Vice President – US Global Markets – Regulatory Specialist
- Standard / Permanent
This team is part of GMA CCCO and oversees regulatory risks for Global Markets Americas, with a focus on US regulations but also global regulations (e.g. EU and LATAM) relevant to the business. This includes:
· Advocacy & regulatory watch:
o Contributing to the advocacy efforts, when required, in collaboration with the US RS&P team or the GM Regulatory team in Europe, providing input on implementation challenges when regulators propose new rules.
o Sharing knowledge with the business
o Conducting impact analysis and communicating to internal stakeholders
· Regulatory Change Management: Ensuring that new regulations impacting Global Markets activities are properly understood and that the required changes to behavior’s, systems or processes are implemented ahead of the regulatory timeline
· Business-as-Usual Governance: For regulations that are already effective, the team is in charge of the governance framework, including running senior committees, where GMA Senior Managers, Compliance officers and other relevant functions discuss any compliance risks, results of controls and industry regulatory matters.
· Regulatory Inquiries and Examinations Management:
o This team acts a coordination point within GMA for certain regulatory examinations and inquiries, interfacing with SRG
Candidate Success Factors:
Candidates are measured on the following four performance drivers, which will dictate how individual impact is considered on the Americas platform:
- Results and Impact
- Able to influence peers and team.
- Demonstrates good judgement when making decisions of high complexity and impact.
- Exercise appropriate autonomy in the execution and delivery of work.
- Responsible for driving outcomes, which have meaningful effect on team or department.
- Leadership and Collaboration:
- Creates trust with colleagues.
- Acts in leadership capacity for projects, processes, or programs.
- Client, Customer and Stakeholder Focus:
- Able to build relationships with a mix of colleagues and clients.
- Interacts regularly with management and department leaders.
- Demonstrates the ability to influence stakeholders at the team level.
- Compliance Culture and Conduct:
- Takes full responsibility for personal actions and demonstrates courage in facing problems and conflicts.
- Perceived as a person of high moral character; upholds corporate values and displays high ethical standards.
· Work in partnership with the US or global public affairs teams to ensure of areas that require advocacy are well identified
· Provide regular briefs to the business in the GMA and global Regulatory Forums
· Participate to Industry forums (ISDA, SIFMA, FIA) when relevant.
· This role should have a specific focus on the large rulemaking pipeline by SEC, FINRA and US Treasury that will likely result in significant changes in the 2023-2025 time window. Key changes are expected in:
o Equity market structures (Best execution, Order reporting, competition around retail orders, etc.)
o US Treasuries & Repos clearing
o US Treasuries public dissemination
o Security Based Large Position reporting
o ESG Disclosures
o Trace Reporting
o Other business conduct rules
Lead regulatory projects as a result of new regulations issued by regulators
· Support Global Markets Business adaptation to new regulatory requirements by providing business with the necessary information to better understand impact of new regulations and define implementation priorities.
· Validate interpretation of the rules with Legal and Compliance
· Structure regulatory project governance
· Partner with Drive teams to design the required Front to Back process and IT re-engineering, when relevant
· Contribute to maintain a central repository of documents relating to each major regulation in scope
· Work closely with Global Markets trading and sales heads, GBLs and local Business Management and other internal business partners (Public Affairs, Risk, Finance and ITO), and act as a key contact point
· Promote when relevant the standardization of practices across all Global Markets
· Participate in training and awareness of staff
· Ensure regular update to management on key implementation risks
This person will focus final rules published by SEC / FINRA / CFTC / US Treasury. This role will be expected to have a focus on upcoming changes pertaining to SEC / FINRA rules such as mandatory clearing of repos and cash treasuries, equity market structure changes, transaction reporting (TRACE, Stock lending transparency)
Management of Regulatory BAU
· Organize BAU forums to collect the results of relevant regulatory controls, internal audits, industry insights, regulatory guidance and provide GMA management with a complete picture of ongoing improvements and risks associated with our compliance framework
· Monitor regulatory findings issued by agencies pertaining to Global Markets Front Office, and verify that the relevant ownership and remediation plan has been established
· Answer questions from staff and clients if required
· Act as advisors in the context of regulatory examinations when they related to Front Office compliance framework
Minimum Required Qualifications:
- 10 to 15 years’ experience in financial sector. The role is open to Senior VPs who would meet the requirements below.
