| Job Description: |
Job Description
Have overall responsibility as the registered Compliance Officer of Record under the Korean financial regulations for the management and implementation of compliance system under Korean laws and regulations and internal JPMorgan policies.
Advisory
* Be familiar with local laws and regulations for relevant business lines, i.e. cash equities, equity research, EDG, futures and options, and credit market, etc.
* Analyze the impact of the legal and regulatory requirements on the businesses and advise management on how to best ensure compliance
* Ensure that all relevant persons in JPMSFE, Seoul, i.e. traders and research analysts are properly licensed and registered with the local regulators.
* Act as a member of local Committees such as Location Operating Committee and Business Control Committee.
In order to perform the above in an appropriate manner, Compliance Officer should do the following:
* Identify new or amended laws and regulations via official letter
* Check regulators' and other relevant web sites
* Work closely and develop relationships with Regional Compliance and Legal concerning US and other foreign regulations that may impact local businesses.
* Maintain a regular dialogue with the Regional business line Compliance officers responsible for the various business lines relevant to local business and Compliance officers responsible for Core functions such as Asia Control Room, Personal Account Trading Disclosure of Interest, Anti-Money Laundering etc.
* Ensure JPMorgan's internal policies and procedures are kept up-to-date for changes in rules and regulations and that staff are adequately informed of such changes.
* Have an external network of compliance officers in other firms
* Take a proactive role in integrating with the businesses local Compliance is responsible for.
Relationship with Regulators
* Maintain a good relationship with the regulators of FSS, KSDA, KRX and KOFA
In particular, main departments of contacts are Securities Supervisory Department, Securities Inspection Department in FSS
* Have a good partnership with senior management
* Liaise with the various regulatory organizations and exchange responsible for regulating the businesses and legal entities
In order to maintain the good relationship and partnership with regulators, local Compliance should keep the following activities:
* Ensure a two way regular communication process with regulators and exchanges, thereby maintaining a form of "partnership" relationship, and assist them with their understanding of JPMorgan's businesses.
* Co-ordinate, manage and respond to the results of regulatory audits/inspections.
* Lobby regulatory organizations and exchanges either directly or through industry groups by participation in regulatory committees, working parties and generally responding to direct request for consultation and advice, in conjunction with internal legal function.
* Seek approval for amending authorizations to ensure the JPMorgan legal entity in question is licensed to perform the product, service or type of business.
* Notify or report to regulators in a timely manner reportable events and cooperate with the regulators in any investigation or enquiry.
* Obtain regulatory input, where necessary, on modifications to existing and new products, services and business lines.
Training and foster Compliance Culture
Training
* Induction training on compliance issues to all new employees
* Provide Compliance training regularly to all staff on key compliance policies such as Anti-Money Laundering, Code of Conduct/Personal Account Dealing, Chinese Walls, etc. in conjunction with Regional Compliance
* Encourage all employees to participate 100% in their relevant trainings
* Maintain the training record
Foster Compliance Culture
* Remind/educate the relevant LOB on the requirements to comply relevant laws/regulations and internal policies/procedures through formal meeting, conference call, informal meeting during lunch time, ad hoc inquiry/request from internal clients, etc. as necessary
Monitoring and Surveillance
* Conduct periodic compliance monitoring in terms of the monitoring program based on local laws and regulations
* Perform monitoring on Instant Message (Yahoo IM) for users permitted by IRM
* Check monitoring system related to unfair transactions via Base21 of KOSCOM system for cash equities and KSOP200
* Ensure that checklist is properly checked by all relevant departments
* Corporate affirmation process like Code of Conduct
* AML reporting to local regulatory body (Korea Financial Intelligence Unit) and Regional/Global Compliance as necessary by considering local bank secrecy/privacy laws and regulations
* Assist Asia Regional Compliance monitoring process like PAD (translate Korean statement into English, etc.)
Reporting
Report any relevant issues to management and Asia Regional Compliance promptly.
* Minimize the regulatory and reputation risks by resolving the issues
Report as ad hoc and periodically
* Flag Report (prepare by myself) - immediate reporting of significant and material compliance/regulatory issues and their subsequent developments
* Monthly Compliance Reports (prepare by Compliance Officer of JPMSFE, Seoul)
|
