Barnabas (Barney) Reynolds is one of the world’s leading financial institution practitioners. He specializes in banking and financial markets law and regulation, clearing, settlement, derivatives, asset management and insurance regulation. He advises banks and investment banks, fund managers, financial infrastructure providers (exchanges, clearing houses, settlement systems), payment agencies, FinTechs, crypto companies, insurers and reinsurers on their proprietary business in the U.K., EU and U.K.-style systems elsewhere, including Abu Dhabi Global Market (ADGM, which he set up) and Dubai International Financial Centre (DIFC).

Barney specializes in U.K. regulation and advises on and coordinates rest-of-world advice for institutions. He provides strategic advice on the implications of legal and regulatory change and opportunities for their businesses. He also advises Boards on strategic issues.

Barney is a leading thinker on legal and regulatory matters, engaging in individual and roundtable discussions with c-suites and boards of financial firms. He has played a central role in evaluating the legal and regulatory implications and opportunities arising from Brexit. He plays a key role on European structuring for numerous financial services firms.

He is Global Head of the Financial Services Industry Group and leads the global Financial Regulatory practice. He is the Practice Group Leader for Governance & Advisory. He is on the firm’s Executive Group and was previously elected to the nine-person Policy Committee that decides partner appointments and compensation.

Barney has won prizes for legal innovation and is a thought leader. He is interviewed and published widely. He regularly writes articles in national newspapers. He chairs panels and speaks at conferences, including Davos, on global developments. He speaks at fora of regulators with new ideas for the adjustment of regulation, e.g., the Quadrilateral which is the annual gathering of the U.S. Federal Reserve, Bank of England, European Central Bank and Bank of Japan. He is often called to give evidence to Parliamentary Committees. He is a Member of CityUK Advisory Board and the Financial Markets Law Committee (which was established by the Bank of England). He is one of only two private practice lawyers who are members of the so-called Star Chamber, advising Members of Parliament on the legal implications of Brexit.

“Barney Reynolds is one of the most astute lawyers I have worked with in 30 years of banking. He has a very detailed approach to issues and always creatively finds solutions” Legal 500 UK 2022, Financial Services: Non-Contentious/Regulatory.

Barney advised the U.K. Government on Brexit, writing books and papers, including on:

• the options for financial services, adopted by the May, Johnson, Truss and Sunak administrations—most notably, conceiving and producing draft Treaty and legislative text for “Enhanced Equivalence”, a detailed proposal for U.K.-EU relations in financial services, adopted by the May administration
• regulatory reform, to make the U.K. more competitive
• identification and analysis of the unmanaged financial risks produced by the Eurozone and how this relates to equivalence determinations under existing EU law, and Enhanced Equivalence
• analysis of a workable U.K.-U.S. trade deal in financial services—and subsequently working with UK Finance on that topic
• proposals for an invisible north-south trade border in Northern Ireland, “mutual enforcement”; he co-authored two papers on the topic with Lord David Trimble, the Nobel prize-winning (Unionist) negotiator of the Good Friday Agreement
• how to move from the EU’s code-based civil law system back to the U.K.’s common law model; aspects of his advice are now being implemented
• proposals for regulatory accountability, restraining the regulators so that they act predictably and consistently, and in accordance with newly generated case law.

Barney led a team of over 50 lawyers drafting new laws and regulations for ADGM based on the common law method and U.K. regulation. He has also advised other governments on financial regulation, including Sri Lanka, Vietnam, Georgia, Cyprus and Kuwait.

