Multinational banking and financial services company

Job Overview/Purpose: 

The principal responsibility of this position will be:

• To support the head of U.S. Regulatory Advisory in advising the Bank on U.S. regulatory issues and strategies, including:

(a)    the Dodd-Frank Title VII regulations by CFTC and SEC and the applicable cross-border guidance/rules;

(b)   the Federal Reserve’s regulations applicable to foreign banking organizations (FBOs) and affiliated holding companies;

(c)    the Volcker Rule implementation issues and strategies;

(d)   the U.S. resolution plan; or

(e)    the broker-dealer activity-related regulatory issues and strategies;

• To review, prepare and process documents and disclosures required under Dodd-Frank Title VII regulations;
• To provide legal support with respect to capital market transactions and broker-dealer activities;
• To be the primary legal resource for RSI;
• To provide required training on U.S. regulatory requirements on a global basis; and
• To participate in industry-wide working groups, roundtables, conferences and committees (e.g., Institute of Internal Bankers (IIB), SIFMA, ISDA, etc.) regarding regulatory developments in the U.S.

Context of Job: 

The position will support and advise the Bank regarding the U.S. regulatory issues faced by the Bank on a global basis and support and advise the RSI broker-dealer business.  On a day-to-day basis, the job holder supports the head of U.S. Regulatory Advisory, services the legal needs of RSI and works closely with various business and control functions (compliance, risk management, treasury, audit, etc.) of the Bank to help manage the Bank’s exposure to legal and regulatory risks in the U.S. and on a global basis.  

Job Requirements

BA, JD, minimum; 5 years of U.S regulatory research/advisory and/or financial transaction experience, including banking, broker-dealer activities, swap dealer activities and financial instrument trading activities on a cross-border basis; preparing, reviewing and negotiating legal documents with respect to regulatory matters or financial transactions.  The job holder must be a member in good standing of the New York State Bar.

Key Responsibilities and Accountabilities: 

• Supporting the head of U.S. Regulatory Advisory in advising the Bank on U.S. legal and regulatory matters involving the Bank and its affiliates (including holding company affiliates), including Dodd-Frank Title VII regulations, Volcker Rule, banking regulations applicable to FBOs, resolution planning, capital markets transactions, securities law issues, potential new financial products;
• Working with the U.S. and non-U.S. personnel in connection with capital market transactions, broker-dealer activities, swap-related activities (documentation, disclosure, etc.) and the Volcker Rule implementation activities; and
• Supporting the legal needs of RSI.

Key Relationships:

• Compliance (New York and Head Office)
• GFM-NAW business teams;
• Regional Risk Management (including credit risk, market risk and compliance);
• Head Office Risk Management (including project managers and Steering Committees);
• U.S. treasury function;
• Internal lawyers and documentation specialists;
• Business and Legal staff from other branches/offices;
• External counsel;
• Industry-wide organizations (IIB, SIFMA, ISDA, etc.)

Key Performance Indicators: 

• Familiarity with the Dodd-Frank Act, U.S. bank regulatory issues and broker-dealer issues;
• Proficiency in preparing, reviewing, negotiating and processing legal documentation with respect to capital markets and derivatives transactions;
• Ability to serve as part of the internal legal resource with respect to Dodd-Frank Title VII regulations, bank regulatory issues, Volcker Rule implementation issues, resolution planning, and the GFM businesses, including potential new financial products, broker-dealer matters, etc.;
• Prioritization of tasks;
• Effective coordination with bank personnel (U.S. and abroad), external counsel, clients and clients’ counsel;
• Proficiency in understanding transaction structures and assessing risks.

Job Skills and Knowledge: 

Essential:   U.S. regulatory knowledge (e.g., swaps, bank regulatory matters, resolution planning, Volcker Rule implementation, etc.), U.S. securities law knowledge, broker-dealer knowledge; working as part of a team consisting of cross-function and cross-border personnel to ensure products are satisfactorily and promptly delivered.

Desirable:  In house legal and regulatory experience and understanding the interactions between front and back offices of an internationally active bank.

Qualifications: 

Essential:  J.D.; minimum 5 years of total legal and regulatory experience.

Desirable: J.D. from top tier law school in the U.S. and work experience in top tier New York law firm(s) and/or large internationally active financial institution(s).   Ideal candidate will show (i) strong regulatory research/advisory skills, and (ii) the ability to work with people of different professional backgrounds as a team.