Description of the Business Line or Department
Summary of the business line:
The Legal Department in London (SEGL/JUR London) is a team of c.60 lawyers and legal advisers (permanent and temporary staff) providing legal advice and support to all London based investment banking business lines and those businesses and legal entities forming part of the SG Group in the UK. It is divided into the following teams/areas of expertise: (i) Global Finance (sub- divided into Acquisition and Asset Finance (AAF), Financial Engineering and Group Financing (EGF), Natural Resources and Hedging (NRH)); (ii) Markets (sub-divided into Structured Over-The-Counter Derivatives (OTC), Programmes and Structured Issuances (PSI) and Debt Capital Markets (DCM)); iii) Trading and Prime Agreement (TPA) (sub-divided into Master Agreements (MAN) and Prime Services (PRM)); (iv) Securities Services; (v) Corporate Finance; (vi) Financial Services Regulation; (vii) Employment; (viii) Shared Internal Legal Services (incorporating Commercial and IT Contracts and Global Transaction Payment Services); and (ix) Data Protection.
The Legal Department is responsible for identifying and analysing legal and commercial issues, including communicating advice clearly and effectively, as part of an overall responsibility for managing and overseeing legal risk for the businesses supported. The Legal Department is also responsible for managing its own conduct risk, promoting a positive culture of good conduct and compliance and contributing to the management of conduct risk throughout the businesses supported.
The Trading and Prime Agreements (TPA) legal teams are divided into 3 groups: 1) MAN (Master Agreement Negotiation) in charge of the legal onboarding process of trading agreements in accordance with SG policies, procedures and guidelines; 2) TRS (Transversal team) in charge of COO & Systems, Netting programme, Norms and Regulatory implementation; and 3) PRM in charge of the legal aspects of the prime brokerage activities.
TPA’s purpose is to: 1) assist the business to grow its franchise with appropriate legal coverage and 2) protect he SG Group by negotiating appropriate standard agreements in accordance with prevailing SG policies and continuously improving norms as required and 3) ensure regulatory compliance in the master trading agreement context.
MAN teams are based in London, Paris, New York, Hong Kong and Bangalore. MAN also has a local desk in Frankfurt.
MAN is responsible for 1) providing professional, effective and impartial legal advice and assisting SG internal Stakeholders (MARK, GLBA, RIS, DFIN, GBSU and others) during the legal onboarding process (initiation, negotiation, execution and post execution of standard agreements; 2) managing the legal onboarding requests raised in the SG onboarding tools (SCOW, PEGA, KSM/KEG’O etc; 3) negotiating standard agreements according to SG policies and procedures ratified by the Normative Committee; 4) escalating issues outside of the SG negotiation guideline and/or prevailing markets market standard to the relevant functions for approval and ultimately, if required, to the Arbitration Committee; 5) ensuring that standard agreements are recorded in the systems and that netting flags are entered in the SG referential database in accordance with SG Group policy; and 6) commissioning and reviewing netting, collateral and clearing opinions, where required, in accordance with the SG Group Policy.
The role of the transversal team is coordinate the following key areas: 1) regulatory implementation; 2) knowledge management; 3) internal training programmes; 4) review of policies/procedures/guidelines and coordination with other stakeholders; 5) governance and escalation through the Normative Committee; and 6) validation of legal opinions and monitoring netting programme to produce netting and collateral SG reports for actively trading counterparty types in relevant jurisdictions.
The COO & Systems office of TPA is: 1) monitoring the performance and effectiveness of the onboarding of the TPA teams; 2) prepare and monitor budgets; 3) coordinating internal audit queries of the TPA activities; 3) legal onboarding technology; 4) continuous improvement of processes ;and 5) supervision of offshoring and outsourcing solutions.
