What are the projects that you are most proud of working on over the past 12 months?

At the Luxembourg Stock Exchange, we are constantly facing new legal and regulatory changes. However, the last 12 months required particular attention for the implementation of the Digital Operational Resilience Act. Amongst the various workstreams of the project, the update of the contractual relationships with third-party service providers was rather challenging due to the considerably varying levels of knowledge and readiness amongst these counterparties. Given that the regulation was specific to the financial sector, it was particularly important to raise awareness amongst counterparties having only a limited client base in that industry. The legal team being at the forefront of the update process, it is crucial to combine efforts between both internal and external stakeholders to create a collaborative environment.

How do you approach managing legal aspects during periods of instability or crisis to ensure the organisation’s resilience?

The primary role of the legal function is to protect the company from potential risks and adverse outcomes in its relationships with counterparties. Any particular instability or crisis situation will therefore increase these efforts and create a focus on a special set of circumstances. To properly address such challenges, it is important to have some basic processes and governance principles in place. The legal team must have a good visibility of the company’s commitments and obligations. In addition, the organisation has to closely monitor, across various teams and levels, the relevant events and in particular the political, commercial and legal/regulatory developments. Finally, the risks and impacts linked to the observations made must be correctly assessed in order to take the right measures to guarantee the company’s resilience.

What do you think are the most important attributes for a modern in-house counsel to possess?

In a modern organisation, the legal function must take the role of a business partner. This implies some very important skills. Beyond having a profound legal expertise on the company’s activities, it is crucial for the legal team to understand the products of the company, its commercial position and the needs and constraints of its business operations. Such knowledge and understanding will not only allow for more appropriate legal advice and avoid commercial pitfalls, but it even has the potential to create new business opportunities identified for instance in legal and regulatory changes. To pave the way for such a fruitful collaboration between the operational and legal teams, effective communication and mutual education must be ensured. The legal team must a be an integral part of projects and product developments and must not be reduced to a simple tick-the-box exercise at the very end of a process. This, however, requires the involvement of the legal team in these processes and a collaborative spirit across all teams.

What is a cause, business or otherwise, that you are passionate about?

In my role as General Counsel, I am also in charge of the Secretariat General which allows me to represent the Luxembourg Stock Exchange in various circumstances. One of my preferred tasks is to welcome students at the Exchange and have the opportunity to provide them with insights on the role of a stock exchange and the work performed by my colleagues. Financial literacy is still widely underdeveloped, and I am keen to provide my contribution to improve this situation.