Scotiabank

Senior Manager Institutional Trade Compliance

Toronto, Ontario, Canada

As one of Canada’s Top 50 Employers for the fifth consecutive year, Scotiabank places great importance on recognizing and rewarding strong performance. We offer room for advancement, a stimulating work environment and the resources to help you make the most of your career. Together, we continue to make Scotiabank a great place to work.


POSITION SUMMARY:
The Institutional Trade desk compliance program is made up of four main areas: i) Universal Market Integrity Rules - tests; ii) Gatekeeper Alert Reviews and Follow-up; iii) Fixed Income OTC Testing and Review and iv) Global Equity Finance Testing and Review Program. The Senior Manager has responsibility to manage the each of these programs and to revise and/or create new programs as required to meet regulatory changes. The Senior Manager is also responsible for ensuring that daily support to the Institutional businesses is timely and concise. The Senior Manager also provides the day-to-day supervision and management of the Senior Compliance Officers (SCOs) (currently 2) responsible for executing the various Programs. Management of these programs also includes planning, scheduling, monitoring and reporting on Program results for the daily, monthly and quarterly testing conducted in all of the Scotia Capital locations. The Senior Manager has responsibility for ensuring that follow-up on deliverable items noted in the various reports are tracked and completed.

The Senior Manager is also responsible for supporting, managing and providing oversight of external and internal service providers/support units as required including:

i) Institutional Sales and Trading and Global Equity Finance in respect of Institutional lines of business which include business functions and
products used to conduct agency trading facilitation trading, proprietary trading, algorithemtic trading, market making, Bank of Canada
auctions, orginations and syndications of Fixed Income products, money market, Government Debt and various Corporate Debt
Instruments; custody, lending and settlement services for Institutional Clients through our Scotia Capital locations throughout Canada and
ensuring that Institutional sales and supervisory requirements are properly documented in the Head Office Compliance policies and
procedures and Trade Desk Supervisory Procedures,
ii) WM Registrations activities in respect of analysing and determining where registration is required,
iii) TORC in respect to settlement, account opening and general risk advisement matters,
iv) Investment Industry Regulatory Organization of Canada (IIROC) in respect to gatekeeper filings, regulatory communications and regulatory
requests,
v) WM Operations in respect to operational documentation for trade completion, settlement and clearing,
vi) TAG on any system support issues,
vii) WM Compliance in respect of gatekeeper assessment and follow-up.

In addition, the Senior Manager will participate in other assignments as they arise, including projects arising from Bank or regulatory initiatives or changes, providing input into system initiatives, identifying compliance training needs, and communicating findings and implementing corrective actions.

The Senior Manager’s specific reporting accountabilities include, ensuring timely preparation of Institutional Testing Quarterly Reports and other quarterly reports for management and providing copies and other relevant information as required to other Scotiabank Group areas, such as Finance and Shared Services Operations. The Senior Manager is also responsible for ensuring that reporting to Scotia Trakker is completed by the Senior Compliance Officers.

The Senior Manager also assists the Director, as necessary, in providing reasonable assurance to Senior Management and the SCI Board of Directors that SCI, as an Investment Dealer, complies in a cost effective manner with governing securities regulations and internal policies and procedures. In doing so, the incumbent is responsible for fostering public trust and satisfactory relationships with Regulators and minimizing the risk of financial loss, damage to reputation, regulatory sanction, and litigation, fines or penalties for the organization and the respective Directors, Officers and employees.

Reports to: Director, Institutional Compliance.

Supervises: Senior Compliance Officers (2)



Key accountabilities for this role:

1. Maintaining Regulatory Awareness:

• Maintain current knowledge of applicable dealer regulations through participation in industry associations and seminars, contact with Securities Regulators and IIROC and through review of Provincial Securities Commissions, IIROC, CSA, IIAC and other industry publications/websites.
• Provide analysis and recommendations for implementation and / or revisions/changes of IIROC, BoC rules/requirements and maintain an ongoing awareness of any IIROC, BoC changes or initiatives.
• Act as a reference source regarding regulations and legal issues applicable to SCI’s dealer operations in Canada.
• Provide support to the various trading desks and GEF by responding to questions about regulatory matters or Regulations and to support service to SCI’s customer.


