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To learn more about CIBC, please visit CIBC.com Job Description BUSINESS UNIT DESCRIPTION To protect the CIBC group by providing legal advice and regulatory guidance and reviewing legal documentation to support and / or influence the development of plans, strategies, policies, practices and procedures as appropriate or necessary, while reducing the risk, costs and penalties, of non-
compliance with the laws and regulations impacting the many businesses. CIBC activities in Asia Pacific Region is primarily in Hong Kong, Singapore, Japan, People’s Republic of China and Australia.
JOB PURPOSE Reporting to the Managing Counsel & General Manager, Derivatives and Trading Documentation in Toronto, and the Managing Counsel and Head of Legal in Asia, the Director, Legal and Trading Documentation is responsible for the negotiation and execution of master agreements in respect of the Bank’s capital markets trading activities in the Asia Pacific Region, as well as providing general legal support to the Bank’s corporate banking activities in the Asia Pacific Region.
The Director will work closely with (ii)trading room personnel, relationship managers and senior risk management officers, to ensure that executed derivative contracts reflect the Bank’s documentation policies and procedures with respect to trading products, as developed in accordance with standards set forth by the Bank and various regulatory and industry bodies and (ii) business partners and various other support functions to provide legal advice and support across the Bank’s other banking activities (including capital markets, corporate / commercial banking and investment banking) in the Asia Pacific Region.
The incumbent is responsible for negotiating master agreements (ISDA Master Agreements, Repurchase and Securities Lending Agreements), collateral agreements and Cleared Derivative Execution Agreements with external clients and / or other banks as required to support CIBC’s capital markets trading activities in Asia Pacific.
The incumbent will also be responsible for reviewing and negotiating legal documentation, and assisting with the management of relevant legal and regulatory developments in APAC relevant to the Bank’s banking business in the Asia Pacific Region, with supervision from the Head of Legal APAC.
The incumbent is also responsible for the communication and implementation of CIBC’s documentation policies and procedures with respect to trading products in accordance with the standards set forth by the Bank and various regulatory and industry bodies and to manage the consistency of application.
The incumbent will also monitor relevant regulatory developments related to OTC and cleared derivatives in the region on an ongoing basis, including the impact of those developments on trading documentation, and will be responsible on an annual basis for reviewing relevant industry legal opinions related to the enforceability of netting and collateral.
KEY ACCOUNTABILITIES Negotiate master agreements, collateral agreements and clearing agreements to ensure executed agreements meet approved credit terms and internal policies and procedures.
Ensure all transactions are fully documented to mitigate operational and credit risk. Review loan and financing documentation as necessary for the preparation of non-
standard hedging agreements in relation to project finance transactions. Review on an annual basis industry-published legal opinions related to the enforceability of close out netting and collateral agreements in various jurisdictions within the region.
Develop documentation to facilitate unique transactions, and play an active role as a member of transaction teams to ensure speedy approval and successful execution of complex derivative transactions Monitor regulatory developments in Asia that impact OTC and cleared derivatives transactions, to ensure CIBC’s documentation standards and practices are consistent with current regulations.
Participate in, and represent CIBC on industry committees and related forums as appropriate, including ISDA’s monthly Legal and Regulatory Committee meetings.
Participate in internal committees and working groups as appropriate, to assess the impact of industry / regulatory change, and to contribute to CIBC’s response to such change.
Assist in the development of standards and policies for, and direct negotiation of master agreements and related documentation relating to all trading room derivative products and business units.
Assist with the provision of legal advice and review and negotiation of legal agreements to support CIBC’s businesses in APAC in respect of corporate banking and capital markets products, services and distribution channels.
Identify legal and regulatory risks, and significant incidents of non-compliance and ensure proper escalation and resolution of risks by appropriate senior management and business functions heads.
Assist with the monitoring of legal changes in the relevant jurisdictions and assessment of impact analysis on relevant lines of business.
CROSS-FUNCTIONAL RELATIONSHIPS Senior management in Legal Department, Trading room personnel, relationship managers and Risk Management Business management Colleagues in Compliance and Risk Management teams External contacts include corporate clients, peers / counterparts in other banks, external legal counsel and industry associations.
AUTHORITIES / DECISIONS Operates within established CIBC organizational framework. Escalate issues where appropriate to Head of Legal and / or relevant Heads of business.
COMPLIANCE REQUIREMENTS / RESPONSIBILITIES As an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls.
JOB CHALLENGES / COMPLEXITIES Managing the conflicting objectives and priorities of different parties to transactions (e.
g., management, traders acting for clients, etc.). Ensuring the maintenance of the highest standards, subject to the close scrutiny of internal auditors, external auditors, regulators, etc.
Dealing with the legal and documentation knowledge gap that exists between the specialist / experts and the occasional players / novices in trading products.
Managing a substantial volume of documentation files. Handling the documentation of a wide range of product types and complex secured transactions.
KNOWLEDGE AND SKILLS LL.B. / JD degree and / or 4 to 7 years of experience in (i) corporate, banking and / or securities law as well as (ii) the negotiation of derivative documentation, with a good knowledge of ISDA Master Agreements, collateral agreements, GMRA / GMSLA agreements and derivatives trading products.
Experience with loan-linked derivatives and credit documentation would be an asset. A sufficient working knowledge of laws and regulations relevant to banks and financial institutions.
Detailed knowledge of trade confirmations and collateral processes. Solid understanding of credit and operational risk issues, as they relate to capital markets and risk management.
Excellent communication and interpersonal / interactive skills to facilitate interaction across all levels. This includes making technical presentations in a language suitable for non-
specialists, and working very closely with senior management. Proven, effective negotiation skills. Good ability to build effective working relationships with clients and staff at all levels of the organization.
Excellent organizational and time management skills to deal with multiple and sometimes conflicting requirements and time constraints.
Excellent adaptability and flexibility to deal with a rapidly changing environment. Ability to learn different legal and regulatory requirements in the Asia Pacific Region that is relevant for different business and product lines and to provide effective solutions to resolve issues.
WORKING CONDITIONS Operates within a normal office environment. Working within a matrix of reporting lines and client relationships.
What You Need to Know CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong.
We seek applicants with a wide range of abilities and we provide an accessible candidate experience.