James Emmett, Libra Networks Managing Director, is convinced that the expertise of Saumya Bhavsar will be crucial in launching and managing the permissioned blockchain-based payment system.
Libra Networks, a subsidiary of the Libra Association has announced the appointment of legal expert Saumya Bhavsar as General Counsel of Libra Networks. The independent member association is responsible for governing the Libra network and development of the Facebook‘s Libra project. It is overseen by an Association Council, made up of one representative from each Association Member. The Libra Network is a payment system based on blockchain technology proposed by Facebook Inc aimed at ‘supporting financial inclusion and responsible financial services innovation’.
Impressive Resume of Saumya Bhavsar – New Libra Networks General Counsel
Ms Bhavsar, whose last appointment was Managing Director, Global Head of Regulatory Affairs at The Credit Suisse Group, expressed confidence that the Libra payment system was capable of transforming the global financial system and enabling unprecedented financial and innovation and inclusion.
According to the provided information, some of Ms Bhavsar’s previous positions and tasks include:
- 8 months at the European Commission as Internal Market and Financial Services Directorate General;
- 8 years with the US State Department as Counsel in the Office of the Comptroller of Currency where she was the lead attorney on enforcement cases involving national banks and their officers and directors;
- Assistant General Counsel at Euroclear. Securities Clearing and Settlement covering European, US, Latin American and Asian markets;
- 11 years at UBS AG where some of her roles were legal and regulatory coverage of cross-border North American wealth management activities and leading discussions with US authorities on the implementation of legal and regulatory requirements;
- 3 years at Credit Suisse leading a global team responsible for managing regulatory commitments, developing regulatory strategies and responding to various regulatory initiatives affecting business strategy.
Her experience in banking, securities, and privacy laws has significantly reduced legal, regulatory, and operational risks cemented her position as an industry-trusted advisor and strategist.
Ms Bhavsar also has extensive experience in the public sector, the most notable being, the most notable being her 8 years as a Senior Attorney in the Enforcement and Compliance division at the US Treasury Department’s Office of the Comptroller of the Currency.
No doubt, her legal expertise and vast experience in the financial sector equip Saumya Bhavsar to perform in her new role.
James Emmett, Libra Networks Managing Director, describes Ms Bhavsar as “a strategic leader with demonstrated ability and success in legal, regulatory and operational roles in one of the most highly-regulated industries’’. He is also convinced that her expertise will be crucial in launching and managing the permissioned blockchain-based payment system.