Philip Clarke

Philip advises clients across the full range of financial services regulation, including banking, investment and payment services, licensing matters, outsourcing arrangements, governance, technology‑related risks, ESG requirements, and anti‑money laundering (AML). He has strong experience in applying regulatory rules to new and innovative business models, and has assisted numerous fintech firms and virtual assets service providers in developing their business model and identifying an optimal path to authorisation and operation. He is also frequently engaged to support regulators and public bodies across the region.

His contentious experience includes defending regulatory investigations conducted in the UAE's financial freezones as well as 'onshore', and acting on complex cross‑border enforcement matters involving regulators such as the Financial Conduct Authority, Securities & Exchange Commission, Department of Justice, European Commission and Japan’s Fair Trade Commission. He has advised on simultaneous regulatory investigations, past business reviews and related court proceedings, including mandates involving the appointment of skilled persons and the design of new approaches to customer remediation.

Philip has also conducted internal investigations for investment and private banks, including those arising from whistleblowing reports and conduct‑related issues.

• Advised a broad range of clients on the scope of financial services permissions required for specific business models, avoiding breaches of the regulatory perimeter when conducting unregulated business and the applicability of available exclusions to otherwise regulated activities. 
• Advised both emerging fintechs and established multinational financial institutions on the regulatory treatment and structuring of innovative financial products and services, including virtual asset services and tokenized products.
• Supported prominent international firms on establishing a regulated presence in the UAE, including advice on which UAE jurisdiction to establish in and which license category and regulatory permissions to obtain, and guiding firms through the license application process with UAE financial services regulatory authorities.
• Acted for authorized firms in enforcement investigations by UAE financial services regulators.
• Advised several international fund managers on fund marketing and distribution rules and regulations in the UAE.
• Assisted with the regulatory aspects of significant transactions involving the acquisition of regulated financial institutions in the UAE, including change in control applications and regulatory due diligence.
• Advised leading international custodians and financial market infrastructure providers on UAE custody arrangements.
• Advised multinational corporates and financial institutions on regulatory considerations for offering and operating employee benefit arrangements, including equity incentive and employee loan schemes.
• Advised on, and supported client training on, the UAE's federal anti-money laundering, counter-terrorist financing and proliferation financing regimes, as well as complementary regimes applicable in the DIFC and ADGM.
• Advised an international insurer on the cross-border distribution of insurance products into onshore UAE, the DIFC and the ADGM.
• Supported a prominent financial technology company with its global expansion across Asia, Europe, the Americas and the Middle East.
• Advised multiple clients on the operation and structuring of alternative and voluntary workplace savings schemes in and from UAE financial free zones, as well as the provision of services relating to the UAE's Alternative End-of-Service Benefits Scheme.*
• Developed client training on the EU AI Act, FCA and PRA guidance, and the broader risks and opportunities of AI to meet regulatory requirements, and supported clients in managing AI risks by preparing internal policies, guidance documents, and due diligence questionnaires.*
• Advised multiple international banks on UK, EU and UAE financial sanctions regimes.*
• Drafted the global terms of service for one of the world's largest money remittance firms, helping to streamline their worldwide operations and ensure regulatory compliance.*
• Assisted on a high-profile independent investigation in relation to multiple allegations of sexual misconduct and other inappropriate behavior at the CBI, being the UK's largest business lobbying group.*
• Acted for senior lawyers and executives (up to C-suite and non-executive director level) at a major retail bank in relation to the Dame Linda Dibbs Review.*
• Advised multiple leading financial institutions, including several of the world's largest alternative asset managers by AUM, on all aspects of UK and EU sustainable finance regulations.*

* Experience from previous firms.