Job Background/context:

The EMEA Legal division is a critical part of the Citi organisation and many of the processes within Citi. It provides a wide range of services, support and advice to many business areas, including general advice, transaction negotiation, document drafting and execution, as well as oversight of regulatory developments and requirements.

The role is within the Markets & Securities Services (MSS) Legal team based in London. The WFB Programme is a core function of the MSS Legal team in ensuring Citi’s ability to provide products and services to clients on an ongoing basis while meeting the required regulatory standards.

Job Purpose:

EMEA Well Founded Basis Programme Legal Counsel.

The successful candidate for this role will be responsible for reviewing external legal opinions related to netting and collateral enforceability of derivatives contracts, securities financing transactions and related agreements (“Covered Agreements”) and ensuring the legal review is sufficiently documented to conclude with a well-founded basis (“WFB”) that the agreements are enforceable under applicable law in the relevant jurisdictions.

The role will have responsibility for jurisdictions in the Europe, Middle East and Africa (“EMEA”) region, and will also co-ordinate on a global basis with Citi’s WFB counsels in other Regions. The focus of the WFB reviews will primarily be non-standard ISDAs/CSAs related opinions (specific to a new type of counterparty or new jurisdiction not yet covered by the relevant industry opinions, complex one off transactions or non-standard documentation), but also other industry opinions covering GMRA/GMSLA/and other Covered Agreements.

The role holder will provide broad legal support, advice and guidance across a range of product types and documents with respect to the WFB legal standards under the Basel III capital rules. Responsibilities include contributing to the efficient design and implementation of processes with respect to the WFB standards and ensuring that legal analyses and opinions meet the WFB standards. The candidate will also help to coordinate reviews of documentation and transactions in the EMEA region to ensure that WFB standards are adhered to.

Key Responsibilities:

• Reviewing legal opinions and data summaries to ensure they meet WFB Standard in the EMEA region.
• Conducting ongoing reviews of opinions and WFB determinations in accordance with the requirements of the WFB Standard.
• Monitoring legal developments across the EMEA region relevant to netting and collateral enforceability, communicating updates on relevant matters to internal stakeholders and advising on any changes that may need to be made to client-facing documentation and internal systems.
• Working with colleagues both in EMEA and other Regions to achieve globally consistent processes and standards with respect to the WFB Programme.
• Contributing to a culture of continuous improvement by working with colleagues across the Legal department to enhance the effectiveness and operational efficiency of the processes and procedures within the WFB Programme.
• Assisting with responses to regulatory requests relating to WFB standards and processes

Development Value/Goals:

• Opportunity to be involved in detailed and intellectually rewarding legal analysis but also having a critical commercial dimension with a direct connection to varied internal stakeholders.
• Being part of an area of key focus for the Legal Department and the firm, with mandatory regulatory requirements.
• Regional remit with global touchpoints.
• Building industry relevant experience and skills.

Knowledge/Experience:

• Thorough understanding of the legal issues underpinning the WFB legal standards, including bankruptcy, security interest/title transfer arrangements, netting/setoff issues and general contractual enforceability (capacity/authority, choice of law, appropriate jurisdiction clauses).
• Detailed knowledge of ISDA/GMRA documentation and industry standards, knowledge of Futures and Clearing, commodities, margin loans beneficial.
• Working knowledge of the Basel III legal standards (useful if the candidate has awareness of the implementation of the WFB standard by US banks/broker dealers; knowledge of CRR in the EU and CRD IV in the UK).
• Ability to apply the WFB standards to derivative, securities lending, repo and margin loan agreements.
• Experience with reviewing legal opinions to ensure that the level of comfort provided is satisfactory and that any assumptions and qualifications are appropriate.

Skills:

• Excellent technical legal skills.
• Proven analytical skills and good negotiation skills.
• Detailed focused, but able to take a step back and see the context of the legal analysis.
• Strong communication and presentation skills (both written and oral); ability to convey complex concepts in a clear and concise manner for both a Legal and non-Legal audience, including other functional partners (Risk, Reg Capital, Front office). A
• Good legal judgement and commercial aptitude focused on outcome.
• Strong time management, prioritisation and escalation skills.

Qualifications:

• English law qualified lawyer; experience with civil law useful but not a requirement; good understanding of the comparative differences between the different legal systems in EMEA an advantage.
• Prior experience gained working in the banking/financial industry or in the finance practice of a law firm.