Job Description
The Financial Services Regulatory Authority (FSRA) is responsible for the regulation of financial services in Abu Dhabi Global Market (ADGM) and for the regulation of related activities.
The Legal Counsel will be part of the Legal team within the Policy & Legal Division of the FSRA. This Division is responsible for:
- Legal advisory services - in order to enable other Divisions of the FSRA to achieve the objectives of the FSRA (e.g., Authorisation, Supervision, Enforcement, International etc.) and the ADGM:
- Legislative services - identify and implement policy initiatives relevant to the development of the financial services legal framework of the ADGM in line with international standards set by bodies including BCBS, IOSCO, IAIS, FSB and FATF.
- Litigation services support supervisory and enforcement matters including any administrative, tribunal and court matters.
The Policy & Legal Division also provides support to other ADGM authorities and the ADGM by:
- working closely with Registration Authority Legal team that is responsible for the development of the commercial legal framework of the ADGM;
- preparing relevant Board Papers and legislative changes and engaging with the ADGM Office of Legal Affairs, Governance and Compliance;
- reviewing and providing feedback to legislation enacted by other local and federal regulatory and government authorities including the CBUAE and the SCA and various Ministries;
- participating in any working groups and committees with other local and federal regulatory and government authorities, including international assessments of the UAE undertaken by the OECD, FATF and the IMF/World bank;
- supporting the growth and development of key sectors of the ADGM through policy and legislative initiatives.
While the Legal Counsel will provide legal services across the financial services sector, the FSRA is seeking individuals with experience in analysing legal aspects of emerging financial technologies (FinTech), including virtual asset service providers, smart contracts, decentralised applications and artificial intelligence.
Core Responsibilities
Assisting the Director (Financial) in ensuring that the Policy & Legal Division provides the FSRA with timely, high quality, consistent legal services to enable other Divisions to achieve the objectives of the FSRA and the ADGM including:
- Conducting in-depth legal research and analysis in response to legal or policy queries and interpretation requests from internal and external stakeholders, with a focus on the crypto industry and blockchain technology.
- Leveraging relevant technical knowledge to provide sound legal advice to the operational departments of the FSRA, including Authorisation, FinTech, Supervision, Markets, Financial Crime and Enforcement
- Drafting and reviewing legal documents, including legislation, consultation papers, notices and agreements
- Managing legal projects and external outsourced legal resources
- Managing litigation for the FSRA including administrative and court matters, with a focus on tech-related litigation and regulatory matters
- Managing the legislative drafting process for enhancements to the current FSRA legislative framework, new legislative initiatives and other associated legislation and legal instruments where relevant to the FSRA and the broader ADGM
- Monitoring and seeking to improve the internal processes and procedures of the Policy & Legal Division
- Raising awareness of relevant legal and regulatory developments in the FinTech space, including developments in financial services litigation.
Education
- Admitted as a barrister or solicitor in a common law jurisdiction.
Work Experience
Essential
- At least 8-10 years post admission experience, ideally for a financial services regulator or an entity that is supervised by an internationally recognised financial services regulator
- Knowledge, skills and experience in legal and policy matters, with particular focus on regulated financial services, and a strong, substantive understanding of the FinTech industry, including blockchain technology and digital / virtual assets
- Expertise in providing focused and pragmatic legal advice on technical financial services-related matters
- Excellent communication skills, with particular strength in written communications and drafting
- Strong negotiation and presentation skills, including ability to communicate effectively both orally and in writing with others at all levels of the FSRA and other ADGM bodies
- Ability to work independently with little or no supervision
Desirable
- Understanding of emerging enabling technologies (e.g., distribution ledger technology, smart contracts, decentralised technology, artificial intelligence etc.) and their impacts on financial markets
- Experience in contentious matters, regulatory investigations and financial services-related litigation.
- Policy and legislative drafting experience
- Proficient in Arabic or other language(s) and understanding of the Arabic culture.
About Us
The FSRA was established to advocate a progressive financial services environment and uphold the integrity of ADGM. The FSRA's policies are aligned with internationally recognised standards and ensure that financial entities operate with certainty, market participants thrive in an equal level-playing environment, and the interests of investors are safeguarded.
About The Team
Abu Dhabi Global Market is an award-winning international financial centre strategically located in the capital of the United Arab Emirates.
Established by UAE Federal Decree, ADGM's jurisdiction extends across the entire 114 hectares of Al Maryah Island.
ADGM's three independent authorities - the Registration Authority (RA), the Financial Services Regulatory Authority (FSRA) and ADGM Courts - together ensure that its business-friendly environment operates in line with international best practices, recognised by major financial centres worldwide.
