Richard Frase


Richard Frase


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


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 - 2020) for the area of financial services regulatory. The 2019 guide notes that Mr Frase provides sophisticated regulatory advice to both retail and commercial banking clients, with noted strength in the private equity and investment management sectors. Clients say "He can give a view and provide definitive advice. He is great to deal with, always approachable and easy to speak to". 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.

His published works include Sweet & Maxwell’s ‘Law and Regulation of Investment Management’ (3rd edition 2019) and ‘Hedge Funds and the Law’ (3rd edition 2021).

  • Trinity College, Cambridge
  • England and Wales
Speaking Engagements
  • Investment Funds Conference: Disruption and Change in the Investment Funds Industry - Luxembourg (November, 2018)
  • Portfolio Management and Delegation, Brexit for Fund Managers Seminar Series - London (October, 2018)
  • Attracting and Retaining Talent After Brexit, Brexit for Fund Managers Seminar Series - London (October, 2018)
  • MiFID II In Focus: The Final Countdown - London (December, 2017)
  • Briefing | Brexit Issues for UK Asset Managers - London (November, 2017)
  • Dechert's Annual Investment Funds Conference in Luxembourg - Luxembourg (September, 2017)
  • MiFID II In Focus: Unlocking Organisational Requirements under MiFID II - London (July, 2017)
  • Navigating Global Regulatory Change in the Investment Funds Industry – Opportunities for Ireland, Dublin (June, 2017)
  • Latest Developments in the Irish Funds Industry: What Asset Managers Need to Know - London (May, 2017)
  • MiFID II In Focus: Marketing Part II - London (April, 2017)
  • MiFID II in Focus: Best Execution - London (December, 2016)
  • MiFID II In Focus: Marketing Part I - London (November, 2016)
  • Paying for Research Under MiFID II - London (September, 2016)
  • Regulatory Developments and Opportunities in Ireland for Asset Managers - London (September, 2016)
  • Brexit: The Next Steps for Your Business - London (July, 2016)
  • The New KID Requirement for AIFs - Planning for the PRIIPs Regulation - London (July, 2016)
  • Brexit: The Next Steps for Your Business - Webinar (June, 2016)
  • Brexit: Implications and Potential Consequences for the Asset Management Industry - London (March, 2016)
  • 3rd Annual Financial Services Forum 2016 - London (March, 2016)

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