Deputy General Counsel, Financial Regulation

Deputy General Counsel

Applications are invited from suitably qualified professionals to resource the position of Deputy General Counsel (Financial Regulation). Reporting to the General Counsel, the successful candidate will be responsible for:

General Management

1. Contributing to the formulation of Departmental objectives in accordance with the strategic goals of the Bank.

2. Providing managerial leadership to the staff of the Financial Regulations Section and ensuring the achievement of Departmental objectives through the development of work plans, the allocation of resources and the effective monitoring of employee performance.

3. Contributing to the day-to-day operations of the Legal Department, to include managing the preparation of the Department’s budget.

4. Providing managerial oversight of the work processes and procedures and identifying areas for improvements in efficiency and effectiveness.

5. Reviewing legal opinions, briefs and other documents of legal advice generated by the legal counsels to ensure consistency in application of the law.

6. Assisting with coordinating representation on the Bank’s behalf by external counsel in litigious matter pertaining to BOJ’s financial supervisory functions matters.

Financial Regulation

7. Serving as the primary financial legal advisor to the Supervisor and Supervisory Committee on legislative, prudential, supervisory, regulatory, policy, and enforcement issues pertaining to licensees and agents under the Banking Services Act and other entities regulated by the Bank including foreign exchange dealers.

8. Oversee the provision of legal advice on regulatory and policy issues in relation to co-operative societies undertaking business as credit unions, in relation AML/CFT/CFP regulation of credit unions, development of governing legislation for credit unions,

9. Leading the development of legislation for matters pertinent to financial services regulation including the development of a resolution regime for financial services.

10. Coordinating and monitoring the provision of legal advice on the monetary policy tools comprising reserve requirements for financial institutions.

11. Providing support as Primary legal advisor to the Prime Contact to the Caribbean Financial Action Task Force (CFATF).

12. Providing legal support for the preparation for mutual evaluations by the CFATF (re: responding on technical compliance and effectiveness of the country’s framework); reviewing draft reports and representing the country at the Plenary discussing the mutual evaluation report.

13. Preparing country updates for the Caribbean Financial Action Task Force (CFATF) and Financial Action Task Force (FATF) and representing the Bank at plenary, working meetings, steering committees and working groups as required to meet the Banks international and domestic obligations.

14. Providing advice on reforms to Jamaica’s AML/CFT/PFP framework to strengthen these areas and comply with FATF international standards on AML/CFT/PF in accordance with broader national duties of the Bank.

15. Providing advice on related matters such as the country’s AML/CFT/CFP positions at various fora or to various organisations such as the Organisation of African Caribbean and Pacific States (OACPS); Caricom; IMF etc.

16. Providing advice on regulatory issues emanating from CARICOM and Caribbean Group of Banking Supervisors.

17. Coordinating and monitoring legal opinions and interpretations, enforcement actions, documentation, representation; drafting and interpreting financial regulations and policy; drafting and analysing financial services legislation for persons supervised by Bank of Jamaica.

18. Providing legal advice on current market conduct obligations placed on licensees under their governing statutes, as well as the Anti-money Laundering (AML), Counter Finance Terrorism (CFT), Counter Proliferation Financing (CPF) obligations of these licensees and providing appropriate legal support for enforcement actions.

Qualification and Experience

Undergraduate degree in Law (LLB) with eight (8) years’ experience in a large financial institution in operations, administration, and litigation with at least five (5) years in a senior management capacity.

Certificate in Legal Education

Admission to practice in the Courts of Jamaica

SPECIFIC KNOWLEDGE AND SKILLS REQUIRED

The jobholder should possess:

• In-depth knowledge of the Bank of Jamaica Act as well as of the laws under which Bank of Jamaica has statutory responsibilities as a public body (e.g. Bank of Jamaica Act, Procurement laws and guidelines; Access to Information Act);
• In-depth knowledge of the laws governing Banking, Central Banking and Financial Institutions;
• In-depth knowledge of the litigation process, the Court system and the general legal infrastructure;
• Excellent knowledge of emerging areas in financial law including the evolution of International Standards and the regulatory practices and frameworks in different jurisdictions;
• A good manager with excellent knowledge of management principles and practices;
• Highly developed planning, decision-making, problem-solving and coordinating skills;
• Excellent communication skills in both verbal and written formats;
• Clarity of thought, superior analytical skills and good judgment;
• Ability to conduct complex legal research and studies using the appropriate tools;
• Sound ability to interpret relevant established rules and regulations for implementation purposes.

SPECIAL CONDITIONS ASSOCIATED WITH THE JOB

• Exposed to highly confidential information.
• Required to display a high level of integrity and professionalism.
• Extended periods of concentration on exacting details
• Exposed to unpredictable work demands related to developments beyond the control of and external to the Division.
• Exposed to stressful work-related conditions.
• Generally agreeable
• Modern office environment
• Required to work extended hours

Interested persons who meet the above requirements should complete the application form with cover letter and full resume no later than Wednesday, 09 August 2023.