In-house Compliance: Private Markets in the UK & UAE.

Harry Rogers, Head of Legal & Compliance Recruitment at One Ten Associates, recently spoke with an experienced compliance professional currently based in the UAE, who previously worked within private equity in London before relocating to the Middle East. Having operated across both jurisdictions for a number of years, they shared their perspective on the differences between the UK and UAE regulatory environments, how the UAE market has evolved, and what compliance professionals should expect when considering a move to the region.

Q1. You have operated as a Compliance professional within private markets (in-house) across both the UK and UAE. What would be the major differences that you've experienced across both jurisdictions? Whether it be the regulations themselves, interaction and dealings with the local regulator, or the broader fund management ecosystem locally in both regions?

There are a couple of main differences between working across the UK and UAE markets as a Compliance professional, one of the most noticeable being the interaction with regulators. In the UAE, whether dealing with the CMA onshore or the DFSA and FSRA offshore, you can often build much more direct relationships with the regulators. You can pick up the phone and speak directly with the person or department you have been corresponding with. In the UK, by comparison, the process is often more centralised, with firms usually contacting the regulator through a wider contact centre structure, which can sometimes make response times slower.

Another key difference is the broader working culture. The UK market, particularly London, is extremely fast-paced. The UAE financial services market is growing rapidly and is very dynamic, but the pace can still feel slower compared to London. Working with authorities and navigating local processes can sometimes extend timelines when compared with the speed typically experienced in the UK.

Q2. You’ve worked in the UAE for over four years now. During that time, how have you seen the regulatory environment change, develop and improve?

The regulatory environment has changed significantly in the relatively short period I have been working in the UAE, and it continues to evolve at pace. Regulators across the region are constantly updating their Rulebooks and regulations to align more closely with Western regulatory frameworks, particularly those in the UK and Europe.

Having previous UK regulatory experience has therefore been extremely valuable, as much of that knowledge is transferable and adaptable to the UAE market. At the same time, it is clear that the region is continuing to build its own identity and regulatory maturity, which makes it a particularly interesting environment to work within.

Q3. What advice would you give to compliance professionals in the UK who may be interested in making a move to the UAE within the next 12–24 months? What should they expect, what tips would you pass on to help them hit the ground running, and what did you find most challenging when you made the move?

One of the biggest pieces of advice I would give is to keep an open mind and expect the unexpected.

While many of the regulatory regimes will feel familiar, especially as UAE regulators continue aligning their Rulebooks and regulations with international standards, the implementation of those regulations can be very different in practice. Companies are often structured differently and operate in different ways, which means there is still a significant learning curve when it comes to understanding how regulations are applied operationally.

Although professionals moving from the UK will already bring a strong level of regulatory knowledge, there is still a great deal to learn about how firms in the UAE are structured and how that impacts the implementation of compliance frameworks.

As a non-Arabic speaker, one challenge I found was that many federal regulations are initially published in Arabic, with the main onshore regulator, the CMA, also publishing Rulebook updates in Arabic first. English translations are not always immediately available and, when they are, the translations are not always exact. That can create additional complexity when interpreting regulations, which is obviously important in a compliance role.

That said, it does become easier over time. It takes a while to find your feet if you are not an Arabic speaker, but people across the UAE market are generally extremely helpful and supportive in making that transition as smooth as possible.

There is still so much to learn within the UAE regulatory environment as it continues to evolve and develop. It is a genuinely exciting market to work in, with constant change, new developments and opportunities to broaden your experience.