,” India Business Law Journal (with Aatif Ahmad)
- “Make Money from the Crisis,” International Financial Law Review
- “SMA banking business transfers: choosing the right route,’’ PLC (with Thomas Donegan)
- “The pros and cons of UK exchange recognition,” IFLR (with Thomas Donegan)
- Editor of Butterworths’ International Financial Markets Guide
- Co-editor of Sweet & Maxwell’s Journal of International Banking Law and Regulation
- Co-author of Shipowners’ Limitation of Liability, Kluwers Law, 2012
Bar Admissions/Qualifications
1993,
England and Wales
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