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Clifford Chance

Frédérick Lacroix

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Frédérick Lacroix

Frédérick Lacroix is head of Clifford Chance's financial services and asset management practice in Paris. He advises under EU and French laws on banking and investment services regulatory matters (including on regulatory capital), asset management and funds, insurance investment regulations, clearing and settlement, and financial/securities litigations, e-money and payment services, financial institution M&A, restructuring and resolution. He advises fintech clients on financial regulatory issues, relating to investment advice, asset management, payment services and banking.

Frédérick also co-heads the structured finance/debt practice of the firm in Paris and advises financial institutions and corporates on a wide range of structured finance, capital market and derivative products. In particular, Frédérick has an extensive experience in cash and synthetic securitisations.

Frédérick is an active contributor to legal reviews and publications and is also regularly consulted on the drafting of pieces of legislation in the financial sector.

Contact details

Career and qualifications

  • Institut Supérieur de Gestion (Diploma in Finance) 1992
  • University of Panthéon-Assas (Master in Private Law) 1995
  • Institut de Droit des Affaires (Diploma in Business Law) 1995
  • University of Panthéon-Assas (postgraduate in Business Law) 1996
  • University Paris XII and School of Engineers Ecole Centrale Paris (postgraduate in Management Sciences) 1996
  • Crédit Lyonnais - Paris - Securitisation Group 1996
  • Freshfields Bruckhaus Deringer, Paris 1997
  • Admitted as an avocat in Paris 1998
  • Joined Clifford Chance 2003
  • Counsel since 2005
  • Partner since 2009
  • Speaks English and French