Structuring and facilitating acquisitions and disposals of financial businesses

• ICE Inc. on its acquisition of a strategic stake in Euroclear plc from The Royal Bank of Scotland Group plc for €275 million
• 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
  – “Financial Regulation Team of the Year” (IFLR Europe Awards, 2014)
• Citi on its acquisition of ING’s Custody and Securities Services Business across Central and Eastern Europe
  – “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
  – “Most innovative law firm in finance law” (Financial Times Innovative Lawyers Awards, 2014)
  – “Financial Regulation Team of the Year” (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 recapitalizations, including Piraeus Bank on its €4.9 billion recapitalization, Eurobank on its €2 billion recapitalization and bondholders on the recapitalization 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

Day-to-day advisory work for

• Banks/investment banks (including regulatory capital), e.g., BofA, Citi, Morgan Stanley (including setting up its U.K. Bank and credit card business), ZKB, ABSA, RBC, JBIC, DBJ, Evercore, Itaú, Bradesco, Jeffries, Hudson River Trading, JPMorgan, Natixis, Unicredit (including on its “CASHES” capital)
• Infrastructure providers, e.g., ICE, x-clear, DTCC, SGX, B3 Bovespa
• Fund managers, e.g., Attestor, First Eagle, King Street, Mizuho
• Payments providers, e.g., SWIFT, Worldwide Payments, Intuit

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.
  – “Financial Regulation Team of the Year” (IFLR Europe Awards, 2016)
  – “Corporate Team of the Year” (Corporate Counsel Middle East Awards, 2016)
  – “Regulatory and Investigations Team of the Year” (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 (FT Innovative Lawyers Awards, 2012)
  – “Regulatory Team of the Year” (Legal Business Awards, 2012)
• Numerous institutions and infrastructure providers on new laws and regulations in the U.K. and elsewhere
• Lloyd’s in drafting various byelaws, including the LPSO and LCO byelaws

Insurance

• Blackstone on financing of insurance-related bailouts
• Fairfax takeover of Brit plc
  – “Financial Regulation Team of the Year” (IFLR Europe Awards, 2016)
• Lloyd’s of London on proprietary matters, e.g., bylaws and FCA oversight
• Sompo on its $6.3 billion acquisition of insurer and reinsurer Endurance Specialty Holdings

Derivatives regulation

• Various hedge funds, banks, central banks, development banks and corporates on derivatives clearing, reporting and conduct of business requirements under the EMIR, encompassing the scope of the requirements, exemptions, extraterritorial issues, intragroup agreements, policies, negotiations with counterparties on new documentation and methods for compliance, including through adherence to the various ISDA protocols

Compensation

• Various financial institutions (including State Street and Wells Fargo) on various aspects of compliance with the U.K. FCA/PRA’s Remuneration Code

Regulatory disputes, investigations, enforcement proceedings and litigation

• A hedge fund on a market abuse investigation
• LC&F mis-selling claims
• An algorithmic trading firm on an enforcement matter
• Citadele Bank, a Latvian Bank which had significant market exposures, on various ongoing regulatory matters, including producing a review of the existing shareholder and governance arrangements between Citadele Bank and its shareholders
• TBC Bank (U.K. listed; Tbilisi), a Georgia bank on regulatory issue
• The administrator and various banks on events arising from the manipulation of LIBOR and FX
• Data firm on investigation into usage of financial data
• Various financial institutions, their boards and individual directors and executives on conducting internal investigations, implementing compliance programs, regulatory investigations and enforcement and regulatory risk, including on issues related to insider dealing, market abuse, market manipulation, disclosure, confidentiality of information, anti-money laundering issues and sanctions compliance

AML/sanctions/cyber

• Various financial institutions on compliance with anti-money laundering, sanctions and cybersecurity compliance, e.g., Citi, CIC, SMBC, Unicredit, Danske
• The Cayman Islands and the UAE in removing themselves from the “blacklists” of FATF and the EU

