Contact details

Philip Clarke

T: +971 4407 3907 M: +971 50 707 3750 Email Philip | vCard Office: Dubai

Philip Clarke Partner

Contact details

Philip Clarke

Philip Clarke
Partner

T: +971 4407 3907 M: +971 50 707 3750 Email Philip | vCard Office: Dubai

Phil is a partner in our international regulatory and investigations practice, based in Dubai. He has a broad range of experience in contentious and non-contentious regulatory matters, internal investigations, cross-border enforcement proceedings and financial services disputes.
  • Profile
  • Services
  • Sectors
  • Locations

Phil brings a unique perspective to financial services regulatory matters, having spent time working in-house in large financial institutions, in private practice in both Dubai and London and within a financial services regulator.

Having worked for several years as Senior Legal Counsel at the Dubai Financial Services Authority ("DFSA") he has a detailed knowledge of the DFSA regulation and offers insightful and strategic advice across a wide spectrum of contentious and non-contentious issues as a result. In addition to interactions with regulators, he is well placed to assist clients in developing and implementing their compliance policies and regulatory change programmes. He has particular expertise in the application of regulatory requirements to innovative business models.

Phil's contentious experience includes acting on complex, cross border enforcement investigations, involving regulators including the Financial Conduct Authority ("FCA"), Securities & Exchange Commission ("SEC"), Department of Justice ("DOJ"), European Commission and Japan’s Fair Trade Commission. He has also advised on matters involving concurrent regulatory investigations, past business reviews and related court disputes, including those involving the appointment of skilled persons and the use of a novel customer redress scheme.

He has conducted numerous internal investigations in response to issues arising within investment and private banks, including those arising from whistleblowing reports.

  • Banking and financial services regulation
  • Regulatory litigation

Authorisation and perimeter issues

Advising on the scope of financial services permissions required for specific business models (including innovative models), avoiding breaches of the regulatory perimeter when conducting unregulated business and the applicability of available exclusions to otherwise regulated activities.

Capital adequacy

Advising on the maintenance and reporting of adequate regulatory capital and the qualification of instruments for treatment as tier 1 or tier 2 capital. 

Exercise of Supervisory Powers

Providing strategic advice on regulatory interactions involving the potential exercise of supervisory powers, such as meeting the requirements of risk mitigation plans, the potential imposition of conditions or restrictions on a voluntary or compelled basis and the suspension or withdrawal of regulatory permissions.

Listing of Investments

Advising on meeting the criteria for admission to the DFSA's official list and compliance with ongoing listing and disclosure requirements.

Digital assets

Providing advice on the regulatory treatment of investments and other digital assets issued, stored or transferred using distributed ledger technology as well as associated structuring issues. 

Conduct and whistleblowing policies

Reviewing, drafting and advising on the implementation of internal conduct and whistleblowing policies.

Senior Managers and Certification Regime

Advising several international banks on the implementation of the Senior Managers and Certification Regime within UK subsidiaries and branches of both EEA and non-EEA firms.

More: Banking and financial services regulation

Allegations of corrupt payments

Advising an international investment bank in relation to an SEC investigation into allegations of corrupt payments made in the Middle East, in conjunction with US counsel.

Suspected insider trading

Advising a private bank on investigating suspected insider trading, including navigation of the potential “tipping off” risks arising from the conduct of the investigation itself.

Past business review 

Advising on the conduct of an extensive past business review in the UK, stemming from allegations of mis-selling insurance-based investments to private wealth clients.

Trader misconduct

Advising on both internal and cross border enforcement investigations into the misconduct of bond and FX traders.

Self-reporting obligations

Advising a financial institution on disclosure and self-reporting obligations owed to the DFSA, arising from investigations into individual conduct.

Alleged mis-selling

Acting for an insurance group defending a complex UK regulatory investigation into alleged mis-selling and systems and controls failures. Involved remediating systems, controls and governance failures and implementing a novel consumer redress scheme using a solvent scheme of arrangement.

