Shearman & Sterling's Regulatory Group was named “Regulatory and Investigations Team of the Year” at The British Legal Awards 2016 for its work advising Abu Dhabi Global Market (ADGM) on its establishment as an international financial center in the United Arab Emirates. The awards ceremony took place at London’s Finsbury Square on November 24.
Working closely with the leadership team at ADGM, Shearman & Sterling helped develop ADGM’s world-class legal and regulatory regime in line with international standards to provide the sophistication and certainty found in the world’s top financial centers.
The firm played a key role in ADGM’s adoption of English common law, applying it in its jurisdiction for all civil and commercial law. The application of English common law governs matters such as contracts, tort, trusts, equitable remedies, unjust enrichment, damages, conflicts of laws, security and personal property.
Additionally, Shearman & Sterling drafted all legislation governing matters such as companies, insolvency, interpretation, commercial licensing, arbitration, courts, employment, limited liability partnerships, real property and strata title. According to one judge, “The sheer size of the job and its huge ramifications make it a clear winner.”
The team working on the project was led by London partner Barnabas Reynolds, head of the global Financial Institutions Advisory & Financial Regulatory Group, and comprised more than 30 lawyers, including partners Marwan Elaraby (Abu Dhabi-Capital Markets), Clifford Atkins (London-Finance), John Opar (New York-Real Estate), Alex Bevan (Abu Dhabi-International Arbitration), Jo Rickard (London-Litigation), John Adams (London-Investment Funds) and Thomas Donegan (London-Financial Institutions Advisory & Financial Regulatory); counsel Michael Scargill (London-Mergers & Acquisitions); Sam Whitaker (London-Compensation, Governance & ERISA) and Robert Sein (New York-Real Estate); and associates Simon Cohen (London-Litigation), Oliver Linch (London-Financial Institutions Advisory & Financial Regulatory), Tom Berisford (London-Finance), Simon Thexton (London-Antitrust) and Alex Rosenthal (New York-Real Estate).
The firm was also shortlisted for the “Best Use of Technology” award for Merger Matrix and the “CSR/Diversity Initiative of the Year” for its collaboration with five other firms to establish a Domestic Violence & Family Law Legal Clinic in Tower Hamlets.
The British Legal Awards is one of the leading business law awards in the UK and is hosted by Legal Week in association with The City of London Law Society.