U.S. Bank Global Fund Services (“GFS”), a subsidiary of U.S. Bank, provides a variety of services to support our mutual fund and exchange-traded fund (“ETF”) clients, among others. The 1940 Act Paralegal position is part of the Regulatory Administration group within GFS, which primarily assists our fund clients with the preparation and maintenance of registration statements and related filings. Registration statements (including a prospectus) are the legal documents that disclose the strategy, risk, fee, and operational details of a fund to investors, as required by federal securities laws, including primarily the Investment Company Act of 1940 and Securities Act of 1933, and regulated by the U.S. Securities and Exchange Commission (“SEC”).
1940 Act Paralegals are a key point of direct interaction with GFS clients and are trained to assist in drafting and filing registration statements with the SEC. 1940 Act Paralegals work with our team of GFS Regulatory Administration attorneys, paralegals and EDGAR filers to manage multiple complex client and internal projects at any time.
1940 Act Paralegals, under general supervision, will handle the following:
- preparation of regulatory filings required under federal securities laws, including registration statements on Forms N-1A and proxy statements on Schedule 14A or Form N-14, using a content management system;
- coordination with internal colleagues and external clients to incorporate their changes to large and complex documents;
- working with GFS Regulatory Administration attorneys to plan and prepare for client board and shareholder meetings;
- coordinating, drafting, and distributing legal documents, communications, resolutions, board meeting minutes, correspondence, and proxy statements among a variety of parties;
- project management for deadlines that may require a variety of different filings close in time to each other;
- monitoring and reporting on regulatory initiatives promulgated by various regulatory agencies such as the SEC and Financial Industry Regulatory Authority;
- developing and implementing department processes and policies;
- training and mentoring new 1940 Act Paralegals on department policies and procedures; and
- reporting and confirming regulatory project billing information.
Many of these duties involve working directly with internal counsel, external fund counsel, internal compliance administrators, financial printers, external auditors, and investment advisers on matters requiring confidentiality. Each of these duties must be accomplished according to timelines which 1940 Act Paralegals create, monitor adherence to, and maintain. 1940 Act Paralegals also work on additional projects/duties as assigned.
- Bachelor's degree, or equivalent work experience
- Six months to two years of experience in legal documentation activities
- Energetic self-starter with strong organizational and proofreading skills, excellent communication and interpersonal skills (both oral and written), and above average drafting/writing skills.
- Resourcefulness in problem-solving.
- Ability to establish priorities and work concurrently on a variety of projects.
- The ability to work well independently and as part of a group, often within tight time constraints.
- Strong computer skills required, including excellent typing skills, and in-depth understanding of Microsoft Word.
- Two or more years of legal environment experience, ideally in a mutual fund, financial services, or law firm environment with exposure to securities matters is desired.
- Knowledge of SEC and FINRA rules or regulatory filings applicable to mutual funds/ETFs is a plus.
- Minimum of an associate's degree is required, though previous related experience may be accepted in lieu of a degree.
- Limited number of evenings and weekends may be required
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