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.

• Acting for a listed fund services provider, assisting with regulatory due diligence and change in control processes in relation to the UAE aspects of its acquisition of a controlling stake in a global fund services provider.*
• Assisting a large, international bank in conducting a regulatory review of the full suite of operational documents and client agreements for use in its DFSA regulated branch.*
• Providing regulatory advice and analysis relating to the set-up and development of a 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.*
• Advising various, international payment service providers on the licensing requirements, process, and authorization applications necessary to operate in or from the UAE.*
• Providing perimeter regulatory advice and drafting terms and conditions for an innovative, Web3 based proprietary trading firm, which included analysis of the ability of a Decentralised Autonomous Organisation to contract and enforce legal rights.*
• Acting for a number of individuals and entities in defending various enforcement actions by different UAE regulators, relating to the provision of regulated services involving crypto-assets.*

* Experience from previous firms.