Firms To Watch: Banking and finance: Financial services regulation

Clyde & Co LLP hired ex-Pinsent Masons LLP practice head Tom Bicknell in October 2024, who brings a wealth of experience in the financial services regulatory space.
Gibson Dunn offers comprehensive counsel to digital asset and payment service providers on regulatory investigations, licensing, and blockchain-related matters. Sameera Kimatrai is the key contact in Dubai.

Banking and finance: Financial services regulation in United Arab Emirates

A&O Shearman

A&O Shearman excels across the full regulatory spectrum, with significant activity in the UAE, ADGM, DIFC, Saudi Arabia, and Qatar. In addition to advising on market entry, business operations, and major financial mergers, the firm is increasingly involved in shaping legislative and regulatory frameworks. It has also seen a rising volume of instructions from non-traditional financial service providers, notably in the fintech, crypto-asset, and artificial intelligence arenas. Team head Jodi Norman is praised as ‘an exceptional lawyer and a leader in the field’, with strong connections to various regulatory authorities and regional banks. Promoted to counsel in May 2024, Victoria Ferres has a broad practice, with a particular focus on retail financial services regulation. Will Tunstall-Prince provides key support on legislative drafting and regime implementation.

Praxisleiter:

Jodi Norman


Weitere Kernanwälte:

Victoria Ferres; Will Tunstall-Prince


Referenzen

‘The team is led by Jodi Norman who is an exceptional lawyer and a leader in the field. Jodi can always be relied upon to give pragmatic and sensible advice and is always available for urgent queries. Thoroughly recommended.’

‘A&O Shearman have a leading practice in financial services regulation in terms of their knowledge and ability to offer practical advice.’

‘Jodi is the go-to person for financial reg advice. Her knowledge and ability to concisely explain financial services regulation in the UAE is unmatched.’

Kernmandanten

Abu Dhabi Commercial Bank


ADGM Financial Services Regulatory Authority


Bank of America


Banque Saudi Fransi


Blackstone


Checkout.com


Citadel Group


Davidson Kempner


DFM / NASDAQ Dubai


Dubai Multi Commodities Centre


e& / e& money


Emirates NBD


First Abu Dhabi Bank


Fisher Investments


G42


Gemcorp Capital Management Limited


Goldman Sachs


Hartree Partners


Hub71


Morgan Stanley


Mubadala Capital


myZoi


Network International


Nomura


Qatar Energy


Qatar Financial Centre Authority


Qatar Financial Centre Regulatory Authority


Remitly


SMBC


Standard Chartered Bank


Taptap Send


UBS


Clifford Chance

Clifford Chance is highly regarded for its ‘deep knowledge and understanding of the financial services regulatory field‘, with a longstanding history of working with regulatory authorities to shape legal frameworks across the UAE. The firm is active in M&A and funds work, and handles a substantial volume of fintech matters, including app creation, payment platforms, and digital asset transactions and exchanges. Team head Jack Hardman is praised for his ‘expertise, dedication, and client-centric approach’, with a practice covering M&A, fintech, and regulatory matters. Co-head Cheuk-Yin Cheung is a derivatives specialist with strong ties to the DIFC, while James Dadford provides support across a range of mandates.

Praxisleiter:

Jack Hardman; Cheuk-Yin Cheung


Weitere Kernanwälte:

James Dadford


Referenzen

‘Clifford Chance’s team expertise is truly exceptional. Their deep knowledge and understanding of the financial services regulatory field is unparalleled. They communicate complex information in a clear and concise manner, making it easy to understand and act upon. Their advice has consistently proven to be accurate and reliable, giving us confidence in their guidance.’

‘Their commitment to excellence sets them apart, making them a valuable partner for any organisation seeking top-tier legal and compliance support.’

‘We mostly deal with Jack Hardman who is exceptional due to his expertise, dedication and client centric approach.’

Kernmandanten

Abu Dhabi Commercial Bank


Abu Dhabi Global Market


Adyen


Al Ansari


Arab Monetary Fund


Bank of America


Bank of New York Mellon


Careem Networks FZ


DP World


Dubai International Financial Centre Authority


Emirates Development Bank


First Abu Dhabi Bank


HSBC Bank Middle East


International Swaps and Derivatives Association, Inc.


