Barnabas (Barney) is Global Co-Head of Financial Services Regulatory and Financial Institutions Sector Lead. He is one of the world's leading financial institution practitioners.
Experience
Representative matters
Highlights:
– Morgan Stanley, Citi, Bank of America, Wells Fargo and numerous hedge funds on the SVB and Credit Suisse situations
– The companies or creditors in all significant recent Greek bank recapitalisations, including Piraeus Bank on its €4.9 billion recapitalisation, Eurobank on its €2 billion recapitalisation and bondholders on the recapitalisation of the National Bank of Greece, having done many of the restructurings since BRRD, including advising the lower Tier 2 bondholders on the first ever creditor bail-in of a UK bank without taxpayer support in connection with The Co-operative Bank’s £1.5 billion recapitalization plan. Awarded Most innovative law firm in finance law by the Financial Times Innovative Lawyers Awards, 2014 and Financial Regulation Team of the Year by (IFLR100 Europe Awards, 2014
– Intercontinental Exchange (ICE) in its establishment of ICE Clear Europe as the first new derivatives clearing house in London since 1880 and other transformative transactions such as the European regulatory aspects of its approximately $11 billion acquisition of NYSE Euronext, subsequent carve-out of LIFFE and spin-off of the Euronext continental cash equity markets. Awarded “Most Innovative work by a Law Firm” in the field of exchange-traded or centrally cleared derivatives by FOW 2009 and Structured Finance/Debt Capital Markets Team of the Year by Legal Business, 2010. Awarded “Financial Regulation Team of the Year” by IFLR Europe Awards, 2014
– Citi on its acquisition of ING’s Custody and Securities Services Business across Central and Eastern Europe. Awarded Financial Regulation Team of the Year by IFLR Europe Awards, 2014
– Day-to-day advisory work for, e.g., ABSA, ADGM, Attestor, Bank of America, Barclays, Blackstone, Bradesco, Canaccord, Citadele Bank, Citi, ClearToken, Coinbase, DBJ, DTCC, Evercore, Fairfax, First Eagle, Goldman Sachs, Hudson River Trading, ICE, Intuit, Itaú, JPMorgan, JBIC, Jeffries, King Street, Mizuho, Morgan Stanley, Natixis, RBC, SGX, Sompo, SWIFT, Unicredit, Wells Fargo, Worldwide Payments, x-clear, ZKB
Structuring and facilitating acquisitions and disposals of financial businesses
– ICE Inc. on its €275 million acquisition of a strategic stake in Euroclear plc from The Royal Bank of Scotland Group plc
– Members of management of Canaccord Genuity Group on their attempted takeover bid to acquire all of the issued and outstanding shares in Canaccord
– ICE Inc. on the European regulatory aspects of its approximately $11 billion acquisition of NYSE Euronext, subsequent carve-out of LIFFE and spin-off of the Euronext continental cash equity markets. Awarded “Financial Regulation Team of the Year” by IFLR Europe Awards, 2014
– Citi on its acquisition of ING’s Custody and Securities Services Business across Central and Eastern Europe. Awarded “Financial Regulation Team of the Year” (IFLR Europe Awards, 2014)
– Establishment and sale of NewEdge
– JP Morgan sell-off of Post Office Bank
Insolvency/Restructurings
– Temasek on claims over its investment in FTX
– Morgan Stanley, Citi, Bank of America, Wells Fargo and numerous hedge funds on the SVB and Credit Suisse situations
– Abu Dhabi investors on the acquisition (and subsequent disposal) of certain debt and equity interests in Barclays Bank plc
– Daiwa restructuring
– Lower Tier 2 bondholders on the first ever creditor bail-in of a U.K. bank without taxpayer support in acquiring 70% of shares in The Co-operative Bank in connection with the bank’s £1.5 billion recapitalization plan. Awarded “Most innovative law firm in finance law” by Financial Times Innovative Lawyers Awards, 2014 and “Financial Regulation Team of the Year” by IFLR100 Europe Awards, 2014
