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 and Reporting Entities. 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 Recognised Clearing Houses, with a particular focus on Virtual Asset Custodian functions (including those operated within Recognised Clearing Houses). The Manager (MI) is expected to contribute to the implementation as well as development and enhancement of regulations as well as MI procedures and practices as required. The Manager (MI) will be expected to be a key member of the team and work effectively with all colleagues, particularly in relation to Clearing and Settlement matters.

The Role reports into the Senior Manager (MI) and works closely with other colleagues within the Markets Department and across FSRA and ADGM.

Operational responsibilities

• Responsible for licencing and supervision of Virtual Asset Custodians, particularly those operated by Recognised Clearing Houses, in close liaison with Senior Manager / Director MI and other colleagues.
• Build and manage regulatory relationships with market stakeholders (including Recognised Bodies / Custodians), and other relevant FSRA/ADGM staff
• Monitor and manage specific Virtual Asset Custodial operational and technology risks (during licencing and supervision).
• Provide SME Support to Senior Managers / Director MI in relation to wider supervisory engagements with Recognised Clearing Houses and Recognised Investment Exchanges.
• Keep up to date to advise Markets’ senior management on changes to regional and international regulations and policy that will impact Markets’ (VA Custodial) 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.
• 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 Virtual Asset Custodians / Recognised Clearing Houses 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.

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, Software Engineering / Systems Engineering, or related disciplines.

Work Experience:

• Minimum 8-10 years of experience in the same field.
• Comprehensive understanding of Virtual Asset Custodians, particularly in relation to ADGM’s virtual asset regulatory framework.
• Comprehensive understanding of Virtual Asset Markets, including the use of VA Wallet tracing systems and tools.
• Expert Knowledge of the requirements contained within COBS Rule 17.5, as well as COBS Chapters 14, 15 and 16.
• Strong internal and external stakeholder management skills.
• Fluent in business English.

Desirable:

• Experience in supervising Virtual Asset Custodians.
• Comprehensive understanding of Derivatives Markets, particularly in relation to clearing/settlement.
• Experience in dealing with international regulatory bodies.
• Proficient in Arabic or other language(s) and understanding of the Arabic culture.