Regulatory environment
There has been a general growth in regulation across the globe, with the financial services industry a particular area of focus.
In the last few years, the number of lawyers specialising in this field appears to have grown exponentially. Chambers has responded by adding dedicated rankings for Financial Services: Regulatory in various jurisdictions, including the Cayman Islands and the United Arab Emirates.
Both territories have been part of a global trend towards greater uniformity across jurisdictions. Governments keen to strengthen their countries’ international investment appeal are creating robust regulatory frameworks. The goal is for investors from around the world to feel comfortable and secure, reflecting concerns on issues like ESG and anti-money laundering.
Watch: In-house counsel views on regulatory environment
James Hanratty, General Counsel, Trainline
Renato Leite Monteiro, VP Legal for Privacy, Data Protection, AI and IP, e&
“The market in the UAE has continued to develop rapidly. There are a lot of regulatory developments. It’s a sophisticated and very complex market because it’s multi-jurisdictional – we have five financial services regulators in the UAE and four distinct jurisdictions.”
“There is growing acceptance of Cayman as a jurisdiction. The government has been signing up to every piece of international legislation to get the thumbs up from regulators.”
