Business Overview:
The Global Banking Regulations (“GBR”) group is a Compliance global team covering Structural Banking Reform (CFTC Swap Dealer, SEC Security-Based Swap Dealer, French Banking Law, and Volcker Rule). With respect to the CFTC Swap Dealer and the SEC Security-Based Swap Dealer requirements, GBR’s key missions are to:
- Organize and contribute to supervise the compliance program for Swap Dealer rules, both within the registered perimeter and for unregistered entities;
- Monitor, analyze and advise on the implementation of proposed and final rules promulgated by the CFTC, SEC, FINRA and NFA on swaps and security-based swaps;
- Oversee the Volcker Rule and French Banking Law compliance program in the Americas region.
- Report and escalate to senior management; regulatory developments, progress on regulatory initiatives, issues, violations or other matters of interest.
*Physical presence in BNPP’s office(s) is an essential function of this position. BNPP requires all of our employees to be vaccinated in order to access its offices, subject to reasonable accommodations for reasons related to disability or religion. This role will be hybrid, consisting of an in office and remote working component.
Candidate Success Factors:
Candidates will be measured on the following four performance drivers, which will dictate how individual impact is considered on the Americas platform:
- Results and Impact
- Impacts their division and influences peers and team
- Demonstrates good judgement when making decisions of high complexity and impact
- Able to provide responses to complex questions even when relying on limited regulatory guidance
- Is responsible for driving outcomes which have a meaningful effect on team or department
- Leadership and Collaboration
- Creates trust with department leaders
- Acts in a leadership capacity for large projects, processes, or programs for a team
- Client, Customer and Stakeholder Focus
- Able to build relationships with a mix of intermediate and senior colleagues or clients
- Interacts regularly with management and department leaders
- Demonstrates the ability to persuade and 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
Responsibilities:
In addition to the general roles described below the Senior Swap Dealer Compliance Officer will also:
- Provide coverage as and when required of senior management meetings (for example; Swap Dealer Operating Committee, Swap Dealer Management Committee, Sec Corp CEO monthly meeting) at the direction of the Head of GBR U.S.
- Participate in global coordination and act as subject matter expert for all matters relating to the Security-Based Swap Dealer.
Responsibilities Cont’d:
- Participates in the preparation, and filing, of various swap dealer reports, including the Annual SEC CCO Reports, and any other SEC SBSD regulatory reporting (as needed).
- Serve as an additional regulatory compliance contact for the SEC and FINRA on certain complex inquiries, audits and enforcement actions.
For the regulations that are primarily within the scope of responsibilities of the Global Banking and Regulations team such as the CFTC and SEC Swap Dealer regulations and other new regulations, the Compliance Officer will participate in the following duties for the U.S.:
- Monitor and analyze proposed and final rules promulgated by U.S. financial regulators.
- Represent BNP Paribas in industry working groups dedicated to advocacy, interpretation and implementation of new and proposed regulations.
- Assess the impact of new rules and regulations to existing policies in the U.S. and overseas, and work with local and global implementation teams to provide expertise and advice to implement regulatory change.
- Provide regulatory guidance to local and overseas management, business lines and functions, and on regulatory risks and challenges through the evaluation of regulatory developments. Bring relevant expertise and provide advisory services to the Business Lines and Group Control Functions on the above regulations.
- Advise the Business Lines and Functions on registration requirements for existing and proposed activities.
- Draft and adapt Group policies, procedures and guidelines to reflect any change in regulations or processes, reasonably designed to support compliance with applicable regulatory obligations, corporate requirements and industry best practices.
- Participate in the development and implementation of strategic initiatives.
- Contribute to build and deploy Level 2 permanent control capabilities, advise and assist (as needed) Compliance Review Team efforts in their testing of first- and second-level controls related to in-scope regulations; contribute as needed the risk assessment at Group and Business Levels in coordination with relevant internal and external parties as the case may be.
- Contribute to the deployment of a robust training plan at Group level and definition of the Develop training materials and provide training to other compliance advisors, the business and key functions.
- Contribute to the design, deployment and run documentation repository tools to facilitate audits and controls by level-3 control teams (Internal Audit) and external regulators.
- Contribute to the response to external regulators, both on a regular basis as per legal requirements, and upon request.
- Contribute to any internal reports and regional governance required within by BNPP Head Office (e.g., Board committees, ComEx, Management Committees and Board meetings).
- Coordinate with Legal, Risk and Compliance desk Advisory on specific new transactions or activities of the Business.
- Participate in the Business Line governance as needed and cascade of review meetings if agreed with the business lines (e.g. sub-ICC participation within CIB).
- Assess the impact and provide advice on the interpretation and implementation of European derivative regulations such as MiFID and EMIR as it affects the BNP Americas region.
Minimum Required Qualifications:
- 5-10 years investment banking experience with a broker-dealer, swap dealer, and/or related legal or regulatory experience (e.g., Former Securities and Exchange Commission).
- Working knowledge of US and International G10 regulations in the area of structural bank reform and OTC derivatives; ability to provide oral and written advice on the go
- Capable of identifying issues when reviewing the Risk Assessment and Internal Control plans.
- Strong organizational and project management skills (documentation, issue tracking, effective coordination). Ability to frame and document complex issues in order to prepare for senior managers decisions
- Solid interpersonal skills in order to foster collaboration within the team and with key partners: Legal, other Compliance teams and departments, Risk-GRM, operating perimeters and other control functions, as well as, solid communication skills with the ability to communicate clearly and succinctly on complex and possibly sensitive topics to senior managers in the BNP Paribas regional and central organization
- Keen sensitivity to risks; rigor and independence in addressing those risks
- Strong work ethic and Compliance mindset; integrity and an ability to work autonomously
Preferred Qualifications:
- JD or MBA a must with preference to Business or Finance majors.
- 5+ years of relevant experience in a Swap Dealer Compliance office position or similar role in Compliance/Legal or Risk departments covering above-referenced regulations.
- Familiarity with the SEC’s EDGAR System
FINRA Registrations Required:
CFTC Swap Dealer Associated Person (if yes, NFA Swaps Proficiency Program is required):
SEC Security-Based Swap Dealer Associated Person:
The expected starting salary range for this position in Jersey City is between $125,000 to $190,000 annually. 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.
About BNP Paribas:
In the United States, 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.
BNP Paribas’ Corporate & Institutional Banking services corporate clients and institutional investors offering tailored solutions in financing, cash management, and advisory services to companies via Corporate Banking, in capital markets via Global Markets, and in securities custody and administration via Securities Services. As the asset management arm of BNP Paribas, BNP Paribas Asset Management offers high value-added solutions to individual savers, companies, and institutional investors.
The bank employs nearly 14,000 people and has a presence in the country since the late 1800s in major cities including New York, Jersey City, Chesterbrook, PA, San Francisco, Boston, Chicago, Denver and Washington, DC.
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 offers a comprehensive range of banking, investment and financial services solutions through three main fields of activity: Retail Banking for the Bank’s retail-banking networks and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, BNP Paribas helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance.
We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world.
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.