Investcorp


Mashreq


NMC Healthcare Group


Offset8 Capital Limited


Payward Limited


Saudi Tadawul Group


UAE Central Bank


Worldpay


Highlight-Mandate


  • Advising the Central Bank of the UAE on its Central Bank Digital Currency Implementation Strategy.
  • Counsel to the International Swaps and Derivatives, Inc. as issuer of their industry netting opinions in the UAE and the DIFC, as well as in their ongoing promotion of legal certainty in the UAE OTC derivatives markets for their members.
  • Advising Careem Networks FZ-LLC on a wide range of fintech matters in the Middle East to develop its financial services and payments platform, including on the creation of a financial services super app.

Norton Rose Fulbright

Norton Rose Fulbright offers a robust financial services practice, with leading expertise in fintech matters, such as establishing cryptocurrency exchanges, license applications and reviews, and advising regulatory bodies on framework development. The firm has strong ties with both regional and global financial institutions, including a number of investment banks and a diverse array of startups, asset and fund managers, and fintech and payment providers. Practice head Matthew Shanahan, lauded as ‘the best regulatory lawyer in the EMEA‘, works extensively with private entities and regulators. Karl Masi, who joined from Charles Russell Speechlys LLP in March 2024, has a growing practice in investigations and regulatory enforcement. Andre Abou Aad offers additional expertise in digital assets, while Hasanali Pirbhai covers both contentious and non-contentious matters.

Praxisleiter:

Matthew Shanahan


Weitere Kernanwälte:

Karl Masi; Andre Abou Aad; Hasanali Pribhai


Referenzen

‘Matt Shanahan is the best regulatory lawyer in EMEA. There is no one who comes close.’

‘Very competent staff and highly responsive.’

‘Dealing mostly with Hasanali and Matt. Very helpful and professional individuals, expert in their fields. A great pleasure collaborating with them’

Kernmandanten

Bybit


Private Banks in the DIFC


Paxos


OKX


ACX


Highlight-Mandate


  • Assisting Bybit with setting up a cryptocurrency exchange in Dubai under the VARA regime.
  • Advising OKX on obtaining a Conditional Full Market Product license from the Virtual Asset Regulatory Authority to operate a virtual asset exchange in Dubai.
  • Advising Paxos on obtaining In Principle Approvals from the Financial Services Regulatory Authority  to operate regulated entities in the Abu Dhabi Global Market for issuing stablecoins and providing other digital asset services.

Afridi & Angell

Afridi & Angell has a long track record of providing multinational investment banks and financial service providers with legal opinions on the enforceability and validity their agreements and transactions with parties in the UAE, including termination and close-out netting provisions and title transfer collateral arrangements. The firm also advises on engagement with regulators and the development of financial products. Practice head Charles Laubach is lauded for his ‘commercial and client-oriented’ approach, while co-head Bashir Ahmed offers specialist advice on Shari’ah-compliant matters. Abdus Samad also comes recommended.

Praxisleiter:

Charles Laubach; Bashir Ahmed


Weitere Kernanwälte:

Abdus Samad


Referenzen

‘Charles Laubach gives very practical advice on ISDA matters, and gives a lot more insightful advice than other brand name law firms in this area.’

‘Charles Laubach is a pleasure to work with, as he provides clear, concise and timely advice. His turnaround time is also very good.’

‘Esoteric area of law providing guidance and advice to US FCM’s for reliance – A&A’s attorneys were well versed in the ask and delivered quality work product in a timely and efficient manner.’

Kernmandanten

Vision Bank


Citibank


BNP Paribas


BNPP Wealth Management


JP Morgan Chase


International Capital Market Association


International Securities Lending Association


Habib Bank


Ajman Bank


National Bank of Fujairah


Highlight-Mandate


  • Advising the DIFC branch of an Electronic Money Institution that provides multi-currency international business accounts as well as foreign exchange solutions on developing a new compliance and anti-money laundering framework, developing a new privacy and data protection program, and developing an outsourcing contract and policy framework to comply with the stringent safeguards on outsourcing imposed by the Dubai Financial Services Authority.
  • Advising a blockchain intelligence company on the rollout of its exchange platform to the United Arab Emirates. We are advising on all aspects of UAE law including licensing and business set-up, data privacy and protection and regulatory approvals including those required from the Dubai Virtual Asset Regulatory Authority.

Al Tamimi & Company

Serving as lead and UAE counsel for financial institutions, tech conglomerates, and sovereign-backed entities, Al Tamimi & Company advises on license applications, regulatory compliance, investigations, and legislative developments. The firm is particuarly noted for its strong fintech practice, supporting payment service providers and start-ups alike. Team head Jody Waugh works closely with regional banks on regulatory and licensing matters. Divya Abrol Gambhir is a key contact for fintech work, working with a diverse client roster across multiple sectors. Ali Awad and Sarah El Serafy also come recommended.