More: Regulatory litigation

  • Banks and banking

Allegations of corrupt payments

Advising an international investment bank in relation to an SEC investigation into allegations of corrupt payments made in the Middle East, in conjunction with US counsel.

Suspected insider trading

Advising a private bank on investigating suspected insider trading, including navigation of the potential “tipping off” risks arising from the conduct of the investigation itself.

Past business review 

Advising on the conduct of an extensive past business review in the UK, stemming from allegations of mis-selling insurance-based investments to private wealth clients.

Trader misconduct

Advising on both internal and cross border enforcement investigations into the misconduct of bond and FX traders.

Self-reporting obligations

Advising a financial institution on disclosure and self-reporting obligations owed to the DFSA, arising from investigations into individual conduct.

Conduct and whistleblowing policies

Reviewing, drafting and advising on the implementation of internal conduct and whistleblowing policies.

Senior Managers and Certification Regime

Advising several international banks on the implementation of the Senior Managers and Certification Regime within UK subsidiaries and branches of both EEA and non-EEA firms.

More: Banks and banking

  • UAE
  • UK

Allegations of corrupt payments

Advising an international investment bank in relation to an SEC investigation into allegations of corrupt payments made in the Middle East, in conjunction with US counsel.

Self-reporting obligations

Advising a financial institution on disclosure and self-reporting obligations owed to the DFSA, arising from investigations into individual conduct.

Claims against former directors of an authorised firm

Defending former directors of an authorised firm in relation to claims brought in the DIFC alleging corporate governance and regulatory failures.

More: UAE

Suspected insider trading

Advising a private bank on investigating suspected insider trading, including navigation of the potential “tipping off” risks arising from the conduct of the investigation itself.

Past business review 

Advising on the conduct of an extensive past business review in the UK, stemming from allegations of mis-selling insurance-based investments to private wealth clients.

Trader misconduct

Advising on both internal and cross border enforcement investigations into the misconduct of bond and FX traders.

Alleged mis-selling

Acting for an insurance group defending a complex UK regulatory investigation into alleged mis-selling and systems and controls failures. Involved remediating systems, controls and governance failures and implementing a novel consumer redress scheme using a solvent scheme of arrangement.

Senior Managers and Certification Regime

Advising several international banks on the implementation of the Senior Managers and Certification Regime within UK subsidiaries and branches of both EEA and non-EEA firms.

More: UK

Latest news & insights

06 Apr 2022

From Insights

Dubai Financial Services Authority Whistleblowing Regime to come into force on 7 April 2022– Are you prepared?

On 7 July 2021, the Dubai Financial Services Authority ("DFSA") released Consultation Paper No. 141 ("CP 141"), proposing the introduction of measures aimed at ensurin..

More

15 Mar 2022

From Insights

Q&A on the Dubai Financial Services Authority's recent proposals to regulate crypto assets

On 8 March 2022, the Dubai Financial Services Authority ("DFSA") released its much-anticipated Consultation Paper No. 143 ("CP 143"), setting out its proposals for the..

More

25 Feb 2022

From Insights

DIFC Financial Markets Tribunal decision in Rollet v DFSA – Five key takeaways for Authorised Individuals

On 12 January 2022, the DIFC Financial Markets Tribunal ("FMT") issued its decision in an appeal brought by Gilles Rollet, a former senior executive officer and licens..

More

19 Jan 2022

From Insights

Volume 18 of The DFSA in Action – What does it tell us about the outlook for the year ahead?

In what has become a familiar theme as we enter a new year and look to what the next 12 months will hold, uncertainties caused by a new variant abound.

More

06 Dec 2021

From News

Philip Clarke joins Stephenson Harwood as partner

Law firm Stephenson Harwood LLP has strengthened its regulatory practice with the addition of Philip Clarke, who joins the firm as a partner in Dubai.

More

print-footer
logo
© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.