Specialist - Regulatory Lead

About Northern Trust

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world's most successful individuals, families, corporations and institutions.

Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide.

With more than 135 years of financial experience and over 24,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.

Role/ Department:

The Luxe mbourg Depositary Regulatory Lea d will be responsible for the assessment , governance and management of depositary related regulatory matters pertaining to NT GS SE locations , including Luxembourg (principally) , the Netherlands, Norway, Sweden and Switzerland. The role entails advising on supervisory matters pertaining to depositary services at EU and national level , maintaining structured regulatory horizon scanning, coordinating impact assessments and implementation activity, supporting new and e xisting client s and product types, engaging with regulators and client legal representatives , supporting CSSF inspections and remediation activity, advising on the depositary control framework, promoting consistent regulatory interpretation across locations, ensuring NTGS is appropriately represented at industry level , and assisting in relevant projects and initiatives.

The key responsibilities of the role include:

REGULATORY OVERSIGHT

• Support the Lux embourg Depositary Head in ensuring business processes, procedures and control documentation remain consistent with CSSF guidance, ESMA Guidelines and EU regulatory fund framework developments relevant to depositary and client impacted requirements.

• Maintain structured horizon scanning for depositary-relevant EU, CSSF and local market regulatory developments, assessing impact, prioritising change and communicating implications to relevant stakeholders.

• Lead or coordinate regulatory impact assessments, gap analyses, implementation planning, action tracking and evidencing of completion for depositary-relevant regulatory change.

• Support preparation for CSSF inspections, thematic reviews, regulatory meetings and information requests, including coordination of responses and supporting evidence.

• Coordinate responses to regulatory findings, observations or injunctions relating to depositary services, including tracking remediation actions through to closure.

• Advise on the adequacy of the depositary control framework, including safekeeping, ownership verification, cash-flow monitoring, oversight obligations and depositary liability standards.

• Promote consistent interpretation and implementation of depositary regulatory obligations across NTGS SE locations, identifying and documenting local regulatory divergence where appropriate .

• Prepare and present regulatory development, issue and remediation updates to management, depositary governance, risk, compliance and legal forums.

• Draft and review industry notices, consultation responses, guidance, NCA, Commission and ESMA correspondence or reporting from a depositary perspective.

• Review publications and standards of national and international industry and regulatory bodies, including ABBL, ALFI, AFME, ETDF, AGC, ESMA and IOSCO.

• Attend and, where appropriate , represent Northern Trust in relevant Luxembourg and European industry forums, working groups and events to support thought leadership, advocacy and awareness of emerging regulatory expectations.

CLIENT MANAGEMENT

• Analyse and resolve client regulatory referrals from the Depositary Services team s , including assessment of fund documentation, operating models, contractual arrangements and depositary service implications.

• In the context of regulatory referrals, review and assess fund documentation from a depositary perspective, including prospectuses, supplements, risk management processes, valuation policies, operating memoranda and service descriptions;

• Review depositary provisions in client documentation and support negotiation or interpretation of provisions where regulatory input is required ;

• Assess regulatory risk arising from deviations from standard operating, contractual or delegation models, including third-party oversight arrangements;

• Participate in client and legal adviser meetings or calls requiring depositary regulatory expertise ;

• Prepare escalations to internal Legal on client matters as necessary, together with the EMEA Head and local Heads of Depositary;

• Draft instructions to external legal firms, together with internal Legal, to obtain legal advice for Northern Trust on depositary service issues.

NEW BUSINESS SUPPORT

• Provide technical and regulatory support to Sales, Relationship Management and New Business Development in relation to depositary service proposals and client opportunities.

• Analyse new product launches, fund structures, investment strategies and asset classes to determine applicable depositary obligations and operational readiness requirements.

• Review complex structures, including alternative assets, private markets, derivatives, fund-of-funds, SPVs and non-standard custody or safekeeping models, to determine the extent of depositary service requirements.

• Assess depositary implications of new operating models and service approaches, including delegation arrangements and third-party dependencies.

• Assist in preparing updates, recommendations and assessments of new clients, products and structures for Depositary governance forums.

ADDITIONAL RESPONSIBILITIES

• Work with second line partners, primarily Compliance, Risk and Legal, on upcoming regulatory change to ensure interpretation, operational readiness and governance reporting are appropriate .

• Support internal audit, compliance monitoring and assurance reviews relating to depositary regulatory obligations, including validation of management actions and control enhancements.

• Provide subject-matter input into RCSA, operational risk events, control issue assessments and management action plans where regulatory interpretation is relevant.

• Assist with the development, review and enhancement of procedures in new locations or in support of new structures, products and asset classes.

• Develop and deliver training to Depositary teams on regulatory developments, CSSF expectations and practical application of depositary obligations.

• Maintain internal guidance notes, regulatory interpretation records, issue logs and knowledge materials to support consistent application across Luxembourg and EMEA Depositary teams.

• Identify risks, issues, dependencies and overdue actions, escalating appropriately to management and governance forums with clear options and recommendations.

• Provide regulatory support and analysis in the context of depositary-related contentious, litigious or dispute matters.

Skills/Qualifications:

• Significant experience in depositary, fund regulation, legal, compliance or regulatory advisory roles within Luxembourg or EU asset servicing.

• Strong technical knowledge of UCITS, AIFMD, CSSF expectations and ESMA guidance relevant to depositary services, including safekeeping, ownership verification, cash monitoring, oversight duties and liability standards.

• Experience supporting regulatory inspections, remediation programmes , governance reporting and senior stakeholder engagement.

• Ability to interpret complex regulation and translate it into practical operating procedures, control requirements, business requirements and management actions.

• Strong written communication skills, including preparation of regulatory briefings, governance papers, client-facing explanations and senior management updates.

• Proven ability to work across legal, compliance, risk, operations, product, sales, relationship management and client-facing teams.

• Experience engaging with external counsel, industry bodies, regulators or client legal advisers would be advantageous .

Working with Us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.

Philanthropy is deeply rooted in Northern Trust's history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities.

Reasonable Accommodation

Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com , or alternatively you can discuss your individual requirements with the recruiter you are working with.

About Our Luxembourg Office

In 2024, the Northern Trust Luxembourg office celebrated their 20th anniversary, an important chapter in their history. Having opened in 2004 to support one client, they have since grown their client base substantially and increased their headcount significantly, which now stands at over 400.

From modern fully equipped meeting rooms to a vast canteen with a view over a vegetable garden, maintained by our team all year round, and a rooftop where beehives have been installed, this space is truly a source of pride for our team. Learn more.