Regulatory Relations Lead
CLS is the trusted party at the centre of the global FX ecosystem. Utilized by thousands of counterparties, CLS makes FX safer, smoother and more cost effective. Trillions of dollars’ worth of currency flows through our systems each day.
Created by the market for the market, our unrivalled global settlement infrastructure reduces systemic risk and provides standardization for participants in many of the world’s most actively traded currencies. We deliver huge efficiencies and savings for our clients: in fact, our approach to multilateral netting shrinks funding requirements by over 96% on average, so clients can put their capital and resources to better use.
CLS products are designed to enable clients to manage risk most effectively across the full FX lifecycle – whether through more efficient processing tools or market intelligence derived from the largest single source of FX executed data available to the market.
Our ambition to make a positive difference starts with our people. Our values – Protect, Improve, Grow – underpin everything that we do at CLS and define and shape a supportive and inclusive working environment in which everyone is encouraged to be open and forward-thinking.
The Regulatory Relations function of CLS Group Compliance manages and oversees the relationship between CLS and its Regulators, including the Federal Reserve Bank of New York (FRBNY), which is CLS’s primary supervisory authority, and the Federal Reserve Board of Governors staff in Washington DC, and the Federal Reserve Payments and Market Infrastructure (PMI) Policy, which acts as the secretariat to the Oversight Committee consisting of 23 Central Banks. The management and oversight, includes but is limited to, regulatory engagement, examination management and regulatory filings and submissions and other matters relating to the advance notice of proposed change (ANPC) provisions of Regulation HH and Regulation Y. In carrying out its remit, Regulatory Relations interacts and collaborates with all CLS business functions and coordinates its regulatory interface activities with Legal, as needed.
- The position is a lead role regarding all facets of Regulatory Relations-related responsibilities and tasks as described herein and acting as the point person and trusted advisor with respect to all Regulatory Relations related items and inquiries
- At either level, the position requires an ability (i) to counsel business lines with respect to regulatory requirements; (ii) to collaborate with business lines and personnel with respect to document submissions and processes; (iii) to draft critical regulatory submissions (requires superior writing skills and the ability to own and manage end-to-end submission content and process)
Essential Function / major duties and responsibilities of the job
- Provide oversight and management of the interface with: (i) the FRBNY Supervisory teams regarding all ongoing supervisory activities; (ii) the Fed Board Regulation HH team re: Regulation HH ANPC requirements and Regulation Y filings; and (iii) the Oversight Committee, including:
- supervisory-related examination and monitoring activity; responses/progress updates relating to findings letters; remedial actions, including tracking to closure; and reporting to internal governance committee and the CLS Board on remedial activities
- “materiality” determinations; ANPC filings and related submissions; and Regulation Y filings
- regulatory engagement, including with the Federal Reserve PMI Policy team / Oversight Committee, as needed
- overall regulatory framework, including education/training as to CLS DFMU status, relevance and impact
- Provide guidance and advice related to Regulatory Relations, enhance (as needed) policies/procedures, support CLS’s growth program through Regulation HH ANPC and Regulation Y activities and embedded participation in project working groups and support CLS’s strategy by engaging effectively in the supervisory regulatory environment
- Support the Head of Regulatory Relations in developing and preparing document submissions to internal constituencies, such as Board/Committees and internal committees
- Develop and maintain relationships with business lines in order to provide oversight and manage various types of deliverables involving input from a number of stakeholders
- Serve as a Regulatory Relations resource and coordinate and oversight related regulatory activities and engagement
- Manage and oversee supervisory activity; be proactive and trouble-shoot as needed
- Act as point person and/or trusted advisor on items/topics within the Regulatory Relations remit
- Participate effectively in internal governance/ working groups for projects and initiatives, including active facilitation of the shaping/ drafting of required regulatory filings and articulating regulatory requirements
- Interface proactively and effectively with the FRBNY supervisory teams and Fed Board staff for ANPC and Regulation Y-related matters and Federal Reserve PMI Policy Team / Oversight Committee
- Be innovative, prioritize and manage multiple tasks and deadlines
- Collaborate across the company to maintain and enhance supervisory interface
- Strategize, influence and advise business lines with respect to Regulatory Relations remit
- Support and serve as a resource for CLS strategic initiatives
- Foster a culture of Compliance; manifest and support the Compliance Brand
- Mentorship of the L3s
Experience / essential and desired for successful job performance
- Juris Doctor from recognized US Law School
- 8-10 years of experience in a law firm and/or in compliance/legal functions of a regulated financial services industry
Qualifications / certifications
- Juris Doctor from recognized US Law School.
