Senior Manager, Mutual Fund Dealer Compliance

Requisition ID: 205175

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Purpose

The Senior Manager, Mutual Fund Dealer Compliance is responsible for overseeing and supporting the Mutual Fund Dealer Compliance Head Office Review Program by ensuring that the Program remains in compliance with relevant laws, regulations and SRO policies applicable to mutual fund sales and dealers.

Specific aspects of the Compliance Program include development/maintenance and implementation of supporting policies, procedures, manuals, guides, etc.; oversight of Regulatory investigations and reporting as required, oversight of service providers/support units (such as Scotiabank Registrations, Office of the President, Contact Centres/Investment Support and CAUs); and reporting to regulatory authorities and management; providing input into system initiatives.

The Senior Manager also assists the Chief Compliance Officer (CCO), as necessary, in providing reasonable assurance to Senior Management and the Scotia Securities Board of Directors that Scotia Securities, as a mutual fund 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.

Accountabilities

1. Maintaining Regulatory Awareness:
   • Maintain current knowledge of applicable and proposed dealer regulations through participation in industry associations and seminars, contact with Securities Regulators and the Mutual Fund Dealers Association (CIRO) and through review of Provincial Securities Commissions, CIRO, IFIC, and other industry publications/websites.
   • Provide analysis and recommendations for implementation of the CIRO rules and policies, and maintain an ongoing awareness of any CIRO changes or initiatives.
   • Act as a reference source regarding regulations and legal issues applicable to SSI's dealer operations in Canada.
   • Provide support to the branches/Wealth Management Service Centres by responding to questions about regulatory matters or Regulations and to support service to SSI’s customer.
2. Developing Policies, Practices, Procedures, Systems and Training Programs:
   • Develop and maintain the Investing Manual, Head Office Policies and Procedures and any other manuals, guides and notices, as directed.
   • Document and assist with the implementation of compliance policies and procedures, reviews and training programs etc.
   • Assist with the development, implementation and monitoring of training programs for mutual fund registrants as mandated by the CIRO.
   • Assist in evaluating requirements/policies for new product and/or process implementations and systems initiatives.
   • Implement oversight program regarding internal service providers.
   • Oversight and maintenance of business continuity plan and related testing activities.
3. Monitoring and Reporting on Compliance:
   • Monitoring: Oversee effective investigation of, response to, and follow-up on Regulatory Investigations, and effective reporting to management and the regulators is completed.
   • Conduct regular internal review of compliance department processes.
   • Monitor oversight program and compliant program to ensure service levels from internal service providers are being met.
   • Conduct compliance reviews (internal, branches or specialized units) to ensure the effectiveness of daily and periodic management supervision.
   • Completion of Enterprise-wide Compliance Risk Assessments.
   Reporting:
   • Assist in the control, evaluation and response to serious irregular activity, such as fraud, kiting or serious incidence of non-compliance.
   • Timely report 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.
   • Prepare the Quarterly Compliance Trend Report summarizing the results of HO supervision, branch compliance and trade reviews.
4. Remedying Non-Compliance and Resolving Problems:
   • Recommend and monitor the progress of implementing appropriate action plans to correct incidents of non-compliance and weaknesses in policies, practices, procedures, systems and/or training.
5. Preparation for Regulators/Auditors:
   • Assist with the co-ordination/management of any Regulatory examinations by a Securities Commission or the CIRO, any Internal Audit audits or any investigations.
   • Manage the process of the CIRO Business Conduct Examination, including preparation, responding to the report and implementation of remedial measures.

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.

Education/Experience

• The incumbent should have a thorough, current knowledge of securities and other relevant regulations in all jurisdictions across Canada applicable to the sale and distribution of mutual funds.
• The incumbent must develop a sound knowledge of SSI and Bank policies, procedures and manuals relating to the sale and distribution of mutual funds.
• The incumbent must have the ability to develop and maintain effective compliance controls, technology systems, training programs and dealer communications and policies.
• Good management, communication and decision-making skills to supervise staff and support effective teamwork and relationship management.
• Understanding of the risk based approach to compliance, the ability to evaluate risk, to identify control weaknesses, to recommend actions, and to report on non-compliance effectively.
• Effective plain English communication skills both oral and written are required.
• Proficiency in Microsoft Word, Excel and PowerPoint required.
• The incumbent must be able to identify regulatory requirements and develop technology and systems requirements and business cases.
• The incumbent should have an undergraduate degree and, at least 5 years related experience in the securities industry or with an industry regulator.
• The Senior Manager should have completed the following IFSE courses, or equivalent: Canadian Investment Funds Course, Branch Managers Examination Course, the Officers’ Partners’ and Directors’ Examination, and, CIRO Dealer Compliance Course.
• The individual must be acceptable to the CIRO as an Alternate Chief Compliance Officer.
• The incumbent is expected to maintain an in-depth knowledge of operational conditions throughout the SSI Branch network and the state of regulatory matters.

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.