Bob Penn’s practice focuses on non-contentious regulatory issues impacting the banking and financial services sector.

He advises banks, asset managers, market infrastructure providers and other financial institutions on a wide range of national and international regulation.

Bob joined Cleary as a partner in 2016. He  previously worked at another leading law firm between 1999 and 2016, becoming a partner there in 2007 and leading their work on the UK and European financial services reform agenda. This included advising on revisions to capital requirements, the introduction of recovery and resolution plans, bank resolution and crisis management, and retail ring-fencing for banks. Bob has given evidence to the UK Parliamentary Commission on Banking Standards in relation to proposals for the ring-fencing of retail banking activities in the UK.

Notable Experience

  • HSBC on its UK bank ring-fencing project.

  • An international investment bank on its options associated with Brexit.

  • A global systemic international financial institution on its internal restructuring to meet operational continuity standards.

  • A global systemic international financial institution on the creation of its global resolution strategy.

  • UK and international banks on the preparation of recovery and resolution plans.

  • A European central bank on the resolution of a domestically systemic bank.

  • The UK government on the Cypriot banking crisis.

  • Various banks on the implementation of Basel II in Europe.

  • Various banks, investment banks and asset managers on the implementation of MiFID.

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Selected Activities

  • Member, IIF Special Committee on Effective Regulation
  • Member, BBA High Level Group on Financial Stability

Publications

  • “Recognised Investment Exchanges and Clearing Houses” and “Alternative Trading Systems” in Financial Markets and Exchanges Law (Oxford University Press)
  • “Bank Regulation” in McKnight, Paterson, and Zakrzewski on the Law of International Finance (Oxford University Press)

Events