LIBOR and Benchmark Reform Lawyer
Department Profile:
The attorneys and other professionals of Legal & Compliance provide a wide range of services to our business units. They might help to structure a complex and sensitive cross-border transaction; advise on a new product introduction; develop a training program or defuse an investor dispute. They preserve the Firm's invaluable reputation for integrity and protect the Firm from sanctions with policies and procedures that meet regulatory requirements around the world. They also strive to maintain cooperative relationships with governmental policy makers and the regulatory and self-regulatory agencies that govern the Firm's businesses.
Primary Responsibilities:
There is a consultant position within the clients EMEA Legal Division for a qualified lawyer to provide legal coverage for the LIBOR and Benchmark Reform programme within the Institutional Securities Group (ISG), which comprises the Fixed Income Division, Institutional Equities Division, Global Capital Markets and Investment Banking. The Firm's LIBOR and Benchmark Reform programme is a global project that spans all products and asset classes that contain LIBOR references, across the derivatives and cash markets. The individual's key responsibilities will include providing advice to the business units on legal and regulatory aspects of the transition away from LIBOR and other benchmarks that are subject to proposals for reform (eg EONIA), as well as supporting senior management in engaging with regulators and industry bodies in various jurisdictions.
Primary Responsibilities:
- Advising the Firm on how to manage legal, conduct and dispute risks in relation to the LIBOR-transition
- Reviewing and advising on the management of Legacy exposures across asset classes (eg derivatives, bonds, structured finance transactions)
- Assisting in the development of relevant Firm templates and other documents regarding the transition
- Advising on relevant EU and UK regulatory issues (eg margin and clearing relief)
- Advising on risk disclosures and the Firm's client engagement, including the preparation or review of client whitepapers and other material
- Assisting in developing training and internal FAQs/talking points
- Advising on and participating in the Firm's regular engagement with the UK regulators, as well as other regulators as needed
- Participating in industry roundtables and assisting the core project team in responding to industry consultations
Skills required:
- Previous relevant experience in a major law firm and/or in-house at a sell-side or buy-side financial institution. - Professional maturity, confidence, presence and initiative
- Good judgment and practical outlook in the application of law
- Strong organizational skills
- Aptitude for risk and controls
Areas of expertise in a combination (but not necessarily all) of the following areas are desirable:
- A strong working knowledge of OTC derivatives (including familiarity with ISDA documentation and regulatory issues);
- A strong working knowledge of bonds and structure finance transaction documentation (eg base prospectus and final terms, intercreditor agreements and hedging letters);
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