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Erica Licchelli


Erica is a regulatory lawyer specialising in financial services.



Erica is a regulatory lawyer within the firm’s Financial Services and Funds team focusing on both advisory and transactional matters. She acts on behalf of a wide variety of clients, including exchanges, multilateral trading facilities, organised trading facilities, broker crossing networks, investment banks, asset and wealth managers, fund managers, proprietary trading firms and pioneering FinTechs.

Erica’s previous in-house experience at a top interdealer broking firm enables her to provide practical legal advice drawing on her understanding of the commercial realities faced by businesses in the financial markets.

Erica is admitted to practise in England and Wales and qualified in 2021.


  • Advising on the scope of FSMA-regulated activities and on MiFID II notification requirements;
  • Providing regulatory support on M&A and corporate reorganisation assisting with FCA licensing processes including VOP, authorisation and de-authorisation processes, change of control applications, transaction due diligence;
  • Coordinating a full-scale review and refresh of policies and procedures for a prime brokerage firm including bespoke prime brokerage agreements, UK and EU MTF rulebooks, general dealing terms of business, CDEAs, master services agreements, SaaS, click-wrap user agreements, IT contracts and vendor agreements;
  • Supporting the negotiation and drafting of key data provision agreements relating to the calculation, publication and administration of ICE Swap Rate, FTSE, Refinitiv and ICE Term SONIA Reference Rate and other indices in line with BMR;
  • Advising on non-contentious conduct investigations (e.g. section 166, FCA remediation exercises, regulatory notifications) and on the application of major international regulatory initiatives (e.g. FSMA, MIFID II, AIFMD, EMIR, MAR, POCA) and other statutory instruments or European regulations that have direct effect.
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