Knowledge, skills and abilities / competencies required for successful job performance
- Well-developed, excellent legal-writing, research and analytical skills
- Organized self-starter with superior communication skills, with an ability to multi-task with a ‘can-do’ attitude and minimal supervision
- Experience in and/or ability to work effectively with staff representing all disciplines within a company (e.g., Business Development, Operations, IT, Risk Management and Legal)
- Experience directly engaging with and interacting/managing inquiries/examinations by regulators and auditors
- Well-developed professional presentation skills; proficiency in standard PC programs (Word, Excel and PowerPoint)
- Ability to work effectively with all levels in the organization
- Ability to work constructively and flexibly in a small team environment, and to assist at the direction of management in variety of projects
- Accurate, acute attention to detail and ability to deal with high volume of information and high execution mode of environment
- Ability to work independently on routine matters; however, is expected to seek guidance from compliance management and accept supervision on all matters
- Ability to deal tactfully with a wide variety of stakeholders, situations and ideas and present advisory, persuasive and authoritative recommendations
- Professionalism, discretion, ability to maintain strict confidentiality
- Strong relationship-building and interpersonal skills
Success factors / ‘How’. Personal characteristics contributing to an individual’s ability to excel in the position
- Able to work in a DFMU environment with extremely high standards and intense regulatory scrutiny
- High ethical standards and a profound sense of urgency, integrity and confidentiality
- Driven by own initiative, can work independently as well as collaboratively
- Demonstrates appropriate awareness and skill on when and how to engage with stakeholders
- Ability to build relationships, consensus, to influence both internal and external stakeholders
- Loyal and results oriented team player
- Ensures delivery and execution of results
Expected full-time salary range between $150,000 - $180,000 + variable compensation + 401(k) match + benefits.
*Note: Disclosure as required by NY Pay Transparency Law of the expected salary compensation range for this role
Our commitment to employees
At CLS, we celebrate diversity and consider this to be one of our strongest assets. We are committed to fostering an environment in which everyone feels comfortable to be who they are, and inclusion is valued. All employees have access to our inclusive benefits, including:
- Holiday - UK/Asia: 25 holiday days and 3 ‘life days’ (in addition to bank holidays). US: 23 holiday days.
- 2 paid volunteer days so that you can actively support causes within your community that are important to you.
- Generous parental leave policies to ensure you can enjoy valuable time with your family.
- Parental transition coaching programmes and support services.
- Wellbeing and mental health support resources to ensure you are looking after yourself, and able to support others.
- Affinity Groups (including our Women’s Forum, Black Employee Network and Pride Network) in support of our organisational commitment to embrace and always be learning more about DE&I.
- Hybrid working to promote a healthy work/life balance, enabling employees to work collaboratively in the office when needed and work from home when they don’t.
- Active support of flexible working for all employees where possible.
- Monthly ‘Heads Down Days’ with no meetings across the whole company.
- Generous non-contributory pension provision for UK/Asia employees, and 401K match from CLS for US employees.
- Private medical insurance and dental coverage.
- Social events that give you opportunities to meet new people and broaden your network across the organisation.
- Annual flu vaccinations.
- Discounts and savings and cashback across a wide range of categories including health and retail for UK employees.
- Discounted Gym membership – Complete Body Gym Discount/Sweat equity program for US employees.
- All employees have access to Discover – our comprehensive learning platform with 1000+ courses from LinkedIn Learning.
- Access to frequent development sessions on a number of topics to help you be successful and develop your career at CLS.