Next Generation Partners

Firms To Watch: Banking and finance: Financial services regulation

EY Law LLP (MENA) has strengthened its market presence and client offering through a range of junior and senior hires, most notably Ahmed Butt, who joined from Squire Patton Boggs and is well-versed in a range of regulatory issues and investigatory procedures.

Banking and finance: Financial services regulation in United Arab Emirates

Allen & Overy LLP

Allen & Overy LLP‘s team covers the whole regulatory waterfront and is a pre-eminent adviser to financial regulatory institutions and also has a strong focus on the start-up and fintech space. The firm also has a premium asset manager and sovereign wealth fund offering, assisting clients with governance, international deployment of capital, and advice on the regulatory aspects of large shareholdings. Team lead Jodi Norman is a specialist in investment banking and capital markets, with key expertise in DFM and ADX. Victoria Ferres predominantly concentrates on the retail side, handling e-money, e-wallets and cryptocurrency issues.

Practice head(s):

Jodi Norman


Other key lawyers:

Victoria Ferres


Testimonials

‘Excellent knowledge of regulations and local markets.’

‘Jodi Norman has a great understanding of local markets.’

‘The A&O team are best in-the-class advisors. They are not only subject matter experts, but are also effective partners to their clients. They take the time to understand the issue that is being raised to them and find an effective solution. It is also great to see such strong women in key leadership positions in the Dubai office.’

Key clients

Blackstone


Astra Tech/PayBy


G42


Standard Chartered Bank


ADGM Financial Services Regulatory Authority (FSRA)


DFM / NASDAQ Dubai


Checkout.com


First Abu Dhabi Bank


ADCB


Mubadala


Davidson Kempner European Partners LLP


Qatar Financial Centre Regulatory Authority


Qatar Financial Centre Authority


Network International


e& / e& money


Bank of America


Banque Saudi Fransi


Catalyst Fund


Citadel Group


Dubai Multi Commodities Centre


Taptap Send


Remitly


Fisher Investments


Gemcorp Capital Management Limited


Hub71


SMBC


Clifford Chance

Clifford Chance is 'consistently on the most high-profile innovative regional deals' and is frequently a first choice for financial institutions for a variety of regulatory advice. The firm has strong synergies with its top-tier technology practice and acts for an array of clients in the fintech space and the team  also assists the GCC's largest asset managers with the establishment of funds while overseeing the accompanying licensing and cross-border marketing arrangements. Jack Hardman, who stands out for his ability to handle the complex tech aspects of financial mandates, and Cheuk-Yin Cheung, who handles asset-backed collateralised financings, jointly head the practice. Senior associate James Dadford has an impressive track record on fintech mandates.

Practice head(s):

Jack Hardman; Cheuk Yin Cheung


Other key lawyers:

James Dadford


Testimonials

‘Jack Hardman was very available throughout the project and it was a real pleasure dealing with him’

‘Very knowledgeable team with deep experience of dealing with the Central Bank. Responsive and commercial. Excellent partners to work with in the region.’

‘Clearly articulated legal advice with actionable recommendations that can be easily put in practice. Wide experience and commercially minded partners and associates. ’

‘The Clifford Chance banking and finance/ financial services regulation team hold a pre-eminent position in the market.’

‘Clifford Chance are consistently on the most high-profile innovative regional deals and their client base, particularly with focus on regional financial institutions, is top tier. Few other firms have been in the market as long/ are as established as Clifford Chance – and this is a real point of distinction for many clients looking to instruct Clifford Chance.’

Key clients

Abu Dhabi Commercial Bank


Abu Dhabi Finance


Abu Dhabi Global Market (ADGM)


ADNOC


Adyen


Arab Monetary Fund


Careem Networks FZ


Credit Agricole


Citigroup


DP World


Dubai International Financial Centre Authority


Emirates NBD


Expo City Dubai


First Abu Dhabi Bank PJSC


HSBC


International Swaps and Derivatives Association, Inc.


