Primary Market Regulation Manager

Role Profile

A unique and exciting opportunity to join the Primary Market and AIM Regulation team (“PMAR”), a dynamic and impactful team working in a live market environment.

PMAR sits within the wider Market Regulation team of LSE plc, the Recognised Investment Exchange. The team consists of experienced lawyers, accountants and regulators and reports to the Co-Head of Market Regulation.

PMAR is responsible for the primary market regulation of all markets operated by LSE plc, including AIM and the International Securities Market (ISM). This work includes:

• Determining the application of primary market rules to issuers, including eligibility rules on admission and ongoing compliance.
• Regulating and providing advice to nominated advisers.
• Developing rules, policy and associated guidance in respect of all operated markets.
• Investigating rule breaches by nominated advisers and companies on those markets, as well as secondary market matters, and taking enforcement action where appropriate.
• Providing regulatory input into LSE plc projects, product innovations and market development initiatives.

Role Summary

This real-time operational role primarily focuses on providing advice and guidance on the application and interpretation of relevant rules and related enquiries, as well as providing regulatory challenge.

The role is primarily focused on assessing the eligibility of issuers seeking admission to ISM. However, there will be scope for the successful applicant to also develop equity capital markets expertise, given the wider remit of the team.

The role also includes contributing to project, thematic and supervisory work.

The successful candidate will have extensive knowledge of primary market regulation and its application to debt and derivative securities, gained from working in a regulatory environment such as a statutory primary market regulator, capital markets law firm or corporate finance department of an authorised firm.

The individual must be able to demonstrate:

• A strong track record of technical expertise in the disclosure requirements applicable to a debt prospectus.
• Experience working in a fast-paced environment with demanding deadlines.
• The ability to make sound judgements in a pressured, real-time environment.

What You’ll Be Doing

Responsibilities will increase with experience, with a view to performing key ISM regulatory tasks such as:

• Assessing the eligibility of new applications of debt securities for admission to trading on the International Securities Market.
• Providing technical guidance on the application of the ISM rules to both internal and external stakeholders. This will involve discussing appropriate responses with ISM team members and making decisions on the application of the rules in a live market environment.
• Reviewing draft admission particulars submitted by ISM applicants for compliance with ISM Rulebook disclosure requirements.
• Supervising and training junior colleagues on the application of ISM disclosure requirements.
• Contributing to team discussions on ISM regulatory matters.

Day-to-Day Primary Market Work

• Considering issuers’ obligations under the Admission & Disclosure Standards rules and undertaking thematic work relating to LSE plc’s Primary Markets activities.
• Monitoring relevant developments, including ESMA and FCA consultations.
• Undertaking project work as required, such as advising on the regulatory impact of product development within the Exchange and working with internal teams on regulatory strategy and public affairs matters.
• Dealing with primary market issues as they arise, for example in relation to new issuers or the appropriateness of new securities for admission to trading.
• Providing secretariat support for the LSE’s Admission Review Committee, which considers admissions to trading for markets other than AIM.
• Supporting the Sustainability Offerings Committee, which considers eligibility in relation to certain applications for the LSE’s sustainability offerings.
• Conducting research into new issues or market trends as they arise.

What You’ll Bring

Key Skills and Attributes

• Communication: Clear, precise oral and written communication skills, appropriately tailored to audiences ranging from team colleagues to senior LSE executives.
• Attention to detail: A strong focus on accuracy and thoroughness, ensuring sufficiently detailed information is recorded correctly.
• Maximising opportunities: Openness to adopting new processes, approaches and ways of working, while proactively seeking input from colleagues and stakeholders.
• Critical thinking and problem solving: Ability to analyse issues, identify appropriate solutions and utilise available resources and tools to investigate and resolve problems.
• Delivery: Ability to prioritise competing workloads, take ownership of routine tasks and carry out work without prompting or close supervision.
• High performance: Willingness to put in the effort required to complete activities on time and to the required quality. Proactive, demonstrates initiative and is able to work effectively under pressure.
• Collaboration: Ability to apply appropriate project management methodologies, keep colleagues updated, report progress to management and manage conflict appropriately.
• Flexibility: Openness to expanding knowledge across debt and other market offerings and becoming a cross-specialist.
• Primary market expertise: In-depth experience of primary market regulation and its application to debt and derivative securities, gained within a statutory primary market regulator, capital markets law firm or corporate finance department of an authorised firm.

Desirable Skills

• Good understanding of the application of the UK Prospectus Regulation Rules in relation to debt and derivative securities.
• Good MS Office skills, particularly Outlook, Word, Excel and PowerPoint.
• Confidence in dealing with external stakeholders.

Working hours: The ISM team within PMAR operates between 8:00am and 6:00pm.

What You’ll Get in Return

• The opportunity to work in a dynamic and exciting environment at the heart of global capital markets.
• The opportunity to be part of a collegiate and passionate team with deep expertise in market regulation.
• Exposure to a wide range of internal and external stakeholders.
• A hybrid working environment.

Career Stage:

Manager

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