Nick is a partner in the Financial Services Regulation group in London. Nick specialises in advising both buy-side and sell-side firms on all aspects of the UK and EU regulatory regimes.
Nick’s primary focus is advising fund managers (both in the UK and globally) on regulatory issues including MiFID, AIFMD, compliance with the FCA Rules, client documentation, compliance policies and procedures, anti-financial crime requirements and cross-border business. More broadly, Nick also advises other asset management firms, investment banks, private banks and brokers on a spectrum of financial services law and regulatory issues.
Nick is a member of the core team dedicated to start-up hedge fund work. The team is behind Simmons & Simmons LaunchPlus: US to UK - the firm’s online resource for US-based fund managers launching in the UK.
- Recent Work
- advising on the implementation of MiFID 2 in the UK and EU, including carrying out scoping and impact analysis work for many leading asset management firms, and speaking at industry conferences on the impact of MiFID 2
- advising on the implementation of AIFMD in the UK and Europe – including the authorisation and structuring of AIFMs, variation of permission applications, article 36 and 42 marketing requirements and reverse enquiry, and drafting AIFMD-compliant policies and procedures and fund documentation
- providing day-to-day compliance advice for FCA and PRA authorised firms on all aspects of the UK regulatory regime – including conduct of business questions, controllers and close links analysis, approved person queries, organisational and systems and control issues and regulatory reporting (including share disclosure and short position rules)
- drafting and updating both internal and client-facing compliance documentation for banks, brokers and fund managers, including compliance manuals and compliance monitoring programmes, and other supporting policies including best execution, conflicts, soft dollars / dealing commission, PA dealing, code of ethics and periodic internal reports
- advising firms on compliance with key anti-financial crime requirements (including market conduct / insider dealing questions for fund managers), advising regulated firms on anti-money laundering requirements and providing bespoke practical training for employees of regulated firms on AML and market abuse requirements
- assisting financial sector and asset management sector firms with establishing businesses in the UK and the requirements when carrying on business cross-border into the UK (including advice on the perimeter of the UK regulatory regime and the scope of the UK financial promotion rules), advising on the scope of global marketing and promotion rules for financial products, and coordinating and preparing applications for authorisation and other submissions to the UK regulatory authorities.
Nick has been with Simmons & Simmons for 12 years – he joined the firm in 2005 as a trainee solicitor, and qualified as an associate in the Financial Services group at the start of 2007. Nick became a partner in May 2015. During his career, Nick has also spent 6 months on secondment at the in-house legal team of a UK bank’s private wealth division, and 4 months on secondment at the compliance department of a UK investment bank.