– A consortium of subordinated bondholders on the Bank of Portugal’s decision to place Banco Espirito Santo (BES) into “resolution”
– The companies or creditors in all significant recent Greek bank recapitalisations, including Piraeus Bank on its €4.9 billion recapitalisation, Eurobank on its €2 billion recapitalisation and bondholders on the recapitalisation of the National Bank of Greece
– As part of a consortium, advising the Central Bank of Cyprus on the reduction of non-performing loans and other problem assets in the Cypriot banking system
– HSH Nordbank restructuring
– Barclays and smaller firms on the recovery and resolution planning
Legislative drafting, impact of new laws and regulations and legislative advice
– Abu Dhabi Global Market on its establishment as an international financial center in the U.A.E, leading a team of over 50 lawyers drafting new laws and regulations for ADGM based on the common law method and U.K. regulation. Awarded “Financial Regulation Team of the Year” by IFLR Europe Awards, 2016; “Corporate Team of the Year” by Corporate Counsel Middle East Awards, 2016 and “Regulatory and Investigations Team of the Year” by British Legal Awards, 2016
– The Public Investment Fund on the establishment of NEOM
– The Public Investment Fund and The Red Sea Development Company on the establishment of The Red Sea Project
– The Royal Commission for Al-Ula on the establishment of a new special zone at Al-Ula. The new zone will focus on heritage and culture, as well as eco-tourism and adventure activities
– A special economic zone in Anaklia City, Georgia, on the development of its legal and regulatory framework
– The Colombo International Financial City, on the development of a special financial zone in Colombo, Sri Lanka, that is expected to become an International Financial Centre
– The government of Ras al Khaimah on its companies registry and related legislative framework
– U.A.E. government on reforming its financial regulatory framework and drafting underlying legislation. Recognized as “Standout” regulatory team by FT Innovative Lawyers Awards, 2012 and awarded “Regulatory Team of the Year” by Legal Business Awards, 2012
– Numerous institutions and infrastructure providers on new laws and regulations in the U.K. and elsewhere
Pro bono
Published Work
- Co-editor of Sweet & Maxwell’s Journal of International Banking Law and Regulation
- Howe M. K.C. and Reynolds B., (2023) “The European Research Group's Legal Advisory Committee Review and Assessment of the ‘“The Windsor Framework’” London: The European Research Group
- Reynolds B. and Samuel R., (2023) “Regulatory Accountability for Financial Services” London: POLITEIA
- Barnabas Reynolds (with others), (2023) “Mutual Enforcement: The Key to Restoring Government in Stormont”, London: Centre for Brexit Policy
Speaking Engagements
- Guest Speaker, Inside Central Bank Digital Currencies, Abu Dhabi Finance Week, November 2023
- Panel Moderator, Bank Capital and Solvency, FMLC Quadrilateral, November 2023
- Guest Speaker, Major Financial Regulatory Challenges Ahead - Global, Regional and National, Cumberland Lodge Financial Services Summit, November 2023
- Guest Speaker, Commencement of UK Financial Services and Markets Act 2023, ADGM Summit, September 2023
Leadership Positions And Professional Affiliations
- Member, “Star Chamber”, which advised MPs on Brexit legal documentation and issues
- Member, TheCityUK Advisory Council
- Committee Member, Financial Markets Law Committee
- Member, FCA / PRA Lawyers’ Consultative Group
Awards
- Band 1 for U.K.-wide Financial Services: Non-Contentious Regulatory, Chambers UK 2021- 2023
- Ranked in Chambers UK for 19 years, 2005 - 2024
- Hall of Fame, Legal 500 UK, 2022 - 2024
- JD Supra Readers’ Choice Award, International Law and Finance & Banking, 2019
Qualifications
Admissions
England and Wales, 1993
Academic
M.A., University of Cambridge, Downing College, 1989
Languages