Mashreq


Offset8 Capital Limited


Payward Limited (Kraken)


Standard Chartered Bank


UAE Central Bank


Work highlights


  • Advising the Central Bank of the UAE on the creation and issuance of the proposed Central Bank Digital Currency and related technology platform.
  • Advising as the main contributor law firm to International Swaps and Derivatives Association Inc. (ISDA) since the inception of its Middle East Committee, including being issuing counsel to the first ISDA netting opinions available under the laws of the United Arab Emirates and under the laws of the Dubai International Financial Centre.
  • Acting as international issuer’s counsel to Al Ansari Financial Services on its highly successful IPO and listing on the DFM, which involved obtaining relevant regulatory approvals, and ensuring the IPO met the criteria set by the Central Bank of the UAE.

Norton Rose Fulbright

Norton Rose Fulbright‘s team has ‘profound experience in regulatory affairs and a knowledge of best practices and regulatory expectations’. The team covers traditional financial services, fintech and cryptocurrency mandates, and the group also assists financial institutions with compliance and regulatory regimes, and acts for corporates on investigations and allegations by regulatory bodies. Matthew Shanahan brings in-house regulatory expertise to bear on a number of complex instructions for domestic and international clients. Counsel Andre Abou Aad handles a range of financial regulatory issues. Junior associate Hasanali Pirbhai is a strong supporting presence on a number of matters, and counsel Karl Masi joined the team in early 2024.

Practice head(s):

Matthew Shanahan


Other key lawyers:

Andre Abou Aad; Hasanali Pirbhai; Karl Masi


Testimonials

‘Extensive experience with regulatory frameworks in the Dubai International Financial Centre.’

‘Profound experience in regulatory affairs, knowledge of best practices and regulatory expectations, solution-oriented by focussing on the best risk-sensitive outcome for the client, in consideration of the specific circumstances and characteristics of the client.’

‘Matthew Shanahan has in depth understanding of the banking industry and is responsive in providing advice.’

‘Matthew Shanahan’s advice is comprehensive, practical, straightforward. The memo prepared by Matt and his team was user friendly and praised by our business and operational teams.’

‘The team remains extremely reachable. They have been prompt and constructive in the advice provided throughout our engagement with the firm.’

‘Pragmatic and reasonable in their approach with dealing with advice. Very prompt in responding and reachable. Open to constructive challenge’.

‘Highly professional and responsive. Practical knowledge of the industry and highly qualitative outputs.’

‘Matthew Shanahan is a highly skilled ex regulator with a high level of expertise. Hasanali Pirbhai is an excellent performer, responsive, and possessing great regulatory knowledge.’

Key clients

UBS


IG Limited


RJ O’Brien


Goldman Sachs


CME Group


LSEG


First Global Capital Limited


Bybit


Chimera Investment


Work highlights


  • Advised OKX on its market entry into Dubai.
  • Advising Bybit on its successful application for a Minimum Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA) and its ongoing application for the Full Market Product (FMP) licence.

Pinsent Masons LLP

Pinsent Masons LLP is a market-leading adviser to clients on digital asset mandates, specialising in blockchain technology, data protection and innovative payment processes. The team also assists banks with navigating the regulatory landscape, advising on compliance and approval proceedings. Practice head Tom Bicknell is a highly experienced regulatory expert who is  'well connected, entrepreneurial and solutions orientated'. Associate Barkha Doshi has supported on work for start-ups, financial institutions and established industry players.

Practice head(s):

Tom Bicknell


Other key lawyers:

Barkha Doshi


Testimonials

‘Both Tom and Barkha go the extra mile to provide us with the exact answer which we expect from any law firm. Both of them know the exact requirement and questions that will be asked by the relevant authority and make sure that our responses are in line with the local requirement.’

‘Tom Bicknell is very well connected, entrepreneurial and solutions orientated. Understands different risk appetites. Deep background across all areas of financial services and insurance is a real asset.’

‘Specialist knowledge in payments area and collaborated well with local support.’

Key clients

UX Network/Antelope Coalition


3iQ Asset Management Services


Talabat Delivery Hero


Chintai


HubPay


21Shares Limited


Nymcard Payments


Helion Ventures


Work highlights


  • Advised 21Shares on its entry into the UAE market including structuring its product offering to be listed on Nasdaq Dubai and working to gain regulatory approval from the DFSA for the structure of the products.
  • Acting for 3iQ on the listing of its product on Dubai Financial Market including product structuring, disclosure preparation and regulatory approval to the listing and new offering.
  • Advising HubPay on its Central Bank licence application to be a retail payment services provider.

