About this role
Brief description
The main purpose of this position is to provide comprehensive and effective legal advice relating to the legislative, regulatory and litigious issues within the South African Reserve Bank (SARB), the Prudential Authority (PA) and its subsidiaries (collectively called the “SARB Group”), with a special focus on financial sector law as defined in the Financial Sector Regulation Act No 9 of 2017. This includes banking or insurance or pension law and other related areas. The incumbent may also be required to lead a team of legal consultants in the provision of legal advice and to contribute proactively to the mitigation of legal risk within the SARB Group.
Detailed description
The successful candidate will be responsible for, but not limited to, the following key performance areas:
- Proactively identify, address and manage potential legal risks within the SARB Group.
- Contribute to, and take responsibility for, the development of appropriate legislative and regulatory frameworks that have an impact on the SARB Group, including the PA.
- Take responsibility for monitoring and reviewing local and international legislation, regulation and policies that have an impact on the mandate of the SARB Group, and advise senior management on developments.
- Conduct and integrate research on issues relating to the legislative, regulatory and policy frameworks that have an impact on the SARB Group, the financial sector, and advise on the impact on current frameworks in the financial sector.
- Steer legal processes for internal clients on complex legal challenges and disputes affecting their operations.
- Draft legislation (where applicable), as well as opinions to address specific concerns of the SARB Group.
- Participate in negotiations to conclude agreements and agree on relevant positions, policies, principles, litigation matters and regulatory action matters, in consultation with senior management in the Legal Services Department.
- Participate in internal and external forums, and present and/or defend informed positions that are in the interest of the SARB Group.
- Lead special projects to ensure that mandated and informed positions are developed and presented to stakeholders.
- Manage stakeholder relationships in relevant areas (internal and external) to enhance the operations of the SARB Group and facilitate the required co-operation and concurrence between financial sector regulators.
- Manage litigation affecting the SARB Group, by managing the litigation process with external counsel.
- Provide regular updates and progress reports on all instructions for the purpose of management information, consistency of application of legislation/opinions to manage reputational and legal risk.
Job requirements
To be considered for this position, candidates must:
- have an LLB degree (NQF 8) or an equivalent qualification; and
- five to eight years of relevant work experience as a practising attorney, advocate within the financial sector or in-house legal counsel / corporate lawyer.
The following will be an added advantage:
- admission as an Attorney or an Advocate of the High Court; and/or
- banking or insurance or pension law industry experience; and/or
- a solid record in leading and concluding complex legal projects.
Additional requirements include:
- assertiveness
- problem-solving and analysis
- verbal and written communication
- judgment and decision-making
- verbal and written communication
- listening skills
- presentation skills
- relationship management
- self-starter with attention to detail
- driving execution and decision-making
- organisational awareness
- project management
In line with SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.
SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.
Human Resources Department
About SARB
Primary mandate of the SARB
Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:
The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.
The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice.
WHAT WE DO
Monetary Policy
The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.
Financial Stability
The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.
Prudential Regulation
The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.
Financial Markets
Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.
Financial Surveillance
The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.
Payments and Settlements
The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.
Statistics
The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.
Research
Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.
Banknotes and Coin
The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.