Manager - Market Infrastructure (FSRA Markets)

The FSRA is responsible for the regulation of Financial Services activities in the ADGM.

The Supervision & Markets Department consists of the Supervision Department (Supervision) and the Markets Department (Markets). This Manager – Market Infrastructure (MI) role is within the Markets Department.

The MI Team within the Markets Department is responsible for the authorisation and supervision of all trading, clearing, settlement and listing venues within, and connecting to, ADGM. Covering Financial Instruments (across Securities and Derivatives), Virtual Assets and Spot Commodities, Markets authorises and supervises Market Infrastructures (being Recognised Investment Exchanges, Recognised Clearing Houses, Settlement Facilities, MTFs and OTFs), Remote Bodies, Remote Members, Issuers, Reporting Entities and Benchmark Providers (the ‘Markets Firms’). It is also responsible for the development of the offering, listing, trading and clearing regimes that are benchmarked to global international regulatory standards.

The Manager (MI) is responsible, in close liaison with the Senior Manager(s) and Director MI, as may be applicable, for the day to day authorisation and supervision of Markets Firms, with a particular focus on AML-related supervision of Recognised Investment Exchanges, Recognised Clearing Houses and Custodians.

The Manager (MI) is expected to contribute to the implementation as well as development and enhancement of AML-related processes and practices, particularly in relation to Virtual Asset activities. The Manager (MI) will be expected to be a key member of the wider Markets Department, particularly as a SME for AML-related matters.

The Role reports into the Senior Manager (MI) and works closely with other colleagues within the Markets Department, across FSRA (particularly the Financial & Cyber Crime Prevention Unit (FCCPU), as well as across ADGM.

Operational responsibilities

• Responsible for AML-related licencing and supervision aspects of Markets Firms, particularly those operated by Recognised Bodies/Custodians, in close liaison with Senior Manager / Director MI and other colleagues.
• Build and manage internal FSRA-AML related regulatory relationships, as well with wider market stakeholders (including Recognised Bodies / Custodians).
• Support Markets Management and FCCPU in understanding, mitigating and managing AML-related risks across Markets Firms.
• Monitor and manage specific Virtual Asset AML-related operational and technology risks (across KYC, KYB, COBS 17.5(c) and the Travel Rule, etc).
• Provide SME Support to Senior Managers / Director MI in relation to wider supervisory engagements with Markets Firms, particularly in terms of AML-related matters.
• Keep up to date to advise Markets’ senior management on changes to regional and international regulations and policy that will impact Markets’ (AML-related) supervisory functions.
• Liaise with other internal stakeholders within FSRA and ADGM as appropriate.
• Deliver additional tasks, or carry out any other duties, that may be delegated from the Senior Manager, MI Director or above.
• Participate and deliver on projects that may be allocated thereto.
• Adherence to all internal policies, rules and behaviours

Organisational responsibilities

• Assist in the development and administration of rules, policies and procedures and supervisory processes for the regulation of AML-related matters as they impact on Markets Firms, governing the initial recognition/ authorisation and ongoing supervision thereof.
• Continuously improve Markets practices to ensure that ADGM takes a leading role in market infrastructure and related capital market developments.
• Assist, develop and manage (as required) Markets Firm thematic reviews, adding SME input pertaining to AML-related matters.

Information Security related

• Understand, adopt, adhere and practice responsibilities or controls as per ADGM Information Security policy and as per best practices explained in the induction and awareness sessions.
• Confidentiality, Integrity and availability of the ADGM Information shall be maintained at all times i.e. within as well as outside ADGM.

Education

• Minimum Bachelor’s Degree.
• Professionally qualified in one of the following disciplines; Law, Finance, Banking, Accounting, Economics, or related disciplines.

Work Experience:

• Minimum 8-10 years of experience in the same field.
• Comprehensive understanding of AML-related matters, specifically in relation to Markets Firms
• Comprehensive understanding of AML-related matters, specifically in relation to Virtual Asset activities.
• Comprehensive understanding of Virtual Asset Markets, including the use of onboarding, KYC, VA Wallet tracing systems and tools.
• Expert Knowledge of FSRAs AML Rulebook and UAE Federal Requirements
• Strong internal and external stakeholder management skills.
• Fluent in business English.

Desirable:

• Experience in supervising AML-related activities.
• Experience in dealing with international regulatory bodies.
• Proficient in Arabic or other language(s) and understanding of the Arabic culture.