Firstly, can you give us an idea of the type of work your team has done recently? 

We are currently working hand in hand with the Association of Banks (ABA), the Lawyers Office and the Central Bank so that International Banks in the Dominican Republic can carry out repos and reverse repos operations. We are also working to continue increasing derivative operations with Securities Intermediaries (Stock Exchange). The country counsel’s primary role is to provide legal support to the CCO and country management to protect the Citi franchise and appropriately manage any legal risks related to Citi’s business in the country. I am expected to proactively advise management on legal and regulatory risks and developments that affect Citi’s busines.  

I also, in cooperation with International Government Affairs where appropriate, am expected to be aware of major issues in the various businesses within the country that could give rise to governmental or regulatory concerns or franchise risks. To fulfill this responsibility, I must understand the businesses that operate in the country and the laws or regulations that affect those businesses. I am expected to be proactive and actively investigate to ensure that businesses and functions adequately address any potential franchise issues or reputational risks and that appropriate resources are focused on these issues. 

I also participate, from a legal and reputational perspective, in strategic decisions that affect Citi’s business and I am part of any crisis management team, directing or participating in any internal investigation, as appropriate. It is also my responsibility to be aware of significant legal and regulatory concerns that have been raised at other institutions in the country, so that I can advise management on the potential impact. In coordination with the business council in the country, the country counsel participates in industry associations and build relationships with colleagues in similar institutions.
 

How do you keep up to date with changes in laws and regulations relevant to your organisation’s industry? 

In my role as country counsel, it is my duty to develop a working relationship with the regulators and the various players in the sector. I am responsible for anticipating and informing the general manager, country business managers, and the regional attorney on significant regulatory developments to help create and implement strategies to achieve desired changes in local policies, laws, or regulations. As a general guideline, the country counsel should meet with local regulators at least twice a year to ensure ongoing dialogue. Individual circumstances or regulatory expectations may dictate the need for more or less frequent meetings. 

I am also able to stay up to date with the laws and regulations as a I am also a member of several legal committees. The Association of Banks (ABA), the National Council of Private Enterprise (CONEP), the Association of Stock Market Posts (APB), and the American Chamber of Commerce (AMCHAMDR).
 

What is a cause, business related or otherwise, that you care about, and why?   

At present, among other concerns, we are concerned about the absence of ‘netting’ and ‘true sale’ legislation in the country. Many derivative agreements are entered into under foreign law with a Dominican counterparty and with collateral in the Dominican Republic and it is very uncertain to be certain that in case of insolvency and/or other defaults of the counterparty the netting clauses will not be enforceable.