Al Tamimi & Company

Al Tamimi & Company serves as local adviser to government organisations, financial institutions and major international corporations. The firm utilises its close connections with regulators and authorities in the UAE to assist clients, especially in the fintech space. Jody Waugh, who is noted for his e-commerce and digital platforms expertise, and Divya Abrol Gambhir, who has a strong track record handling fintech and licensing, jointly head the practice. Senior counsel Ali Awad  has been largely focused on mandates pertaining to the establishment of banks and senior associate Sarah El Serafy works closely with key regulators and government authorities in Egypt, Qatar and the UAE on a range of issues.

Practice head(s):

Jody Glenn Waugh; Divya Abrol Gambhir


Other key lawyers:

Ali Awad; Sarah El Serafy


Testimonials

‘Strong know-how and capabilities in the financial services field in the offices where it is present, and in particular in the UAE.’

‘Lawyers are very commercially savvy and give highly practical advice, and approach issues with a constructive problem-solving perspective.’

‘The breadth of local knowledge and a consistent can-do high service level attitude truly stands them out.’

Key clients

BitOasis


Seba Bank AG


Emirates Investment Bank


Work highlights


  • Acted as UAE counsel to the Central Bank of the UAE in relation to its first and largest scale pilot of central bank digital currencies.
  • Advised BitOasis on securing its operational minimum viability product licence for broker-dealer services to operate in and from Dubai, from Dubai’s Virtual Asset Regulatory Authority.
  • Advised Emirates Investment Bank PJSC on the regulatory aspects of the increase of its share capital from AED 70,000,000 to AED 1,000,000,000 for the purpose of satisfying the minimum share capital requirement under the Central Bank Restricted License Banks Regulation issued under Circular 23/2022.

Stephenson Harwood Middle East LLP

Stephenson Harwood Middle East LLP advises a wide range of clients in the fintech and crypto space on establishing operations in the UAE, and also assists guide asset managers with the private equity and the novel fund management side. Leveraging experience as a senior legal counsel at the Dubai Financial Services Authority, regulatory specialist Philip Clarke is well placed to advise banks and financial institutions on defending allegations and in investigations by regulatory bodies, as well as aiding businesses through their regulatory concerns, with particular expertise in digital assets.

Practice head(s):

Philip Clarke


Testimonials

‘Attention to detail and close working relationships.’

Key clients

ICICI Bank Limited, DIFC Branch


MOG Holding Limited


ComTech Global


Lexim Trading DMCC


Craig price and Piero Politeo


Former senior manager of the Abraaj Group


Ardonagh Specialty


Grant Thornton


Deutsche Bank


TransAsia Private Capital Limited


Work highlights


  • Acting for one of the former senior executives of the Abraaj Group who was censured and fined by the Dubai Financial Services Authority (DFSA) following the collapse of Abraaj.
  • Advising Ardonagh Specialty on the acquisition of Oxford Insurance Group Limited.
  • Advising Lexim on the set-up and development of its gold-backed digital asset platform, which includes minting crypto tokens that are collateralised against gold held by its sister company to be traded on a proprietary basis.

White & Case LLP

White & Case LLP works with some of the largest tech companies in the world on their novel projects in the UAE and also advises asset managers on regulatory and compliance concerning the setting up of operations and investments in the region. Practice head Stefan Mrozinski is particularly well-regarded for his fintech expertise. Associates Arnold Krutilins and Gabrielle Lowe advise on financial services regulation, funds and funds regulation, and compliance and tech issues. Adrianus Schoorl left the firm.

Practice head(s):

Stefan Mrozinski


Other key lawyers:

Arnold Krutilins; Gabrielle Lowe


Testimonials

‘The team’s exceptional organizational skills enable them to offer guidance across a broad spectrum of topics. Their teamwork is highly effective, characterized by strong cooperation with the client to pinpoint the most fitting solutions, all while taking into account the best international practices.’

‘Arnold Krutilins excels in efficiency and swiftly grasping complex issues and tailoring solutions. His strong communication skills, both with clients and within the team, underscore his invaluable contribution’

‘Very practical and commercially oriented approach. Ability to structure from legal perspective the business needs step-by-step. You always know that you will receive timely response from the team.’

