Division Manager Broker Dealer Compliance

DIVISION COMPLIANCE MGR BROKER DEALER

WHAT IS THE OPPORTUNITY?

This position is responsible for evaluating enterprise risk in accordance with regulatory compliance policies, procedures, goals, and objectives established by the dual-registered broker dealer investment adviser firm (BD-RIA). This position will also be responsible and accountable for the design and execution of the compliance program for the BD-RIAs to assure that regulatory compliance is maintained at highest possible levels. Serve as the senior point of contact for Regulatory Agencies, Internal Audit and 2nd Line Compliance. This also requires working collaboratively with 1st Line business and 2nd line business partners. Manage and lead a team of compliance professionals in adhering the industry best practices, regulatory framework and Bank Policy. Requires working closely with internal/external legal counsel to the firm, as needed, with respect to legal reviews and guidance for the firm. Position is also responsible for ensuring that City National Securities, Inc. (“CNS”), CNR Securities and Symphonic Securities are in compliance with rules and regulations that govern Broker Dealers / Investment Advisers including the Securities and Exchange Commission (“SEC”), Financial Industry Regulatory Authority (“FINRA”), Municipal Securities Rulemaking Board (“MSRB”) and other regulatory bodies as well as any specifically required under CNB.

Risk Management Division

This is a great opportunity to grow your career with a stable and expanding organization as a member of City National’s Risk Management team. The focus is on ensuring business activities remain safe, compliant and well-positioned for future opportunity and sustainable growth.

WHAT WILL YOU DO?

• Oversee the execution of 1st line compliance testing, including management of the program, enhancements to testing, communication of results to executive management and remediation of exceptions.

• • Manage compliance team to ensure testing is applicable to the identified risk and controls from the compliance risk assessment.
• • Work with 1st line teams to develop workable solutions to emerging risks and identified control weaknesses.
• • Oversee the maintenance of BD procedures, including working with the 2nd line compliance teams to ensure policy is in line with activities conducted and

• regulatory requirements of SEC, FINRA, MSRB, and other regulatory bodies as applicable to City National Bank.

• • Develop testing and monitoring to proactively meet business demands and regulatory requirements.
• • Thought leader for Regulation Best Interest
• • Primary contact for regulators and the coordination of BD examinations
• • Coordinate external audits for the BDs annual audit and the banks custody audit as applicable for the BDs.

• Conduct, monitor, and maintain all firm and agent registration and licensing for broker dealer, registered investment adviser, insurance and bank activities for CNS and WM-SST.

• Plan, execute and supervise compliance reviews, which includes specific and general reviews on trading, sales, operations, personnel, branch, etc., to support the monitoring requirements of the industry. Coordinate and complete regulatory reporting to ensure compliance with industry rules and regulations. Perform periodic reviews and ongoing monitoring of daily clearing agent reports, Fin CEN inquiries, and inquiries from Bank Compliance and clearing agent.

• Oversee and enforce the Anti-Money Laundering (AML) Compliance Program, Privacy and Identity Theft Programs for BD-RIA.

• Specifically, provide compliance support and supervision of the firms RIA program, specifically, including ongoing maintenance of firms Form ADV, Parts 1 and 2 as well as regular and periodic updates. Review and monitor RIA employee compliance with the Code of Ethics, including trading activities.

• Provide compliance reporting to the various committees which summarizes the results of reviews performed during the period (including the resolution of any significant issues), any material changes to the BD-RIA policies and procedures and updates on regulatory activities impacting same.

• Coordinate and control audit and regulatory examinations. Coordinate and provide information to auditors and regulators as requested during the course of a regulatory examination or audit review. Monitor and follow up on outstanding compliance issues and ensures timely resolutions.

• Provide timely compliance support, guidance and problem resolution for customers, trading, sales, cashiering, operations, etc. to reduce or prevent exposure to violations, loss of or non-payment of funds, account registration concerns, error correction issues, etc.

• Stay abreast on any regulatory and/or compliance changes that will impact CNS BD-RIA activities, specifically, as well as any related to CNB – Wealth Management, generally. Keep management and BD-RIA colleagues informed of these changes.

• Assist and coordinate any training, to Broker Dealer colleagues, ensuring compliance with the firms Continuing Education requirements and or Banks policies and procedures, etc.

WHAT DO YOU NEED TO SUCCEED

Must-Have*

• *Minimum of 10 years of dynamic experience in the securities industry with a thorough understanding of SEC, FINRA and MSRB laws, rules and regulations including the Securities and Exchange Act of 1940, the Securities Act of 1933, the Investment Advisers Act of 1940 and the Investment Company Act of 1940.

• *Extensive background in a broker dealer and investment adviser compliance role with a minimum of 5 years of experience in a Senior Compliance Officer role required.

• *Minimum of 3 years of experience in the specific capacity of Chief Compliance Officer required.

• Series 7, 24, 63 and/or 65 (or 66) licenses required.

Skills and Knowledge

• Bachelors Degree in Business, Finance, Economics or other applicable business-related discipline preferable; however, an additional minimum of 5 years of directly related securities industry experience with a strong regulatory compliance (CCO) experience may be considered without required degree.

• Thorough knowledge of regulatory governance for broker dealers/investment advisers as well as with securities laws.

• Background and working knowledge of Interagency Statement on Retail Sales of Non-Deposit Investment Products / Policy / Programs.

• Familiarity with Fiduciary Standards and ERISA rules and regulations desirable.

• Background and working knowledge of underwriting activities preferred.

• Working knowledge of insurance products preferred.

• Experience in investigating and responding to customer complaints, mediations and arbitrations.

• Skilled and experienced with responding to regulatory inquiries & audits.

• Competent with drafting, reviewing, implementing and managing compliance policies and procedures.

• Ability to assist and contribute to the due diligence reviews of investment and or alternative products a plus.

• Must be able to communicate effectively, both verbally and written, to various audiences with the ability to establish strong working relationships with individuals and teams both inside and outside of the firm.

• Ability to train/educate others as well as to be able to transfer knowledge to others.

• Demonstrate strong leadership, management and (internal) customer service skills.

• Orientation towards process improvement and the ability to think and work at both the strategic and tactical levels as required.

• Series 4, 53 licenses preferred with S-27, a plus.

Compensation

Starting base salary: $172,224 – $233,013 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.

*To be considered for this position you must meet at least these basic qualifications

The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.

INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT

City National Bank is an equal opportunity employer committed to diversity and inclusion. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.

ABOUT CITY NATIONAL

We start with a basic premise: Business is personal. Since day one we’ve always gone further than the competition to help our clients, colleagues and community flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues to drive phenomenal growth today. City National is a subsidiary of Royal Bank of Canada, one of North Americas leading diversified financial services companies.

Positions based in New York City: In order to work on-site at City National Bank in New York City, you must be fully vaccinated against COVID-19, per city requirements. Shortly after your start date, you will be required to attest to your vaccination status and will be required to provide proof of vaccination.

Equal Opportunity Employer Minorities/Women/Protected Veterans/DisabledWealth Management, Remote