BNP Paribas Securities Services is a multi-asset servicing specialist with local expertise in 35 markets around the world and a global reach covering 90+ markets. This extensive network enables us to provide our institutional investor clients with the connectivity and local knowledge they need to navigate change in a fast-moving world.
As of 30 September 2019, BNP Paribas Securities Services had USD 11.491 trillion in assets under custody, USD 2.759 trillion in assets under administration and 10,491 funds administered.
Purpose of the position:
Solicitor (working as part of a team) supporting the Market & Financing Services (“MFS”) business line of BNP Paribas Securities Services, a wholly-owned banking subsidiary of the BNP Paribas Group created expressly to provide specialist securities services and investment operations support to a wide range of issuers, financial intermediaries and institutional investors
Key Responsibilities of the role:
• Providing legal support in respect of critical business initiatives and management of legal risks within the business, primarily the treasury and liquidity management business line.
• Negotiating, drafting and reviewing contracts including:
o Stock Lending Agreements on an agency and principal basis including (i) Securities Lending Authorities – Lenders/Exclusive Securities Lending Agreements; (ii) GMSLAs (2000 and 2010); and (iii) GMRAs;
o Derivatives (vanilla) agreements relating to different counterparty types across various jurisdictions including: (i) ISDA master agreements, (ii) ISDA credit support annexes (1995 CSA and 2016 VM CSA), (iii) credit support deeds (1995 CSD and the IM CSD, including experience with the Euroclear and Clearstream CTA for IM); and (iv) IFEMAs
o Securities interests including (i) letters of credit; (ii) guarantees; (iii) fixed and/or floating charges; and (iv) liens
o Triparty Collateral Management Agreements (for securities lending and for segregated IM).
• advising as to all aspects of creating and enforcing security interests over cash and securities including the effect of insolvency on such security interests
• working with credit and product management teams on developing new products, updating and obtaining legal opinions and advising with regard to regulatory and tax specific issues, cross-border perfection requirements and insolvency issues and security requirements (including selecting and co-ordinating external legal counsel where relevant)
• creating standard precedents for new products and updating existing precedents
• creating check-lists related to various standard agreements to facilitate the issuing of agreements
providing legal training to other lawyers and non-lawyers
Skills and Experience required
• Experience in the securities services area (or other financial services) area including experience in some or all of the following areas:
o securities lending, repos and collateral management
o derivatives (vanilla)
o cash and securities finance documentation
o creating and enforcing security interests and
o general commercial contracts
• A New Qualified Solicitor or up to 2 years of experience preferably working in-house, or alternatively in private practice
• Experience in drafting, reviewing and negotiation of legal agreements
• Experience of working with international colleagues (legal and business) in the coordination of international deals
• Experience of the product development process (i.e. identifying and quantifying legal risk and suggesting risk mitigants/solutions) and commercial transactions (understanding business needs and ability to “balance” business need and legal risk through creative legal thinking and drafting!)
• Advising as regards taking security over cash and securities
• Experience of creating new precedents and amending existing precedents for developing product offerings
• A pro-active individual who enjoys working within the framework of a supportive team but able to work autonomously - able to prioritise and work to deadlines within a demanding, busy environment
• Awareness and understanding of regulatory landscape, such as EMIR, MIFID II, UCITS V, SFTR.
• Awareness and understanding of credit and tax aspects of financial services business (including cross border issues) – tax and compliance departments provide detailed support but awareness of how and where issues arise is key
• European language skills would be helpful but not essential
Qualifications required for the role:
• Essential: Qualified solicitor in England & Wales.
• PQE 0-2 years.
Desirable: Minimum of 2 year experience
BNP Paribas promotes equality of opportunity and is committed to ensuring that no individual is discriminated against on the grounds of age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation.
* The PQE indicated in this job specification is a guide only and does not preclude applications from those with more or less PQE