Establishing new financial institutions and infrastructure providers

• Intercontinental Exchange on its partnership with Abu Dhabi National Oil Company and nine of the world’s largest energy traders to establish ICE Futures Abu Dhabi, a new exchange in Abu Dhabi Global Market hosting the world’s first Murban crude oil futures contracts
• 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 U.S.
  – “Most Innovative work by a Law Firm” in the field of exchange-traded or centrally cleared derivatives (FOW 2009)
  – “Structured Finance/Debt Capital Markets Team of the Year” (Legal Business, 2010)
• ICE Clear Singapore and ICE Futures Singapore on establishing their clearing and exchange businesses in Singapore
• SIX x-clear in becoming the second (parallel) central counterparty for the London Stock Exchange
  – Recognized as “Standout” (FT Innovative Lawyers Awards 2009)
• 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
  – Recognized as “Standout” regulatory team (FT Innovative Lawyers Awards, 2011)
• 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., Bank of America Merrill Lynch, Eurazeo), financial services and products (e.g., Morgan Stanley, Deutsche Bank, ADNOC, Coinbase, Alpha FX)

Outsourcings

• Many of the main institutions on business process, IT and offshore outsourcings, including Citi to Amazon Web Services (cloud services), Citibank to JPMorgan (in relation to the U.K. 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)

U.K. and EU regulatory aspects of capital markets offerings

• Proprietary capital raisings by banks, e.g., Natwest
• Goldman Sachs, Morgan Stanley, Bank of America, Citi, Barclays and others on capital markets issues, including restrictions, stabilization, analysts’ research, ethical walls and corporate publicity
• The underwriters, led by Morgan Stanley, Deutsche Bank and ABN AMRO, on the international aspects of ABN AMRO’s €3.8 billion IPO and listing of shares on the Amsterdam Stock Exchange—at the time this was the largest-ever Dutch privatization and the largest-ever Dutch IPO to date
• The underwriters, led by RBS Securities, on The Royal Bank of Scotland’s $2.65 Billion AT1 Offering
• The underwriters, led by RBS Securities, on The Royal Bank of Scotland’s $1.5 billion senior notes offering
• ICE, as selling shareholder, and Euronext N.V. on the €1.3 billion sale of Euronext’s ordinary shares through an initial public offering and pre-offering placement
  – “Equity Deal of the Year” (IFLR1000 European Awards, 2015)

Many firms around the world on Brexit-related adjustments

• Bank of America, Barclays, Deutsche Bank, Credit Suisse, Barclays, Oppenheimer and smaller banks such as ABSA (which he set up in the U.K.) and Stifel

FinTech, Digital Assets and Crypto

• Coinbase, a cryptocurrency exchange platform operator, on regulatory matters including the structuring of various transactions to be entered into by Coinbase in the future
• QPQ, an innovative FinTech, on ongoing U.K. and EU regulatory matters, as well as on its position in the FCA sandbox, its crypto asset AML registration and on its application to the FCA’s Green Fintech Challenge
• U.K. Government on CBDC and crypto
• A FinTech savings platform at proof of concept stage on structuring products in light of the U.K. and EU’s regulatory perimeter
• A savings app on Brexit-related issues
• A cryptocurrency bank in relation to launching activities in the U.K.
• A large client intending to establish a cryptocurrency payments and derivatives trading platform
• Various banks and investment banks on digital asset and crypto products and services

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

Professional Affiliations

• Member of the “Star Chamber”, which advised MPs on Brexit legal documentation and issues
• Member of TheCityUK Advisory Council
• Committee Member of the Financial Markets Law Committee
• Member of the main U.K. and continental European financial services market committees including the FCA / PRA Lawyers’ Consultative Group
• Member of Chatham House
• Board member of Economists for Free Trade
• Board member of Digital Economy Institute

