David Berman

  • Partner
  • Edavid.berman@lw.com
  • 99 Bishopsgate
  • London EC2M 3XF
  • United Kingdom
  • T +44.20.7710.3080
  •  
 

Profile

David Berman advises a range of financial institutions on key regulatory/compliance matters and investigations, and frequently counsels boards and senior management teams on significant regulatory issues. Mr. Berman specializes in tactical/strategic issue prevention, containment, and resolution – and has an outstanding track-record of achieving optimal outcomes for clients. Mr. Berman advises extensively on a wide spectrum of issues, including market conduct, culture and conduct, internal investigations, individual accountability, governance, conflicts of interest, inducements, regulatory aspects of transactions, remediation and redress exercises, and conduct of business regulation generally.

Mr. Berman has significant experience of acting as a “skilled person” under Section 166 FSMA 2000.

Mr. Berman is ranked as a Leading Individual by The Legal 500 and provides “a very commercial service.” He is acclaimed by clients as “a great tactician and strategist: he sees the traps and helps you steer your way around them, while always retaining an invaluable sense of perspective.”

Publications and Lectures

Mr. Berman has recently authored books entitled Market Conduct for Investment Managers – A Practical Guide, Thomson Reuters, 2019; Senior Individual Accountability in the Financial Services Arena – A Practical Guide, Thomson Reuters, 2017; Individual Accountability Under the Senior Managers Regime - A Practical Guide, Thomson Reuters, 2016; and Senior Individual Accountability in the UK Financial Services Regulatory Environment – A Practical Guide, Thomson Reuters, 2014. Most recently, Mr. Berman has written Culture: A Practical Framework for Sustainable Change.

Mr. Berman has also authored numerous articles and blogs on key areas of regulatory focus – including, market conduct, culture, and individual accountability. He is consulted extensively by industry bodies for his specialist knowledge, insight, and prior in-house experience and is frequently quoted as a leading regulatory authority in the mainstream press and industry journals.

Experience

Mr. Berman’s representative clients include:

  • Institutional investment managers
  • Integrated investment banks
  • Central banks
  • Hedge funds
  • Private equity houses
  • Stockbroking firms
  • Corporate finance advisers
  • Credit funds
  • Sovereign wealth funds
  • Boards and senior management teams
  • Consumer credit firms
  • E-money issuers
  • Clearing banks
  • Corporates

Mr. Berman’s recent experience includes advising:

  • A major institutional asset manager (as a "skilled person") on a wide-ranging governance review
  • A national central bank on the formulation of a new banking law / regulatory regime
  • A high profile client on a wide-ranging culture review
  • A prominent regulatory authority in relation to the investigation of a number of banks for suspected malpractice / governance failings
  • Several institutions (including their respective boards and senior management teams) on their approach to, and implementation of, the Senior Managers and Certification Regime
  • Multiple clients on whistleblowing investigations
  • Various "blue-chip" financial institutions on their responses to a series of identified (and potentially serious) regulatory issues
  • Numerous institutions on market conduct investigations
  • A leading hedge fund on an investigation into potentially significant compliance breaches
  • A large financial institution on a firm-wide (and high-profile) culture review and assessment
  • A prominent consumer credit firm on its (successful) response to significant regulatory issues and industry developments*
  • An inter-dealer broker on an internal systems and controls review*
  • A large institutional asset manager on a comprehensive review of its entire suite of compliance/AML policies and procedures*
  • As a "skilled person" (pursuant to s.166 FSMA 2000), on behalf of two major clearing banks, in relation to the largest and most complex such review undertaken to date (involving the sale of interest rate hedging products)*
  • A “blue chip” financial institution on an in-depth internal “systems and controls” investigation*
  • A leading investment manager on an internal investigation relating to potential market misconduct*
  • A high-profile financial institution acting as a "shadow skilled person"*
  • A prominent stockbroking firm on a comprehensive governance review*
  • An integrated international investment bank on complex client money/assets issues (including undertaking an independent review)*
  • A listed “blue chip” institution on a comprehensive conflicts of interest review*
  • An international investment bank on an internal investigation relating to potential market misconduct*
  • Numerous institutions on their preparation for, and response to feedback following, regulatory (supervisory or thematic) visits*
  • A sovereign wealth fund on market conduct related issues and “ring-fencing” proposals*

*Matter handled prior to joining Latham

Mr. Berman also delivers practical training to clients (both front and back-office), including in relation to:

  • Market conduct
  • Senior individual accountability
  • Conflicts of interest
  • Use of dealing commissions
  • Keeping the regulator at bay
  • Regulatory refreshers/updates
  • Fund governance
  • S.166 insight
  • Culture and conduct risk
  • Current UKLA expectations of sponsors