The PRM team is responsible for assisting the business needs of Prime Services booked within SG clearing hubs (SGIL, SGPM and others) whilst also protecting the legal interests of SGPM and its affiliates by: 1) observing the SG Group’s standards and procedures; and 2) implementing relevant policies and working closely with other relevant stakeholders (CPLE, RISQ, DFIN,OPER etc.) to ensure the operating model for execution services, clearing and prime brokerage services are matching the legal and regulatory framework applicable to the relevant SG entities. The team is based in London and Paris.
PRM in EMEA provide the following legal services: 1) advising and assisting to SG internal stakeholders (BL, RISQ, OPER and others) during products and activities process; 2) negotiating customer agreements with clients according to SG policies and procedures ratified by the Normative Committee; 3) escalating issues outside the PRM negotiation guidelines to the relevant functions for approval, and ultimately, if required, to the Arbitration Committee; 4) commissioning and assisting with the review of netting and collateral opinions, where required for Prime Services, in accordance with SG Group policy; 5) reviewing credit risk mitigation documentation e.g. guarantees, letters of credit, in accordance with standards and RISQ requirements; 6) supporting Société Générale SA or SGIL on legal projects e.g. regulatory/new activity/remediation/ new booking strategy; 7) reviewing new Exchange or Central Counterparty rules for Agency business (clearing for customers); 8) managing with relevant internal stakeholders disputes/regulatory audits/enquiries 9) assisting JUR CTX or others departments/Business Units of Société Générale SA or SGIL in relation to such litigation etc.; and 10) managing cross border issues and conducting legal watch relating to Prime Services
The scope and purpose of the Role:
As a result of the streamlining of the onboarding of clients in its derivatives-trading activities, and the increasing use of technology affecting nearly all aspects of working life, there is a requirement to appoint graduate level staff to strengthen the London-based Master Agreements team.
This is a particularly interesting time to join the department as it is undergoing a major transitional change with respect to the Legal Technology it uses. The project in question has recently won a Law Society award for best innovation. This would be an unparalleled opportunity for the candidate to be involved in this project and get insight and experience in Legal Tech
This role will focus on contributing to planning, monitoring and assisting with projects, and taking part in meetings and discussions about ongoing work within the legal department. There will be opportunities to learn about the functional and geographic aspects of an in-house legal department. Exposure to the legal function in the bank, and particularly suited to those interested in business processes.
Accordingly, the successful candidate will have a background in pragmatic problem-solving for a wide variety of problems. You will gain exposure to a range of generic issues, and mainly focus on how the team can work more effectively. This includes the application of technology to legal processes and is an excellent opportunity for anyone seeking commercial experience, particularly in Management and Law. While the candidate will be expected to work in both areas, they can drive their own exposure to either when they have downtime and capacity from their daily responsibilities and assisting the COO.
London is an important centre for global English law documentation in support of the Bank’s activities in OTC markets. The CIB/MAN team is the “Corporate Investment Bank/Master Agreements Negotiations” team. The successful candidate will report hierarchically to the Global COO of Master Agreements who reports to the Global Head of Master Agreements, also based in London and functionally to other senior members of the team.
We are a ‘flow’ legal team responsible for creating, amending, litigating and advising on a suite of Master Agreement (MA) documents. The MA are a set of standardised contracts that enable bilateral ‘over the counter’ transactions, typically swaps or options.
Our legal work lends itself to process optimisation and many aspects of what we do are closely linked with operational and business issues.
Summary of the key purposes of the role
Summary of responsibilities
Examples include responsibilities for streams of activity, creation of materials, providing training, communications etc
Level of Autonomy and Authority
The level of autonomy will develop over the period of employment. Initially the candidate can expect more hands-on guidance which will in turn lead to more autonomy once basic competencies and knowledge of the role is established.
All members of the Legal Department are expected to demonstrate the basic principles of the SG Leadership Model:
The ideal candidate will be able to demonstrate:
All experience is valuable, and it is for the candidate to make the case for transferability of skills.
Any experience with projects, planning or operations are particularly desirable.
Background in law is extremely useful.
A Degree involving project work would also be extremely useful.
English fluency required.
Other languages are useful, especially French.
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