Awards and citations

  • "Clifford Chance assists financial institutions, corporates, insurers, asset managers, private equity funds and public entities such as European institutions with a broad variety of matters, with expertise spanning repackaging and factoring alongside more classic securitisation, derivatives and structured finance matters. Alternative market financing products are another key strength. The group, led by Jonathan Lewis and Frédérick Lacroix, undertakes domestic and cross-border work, with its capabilities in English, French and US law a major asset. Recent highlights include acting for GE Money Bank on refinancing a loan portfolio, which involved assisting with three sets of public RMBS securitisations by SapphireOne Mortgages with a total value exceeding €2bn. Together with the firm’s wider capital markets team, the department advised Carrefour on a non-dilutive cash-settled synthetic convertible bond issue and the corresponding equity options to hedge Carrefour’s risk exposure. Other work includes advising the European Investment Bank on the purchase of Class B1 and B2 notes issued by SC Poland Consumer 16-1. Crédit Agricole, Deutsche Bank and the European Stability Mechanism are other clients. Counsel Julien Rocherieux is also noted."
    Legal 500 EMEA, France, Derivatives, Structured Finance and Securitisation, 2018
  • "Clifford Chance is ‘a top-level’ practice specialising in assisting corporates and financial institutions with the regulatory facets of M&A and restructuring transactions, but is also experienced in advising public entities, including governments and international institutions, on legislative projects. The team also engages in lobbying work. Frédérick Lacroix heads the practice, with key support coming from counsel Sébastien Praicheux, whose areas of strength include Fintech-related mandates and insurance regulations. The pair handled a number of domestic and cross-border matters, such as advising Caceis on the restructuring of its European activities through mergers of the Luxembourg and Germany branches into Caceis France, which involved affiliates and branches in eight jurisdictions. Other work includes acting for BNP Paribas in lobbying the French government to amend the law relating to the hierarchy of creditors in insolvency. Other clients include the European Bank for Reconstruction and Development, FIA Europe and AXA Partners."
    Legal 500 EMEA, France, Banking & Finance: Bank Regulatory, 2018
  • "Frédérick Lacroix focuses on structured finance and regularly assists with fund and refinancing issues. He advises market infrastructure operators, fund managers and corporations."
    Chambers Global, France, Capital Markets, 2018
    Chambers Europe, France, Capital Markets, 2018
  • Frédérick Lacroix has a wealth of expertise in representing a broad range of clients, including financial institutions, fund managers and insurance companies. He is noted for his skills in regulatory and securitisation matters, with clients reporting that "he is experienced and thoughtful, and he has a strong command of English."
    Chambers Europe, France, Banking & Finance, 2018
    Chambers Global, France, Banking & Finance, Banking & Finance: Financial Services Regulation, 2018
  • "Clifford Chance provides ‘high-quality support thanks to a very professional and experienced team’. The firm runs a very prominent securitisation practice acting for arrangers and issuers; recent work includes advising on publicly listed securitisations of financial assets and on project and infrastructure loan refinancing through securitisation. Highlights included assisting GE Money Bank with the issuance by Sapphire One Mortgages FCT-2016-1 of debt securities – the first public securitisation of debt consolidation mortgage loans in France. It also assisted Natixis with the refinancing of intra-group loans via a French securitisation company issuing BMTN – the first listing of securities by a French securitisation company. The team also advises on derivatives. Jonathan Lewis and Frédérick Lacroix are the key names in the practice; counsel Julien Rocherieux is recommended for his ‘listening skills and attention to clients’ needs’."
    Legal 500 EMEA, France, Derivatives, Structured Finance and Securitisation, 2017
  • "Clifford Chance provides ‘very professional, timely and to-the-point advice’. Headed by Frédérick Lacroix, the seven-lawyer team assists banks and financial institutions with regulatory matters, including in the context of M&A and restructuring. The practice assisted GE Capital with GE’s exit from the financial services sector and its sale of GE Corporate Finance Bank SCA. Counsel Sébastien Praicheux is another name to note."
    Legal 500 EMEA, France, Banking & Finance, 2017
    Legal 500 EMEA, France, Banking & Finance, Banking & Finance: Bank Regulatory, 2017
  • Frédérick Lacroix specialises in financial regulation and gains additional praise from market sources for his securitisation experience. He recently assisted Carrefour Bank with the EUR1 billion Master Credit Card Plan 2015-1 securitisation.
    Chambers Global, France, Capital Markets, 2017
    Chambers Europe, France, Capital Markets, 2017
  • Frédérick Lacroix heads the firm's financial services and asset management practice and is renowned for his regulatory expertise. Sources highlight the fact that he is "competent, intelligent and has a sense of client service."
    Chambers Europe, France, Banking & Finance, 2017
    Chambers Global, France, Banking & Finance, Banking & Finance: Financial Services Regulation, 2017
  • Head of the financial services and asset management practice, Frédérick Lacroix is a key practitioner for regulatory matters. Clients say: "He really helps to bring solutions and adds value to the firm."