Praxisleiter:

Jody Waugh; Divya Abrol Gambhir


Weitere Kernanwälte:

Ali Awad; Sarah El Serafy


Kernmandanten

Google


NCM Investment


Capital.com


NEOPLY / H LAB Limited


Bored Gen DMCC


Highlight-Mandate


  • Advised on a large financial infrastructure transformation project led by UAE Central Bank.
  • Represented Bored Gen DMCC before VARA and assisted Bored Gen in reaching into a first of its kind no liability settlement agreement which involved discussions around structure of the group companies, the assessment of the token as well as the applicable regulatory requirements.
  • Analysed Google’s position in offering a product under the current regulatory framework in the UAE.

Pinsent Masons LLP

Demonstrating ‘good international strength with a strong local flavour in the markets they cover‘, Pinsent Masons LLP works for financial institutions, digital asset funds and investors, and venture capital firms on a variety of issues. Barkha Doshi and Lana Akkad are the two associates chiefly focused on this area. Ex-practice head Tom Bicknell joined Clyde & Co LLP in October 2024.

Weitere Kernanwälte:

Barkha Doshi; Lana Akkad


Referenzen

‘Good international strength with a strong local flavour in the markets they cover. This gives a depth and breadth to the advice their offer.’

‘Barkha Doshi is great and provides proactive support.’

 

Kernmandanten

3iQ Asset Management Services


Talabat Delivery Hero


Chintai


HubPay


21Shares Limited


Nymcard Payments


Helion Ventures


Highlight-Mandate


  • Advised 3iQ Asset Management Services on structuring their fund offerings globally and their delisting application with the Dubai Financial Services Authority.
  • Advised Talabat Delivery Hero on setting up their wholesale payment processing platform, buy now pay later program, and stored value marketplace and assisting with drafting several payment-related agreements.
  • Assisted Chintai Network Services Pte Limited to obtain a capital markets services licence and recognised market operator licence to act in respect of the public offering, listing and secondary market trading of digital securities.

Simmons & Simmons Middle East LLP

Simmons & Simmons Middle East LLP advises across the full spectrum of financial services regulatory advice, with particular strength in conventional and Shari’ah-compliant fund formation (including Shari'ah-compliant funds), digital assets, financial crime, and regulatory investigations. The firm is also praised for being ‘engaged at the highest level with key governmental policy makers’ and as such is ‘one of the key players involved with shaping the legal and regulatory space’. Muneer Khan leads the team and is well regarded for his work on asset management, fintech and digital asset matters. Adam Wolstenholme frequently works with a number of regulators and securities exchanges. Nina Fischer and Matthias Ng also come recommended.

Praxisleiter:

Muneer Khan


Weitere Kernanwälte:

Adam Wolstenholme; Matthias Ng; Nina Fischer


Referenzen

‘Muneer Khan is one of the best lawyers out there. Confident, hugely experienced and knowledgeable and provides a sense of comfort which is unparalleled.’

‘Great professionals. Very good knowledge of the region and the regulatory framework of all the region. Great reactivity on the day to day work.’

‘Muneer Khan is highly knowledgeable and we were really impressed by his work.’

Kernmandanten

Millennium Capital


Brevan Howard


Caxton Associates


Asia Research & Capital Management Limited


Qube Research & Technology


Ardian


MFS International Ltd


Blantyre Capital Limited


Lighthouse Capital


Aditum Investment Management Limited


HSBC


PIMCO Europe Ltd


Point72 Middle East


M2 Limited


Highlight-Mandate


  • Assisted Aditum on the establishment of the first operational Fund Platform in the DIFC.

Stephenson Harwood Middle East LLP

Stephenson Harwood Middle East LLP is a notable player in the UAE financial services market, providing guidance on business establishment, expansion, licensing, and compliance. The firm also maintains a prominent fintech practice, advising start-ups and established industry players on online payment services, digital assets, and blockchain matters. Team lead Philip Clarke offers a well-rounded contentious and non-contentious practice backed by strong regulatory expertise. The addition of John Lewis from Charles Russell Speechlys LLP in March 2024 further enhances the firm’s capabilities in disputes and investigations.

Praxisleiter:

Philip Clarke


Weitere Kernanwälte:

John Lewis


Referenzen

‘The team is responsive, commercial and has sound experience in financial services as a subject, as well as in context of the market in which we operate.’

