Richard Frase
Senior Counsel | London
Richard Frase

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.

His recent experience includes advisory and structuring work including global business models, outsourcing and cross-border compliance, investigations and dispute resolution for international asset management businesses.

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.

Mr. Frase has been listed for financial services (non-contentious/regulatory) by The Legal 500 UK. Clients noted "he has an unparalleled knowledge and deep understanding of the intricacies of financial legislation and regulation” and "is an extremely knowledgeable and hard-working lawyer. He is an incredibly impressive individual."

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 legal textbooks include Sweet & Maxwell’s Law and Regulation of Investment Management (3rd edition 2019) and Hedge Funds and the Law (3rd edition 2021).  

  • London – Corporate & Commercial: Financial Services: Non-Contentious RegulatoryThe Legal 500 UK
  • Spring Round Table ‘Managing Multijurisdictional Teams – Challenges of Global Operations’ - Institutional Investor, London (April 2024)
  • Dechert on Reg: Episode 7 - Funds Congress: Regulatory Roadmap Panel Recap (April 2024)
  • Regulatory Roadmap: Setting the Course for 2024 and Beyond - Funds Congress – London (February 2024)
  • Alternative Funds COO Forum ‘What Does a New UK Government Look Like? Planning Ahead’ - Dehcert, London (November 2023)
  • Private Funds Legal Retreat, 2023 – Dechert, Oxford (September 2023)
  • What's Happening in Financial Services Regulation: A UK-Focused Talk for Asset -Managers - Webinar (January 2022)
  • Crypto Is Here to Stay – Navigating Opportunities and Legal Risks in the United Kingdom - Webinar (December 2021)
  • Regulatory Initiatives 2022 - Luxembourg Investment Funds Webinar Series (December 2021)
  • Investment Fund Governance, Independent Fund Directors and Investor Protection - UCL Webinar (October 2021)
  • US and UK Perspectives on MiFID II Product Governance Regulation - Association of Foreign Banks Virtual Roundtable (June 2021)
  • What’s Happening in Financial Services Regulation: A UK-Focused Talk for Asset Managers - Webinar (April 2021)
  • Regulatory Horizon 2021 Navigating Evolving Risks - ACA Webinar (March 2021)
  • Regulatory Spotlight – The Future of AIFMD - Luxembourg Investment Funds Webinar Series (November 2020)
  • Marketing Funds in the EEA Following a ‘Hard Brexit’ and an Update on the Marketing Rules - Webinar (October 2020)
  • Regulatory Deep Dive Programme – UK - AIMA Webinar (September 2020)
  • Key Legal Issues for Investment Managers – An Update - London (October 2019)
  • SMCR – Clarity and Consequences - London (July 2019)
  • SMCR Is Coming Soon - Are You Ready? - London (May 2019)
  • 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)