Counsel, Conflict of Interest & Regulatory

Contract

This is a World Bank Group grade: GG contract. More about World Bank Group grade: GG contracts.

Counsel, Conflict of Interest & Regulatory

Description

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

The International Finance Corporation (IFC) – the private sector arm of the World Bank Group (WBG) – is an international organization working to fight poverty in emerging markets by investing in the private sector. IFC works at the cutting-edge of international development finance. It invests in private sector companies and projects in a variety of sectors in emerging markets all over the world – from fintech startups to infrastructure projects, disruptive technology platforms to private equity funds. In line with other international/multilateral development banks, IFC is not subject to external regulatory oversight but seeks to align with external industry and market practice.

Some of IFC’s recent projects in Asia include:

• Advisory service to Quezon City in the Philippines to enhance the efficiency of its COVID-19 vaccination program and increase vaccination rates, by improving and expanding vaccination centers, bolstering testing facilities, and strengthening vaccine logistics

• A US$2.5m venture capital investment in PickMe, a Sri Lankan tech company, that created a ride-hailing application to help expand access to convenient, affordable, efficient and safe transportation.

• A $10 million investment in Sayurbox, Indonesia, to enable it to scale up its digital platform unlocking ‘farm to plate’ access to markets and finance and raising living standards of millions of farmers through increased cashflows.

• A $110 million anchor investment in the inaugural sustainability-linked bond (SLB) issued on the Singapore Stock Exchange by leading Pan-Asian energy and sustainable solutions provider Sembcorp Industries Limited

• IFC has worked closely with the World Bank to implement national payment system reforms in Fiji and Papua New Guinea. Similar work is ongoing in Samoa, Solomon Islands and Vanuatu.

In FY21, IFC had a record-breaking year, despite the global COVID pandemic, with total commitments of $31.5 billion, including $23.3 billion in long term financing and $8.2 billion in short term financing. For more information on IFC, visit www.ifc.org.

What We Do:

The Business Risk and Compliance Department (CBR), under the IFC Legal, Compliance Risk & Sustainability Vice-Presidency, is responsible for setting business standards and providing advice and guidance to the IFC Board, Management, and business teams in relation to certain non-financial business risks that may arise in IFC investments, advisory work, and in IFC’s corporate functions. These non-financial risks include risks that converge around IFC’s management of operational conflicts of interest (COI), corporate confidentiality obligations, data access governance, protection of personal data, regulatory risk, and more recently cyber and other emerging business technology risks facing IFC. They also include business risks such as addressing corruption, fraud and know-your customer (KYC) issues, anti-money-laundering (AML/CFT), economic sanctions, tax good governance, and nominee director compliance.

Context to the Role:

The successful candidate will contribute to CBR’s Conflicts of Interest Office’s (COI Office) work in the Asia Pacific Region, with a secondary role supporting the regional work of CBR’s Regulatory Risk Office (Regulatory Office). S/he will be based in IFC’s Singapore or Hong Kong office.

CBR’s COI Office advises on the management and mitigation of operational conflicts of interest in IFC’s advisory and investment activities. Operational COIs arise in the course of IFC’s Operations when IFC has legal obligations to a client that conflict with IFC’s own rights or interests or with other IFC obligations. The COI Office is a key business partner that works with investment and advisory teams to (i) analyze their project structures for any COI risks associated with them, (ii) think creatively about how to achieve the project objectives while mitigating the overall COI risk, and (iii) facilitate informed decision making on the part of IFC management about COI risks. The COI Office also develops policies and procedures, drafts related legal provisions, provides training, and generally develops COI tools to proactively address IFC’s corporate priorities and needs. The COI Office does not typically advise on personal COIs of IFC staff.

CBR’s Regulatory Risk Office advises on IFC’s market conduct, mobilization, and Treasury activities; handling of material non-public information (MNPI); the broker/dealer and investment advisor standards that should apply to IFC as an international organization; and the regulatory aspects of IFC’s privileges and immunities.

Roles and Responsibilities

To provide advice on the above, the successful candidate will be expected to possess a strong professional background and track record in understanding international business and finance transactions. S/he will assist with the following:

• The primary responsibility will be advising business teams across IFC Operations in the Asia region on the identification of, and development of solutions to mitigate, operational COI risks

• The other key responsibility will be advising business teams across IFC Operations in the Asia region on the key principles of securities regulation to ensure responsible market conduct, advising on compliance programs for otherwise regulated activities, and supporting business teams involved in securities mobilization and securities transactions

• Assisting in the development of policies, procedures and standardized processes for staff in connection with the substantive areas mentioned above

• Developing and executing training programs for client departments and management, including in collaboration with colleagues across CBR, in relation to the areas mentioned above

• Obtaining and expanding expertise and knowledge arising from the substantive areas mentioned above and sharing this expertise and knowledge effectively with other team members

• Contributing to the work of, and as required, represent CBR on IFC or WGB committees or working groups related to the substantive areas mentioned above

• Liaising with other WBG entities or units, other multilateral development banks and other external stakeholders related to the substantive areas mentioned above.

This position aligns with IFC’s business strategy to deploy more staff to field offices to be closer to clients and to better develop regional knowledge. The successful candidate will report primarily to the Head of the COI Office, with a secondary reporting line to the Head of the Regulatory Office, both of whom are located at IFC’s Headquarters in Washington, D.C. The successful candidate will be expected to work with limited day to day supervision and to work as a team with other CBR and Legal Department lawyers in the region.

This is a new position for the Asia region, and the responsibilities may evolve to also include advising on the management and mitigation of risks related to confidentiality, privacy and the inappropriate access to or use of IFC restricted information, and on the data-related emerging focus areas of cybersecurity and technology risks in IFC operations.

Selection Criteria

• Qualified to practice law in one or more jurisdictions.

• At least 8 years’ legal experience providing legal advice in an Asia context on all or any of the following:

• Identification of COI risks, and the provision of solutions to mitigate COI risks,

• Capital markets, financial services regulation, funds and asset management, corporate, M&A, corporate governance and compliance, securities marketing activities,

• Project finance or corporate finance transactions, with a well-recognized international law firm or financial institution.

• Experience and/or education in emerging or frontier markets in Asia a plus.

• Experience working with a multilateral development bank or an international organization a plus.

• Experience working on legal or policy aspects of information access and governance with a regulated financial or international institution a plus.

• Demonstrable experience in developing and giving effective and engaging training presentations to legal and non-legal staff and management.

• Highly developed technical skills with solid legal judgment.

• Capable of distilling complex legal/regulatory analysis into accurate and concise guidance for staff.

• Ability to build effective internal client relationships.

• Responsiveness and ability to deliver high quality work within deadlines.

• Highly developed personal integrity, strong values and ethics.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.