 

Kernmandanten

Profision Shipping Capital Management Limited


ICICI Bank Limited, DIFC Branch


MOG Holding Limited


Lexim Trading DMCC


Former senior manager of the Abraaj Group


Deutsche Bank


TransAsia Private Capital Limited


Vision Bank Limited


Highlight-Mandate


  • Advising Lexim, a non-manufactured precious metal, specifically gold, trader in the DMCC, in relation to the set-up and development of their revolutionary 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 has a strong focus on fintech, advising global tech companies and investment firms on regulation, cryptocurrency, and NFTs. The firm is also a key port of call for corporates and sovereign-backed entities on M&A and private equity transactions, leveraging its extensive Middle East platform. Practice head Stefan Mrozinski, known for his tech expertise, is a key contact for regulatory, commercial, and transactional matters. Arnold Krutilins is highly regarded for his regulatory insights and connections with key regulators, as well as his expertise in funds. Gabrielle Margerison is recommended for her contentious and non-contentious work across onshore and offshore UAE zones, as well as in Saudi Arabia.

Praxisleiter:

Stefan Mrozinski


Weitere Kernanwälte:

Arnold Krutilins; Gabrielle Margerison


Referenzen

‘Always quick to revert to any query and instruction. Their legal skillset and commercial mindset are an invaluable combination to any firm seeking their advice.’

‘Their turnaround time to respond is unmatched compared to other law practices in the region which is an asset for any client who need advice in a short matter of time.’

‘The individuals we worked with were very professional, allocated the time and efforts needed for the task we delegated to White & Case. They were reliable, friendly, and very nice to work with them. Their knowledge about the regional market was very helpful.’

Kernmandanten

Meta


Mubadala Investment Company


Amazon Payment Services


Morgan Stanley


Credit Agricole


Global Fintech Investments Holding AG / Prism Group


Brookfield Asset Management


Qatar Investment Authority


Rothschild


Bank of America


JTC PLC


I Squared Capital


HAYVN


Highlight-Mandate


Addleshaw Goddard

Addleshaw Goddard has kickstarted its fintech and financial services practice through the hire of ex-PWC legal director Anna Zeitlin, who joined the firm in March 2024. Zeitlin, who leads the team, acts for a solid roster of regional and multinational clients on regulatory matters in the DIFC and ADGM and obtaining various licenses. Co-head Hardeep Plahe is a further name of note who supports clients with respect to the guidelines for securities and funds marketing.

Praxisleiter:

Hardeep Plahe; Anna Zeitlin


Referenzen

‘Up to date and client-minded for UAE and Middle East related fin reg matters linked to investment management and investment services.’

‘Hardeep Plahe is our excellent and contact at Addleshaw Goddard: his knowledge and his being client-minded make  him our trusted counsel for more than 10 years for any UAE and DIFC related financial regulatory question linked to investment management and investment services.’

 

Kernmandanten

New York Life Insurance Company


Candriam


Arcapita


Guggenheim Securities


FNZ


Tabby FZ LLC


EITC (du)


Highlight-Mandate


Baker McKenzie LLP

Baker McKenzie LLP s dedicated financial services regulatory team is frequently engaged by clients for advice on corporate, compliance, and investigatory matters. The firm has a strong fintech, AI, and crypto practice, with recent activity spanning blockchain, carbon credit and crypto trading platforms, licensing, and M&A. Team head Mazen Boustany is noted for his expertise in complex regulatory issues for exchanges, online trading platforms, and payment providers. Samir-Safar Aly left the firm in 2025.

Praxisleiter:

Mazen Boustany


Kernmandanten

Air Carbon Exchange


Dubai Real Estate Corporation


Ministry of Finance UAE


Ebury Partners UK Limited – DIFC Branch


PayPal S.a r.l. et Cie, SCA


Commerzbank AG


DBS Bank India Limited


Visa International Services


Easa Saleh Al Gurg Group LLC


Al Ramz Corporation for Investment and Development PJSC


Five Arrows Managers SAS


Khalil Fattal Et Fils


Orchard Global Asset Management LLP


Massaleh Real Estate Co.


Bank Misr


Bird & Bird

Bird & Bird offers comprehensive financial services expertise, from setting up digital banking and asset platforms to managing licensing and advising on commercial and data protection matters. The firm’s depth in blockchain, NFTs, and tokenisation makes it a top choice for established tech firms and start-ups alike. Team lead Gregory Man advises multinational corporates and has a growing focus on fintech, while Jessica White specialises in financial regulation for both traditional and digital assets.

