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"Extremely experienced and technically sound, brings gravitas to the debate"

Legal 500 UK 2021

David Berman

  • 99 Bishopsgate
  • London EC2M 3XF
  • United Kingdom

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.

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 experience includes advising:

  • A major bank undergoing a wide-ranging section 166 ‘skilled person’ review
  • A large listed corporate on culture and conduct-related due diligence in the context of a significant acquisition
  • An international client before the Upper Tribunal
  • Numerous clients on their responses to (often time-critical) challenges from the Regulator
  • An asset manager on the recalibration of its governance framework
  • An investment manager on the regulatory implications of the sale of part of its business and the interim transitional arrangements
  • An investment bank on regulatory enforcement proceedings
  • An investment bank on regulatory challenges to its role as a Nominated Advisor
  • Airbnb on anti-money laundering and UK regulatory advice in connection to Airbnb’s initial public offering of 56 million shares on Nasdaq
  • 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

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