‘Stefan Mrozinski is a commercial and practical, business-minded lawyer. Gabriella Lowe is extremely knowledgeable.’

‘White & Case stands out from other global law firms by an exceptional combination of top-tier client service, responsiveness (which is often sought under tight deadlines) and use of client-oriented innovative technology, including cutting edge knowledge solutions and document automation, and surpass even the most demanding client’s expectations. The firm set out an innovative standard of advisory services where a client is supported not only at every stage of a project till closing, but even afterwards, which accurately reconciles with the “go the extra mile” approach.’

‘Stefan Mrozinski’s dedication and unwavering commitment to the client’s business needs and deep understanding of the financial services industry sets him apart in the MENA region legal market. Stefan demonstrates an exceptional ability to strategic thinking in a course of the client’s long-term objectives and shows an outstanding responsiveness which transforms him from an external counsel to a truly trusted advisor.’

Key clients

Meta


Mubadala Investment Company


Amazon Payment Services


Crypto.com


Morgan Stanley


Credit Agricole


Global Fintech Investments Holding AG / Prism Group


Wizz Financial


Tabby


Paymob


Nymcard


Safegold


Thirdverse Inc.


Rothschild


Bank of America


Moelis


Qatar National Bank


Mitsui


Brookfield Asset Management


Tikehau Capital


Qatar Investment Authority


Work highlights


  • Advised Amazon Payment Services on a number of financial services regulatory matters in the UAE and wider-Middle East.
  • Advising Global Fintech Investments Holding AG / Prism Group in connection with corporate and financial services aspects of its acquisition of the Finablr group.
  • Advised Meta on a number of financial services regulatory matters in certain GCC States.

Baker McKenzie LLP

Baker McKenzie LLP bolstered its team with the hire of Samir-Safar Aly from White & Case LLP; he 'excels in diverse legal domains, notably fintech, AI, and government advisory, with a truly international profile'. Samir brings experience to an already considerable bench of lawyers active in this space, including department lead Mazen Boustany, who frequently advises on licensing applications. Senior associate Tala Shomar is also active in a number of matters.

Practice head(s):

Mazen Boustany


Other key lawyers:

Samir Safar-Aly; Tala Shomar


Testimonials

‘The Baker McKenzie team is a unique, one of a kind financial regulatory practice for a number of reasons – it’s cross-border expertise across the GCC and MENA region, it’s multi-lingual capabilities with Arabic native speakers, and also its leading financial crime, fintech, and sanctions lawyers. They can truly advise holistically and take into account multiple inter-connected areas of concern.’

‘With over a decade of experience in the MENA region, Samir has excelled in diverse legal domains, notably financial regulatory, fintech, AI, and government advisory, and has a truly international profile.’

‘Samir’s extensive expertise in core financial services regulation, cross-border business, and fintech innovations is truly exceptional. Samir’s dual qualifications in law and coding uniquely position him as a fintech and AI leader, and his mentorship of startups underscores his commitment to fostering innovation.’

Key clients

Abu Dhabi Commercial Bank


Emirates NBD


Credit Agricole


HSBC


MUFG Bank Ltd (DIFC Branch – Dubai)


Standard Chartered Bank


Government of Egypt


Agility


Five Holding Limited


Mashreqbank PSC


The National Bank of Egypt S.A.E.


First Abu Dhabi Bank PJSC


DBS Bank


Dubai Real Esate Corporation


Bird & Bird

Bird & Bird has notable strength in digital assets, cryptocurrency, and blockchain, where it is sought out by fintech clients. The team also advises sovereign and government-backed asset management funds on high-stakes financial matters and also assists clients with navigating regulations. Practice head Gregory Man has been active in instructions pertaining to e-wallet and mobile payments, cross-border token transfers, and the development of secondary trading platforms - among others work. Associate Jessica White is also noted.

Practice head(s):

Gregory Man


Other key lawyers:

Jessica White


Key clients

Florin Court Capital


Dubai Cultiv8


CMS

CMS handles a steady stream of mandates pertaining to digital and crypto currencies, regulatory structuring, innovative payment solutions and payment infrastructure, and investigations and enforcement actions guidance. The firm also handles cross-border instructions, often involving Saudi Arabia. Gabriella Savastano, who joined the practice in September 2022 after several years working in-house at Macquarie, works closely with banks, asset managers and fintech start-ups on a wide range of regulatory issues.

