Team size: Seven

What are the most significant cases or transactions that your legal team has recently been involved in?

As the head of the regulatory directorate, my primary role is to oversee and establish express norms for entities engaged in financial activities. Our goal is to provide clear and specific guidelines to regulate these services and products, ensuring legal stability within the system. Our biggest and most frequent challenge involves transparently constructing and disseminating financial legal regulations through a “legal report,” which consolidates technical reports from control and supervision areas. This report aims to serve as the foundation for reforming legal regulations, which is why we must guarantee strong regulatory compliance before its enactment.

Our collaborative approach strengthens the institution’s ability to adapt to regulatory requirements and fosters a strong culture of compliance. Key daily aspects include internal communication, clear allocation of responsibilities, coordination in the interpretation of regulations, and adapting to validated regulatory changes. Consequently, we handle new draft regulations daily, analysing, structuring, and sometimes creating them while maintaining integrity in accordance with sound practices anchored to financial stability.

Our most significant team challenge involved crafting a draft Resolution for the Financial Policy and Regulation Board, addressing the Organic Law for the Development, Regulation, and Control of Technological Financial Services. This effort required exceptional teamwork and synergy.

What are some of the main legislative or regulatory changes that have impacted you?

In our era of technological innovation, the Fintech Law has taken a pivotal role in advancing financial inclusion, a primary goal within this regulatory framework. It facilitates the accessibility of financial services to previously marginalised segments of the population by means of digital and mobile solutions. The Fintech legislation has sought to establish a regulatory framework adapted to the unique characteristics and risks associated with financial technology companies. This fosters innovation while upholding security standards and ensuring consumer protection.

Furthermore, fintechs have broadened the range of available financial services, promoting cooperation between technology companies and financial institutions through strategic partnerships and platforms. These collaborations have boosted the creation of more interconnected financial ecosystems, and fintechs have played a pivotal role in advancing the global expansion of financial technology companies.

Why are in-house lawyers well-placed to drive change in their organisations?

In-house lawyers possess comprehensive knowledge of the legal and regulatory landscape that impacts the organisation or institution. This expertise allows them to recognise both potential risks and opportunities in legal and regulatory aspects when formulating regulations, as exemplified by my regulations department, or when proposing modifications to a particular regulation. In-house lawyers specialise in assessing and mitigating potential legal risks based on their own knowledge of the organisation or institution, analysing the consequences of organisational decisions, and aiding in the implementation of measures to minimise potential risks.

In-house lawyers provide valuable insights into legal and commercial matters, offering a strategic perspective in driving change. In-house lawyers possess in-depth knowledge of the organisation’s operations, legal aspects, and corporate functions, allowing them to identify opportunities for legal improvement, enhance efficiency, and reduce costs for external lawyers.

Since in-house lawyers work across various departments within the organisation, they can effectively promote cross-departmental collaboration which makes them instrumental in implementing the required standards. In conclusion, the combination of legal expertise and operational management skills positions in-house lawyers as strategic change managers within their organisations.