International Regulatory Strategy Group
Published 1 Aug 2023
Farmida Bi CBE, partner at Norton Rose Fulbright and the firm’s Europe, Middle East and Asia (EMEA) Chair, has been appointed as Chair of the International Regulatory Strategy Group (IRSG) Council. The role was previously held by Baroness Swinburne, former Vice Chair of Financial Services at KPMG UK. Farmida will take up the role with immediate effect.
The IRSG is a cross-sectoral forum for the financial and related professional services industry focused on promoting regulation that encourages open and competitive global markets. Recent priorities have included the shaping of the future regulatory regime for ESG rating providers and a globally coherent framework for sustainability reporting, priorities for G7 and G20 presidencies, data, and digital currencies. The group is a joint venture between TheCityUK and the City of London Corporation and comprises senior practitioners from across the financial and related professional services industry.
Farmida Bi, incoming Chair of the IRSG Council, said, “I am delighted to be taking up this role, especially at a time when there are such significant regulatory shifts and developments in train. Alongside our regulators managing a raft of new powers and responsibilities post Brexit and building a smarter regulatory framework, there is also a growing trend of technological innovations, digital currencies and ESG-related transformations that require regulatory attention. I am looking forward to working with colleagues across the IRSG to develop a policy agenda that enables our industry to grow sustainably and ensures that international regulation is developed effectively and in the context of global change.”
Chris Hayward, Chairman of Policy and Resources at the City of London Corporation, said, “I am very pleased that we have found such a strong successor in Farmida to chair our IRSG. It is a hugely important group that collectively brings great regulatory experience and insights to ensure the UK remains a world-leading international financial centre.”
Miles Celic, Chief Executive Officer, TheCityUK, said, “We are very fortunate to consistently attract such high calibre practitioners to chair our IRSG. Farmida brings deep knowledge of the industry and strong international experience and I know that she will add enormous value to the group. She is a great successor to Baroness Swinburne, who made an outstanding contribution during her tenure as chair. We look forward to working closely with her to address the important international regulatory challenges and opportunities facing our industry.”
Farmida has been the EMEA Chair of global law firm Norton Rose Fulbright since 2018. She also continues to advise clients on multi-billion-dollar transactions for sovereigns and corporates and is the firm’s European Head of Islamic Finance. She has over 30 years’ experience in capital markets and Islamic finance transactions. In 2021, she was recognised by Financial News as being among the ‘Top 20 Most Influential Women in Legal Services’, ‘The Most Influential Women in European Finance’ between 2019-2021 and ’50 Most Influential Lawyers’ in 2022 and 2023. She is also regularly recognised in other leaders’ lists, including in Law.com’s ‘Innovative Leaders in ESG and Diversity’ in 2022.