Richard Frase


Richard Frase


London | 160 Queen Victoria Street, London, UK EC4V 4QQ
+44 20 7184 7692 | +44 20 7184 7001

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Richard Frase advises on all aspects of financial services law. He has extensive experience of the legal and regulatory aspects of the UK financial services industry, gained in private practice, in-house and with the regulators, covering both wholesale and retail markets and including regulation and compliance, derivatives and trading documentations.

Mr. Frase was head of litigation at the Personal Investment Authority (later the Financial Services Authority and now the Financial Conduct Authority) from 1995-1998, where he dealt with a range of compliance and enforcement matters involving life companies and financial advisers. He was seconded to the Securities and Futures Authority during 1989-1991, where he advised on policy and legal matters, and carried out extensive work on the conduct of business rules. He was a member of the London Metal Exchange and SFA arbitration panels for 10 years, sitting as an arbitrator in more than 30 arbitrations.

Mr. Frase is recommended by Chambers UK (2014 - 2018) for the area of financial services regulatory. The 2016 guide notes that Mr. Frase has a great deal of experience in financial services, having served previously both in-house and at the regulator. He garners respect from peers who comment on his "credibility in the sector and huge amount of knowledge." The 2015 guide states that "he has huge technical knowledge and he is attuned to what a client wants to achieve". In Chambers 2014, he is noted as being "extremely knowledgeable and practical" and praised for the way he "marries knowledge of the statute with what a client wants." The Legal 500 UK 2017 recommends Mr. Frase in the areas of financial services regulation and investment funds, noting that he is "very knowledgeable". The 2014 edition praised his work in financial services regulation, while The Legal 500 UK 2012 highlights his experience “in the regulatory aspects of the UK financial services industry.” He is acknowledged as a leader in his field in Chambers UK, 2012, which states that he “attracts praise for his knowledge of the law relating to exchanges and trading venues.” In 2011 the directory highlights his popularity “for his ability to grasp the relevant issues quickly and provide concise, technically accurate and practical advice” and in 2010 states that his “previous positions in-house and with regulatory agencies give him a practical, common-sense approach to problem solving and the ability to deliver advice clearly and concisely.”

He qualified in 1981, and subsequently became a partner in a leading law firm’s corporate department from 1988 to 1992. He left the then Financial Services Authority to join Dechert in 1998.

  • Trinity College, Cambridge
  • England and Wales
Speaking Engagements
  • Brexit for Fund Managers Seminar Series - Session Four: Portfolio Management and Delegation — London (October 18, 2018) 
  • Brexit for Fund Managers Seminar Series - Session Three: Attracting and Retaining Talent After Brexit — London (October 4, 2018) 
  • Briefing | Brexit Issues for UK Asset Managers — London (November 28, 2017)

Speaker, "Brexit Issues for UK Asset Managers" briefing covered the topic of 'Brexit and Hedge Funds.'

  • 3rd Annual Financial Services Forum 2016 — A Thomson Reuters Practical Law Conference, London (March 3, 2016)

Moderator, "Asset Management Sector: Opportunities and Challenges" which discussed: UCITS V. How will we make this work in practice; Shadow banking and investment funds; Impact of CMU on sector; Can CMU give new impetus to ELTIFs?; Cross border investigations; and FCA Market Study.

  • Use of Dealing Commission: What the FCA Expects You to be Doing — 2nd Annual Financial Services Forum 2015, London (March 11, 2015)

Speaker, "Use of dealing commission: what the FCA expects you to be doing" panel discussion topics included: Why the FCA is concerned about dealing commission?; How you can meet FCA expectations?; and Impact of MiFID II on your dealing commission arrangements. 

  • Marketing AIFs in the AIFMD Landscape – What Was the Impact and What Next? — 2nd Annual Financial Services Forum 2015, London (March 11, 2015)

Speaker, "Marketing AIFs in the AIFMD Landscape – What Was the Impact and What Next?"panel discussion topics included: Practical insights into the latest distribution and capital raising issues across the EU; Is the AIFMD passport working? What is ESMA likely to report to the Parliament, Council and Commission in July 2015?; and Using AIFMD platform solutions.

  • Insurance Implications of AIFMD - Articles 12-15 — A Seminar Presented by Miller Insurance Services LLP, London (May 1, 2013)
  • Getting Your Business Ready for AIFM Directive Implementation — Euromoney's Third Annual AIFM Directive Conference, London (February 8, 2012)

Moderator, "Getting Your Business Ready for AIFM Directive Implementation" conference. 

  • Investor Protection — City and Financial Conferences, London (May 26, 2011)
  • The Implications of the Directive for Administrators and Custodians in Key Jurisdictions — Management Global Information SA's 3rd Annual AIFMD Conference, Luxembourg (September 23, 2010)

Speaker, "The Implications of the Directive for Administrators and Custodians in Key Jurisdictions" panel discussed the global reach of the Alternative Investment Fund Managers Directive (AIFMD) and its potential impact on fund investors as well as custodians and administrators throughout Europe.

  • AIFM Directive Conference — Euromoney Legal Forums, London (February 25, 2010)
  • The Realities of Closing Out Transactions in Volatile Markets — Derivatives Conference, London (May 11, 2009)
  • Compliance Strategies for Maintaining ISDA Master Agreement and Related Derivative Documentation — C5 Conference, London (October 24, 2008)
  • Compliance Strategies for Maintaining Master Agreements and Related Derivative Documentation — ISDA/ 7th Annual Forum on ISDA Master Agreements, Frankfurt (September 30, 2008)
  • Hedge Fund Topical Issues — Finra Course, London (July 21, 2008)
  • International Regulation Development of Laws for the Establishment of Hedge Funds — Finra Course, London (July 18, 2008)
  • UK Broker-Dealer Counter-Party Risk Issues — Dechert LLP's 2008 Hedge Fund Roundtable: HFWG's and PWG's Best Practices - Counter-Party Risk Issues, New York,NY(June 26, 2008)
  • Legal Considerations for Pricing and Valuation — Marcus Evans' 2nd Annual Pricing and Valuation of Structured Credit Conference, London (June 14, 2008)
  • Opening Remarks from the Chairman — Euromoney MiFID Conference, London (May 19, 2008)
  • Successfully Structuring and Managing Collateral Agreements — Collateral and Margin Management for Fund Management, London (May 14, 2008)
  • Opening Remarks from the Chairman — MiFID Conference, London (September 20, 2007)
  • Process of Best Execution in the Fixed Income Market Conference — Marcus Evans Conferences, London (June 5, 2007)
  • Analyzing Pre-and Post-Trade Transparency Requirements Under MiFID — MiFID, London (February 16, 2007)
  • Prime Brokerage: Establishing and Managing the Trading Relationship — C5's Advanced Conferenceon Derivatives Transactions and Documentations, London (December 7, 2006)
  • Collateralisation — City and Financial's The Future of Prime Brokerage, London (November 8, 2006)
  • Hedge Fund Regulatory Issues & Developments in the US & Europe — MFA Outlook for International Hedge Fund Managers & Dealings with Counterparties, London (October 24, 2006)
  • Evolving Issues and Latest Developments in the Credit Derivatives Market — C5's 4th Forum on Credit Derivatives & CDOs, London (September 28, 2006)
  • Use of the Prime Broker in a regulated environment: Luxembourg — Alternative Investment Conference: Developments in Hedge Fund Strategies Risk Management and Portfolio Administration hosted by the Association of the Luxembourg Fund Industry (ALFI) and Alternative Investment Management Association (AIMA), Luxembourg (September 15, 2005)

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