Praxisleiter:

Gregory Man


Weitere Kernanwälte:

Jessica White


Referenzen

‘Bird & Bird’s team was fully supportive that we are a startup, so understood how we operate and how sensitive our cash outflow is. Additionally, the team was fully informed with the regulations in the freezone we are operating from, so when we asked for certain legal documents, you can immediately see the team bringing up all applicable regulations that may potentially impact the scope of work and how we could address them.’

‘I worked with Jessica White and Gregory Man. Both are top class when it comes to providing proper consultancy and legal advise. They knew how to meet regulatory requirements for our fintech operations whilst ensuring we stay innovative in our approach.’

Kernmandanten

Indo-Pacific Liquidity Facility Pte. Ltd.


Highlight-Mandate


  • Advising Indo-Pacific Liquidity Facility Pte. Ltd. as the issuer of $5,000,000 USD 9% Impact Bonds due 2028.

DLA Piper

Regarded as a firm ‘defined by the exceptional expertise and unwavering dedication of the individuals in its team‘, DLA Piper has strengthened its financial services regulatory practice through the hire of Adrianus Schoorl from White & Case LLP in April 2024. A prominent practitioner in the market, Schoorl leads the team, leveraging previous market and in-house regulatory experience to advise clients across a wide array of financial products, licensing, and compliance instructions. Paul Allen sits as global co-chair of intellectual property and technology in the firm, overseeing digital transformation projects. Rami Zayat comes recommended for his skill in fintech matters.

Praxisleiter:

Adrianus Schoorl; Paul Allen


Weitere Kernanwälte:

Rami Zayat


Referenzen

‘Our experience with DLA Piper has been exceptional, thanks to their client-centric, solutions-focused approach grounded in deep industry expertise. From the start, they provided a hands-on, tailored strategy that evolved with our needs, offering ad hoc advice that was practical and directly relevant to our business. Their flexibility in engagement has been critical, ensuring that their solutions are not just responsive but also aligned with our long-term objectives.’

‘The diverse backgrounds of the DLA Piper team have proven invaluable, particularly in navigating complex regulatory environments. Their extensive cross-border capabilities have allowed us to manage our multinational operations seamlessly, and we trust DLA Piper confidently as our legal partner for expanding into new markets globally.’

‘DLA Piper is defined by the exceptional expertise and unwavering dedication of the individuals in its team. Their profound understanding of both the financial and technology sectors, particularly in the context of microfinance and complex corporate structures, has been a critical asset for us.’

Kernmandanten

Dubai Virtual Assets Regulatory Authority


Xpress Money Services


Unimoni


MoneyDart


Highlight-Mandate


Hadef & Partners

Hadef & Partners LLC maintains an active financial services practice, advising regional and international clients on compliance, fund structuring, digital asset matters, and dispute resolution. Furthermore, the team is known for delivering comprehensive, business-wide counsel that spans regulatory obligations, partnerships, and outsourcing arrangements. Catriona McDevitt leads the group, providing guidance to financial institutions, corporates, government-backed entities, and regulators, with a notable focus on virtual assets. Aziz Yasin is a key contact for virtual assets and cryptocurrency, while Ajai Ramakrishnan supports a broad financing portfolio.

Praxisleiter:

Catriona McDevitt


Weitere Kernanwälte:

Aziz Yasin; Ajai Ramakrishnan


Linklaters

Linklaters' financial regulatory practice is well positioned to provide specialised advice on structured financial products, licensing, and compliance matters, with further capabilities in virtual assets and fintech platforms. The firm’s offering has been enhanced through the hire of Gabriella Savastano from CMS in January 2024, who has an established track record supporting clients on critical regulatory matters. Savastano co-heads the group alongside Reem Al Sayegh who remains a key adviser to commercial banks, covering a wide variety of financial instructions.

Praxisleiter:

Reem Al Sayegh; Gabriella Savastano


Referenzen

‘Gabriella Savastano is incredibly knowledgable when it comes to matters of financial services regulation. She is a trusted advisor in the UAE Fintech space. Her advice is always easy to understand, succinct and commercial.’

‘The reason we go to Gabriella Savastano is that she is always available to lend a helping hand and is very easy to approach. We often have ad hoc urgent queries that arise and we are always made to feel as if we are the priority.’

Kernmandanten

Brookfield Asset Management


Highlight-Mandate