Berman, David

David Berman

Partner

david.berman@lw.com
    Berman, David

    David Berman

    Partner

    david.berman@lw.com
    "By far the best partner I have worked with and has helped us create a strong compliance program and keep abreast of regulatory developments in a practical manner."

    The Legal 500 UK 2023

    "David knows the way the regulator works really well."

    Chambers UK 2023

    "Highly knowledgeable, very responsive and provides the highest level of client service."

    Chambers UK 2023

    "Very practical and takes his time to understand our business so he can spot areas where we should be concerned and advises accordingly."

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

    Legal 500 UK 2021

    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, whistle blows, culture and conduct, regulatory compliance, risk management, systems and controls, 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 often consulted, as a subject-matter expert by industry bodies and regulators. David is a frequent speaker at financial sector seminars and events. He is consulted extensively by industry bodies for his specialist knowledge, insight, and prior in-house experience.

    Publications:

    Mr. Berman has recently authored books entitled:

    • Market Conduct for Investment Managers – A Practical Guide, Thomson Reuters, Second Edition 2022
    • Culture: A Practical Framework for Sustainable Change, Latham & Watkins, Fourth Edition 2022
    • Senior Individual Accountability in the Financial Services Arena – A Practical Guide, Thomson Reuters, Second Edition 2017

    Experience

    Mr. Berman’s representative clients include:

    • Institutional investment managers
    • Integrated investment banks
    • Central banks
    • Hedge funds
    • Private equity houses
    • Stockbroking firms
    • Credit funds
    • Consumer credit firms
    • Clearing banks
    • Corporates

    Mr. Berman’s experience includes advising:

    • A major bank undergoing a wide-ranging section 166 ‘skilled person’ review
    • A national central bank in designing and drafting a brand new legislative and regulatory regime for payment systems, payment services and digital finance
    • A large asset manager on a wide-ranging conduct risk review and benchmarking exercise
    • Numerous clients on their responses to (often time-critical) challenges from the Regulator
    • A large international bank on a wide-ranging culture review
    • 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
    • A large international bank on a comprehensive review of its conduct risk framework
    • 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 large listed corporate on culture and conduct-related due diligence in the context of a significant acquisition
    • A high profile 'unicorn' 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 SMRC
    • 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 completed 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

    Qualifications

    Bar Qualification

    • England and Wales (Solicitor)

    Education

    • Diploma in Law, City University of London
    • BSc in Accounting, University of Leeds
    • LL.M., King's College London

    Practices

    Industries

    Recognition

    News & Insights

    The boardroom table is set for a meeting
    September 12, 2023 Event

    Three Lines of Defence

    Latham & Watkins' London Financial Regulatory team invite you to a seminar on the three lines of defence model of risk management. 
    Boardroom
    June 16, 2023 Resource

    Consumer Duty: What Do Boards Need To Know?

    With the Consumer Duty’s effective date of 31 July 2023 fast approaching, this briefing looks at the ongoing obligations that apply to the boards of FCA-regulated firms under the Consumer Duty.
    Read More