    Chambers Europe, France, Banking and Finance, 2016
  • Frédérick Lacroix heads the financial services and asset management practice in Paris, as well as jointly leading the structured finance team alongside Jonathan Lewis. He played an important role in the drafting of the 2013-14 reforms of the French Insurance Code
    Chambers Europe, France, Capital Markets, 2016
  • "Clifford Chance demonstrates ‘a very high level of expertise in complex subjects and gives result-oriented advice’. The ‘totally available’ 50-lawyer team fields one of the market’s most complete practices and has leading expertise in acquisition finance, corporate loans and project finance; regulatory work and structured finance are other areas of top expertise. The team acts for international and French banks, large corporations and investment funds. Recent highlights include advising the lenders on the financing of Apollo Management International’s buyout of Verallia. Key figures in the practice include the highly experienced Thierry Arachtingi and Daniel Zerbib. Benjamin de Blegiers is also recommended, while Jonathan Lewis and Frédérick Lacroix are key names for regulatory work".
    Legal 500 EMEA, France, Banking and Finance, 2016
  • "Clifford Chance provides the ‘highest level of service’ on securitisation programmes and also handles derivatives. ‘Advice is always highly detailed and focuses on the key points’. The practice also has a rare and ‘very good mix of knowledge of securitisation vehicles and project finance structuring’. It advised Axione Infrastructures and its shareholders on the structuring and refinancing of existing indebtedness through a securitised loan. The firm also assisted Natixis Financement with a €550m credit card securitisation. The structured finance team is headed by Jonathan Lewis, who has ‘terrific in-depth expertise’, and Frédérick Lacroix. Counsel Julien Rocherieux has ‘strong experience, both in securitisation vehicles and in project finance, which is quite rare".
    Legal 500 EMEA, France, Derivatives and Structured Finance, 2016
  • Head of the financial services and asset management practice, Frédérick Lacroix is a key practitioner for regulatory matters. Clients say: "He really helps to bring solutions and adds value to the firm."
    Chambers Global, France, Banking & Finance, 2016
    Chambers Global, France, Banking & Finance, Banking & Finance: Financial Services Regulation, 2016
  • Frédérick Lacroix heads the financial services and asset management practice in Paris, as well as jointly leading the structured finance team alongside Jonathan Lewis. He played an important role in the drafting of the 2013-14 reforms of the French Insurance Code.
    Chambers Global, France, Capital Markets, 2016
  • "Co-head of the structured finance practice, Frédérick Lacroix is recognised in the market for his involvement in French and EU-level securitisations and structured finance transactions. He is noted for his lead on the credit card securitisation for Carrefour Banque."
    Chambers Global, France, Capital Markets: Structured Finance, 2015
  • Frédérick Lacroix ascends the rankings thanks to strong recommendations. He heads the financial services and asset management practice in Paris. His recent work includes advising the Moroccan government on the reform of securitisation laws and the creation of a new legal regime for sukuk. Clients value his tailor-made solutions, with a source noting that he "takes into account what we want."
    Chambers Europe, Capital Markets: Structured Finance, 2014
  • Frédérick Lacroix heads the firm's financial services and asset management practice in Paris. Clients say: "He's very good. You can always get in contact with him and he's very quick to respond."
    Chambers Europe, Banking & Finance, 2014
    Chambers Europe, Banking & Finance,Banking & Finance: Financial Services Regulation, 2014
  • "Clifford Chance’s 60-lawyer practice advises on a comprehensive range of products and impresses clients with its ability ‘to explore new structuring routes’. It has continued to play an instrumental role alongside the European Financial Stability Facility fund to help stabilise the eurozone. The team also attracted major debt refinancing instructions such as assisting the French government with the bail-out of Crédit Immobilier de France. It also advised on major acquisition, LBO and unitranche financings, notably including assisting a consortium including EDF with the financing of Total Infrastructure Gaz de France. Frédérick Lacroix, who heads the regulatory and financial services team, has ‘a deep knowledge of issues’ in the area."
    Legal 500, Banking and Finance, 2014
  • Sources acknowledge Frédérick Lacroix's talent in structured finance and derivatives, and note his continued presence in the market.
    Chambers Europe, Capital Markets, 2013
  • "Frédérick Lacroix, who really brings security on a deal’".
    Legal 500, Capital Markets, 2013
  • "The practice, supported by regulatory expert Frédérick Lacroix, played an instrumental role in advising on the recent financial turmoil affecting the Eurozone".
    Legal 500, Banking & Finance, 2013
  • "Frédérick Lacroix enters the rankings having earned impressive feedback. Peers and clients feel he is really making a name for himself, particularly in the structured finance market".
    Chambers Global, Capital Markets, 2012
  • "The impressive Jonathan Lewis and Frédérick Lacroix, who is praised for his communication and negotiation skills, are the key contacts".
    Legal 500, Capital Markets, 2012
  • "Since Frédérick Lacroix joined the firm in 2003, Clifford Chance has established one of the leading financial services practice in the French market."
    Décideur Stratégie, "Confidentiel, mais essentiel: le droit des services financiers", July 2012