The new Chairman of the Financial and Capital Market Commission will be sought in the open competition

On Friday, July 12, the State Chancellery will launch an open competition for the position of Chairman of the Financial and Capital Market Commission (FCMC). Applicants are invited to apply until August 12th.

The main requirements for the applicant are an impeccable reputation, he must not be punished for an intentional criminal offense, and he must comply with the statutory requirements for admission to official secrecy. A citizen of Latvia who has at least a master's degree or equivalent degree in economics, finance management or law science may apply for the position of the chairman of the FCMC council. It also requires at least five years of experience in managing an organization or its directly subordinate position, as well as in the field of financial and capital markets or its supervision, or in the area of ​​money laundering and financing of terrorism and proliferation.

In order to be able to apply for the vacant post, the applicant must also be competent in financial and organizational management and should be fluent in Latvian and English. Communication, argumentation and presentation skills will also be taken into account.

The international recruitment company Executive Search Baltics (“Amrop”) will be involved in organizing the competition. Personnel recruitment experts will carry out labor market research and recruitment, CV and initial verification of reputation, participate in commission meetings, assess competencies and collect feedback, as well as provide feedback to the applicants and prepare an individual development plan for the applicant who will be promoted.

Tenderers will be selected in three rounds. In the first round, the applicants' compliance with the requirements of the FCMC Chairman of the FCMC Council requirements will be assessed.

In the second round, a face-to-face interview will take place to identify applicants' motivation to take up a vacant post, experience and understanding in financial and organizational management. It will be necessary to present its vision of FCMC priorities, as well as assess communication, argumentation and presentation skills and knowledge of English.

For applicants who are directed to the third round, the chairman of the commission will request the State Security Service to give an opinion on their compliance with the requirements set by regulatory enactments in order to obtain admission to state secrets.

In the third round, the applicant's management competencies will be assessed: change management, decision making, strategic vision, team management, achievement of results.

The selection and conformity assessment committee of the Applicants consists of the Director of the State Chancellery Janis Otherkovskis, Finance Minister Jānis Reirs, Member of the Council of the Bank of Latvia, Head of the State Security Service Normunds Mežviets and Head of Financial Intelligence Service Ilze Znotiņa. No more than three representatives of the Associations that are delegated by the Financial Sector Development Council participate in the meetings of the Selection and Compliance Assessment Commission of the Applicants with advisory rights.

Amendments to the FCMC Law adopted by the Saeima on June 13, 2019 provide that the Cabinet of Ministers will select candidates for the position of the Chairman of the FCMC in an open competition chaired by the State Chancellery.

Already since 2015, the State Chancellery has implemented a centralized selection of top managers, ensuring the process of selection of open, honest and professional candidates. In this way, at the 20 competitions organized by the State Chancellery, the directors have been selected by 13 different state direct administration institutions.

Taking into account the great experience in providing open selection, the State Chancellery has been conducting job competitions for institutions such as the Financial Intelligence Service (formerly the Anti-Money Laundering Service), the Corruption Prevention and Combating Bureau and the Data State Inspectorate.

The winner of the competition, having held the position of Chairman of the FCMC, will receive a monthly salary of EUR 9000 (before tax) as well as health insurance and social security. It also provides the opportunity to implement change processes, to make decisions that are important to the society in the field of the financial sector and to promote a proportionate and proportionate regulatory environment for the Latvian financial sector.

The competition announcement will be published on the State Employment Agency CV / Vacancy Portal and in the official gazette “Latvijas Vēstnesis” on July 12. The Cabinet of Ministers must nominate the FCMC Chairperson for approval before 1 October this year.



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