Practice head(s):

Gabriella Savastano


Testimonials

‘I’ve referred certain discreet matter on investment services regulatory to CMS and have been pleased with the results, the team is accessible, knowledgeable and draws on international experience to give balanced and thoughtful advice’

‘Gabriella Savastrano goes above and beyond to provide useful advice. She has many years of in-house experience in broad cross-border and investment product regulatory matters which is invaluable, and outperforms in her subject matter expertise.’

Key clients

Nuvei


Al Rajhi Bank


Abu Dhabi Islamic Bank PJSC


CMC Markets


Emaar PJSC


UAE Trade Connect (UTC)


YAP Holding Ltd


Work highlights


  • Assisted CMC Markets with obtaining a retail endorsement from the DFSA so that it could offer its products to retail investors.
  • Provide ongoing legal support and advice to Coutts Bank on its cross-border offering on a global basis.

Hadef & Partners

Hadef & Partners advises on an array of regulatory concerns, including corporate structures, insolvency, security laws and compliance issues. The firm has close connections to a series of key financial authorities and governmental bodies and is retained to advise on the development and launch of new regulatory frameworks. Catriona McDevitt heads the practice and is particularly proficient in the virtual assets and cryptocurrency space, working with a diverse and wide range of clients. Associate Aziz Yasini is also noted.

Practice head(s):

Catriona McDevitt


Other key lawyers:

Aziz Yasin


Key clients

Sullivan & Cromwell LLP


Work highlights


  • Acted as UAE co-counsel to provide UAE law advice in connection with a Chapter 11 filing of the cryptocurrency exchange FTX Group. The preliminary elements of the work involved providing advice in connection with UAE financial regulations, bankruptcy law, court proceedings and the authorisations required in connection therewith.

KARM Legal Consultants

KARM Legal Consultants has carved out a niche in the virtual assets space, often acting for start-ups and fintech clients on various issues. Kokila Alagh is skilled at advising overseas corporates on establishing operations in the UAE, guiding these entities through licence applications, contract and document reviewing, and compliance concerns. Akshata Namjoshi has an impressive track record setting up cryptocurrency exchanges and the deployment of public and enterprise blockchain and Soumya George is predominantly focused on regulatory filings.

Practice head(s):

Kokila Alagh; Akshata Namjoshi; Soumya George


Testimonials

‘KARM Legal’s team maintain a very close eye on the most recent updates in the regulations, open discussions and public consultations issued by the local regulator. This puts them in a very good position to provide sound and concise advice to their clients.’

‘Very Punctual and clear in their communications’

‘Understanding regulations is the key area for any Legal Consulting Firm. The KARM Team has excellent intellectual capabilities to advise, guide, and suggest the way forward. The communication with the regulators on behalf of the client is praiseworthy.’

‘At the individual level, we found each one of them is competent, conversant, confident, and convincing with the regulatory perspective in UAE.’

Key clients

Dexy


Finflx


BNS


Founders and Co


Edenred


iBnk


Alif Bank


OTC Supply


BPRO


XFlow


Work highlights


  • Advised BNS on the end-to-end licensing process, including drafting the required policies and manuals, advising the client on the regulatory framework of CBB and representing the client before the CBB.
  • Undertaking the legal feasibility analysis of launching virtual assets products under the laws of the UAE mainland for a leading commercial bank in UAE.

Simmons & Simmons Middle East LLP

Simmons & Simmons Middle East LLP is frequently instructed by asset managers, hedge funds, and large financial institutions for financial regulatory advice, including digital asset and fintech issues. The firm also has a notable understanding of neighbouring markets, particularly Saudi Arabia, where it assists with regulatory issues. Practice head Muneer Khan advises on compliance, investigations and digital asset matters, and also assists clients with reforming internal regulations. Managing associate Adam Wolstenholme is also noted.

Practice head(s):

Muneer Khan


Other key lawyers:

Adam Wolstenholme


Key clients

Ardian


Qube Research & Technologies (QRT)


Cresen


Lighthouse


Fifth Wall


Blantyre


Wellington


Copper


Laser Digital


Asia Research and Capital Management


Cypher Capital


Work highlights