- Deep understanding of Corporate and Investment Banking / Capital Markets activities either working in Business, Risk, Audit or Operations departments
- Experience working directly with front office staff
- Prior involvement in regulatory projects applicable to Banks, Broker Dealers and FCMs desired
- Experience in dealing with regulatory engagement (inquiries, examinations)
- Ability to influence
- Ability to manage change and drive business process re-engineering
- Attention to detail and ability to manage multiple priorities, complete work accurately and in a timely manner against strict deadlines.
- Ability to work both independently and collaboratively with members of the management team and other colleagues across the bank
- Desired: Graduate business degree
- Project management & organizational skills
- Excellent analytical, verbal and written communication skills.
- Ability to interact with experienced managers (COO, CEO level) and provide effective briefs on risks and issues
- Strategic thinking and analytical reasoning
- Team player able to communicate efficiently with a global network of people (Business and Functional Partners, Group)
FINRA Registrations Required:
- Not Applicable
CFTC Swap Dealer Associated Person (if yes, NFA Swaps Proficiency Program is required):
- Not Applicable
SEC Security-Based Swap Dealer Associated Person:
- Not Applicable
The expected starting salary range for this position is between $120,000 to $140,000 annually. The actual salary may vary based upon several factors including, but not limited to, relevant skills/experience, time in role, base salary of internal peers, prior performance, business line, and geographic/office location.
In addition, our comprehensive benefits package aims to support our employees in various aspects of their lives. From healthcare and wellness programs to retirement plans and childcare services, we prioritize the well-being and growth of our employees. Our benefits include medical, dental and vision coverage, a 401(k) Savings Plan, backup childcare, life, accident and disability insurance, mental health support and paid time off. Additional details about our benefits offerings, inclusive of eligibility for a discretionary bonus, will be provided during the hiring process.
This application will remain open until a candidate has been selected for the role. There is no specific application timeline.
About BNP Paribas:
BNP Paribas is a leading bank in Europe with an international reach across the US, EMEA and APAC. It has a presence in 65 countries, with nearly 190,000 employees. The bank employs over 3,500 people in offices in the US across 10 states including New York, Jersey City, Chesterbrook, PA, San Francisco, Boston, Chicago, Denver, Miami, and Washington, DC. BNP Paribas has built a strong and diversified presence to support its client base. We continue to grow and strengthen our commitment to the US market through our Corporate & Institutional Banking activities. We are one of a few non-US banks to offer a full value chain for our clients, from trading to financing, and clearing and custody in the US with the international footprint and capacity to deliver both globally and locally. Leveraging the strength of our European roots, our network can support clients in virtually every region of the world, enabling more connectivity and efficiency wherever our clients conduct business. We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world.
As an international company with a global footprint, the unique cultures and viewpoints of our team members are an integral part of the fabric of BNP Paribas. We are a company with a purpose – to be a responsible and sustainable global leader. We aim to create an environment where our employees feel empowered to drive change, make an impact and be true to themselves. We employ talented individuals from a wide variety of backgrounds, locally and globally, and are inspired by our employees who help us in cultivating a diverse, equitable and inclusive workplace through initiatives such as our Diversity, Equity & Inclusion (DEI) Leadership Forum and Employee Resource Group (ERG) communities. We strive to be a workplace where all team members can grow and thrive and offer robust training, development, and mentoring opportunities to make that vision a reality. Our leaders are deeply committed to DEI and highly accessible to our employees, consistently soliciting feedback on how we can continue to support our employees to reach their highest potential.
BNP Paribas. The Bank for a Changing World – https://usa.bnpparibas/en/homepage/join-us/our-opportunities/
BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to race, color, gender, age, creed, sex, religion, national origin, disability (physical or mental), marital status, citizenship, ancestry, sexual orientation, gender identity and gender expression, or any other legally protected status.