A&O Shearman‘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.
Banking and finance: Financial services regulation in United Arab Emirates
A&O Shearman
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