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Danny Frost

Danny Frost


Danny is a non-contentious regulatory lawyer specialising in financial services.



Danny has advised international financial institutions and financial market infrastructure on a range of regulatory issues. He also has several years of in-house legal experience in the financial regulatory team at a European investment bank. Whilst in-house he worked closely with compliance functions and global markets, prime and securities services business lines. This included acting as lead legal contact for an investment research business, supporting regulatory change and implementation projects, providing training to compliance and business lines and contributing to industry fora and regulatory consultations.
Danny is part of the non-contentious practice in London. He uses his in-house experience working with business, compliance and project management functions to consider regulatory matters from a commercial and practical perspective. He has experience in working on regulatory matters affecting financial institutions and financial markets infrastructure including licensing/perimeter issues, financial promotions, structuring new businesses and products, day-to-day conduct, general terms and product documentation, Brexit restructuring/planning, regulatory outsourcings, cryptoasset, regulatory developments and implementation/change projects, and M&A (including controllers and close links matters).
  • assisting a major European financial institution on various Brexit-related regulatory issues under EU and UK law. This included:
    • reviewing changes in onshored UK legislation, the subsequent re-scoping of EU legislation as a result of Brexit, extraterritoriality analysis and the impact of parallel UK/EU compliance issues
    • reviewing transitional reliefs, supervisory and contractual run-off regimes; 
    • amending general terms and product/service specific documentation for Brexit
    • advising on market access, equivalence issues, settlement finality and recovery and resolution issues *
  • leading implementation of the settlement discipline requirements of the Central Securities Depositories Regulation, including participating in discussions at industry fora and drafting of industry-standard documentation *
  • general regulatory support in relation to MiFID, EMIR, SFTR, Securitisation Regulation, regulatory outsourcing and client assets (CASS) rules *
  • advising on SFTR and EMIR 2.2 transaction reporting and implementation projects *analysis and strategy work in relation to financial institutions' corporate restructuring plans *
  • advising on new product and service proposals e.g. proposals relating to banking, investment services and payment products, crypto-assets and consumer credit *
  • advising on market access and equivalence issues under UK and EU legislation * 
  • advising on securities/public offerings regulatory issues *
  • preparation of authorisation and change in control applications *
  • supporting a derivative exchange and clearing house on PRIIPs issues *
  • advising on money laundering, proceeds of crime and anti-bribery and corruption compliance *
  • legislative drafting and policy review for an offshore financial services centre *
* undertaken prior to joining Herbert Smith Freehills.