Thought Leadership

  • UK Firms Granted Extra 15 Months for Brexit Onshoring Preparations -  October 14, 2020
  • Latham Launches 2nd Edition of Innovative Culture Assessment Framework -  September 30, 2020
  • The MAR Review — ESMA’s Final Report -  September 24, 2020
  • MAR and Sustainable Investing / ESG -  September 15, 2020
  • Conduct and Culture Update from the FCA -  September 04, 2020
  • SMCR: FCA Updates Expectations on Fitness and Propriety Assessments and Conduct Rules Training  -  August 20, 2020
  • European Commission Proposes Changes to MiFID II Due to COVID-19 -  July 31, 2020
  • SEC Flags Deficiencies in Private Fund Adviser Compliance -  July 10, 2020
  • FCA Issues a Public Censure to Redcentric PLC for Committing Market Abuse -  June 30, 2020
  • FCA Consults on Post-Brexit Prudential Regime for Investment Firms -  June 24, 2020
  • FCA Fails to Find Its Watersheds Moment in Adams v. Options SIPP UK LLP -  June 18, 2020
  • Focus on Culture and Conduct Brings New Considerations for Corporates and Investors -  June 16, 2020
  • Culture and Conduct Ahead of Exit — Key Points for Private Equity -  June 15, 2020
  • European Commission Publishes Draft Delegated Regulations on ESG Disclosures in Benchmarks -  May 04, 2020
  • New Draft Regulatory Technical Standards Under the EU Benchmarks Regulation -  March 31, 2020
  • FCA Proposes New Rules on Climate-Related Disclosures by Listed Issuers -  March 12, 2020
  • FCA Calls on Firms to Develop a Purposeful Culture -  March 06, 2020
  • MiFID Refit — Commission Consults on Review of MiFID II Framework -  February 27, 2020
  • ESMA Provides Its Input on the BMR Review -  February 20, 2020
  • AMF Proposals to Revive the Research Industry in France -  February 19, 2020
  • Key Takeaways from ESMA’s recent MiFID Transparency Consultation Papers -  February 14, 2020
  • Sustainable Finance and Climate Change Risk in Financial Services -  February 06, 2020
  • Prioritizing Corporate Culture: Lessons for Companies from the Major League Baseball Sign-Stealing Investigation -  January 17, 2020
  • Third-Country Firms Operating Cross-Border Into the EU — Upcoming Reform -  January 14, 2020
  • Brexit: 10 Commonly Asked Questions -  January 07, 2020
  • FCA Consults on SMCR for Benchmark Administrators -  December 03, 2019
  • ESAs Consult on Amendments to the PRIIPs KID -  November 25, 2019
  • FCA Warns Firms of Conduct Risk During LIBOR Transition -  November 22, 2019
  • Review of the EU Benchmarks Regulation -  October 17, 2019
  • ESMA’s Consultation Paper on the MAR Review -  October 11, 2019
  • Research Unbundling — FCA Finds Rules Working Well -  September 23, 2019
  • Key Emerging Regulatory Issues and Focus Areas for Institutional Asset Managers -  September 19, 2019
  • FCA Warns of ‘Significant Weaknesses’ in Firms’ Implementation of the Conduct Rules -  August 05, 2019
  • FCA Confirms SMCR Optimisations -  July 26, 2019
  • 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 – Progress Report -  July 02, 2019
  • Key Industry Lessons From the FCA's First Competition Law Case -  May 24, 2019
  • EU Kicks Off MAR Review -  May 16, 2019
  • FCA Fires Warning Shot to Brokers in Wholesale Markets -  April 30, 2019
  • MiFID II Costs and Charges — Room for Improvement -  March 01, 2019
  • Brexit and Financial Services — FCA Issues Further Guidance for Firms -  February 01, 2019
  • Regulating Crypto-assets and ICOs? ESMA and EBA Consider the Benefits -  January 24, 2019
  • FCA Consults on Further Amendments to the SMCR -  January 23, 2019
  • Brexit and Financial Services — UK Equivalence Decisions -  January 21, 2019
  • European Commission Report on the Operation of the AIFMD -  January 15, 2019
  • 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 -  January 09, 2019
  • Brexit and Financial Services — Temporary Permissions -  December 18, 2018
  • FCA Finalises Changes to its Financial Crime Guide -  December 14, 2018
  • FCA Proposes Permanent Product Intervention Measures for Retail CFDs and Binary Options -  December 07, 2018
  • FCA to Clarify Scope of the Client Dealing Function -  November 30, 2018
  • Brexit and Financial Services — Onshoring MiFID II -  November 05, 2018
  • UK Cryptoassets Taskforce Publishes its Final Report -  October 31, 2018
  • A New Sheriff in Town? UK MPs Call for Regulation of “Wild West” Crypto-assets  -  September 20, 2018
  • First Details of Brexit Temporary Permissions Regime Published — Key Questions Answered -  July 27, 2018
  • Regulators Publish Final Rules on SMCR Extension -  July 04, 2018
  • The MiFID II Inducements Regime -  May 08, 2018
  • Commission Publishes Study of EU Market in Retail Investment Products -  April 30, 2018
  • Next Steps in the Asset Management Market Study -  April 05, 2018
  • FCA Proposes New Guidance on Financial Crime Systems and Controls -  March 28, 2018
  • Transforming Culture in Financial Services — The FCA Renews Its Approach -  March 16, 2018
  • FCA Sets Expectations on Algorithmic Trading -  February 27, 2018
  • MiFID II Research Unbundling — Crisis Averted? -  November 16, 2017
  • Latest Views From the FCA on Market Abuse -  November 15, 2017
  • MiFID II Research – Relief at Last? -  October 26, 2017
  • Individual Accountability for Private Equity Executives Continues to Increase Under Legal and Regulatory Changes  -  October 16, 2017
  • The (Potentially) Long Arm of the SMCR -  August 24, 2017

Visit the London Financial Regulatory Portal – A comprehensive resource to help navigate regulatory reforms.


Mr. Berman is regarded as “incredibly knowledgeable and well respected in the area, thanks to his wealth of experience, excellent judgment and the way he brings real energy to a team on large cases. He is very much in demand for his incisive, pragmatic and friendly approach.”

Chambers UK 2017
Bar Qualification
  • England and Wales (Solicitor)
Education
  • Diploma in Law, City University, London, 1995
  • BSc in Accounting, University of Leeds, 1993
  • LL.M., King's College London, 0
Industries
  • Financial Institutions
Practices
  • Capital Markets
  • White Collar Defense & Investigations
  • Financial Regulatory