Awards & Accolades

• Ranked in Band 1 for U.K.-wide Financial Services: Non-Contentious Regulatory, Chambers UK 2023, which notes he “leads initiatives, crops up on the other side of high-profile deals, collaborates with industry bodies and writes thought-leading pieces”
• Ranked as a leading individual and featured in the Hall of Fame in Legal 500 UK, which notes that he acts “on an array of transactional and advisory matters, particularly U.K. and EU regulatory laws, new services, business structures and post-Brexit trade models”
• Repeatedly listed as a leading lawyer by IFLR1000
• Awarded a JD Supra Readers’ Choice Award in recognition of thought leadership in International Law and Finance & Banking (2019)
• Recognized as a leading U.K. and EU financial regulatory lawyer, including being named as a Law360 MVP and being included in The Lawyer Hot 100 list
• Former Acting General Counsel at SSSB Asset Management 

Publications - Brexit

• “A legal puzzle: How to solve the post-Brexit Northern Ireland border”, City A.M., 12 July 2023
• “Brexit has been botched – our legal system is to blame”, Telegraph, 24 June 2023
• The European Research Group’s Legal Advisory Committee: Review and Assessment of the “The Windsor Framework” (with Martin Howe K.C.)
• Regulatory Accountability for Financial Services, POLITEIA, 23 January 2023 (with Richard Samuel)
• “Rishi Sunak must rip up EU laws immediately to deliver on Brexit’s promise”, Telegraph, 4 January 2023
• Financial Services Post-Brexit – Capturing the Full Benefits, POLITEIA, 4 July 2022
• Rules for the Regulators – Regulating Financial Services After Brexit, POLITEIA, 4 July 2022
• Defining Britain’s Post-Brexit Role in the World, Centre for Brexit Policy, June 2022 (with others)
• Moving on from EU Law – Good for the Economy, Good for Business!, POLITEIA, 9 June 2022
• “On the Existence of a Pan-European Reverse Solicitation Regime under MiFID II, and Its Importance Following Brexit”, JIBLR, May 2021 (with others)
• “A rich tradition of English law has always kept our EU rivals on their toes”, City A.M., 24 November 2021
• “Brexit: Restoration of common law principles gives financial services the tools to be innovative”, City A.M., 10 February 2021
• Restoring UK Law - Freeing the UK’s Global Financial Market, POLITEIA, 8 February 2021
• The EU Deal Unmasked: Twelve Reasons Why the UK Will Fail to Get a Canada-Style Deal, Centre for Brexit Policy (with others), 10 October 2020
• Using Negotiating Leverage to negotiate a Sovereignty-Compliant Exit from the Transition Period, Centre for Brexit Policy (with others), 26 September 2020
• “Here is the Magic Key to Unlock the Path to a Win-Win Post-Brexit Deal”, The Telegraph, 3 September 2020
• “Pay No Attention to the EU Negotiator Hiding Behind the Curtain”, City A.M., 31 July 2020
• Replacing the Withdrawal Agreement: How to ensure the UK takes back control on exiting the transition period, Centre for Brexit Policy (with others), 11 July 2020
• “Closing the backdoor to EU dumping”, City A.M., 25 May 2020
• Brexit Delayed is Brexit Denied, Centre for Brexit Policy (with others), 16 May 2020
• Co-author of Managing Euro Risk: Saving Investors from Systemic Risk, POLITEIA, 27 February 2020
• “A Common Law Brexit will be a Brexit that Works”, The Telegraph, 26 June 2019
• “Lawyers – Look at the Solutions, Not the Obstacles”, The Telegraph, 26 February 2019
• “Equivalence is the Common Sense Solution to Brexit”, The Telegraph, 29 January 2019
• Free Trade in U.K.-EU Financial Services – How Best to Structure a Brexit Free Trade Deal, POLITEIA, 17 October 2018
• The Art of the No Deal: How Best to Navigate Brexit for Financial Services, POLITEIA, 29 November 2017
• A Template for Enhanced Equivalence: Creating a Lasting Relationship in Financial Services between the EU and the U.K., POLITEIA, 10 July 2017
• A Blueprint for Brexit: The Future of Global Financial Services and Markets in the U.K., POLITEIA, 2 November 2016
• Author of EU-U.K. Financial Services After Brexit: Enhanced Equivalence – A Win-Win Proposition, New Direction / POLITEIA, 28 February 2018
• How to Leave the EU: What’s Best for Britain, Best for the EU?, New Direction / POLITEIA, 10 March 2017 (contributing author)
• U.K. Safer For City’s Financial Sector than EU, POLITEIA, 3 May 2017
• What Next? The Shape of the U.K.-EU Financial Services Deal, POLITEIA, 20 January 2017
• “Opportunities after Brexit: A Financial Free Zone Within the City”, JIBLR (with James Comyn)
• “The U.K.’s natural advantages mean the City can continue its dominance post-Brexit”, The Telegraph, 23 November 2016
• “Brexit: Implications for the insurance and reinsurance industry”, JIBLR, (with Thomas Donegan and Mak Judge)
• “Brexit: Significant Opportunities for a Regulatory Reboot”, Banking Perspectives, Q3, 2016, The Clearing House (with Thomas Donegan)
• “Brexit - Opportunity for a Reboot of Financial Regulation”, JIBLR (with Thomas Donegan)
• “After Brexit…”, The Banker, August 2016
• “Brexit: Why wait and see is the best policy for the financial markets”, JIBLR
• “Continuity of Contracts and Business on a “Hard” Brexit: Human Rights and Reverse Solicitation to the Rescue!”, JIBLR (with Thomas Donegan)

