New Chairman of the Financial and Capital Market Commission will be sought through open competition
On Friday 12 July, the State Chancellery will launch an open competition for the post of Chairman of the Financial and Capital Market Commission (FCMC). Applicants are encouraged to apply before 12 August.
The principal requirements for candidates are as follows: an impeccable reputation; he or she must not have been punished for an intentional criminal offence and must meet the requirements for access to official secrets laid down in regulatory enactments. A citizen of Latvia who has acquired at least master's or equivalent degree in economics, financial management or law may be eligible for post of Chairman of FCMC Council. The eligibility requirements also include at least five years' experience in the post of the head of organization or the post directly subordinated to the head of organization, as well as in the fields of finance and capital market or supervision thereof, or the prevention of money laundering, terrorism and proliferation financing.
A candidate for the vacant post must also be competent in financial and organizational management and have a good command of Latvian and English. Likewise, candidate’s communication, reasoning and presentation skills will be assessed.
International top-level recruitment company “Executive Search Baltics” (Amrop) will be attracted to organizing the competition. Recruitment experts will conduct labour market research and attract the applicants, perform initial assessment of CVs and reputations, participate in commission’s meetings, assess the competences, as well as provide feedback to the evaluated candidates and prepare an individual development plan for the candidate to be directed for appointment.
The candidates will be selected in three rounds. In the first round, the candidates’ compliance with requirements for the post of Chairman of FCMC Council laid down in the Law on the Financial and Capital Market Commission will be assessed.
In the second round, a face-to-face interview will be held to clarify candidates' motivation to take up the vacant position, his or her experience and understanding of financial and organisational management. The candidates will have to present their vision of the FCMC's priorities. Likewise, their communication, reasoning and presentation skills and knowledge of English will be evaluated.
The Chairman of the commission will request the State Security Service to provide an opinion regarding the compliance of those applicants who are directed to the third round with requirements laid down in regulatory enactments for access to official secrets. In the third round, the candidate’s competence in change management, decision-making, strategic vision, achievement of results and team management will be assessed.
The selection and conformity assessment commission is composed of Director of the State Chancellery Jānis Citskovskis, Minister for Finance Jānis Reirs, the Bank of Latvia Council member, Head of the State Security Service Normunds Mežviets and Head of the Financial Intelligence Unit, Ilze Znotiņa. Furthermore, a maximum of three representatives of associations of the Financial Sector Development Council will participate in advisory capacity in the meetings of the selection and conformity assessment commission.
The amendments to the Law on the Financial and Capital Market Commission adopted by the Saeima on 13 June 2019 provide that, in future, the candidates for the post of FCMC Chairman will be selected by the Cabinet of Ministers through an open competition chaired by the State Chancellery.
The State Chancellery has been conducting a centralised selection of senior managers already since 2015, thereby ensuring open and fair selection of professional candidates. The heads for 13 different authorities of direct public administration have been selected through 20 competitions organised by the State Chancellery.
Given the vast experience in ensuring open selection, the State Chancellery has conducted job contests for institutions such as the Financial Intelligence Unit (formerly the Anti-Money Laundering Service), the Corruption Prevention and Combating Bureau and the State Data Inspectorate.
The successful candidate will receive a monthly salary of EUR 9000 (before tax), as well as health insurance and social guarantees when taking up the position of FCMC Chairman. In addition, this position provides for the possibility to implement the processes of change, to take decisions that essential for society in the field of financial sector and promote the regulatory environment that is appropriate and proportionate to the financial sector of Latvia.
The competition notice will be published in the CV/Vacancy Portal of the State Employment Agency and in the official gazette Latvijas Vēstnesis on 12 July. The Cabinet of Ministers must nominate a candidate for appointment to the post of FCMC Chairman to the Saeima before 1 October this year.