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You will be required to provide advice, guidance and support to the Commodities business in complying with prevailing regulations and managing regulatory risk, global compliance standards and internal compliance policies and procedures.
To monitor changing regulatory standard and business initiatives to ensure the effectiveness of the control framework.
Provide advice on the implementation of new control frameworks and the enhancement of existing controls.
Technical knowledge required
Working with the rest of the Business Advisory Compliance Team, assess and determine the effectiveness of the Compliance control framework.
Assist the front office in devising and operating effective 'first line of defence' controls.
New Products and Activities
Advise on Compliance implications of new products/activities and document these within the New Product Paper. Assist in the development of additional Compliance controls for new products/activities where necessary.
Training and Competency
Supplement the Bank's induction training by meeting with front-office joiners to discuss/highlight prevailing Compliance matters
Provide face-to-face training to the Bank's employees on both an ad hoc and thematic basis in order to introduce and manage regulatory risk.
Provide guidance on the Compliance requirements in relation to third parties – including introducing brokers, consultants and outsourced service providers.
Provide advice and guidance to the business in connection with potential suspicious activity reports (SAR) and suspicious transaction and order reports (STOR)
Provide advice and guidance where required to Account Executives on Compliance with the Client On-Boarding Procedure and Business Rules (authority for approving new clients rests with the KYC team/MLRO)
Surveillance and Monitoring
Assist the Market Conduct Surveillance Team investigating any transactions flagged as a result of trade surveillance for occurrences of potentially abusive behaviour.
Assist the Compliance Monitoring team in business unit reviews and in the remediation and resolution of any matters raised as a consequence.
Operational and transactional matters
Attend business meetings where appropriate. Be aware of significant upcoming transactions and ensure material Compliance issues are identified and addressed (including market conduct and AML matters)
Investigate and respond to queries from relevant exchanges (e.g. LME, CME) on regulatory matters.
Ensure engagement with Commodities staff at all levels enabling open discussion in handling compliance issues and managing regulatory risk.
Work with the Regulatory Developments Compliance team to ensure that Regulatory Change is managed effectively across role coverage area.
In conjunction with the Central Compliance team advise on FCA training, registration and examination requirements and ensure all employees are appropriately trained and registered where required.
Establish the subject and focus of any regulatory enquiries in order to brief the Head of Compliance.
Act as Compliance first point of contract for complaints received by coverage area.
Establish the subject and nature of any complaints relevant to the coverage area. Escalate complaints to the Complaints Manager or Complaints Officer for attention as required.
Research and Marketing
Provide advice on applicable regulatory requirements as to content and inclusion of appropriate disclaimers for research and market commentary
Review any marketing materials prior to distribution to ensure they are clear, fair and not misleading.
Assist the business in understanding and complying with the Conflicts of Interest policy, advising on matters requiring clearance from the Control Room.
Where a conflict of interest is identified assist the business in managing this appropriately (e.g. ensuring appropriate segregation/disclosure)
Advise the business on compliance with the Personal Account Trading policy/procedure.
Advise the business on compliance with the Outside Business Interest policy/procedure.
Advise the business on compliance with the Gifts and Entertainment policy/procedure (reviewing and approving requests as required).
General advice and Risk Management
Advice on Compliance issues globally
Where appropriate/ required provide advice, guidance and support to local Compliance Officers in overseas offices and to the London Compliance Department more generally.
Keep up to date with Regulatory Developments
Attend appropriate industry conferences/ seminars/ meetings as appropriate. Participate in focused and thematic forums/ working groups affecting coverage area.
To undertake additional activities as directed by the Head of Business Advisory Compliance from time to time.
Keep up to date with business developments, the Compliance risk profile, and the risk appetite of the business.
Preferred Qualifications and Experience
Degree qualified/ professional qualification.
Prior experience of working in a compliance advisory capacity within a commodities sales and trading environment.
Experience of emerging markets compliance.
Experience of interaction with regulators, exchanges and industry bodies.
Knowledge, technical skills and expertise
Solid understanding of Commodities products and markets, and the associated regulatory frameworks.
Good knowledge of the LME, CME, ICEFE and other commodity exchange rules and practices, across different product classes.
Understanding of relevant FCA rules, including the Market Abuse regime and recent UK and EU regulatory developments (e.g. MiFID II, EBR, MAR etc.).
Ability to analyse and interpret regulations and knowledge of upcoming regulatory developments impacting the commodities sector.
Ability to identify and manage the regulatory risks associated with specific transactions and the business as a whole.
An understanding of IT systems (e.g. electronic trading systems, BO systems) and processes employed in a front to back-office environment.