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. which must also be evaluated taking into consideration legal requirements, CIRO and 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 mutual fund registrants as mandated by the CIRO and any ongoing education requirements that result from implementation of financial planning legislation, CIRO requirements, or any other applicable regulatory authority.

•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, as may be periodically assigned, compliance reviews (internal, branches or specialized units) 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.

•Completion of Enterprise-wide Compliance Risk Assessments

Reporting:

Assist in the control, evaluation and response to:

•Any serious irregular activity, such as fraud, kiting or serious incidence of non-compliance.

•Any queries that require a formal response or submission to a Securities Regulator or the CIRO.

••The receipt of advice of any legal action commenced against SSI.

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 reports as directed by the CCO, including progress on implementation of new policies and procedures or corrective actions required.

•Prepare the Quarterly Compliance Trend Report summarizing the results of HO supervision, branch compliance and trade reviews.

•Any other matters to the CCO, Group Compliance or regulators, as required

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.

•Investigation of serious non-compliance matters

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 by either a Regulator or Scotiabank Group and co-ordinate as requested and under the direction of SSI’s CCO.

•Provide input into any proposed new or amended regulation.

•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, including relevant National Instruments for Registration and Mutual Funds, CIRO By-Laws, Rules, Policies and Notices and other regulations as may be implemented from time to time.

The incumbent must develop a sound knowledge of SSI and Bank policies, procedures and manuals relating to the sale and distribution of mutual funds through the Bank's branches. The incumbent also must develop a thorough knowledge of investment products sold through SSI and a good working knowledge of general and current industry issues and developments.

The incumbent must have the ability to develop and maintain effective compliance controls, technology systems, training programs and dealer communications and policies.

Once established, the incumbent must possess good management, communication and decision-making skills to supervise staff and to support effective teamwork and relationship management.

The post requires understanding of the risk based approach to compliance, 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 plain English communication skills both oral and written are required. The incumbent must be able to write policies and procedures and develop training and certification programs.

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 securites industry or with an industry regulator. A Law Degree would be an asset, but is not required.

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 or regulatory matters, to resolve issues of non-compliance and to escalate issues promptly that are deemed to be serious, or have broad or national impact.

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