Senior Associate, Finance Regulatory (Payments)

Overview

Ashurst is committed to further strengthening its regulatory offering in London as part of its global strategy to grow our leading position in the financial sector. Having recently hired a market-leading payments partner, Max Savoie, Ashurst is particularly focused on expanding its team to support its growing payments practice. The financial regulation practice is a genuinely global practice, with London and Sydney as the firm’s most prominent offices in this area. The firm also has highly regarded teams in Hong Kong, Melbourne, Tokyo, Beijing, Washington, Frankfurt, Paris, Luxembourg and Madrid. There are also contentious teams in these jurisdictions who work closely with the non-contentious regulatory team. Ashurst recognises the importance of the regulatory team in its own right and as a key part of other practice areas, but it is by no means a \”support\” team. Our payments practice within our financial regulatory team works with leading international banks, payment systems, fintechs and tech firms. We advise these clients on a range of regulatory requirements affecting their businesses, including on authorisation, conduct of business, financial crime and prudential requirements.

Responsibilities

• advising on the application of EU and UK regulation to payment service providers and payment systems in relation to business expansion, new products and commercial partnerships;
• designing, leading and coordinating with clients on international regulatory projects and reviews involving multiple jurisdictions across different regions;
• working as part of our global fintech practice to establish new regulated fintech businesses – engaging with the whole regulatory process from perimeter advice and new authorisations, to ongoing compliance and change management;
• Reviewing, drafting and negotiating agreements relating to the provision of regulated payment services and related services, as well as agreements relating to outsourced functions supporting such services.
• Working with industry bodies and regulators to help shape market practice and advocate for effective regulation.
• Advising firms on digital transformation projects and new digital / fintech offerings.

We also host monthly \”regulatory breakfasts\”, roundtables and other events to help inform clients of upcoming regulatory changes, recent enforcement action and changes to market best practice. Our associates and partners are often quoted in industry journals, mainstream media and in television and radio programmes, and are supported by an excellent team of business services colleagues. This is an excellent opportunity for a leading senior associate to drive their career to the next level. You will work among leading individuals for globally recognised clients. You should have the ability to think outside the box, the confidence to challenge peers and be able to proactively offer ideas and thoughts. The team prides itself on commercially sensible and pragmatic advice to clients. Our clients expect us to come up with risk-based solutions and we are looking for someone to whom this appeals. The team has a flat structure – partner and senior support is always available, but all associates are given the autonomy to progress matters, build relationships with clients and become trusted advisors in their own right. Associates are encouraged to work collaboratively with the whole team. Opportunities often arise for associates to spend time on secondment in house with a key client of the firm. From time to time, secondment opportunities also come up within other Ashurst offices in Europe, North America, Asia and Australia.

Qualifications

• Significant post-qualification experience of a broad range of legal and regulatory work relating to payments.
• Significant experience advising on the application EU and UK legislation relating to payments (including EU PSD2, EU EMD2, UK PSRs, UK EMRs).
• A strong working knowledge of related regulatory frameworks (e.g. UK FSMA, UK MLRs / EU MLD, EU/UK Funds Transfer Regulation, FCA Consumer Duty etc.)
• Experience advising on various payment services. Ideally this would include: issuing (e.g. cards, digital wallets etc.), merchant acquiring, operating e-money and other payment accounts, money transfers and open banking services.
• The ability to apply law and guidance to complex fact patterns to problem solve for clients and to explain possible solutions to regulatory issues in a business-friendly manner.
• An up-to-date knowledge of major regulatory developments affecting the payments sector and the ability to keep abreast of regulatory change and engage proactively with new and proposed legislation.
• A genuine interest in payment service providers, payment systems and related fintechs, and how the payments sector operates and is evolving.
• The ability to communicate clearly with clients and to earn their trust and confidence.