Publications – all others

• Co-editor of Sweet & Maxwell’s Journal of International Banking Law and Regulation
• Co-author of Shipowners’ Limitation of Liability, Kluwer Law, 2012
• “How changing a single risk measure could give banks the freedom the economy needs”, City A.M., 28 July 2023 (with Simon Dodds and Michael Adams)
• Mutual Enforcement: The Key to Restoring Government in Stormont, Centre for Brexit Policy (with others), 27 June 2023
• Plain Sailing for the ECB? Look out for the rocks!, POLITEIA, 16 June 2023
• Mutual Enforcement – Antidote to the Northern Ireland Protocol, Centre for Brexit Policy (with others), 6 September 2021
• Correcting the damage caused by the Northern Ireland Protocol, Centre for Brexit Policy (with others), 6 February 2021
• “How Systemic Risk is Shaking the Markets Foundations”, City A.M., 8 July 2020
• “Protecting the UK from the Flaws of the Eurozone”, City A.M., 21 May 2020
• “The UK Must Take three steps to protect itself from the Fallout of Eurozone Collapse”, The Telegraph, 21 April 2020
• “Legal Framework at ADGM Boosts Abu Dhabi’s Competitiveness as a Financial Hub”, The National, 21 June 2019
• “EU-managed control of euro clearing is not viable”, FT.com, 15 May 2017
• “The Abu Dhabi Global Market – Legislative Framework, Approach and Methodology”, JIBLR (with others)
• “Early Bank Recovery and Resolution Directive (BRRD) experiences: Lessons learned from Greece”, JIBLR (with Ellie Teo)
• “Americanisation of U.K. sanctions?”, IFLR (with James Campbell)
• “The Effects of Trans-Atlantic Reform on Margin for Uncleared Swaps: Balancing the Risks and Benefits of Uncleared Swaps”, JIBLR (with Donna Parisi)
• “Individual Accountability: Senior Managers and Beyond”, Banking Perspectives, Quarter 4 2015, The Clearing House (with Reena Agrawal Sahni)
• “Margin for Error: Balancing the Risks and Benefits of Uncleared Swaps”, Banking Perspective, Quarter 4 2014, The Clearing House (with Donna Parisi)
• “Is the Client Assets Regime on the Right Track? Transatlantic Perspectives on Client Assets Post-Lehman”, JIBLR
• “Client money trusts: Time for a rethink?”, PLC Magazine
• “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 U.K.’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
• “FSMA banking business transfers: Choosing the right route”, PLC (with Thomas Donegan)