2. Developing Policies, Practices, Procedures, Systems and Training Programs:

• Develop, maintain and revise the Procedures for Head Office Compliance and the Supervisory functions for the various Trade Desks.
• Assist in maintenance and enhancement of the SCI Compliance Manual and Branch Review Program and any other manuals as directed.
• Document and assist with the implementation of HO and Trade Desk reviews and training programs etc. which must also be evaluated taking into consideration legal requirements, IIROC, AML requirements, existing Bank procedures and systems, business risks, efficiency and the supervisory and management controls required.
• Assist with the development, implementation and monitoring of training programs for new registrants as mandated by IIROC and any ongoing education requirements that result from implementation of new or revised legislation, IIROC requirements, or any other applicable regulatory authority.
• Assist in evaluating supervision requirements/policies for new product implementations and systems initiatives.

3. Monitoring and Reporting on Compliance:

Monitoring:

• Control processes to ensure effective investigation of, response to, and follow-up on any anomalies noted in testing, and effective reporting to management and the regulators
• Conduct, as may be periodically assigned, trading investigations/reviews to ensure the effectiveness of daily and periodic management supervision and that operational controls supporting mutual fund processing are adequate and/or are operating effectively.
• Monitor the IE/Fixed Income and GEF programs to ensure that the program is proceeding on schedule.
• Monitor all trade desk regulatory requests and report to management and other interested parties.

Reporting:

Assist in the control, evaluation and response to:
• Any serious irregular activity, such as violations of UMIR, BoC requirements, testing anomalies or serious incidence of non-compliance.
• Any regulatory request that requires a formal response or submission to a Securities Regulator or the MFDA.
• Any customer complaint alleging serious misconduct or which may result in significant loss.
• Any escalation from IE/Fixed Income or GEF management that appears to be a violation of any rule, regulation or law.

And in a timely manner report, commensurate with risk:
• Negative trends and any known or perceived weaknesses in policies, practices, procedures, systems, staffing or training which could lead
to non-compliance or risk of loss.
• Submit monthly or other reports as directed by the Director, including progress on implementation of new policies and procedures or
corrective actions required.
• Prepare the Quarterly Compliance Report summarizing the results testing and trade reviews conducted by the SCOs and control the
reporting process to the Bank's senior management.

4. Remedying Non-Compliance and Resolving Problems:

Recommend and monitor the progress of implementing appropriate action plans to correct:
• Incidents of non-compliance (and prevent their reoccurrence).
• Weaknesses in policies, practices, procedures, systems and/or training.

5. Liaising with Regulators/Auditors:

• Assist with the co-ordination/management of any Regulatory examinations by a IIROC or any Internal Audit audits or any investigations by
either a Regulator or Scotiabank Group and co-ordinate as requested and under the direction of the Director.
• Provide input into any proposed new or amended regulation.




QUALIFICATIONS:

The Senior Manager- should be capable of being registered as a Registered Representative and is expected to have taken Trader’s Training Course, Branch Compliance Officer’s Course, the Officers’ Partners’ and Directors’ Examination or related equivalent.
The incumbent should have a thorough, current knowledge of securities regulations in all jurisdictions across Canada applicable to the sale and distribution of securities and fixed income products, including National Instruments, IIROC Rules, UMIR and other regulations as may be implemented from time to time.


The incumbent must develop a sound knowledge of SCI and Bank policies, procedures and any other procedure operational and supervision manuals in effect in IE/Fixed Income and GEF. The incumbent also must develop a thorough knowledge of SCI's and the Bank’s investment products and a good working knowledge of applicable legislative and taxation regulations.

Once established, the incumbent must possess good management skills including sound judgment to permit supervision of other staff and to support effective teamwork. Effective communication is expected in order to respond to complaints and service issues. Effective reporting to Senior Management is also a critical component of the job.

The post requires the ability to evaluate risk, to identify control weaknesses, to recommend actions, to contribute to development of policies, to implement supporting procedures and to report on non-compliance effectively.

Effective communication skills both oral and written are required.




EDUCATION AND ACCREDITATIONS:

The incumbent is expected to have an Undergraduate University Degree (preferably in business or accounting) &/or related work experience &/or other education (CIM, CFA)


OTHER INFORMATION:

The incumbent is expected to maintain an in-depth knowledge of operational conditions throughout the SCI business units assigned and the state or regulatory matters, to resolve issues of non-compliance and to escalate issues promptly that are deemed to be serious, or have broad or impact.

The incumbent is expected to provide leadership to all Senior Compliance Officers and service providers with respect to compliance matters and on his or her own initiative be able to resolve issues and problems, but also to recognize the need to involve superiors where prudent.


The Scotiabank Group is an equal opportunity employer and welcomes applications from all interested parties. We thank you for your interest, however, only those candidates selected for an interview will be contacted. No agencies please.