Shanahan joins from Baker McKenzie where he was a financial services and regulation partner, and prior to that, working for three years at the UK’s Financial Services Authority (now FCA) and seven years at the Dubai Financial Services Authority (DFSA).
Mark Beswetherick, partner and head of dispute resolution for the Middle East at Clyde & Co, said: “As the Middle East market continues to grow and the legislative framework keeps evolving, clients have an ever-increasing need for regulatory advice to manage new risk and compliance issues, especially across the financial services and insurance sectors.
He added that Shanahan’s “unique regulatory experience” and reputation in the region will be key to expanding its regulatory offering.
Shanahan specialises in advisory and contentious financial services regulation, advising banks, securities firms, other financial institutions and public sector bodies on all aspects of financial services regulation, including market abuse, fintech, anti-money laundering and financial crime.
He also advises clients on managing regulatory investigations and enforcement actions, internal investigations, crisis management, commercial disputes, corruption, bribery, and data protection matters.
Financial services has wide span within the firm
Financial Services is a wider sector group for the firm, which spans across all its specialisms and practices (including but not limited to regulatory work, a spokesman explained.
Shanahan and another existing partner Peter Hodgins both cover clients within the financial services sector, advising banks, intermediaries, financial services regulators and other financial institutions.
The regulatory and investigations practice for the region operates across all sectors (including but not limited to financial services).
Hodgins is also a member of the regulatory and investigations practice and focuses on insurance, corporate finance and Islamic finance.
The Financial Services sector group is led by Adil Hussain in the Middle East, and both Shanahan and Hodgins provide regulatory advice to that group.
Shanahan said: “Clyde & Co has one of the most established platforms in the Middle East and across the world. It will give me the opportunity to leverage my expertise in helping our clients navigate their growing regulatory requirements and in complementing the firm’s regulatory practice.”
Clyde & Co’s global regulatory & investigations group comprises 20 partners across its global network including London, Dubai, Singapore, Hong Kong, Canada and the US.
It works on regulatory investigations involving sanctions, money laundering, bribery & corruption, white collar crime, data protection, market abuse and financial services regulatory breaches.
Clyde & Co has over 50 partners and 400 staff in the Middle East, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, Muscat in Oman and Riyadh in Saudi Arabia.