Provide legal advice on both routine and complex matters to internal clients in order to manage legal risks faced by the Corporation relating to clearance and settlement operations. Advise internal clients on specific regulations applicable to OCC. Work with personnel from the business units to articulate nature of changes to the Corporation’s By-Laws and Rules to the regulators. Serve as Corporation liaison to the regulators.
Primary Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.
• Prepare rule filings and notices to the regulators, including but not necessarily limited to: rule filings with both the SEC and the CFTC, advance notices with the SEC and the Board of Governors of the Federal Reserve, and event-driven notices with the SEC. Focus on fundamental processes of the company, including an emphasis on financial risk management, enterprise risk management, and securities lending rule filings and notices.
• Be familiar with financial risk management processes at central counterparties, including general familiarity with processes to establish financial resources available in the event of a member default, default management processes, and credit risk management processes.
• Be familiar with and advise internal clients on specific regulations applicable to OCC and/or its clearing members, including but not limited federal securities and commodities laws promulgated by the SEC, CFTC, the Board of Governors of the Federal Reserve System, and the Financial Stability Oversight Council, with a emphasis on the enterprise and financial risk management processes therein.
• Be familiar with and advise internal clients on specific international principles applicable to OCC and/or its clearing members, including but not limited to those issued by CPMI-IOSCO and the Financial Stability Board, with a particular emphasis on the financial risk management principles therein.
• Advise internal clients on corporate policies and procedures, including but not limited to all legal department processes and procedures and all enterprise and financial risk management processes and procedures.
• Draft and provide advice regarding policies, procedures, memoranda and business communications relative to the foregoing and other areas on an as needed basis.
• Interpret and advise internal clients on OCC’s By-Laws and Rules, and any policies and procedures promulgated thereunder.
• Assist in preparation of business colleagues for regulator examinations, attend regulator examinations, and conduct follow-up with regulators post-examination.
• Interface with outside counsel, as needed, with respect to matters described above.
• Perform other duties as assigned.
The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. • Prior experience in securities and commodity laws and regulations. Prior experience in banking law and banking regulations and prior experience with securities lending market preferred.
• Prior experience working with regulatory agencies and familiarity with regulations under Dodd-Frank and other applicable financial regulations preferred.
• General knowledge of clearance and settlement and the enterprise and financial risk management issues facing clearing organizations.
• Well-organized and capable of handling several substantial assignments at the same time.
• Self-starter with ability to work independently as well as on a team and to quickly shift priorities in response to changing business environment or priorities.
• Excellent analytical, written and oral communication, and problem-solving skills.
• Ability to work collaboratively, including through effective communication, with internal clients from different departments, including risk departments, at various levels of seniority.
• Ability to promptly produce high-quality, accurate, and detailed work product.
• Proficiency with Microsoft Office software
Education and/or Experience:
• Juris doctorate or equivalent degree from a U.S. accredited law school.
• 10-15 years of related experience either at a law firm, in-house or at a regulatory agency.
• Degree from an accredited college or university.
Certificates or Licenses:
• Member in good standing with license to practice law in jurisdiction acceptable to the General Counsel.