Intermediaries Supervision (Manager)

Intermediaries Supervision (Manager, Securities)

The Financial Services Commission (FSC) is an integrated financial services regulator. Our mission is to regulate and supervise the securities, insurance and private pensions industries, for the protection of their users, thereby enhancing public confidence through the efforts of a competent workforce.

 We seek to recruit individuals who are driven, results-oriented, and have a passion for providing excellent service.

 The FSC has an immediate opening for the position of Manager, Securities Intermediaries, Securities Division.

 SUMMARY OF RESPONSIBILITIES

The Manager, Securities Intermediaries Supervision is responsible for assisting in the development, administration and enforcement of supervisory programme under the Securities Act.  The Job Holder assists the Senior Director, Securities in evaluating the financial health and statutory compliance of securities dealers under the Securities Act. The responsible officer will ensure the effective coordination, management and execution of ongoing assessment of the safety and soundness of assigned licensees through utilisation of the risk-based supervisory methodology as well as monitoring these licensee’s compliance with the requirements of the Securities Act and its supplementary regulations.

 MAJOR ACCOUNTABILITIES

• Plan and coordinate the operations of the Securities Market Intermediaries Unit to ensure the effectiveness by identifying resourcing needs, knowledge gaps, and the execution of strategies to close identified gaps.
• Review and approve risk assessments, for each securities intermediary along with the supervisory strategy and multi-year supervisory plan for these entities for approval by the Senior Director, Securities Division.
• Coordinate the on-site examination activities for securities intermediaries in line with the supervisory plan and ensure the timely conclusion.
• Ensure the development and review of timely, incisive, and analytically sound management letters, management reports and the overall assessment of the risk profile of securities intermediaries, highlighting any prudential concerns and required remedial actions to the senior management and board of assigned licensees.
• Present findings of onsite surveillance as well as supervisory developments relating to assigned licensees to the Internal Committees of the Commission.
• Liaise with the board and senior management of licensees on an on-going basis in relation to supervisory matters, queries and emerging issues of supervisory concern.
• Assess any remediation plans submitted to the Commission by each licensee to identify any weakness in the plan/framework in effectively addressing remediation actions.
• Prepare the recommended regulatory actions to be applied in accordance with the Securities Act, as well as required actions to be implemented by the securities dealers to address examination findings.
• Liaise with the legal and enforcement team to provide the necessary information to ensure the implementation of recommended sanctions/enforcement actions for assigned licensees.
• Assess crisis management and recovery plans submitted to the Commission by each licensee to identify any weakness in the plan/framework to be addressed and contribute to the operationalisation of these plans, , should a licensee require such intervention.
• Facilitate collaboration and co-operation with local and regional regulators by liaising with their senior officers on any material developments that impacts the financial groups.
• Support the development of regulatory policy positions by identifying and referring to the Research and Policy Division, the need for new or revised regulatory positions, guidance and legislation based on the emerging risks, practices and operational insights gleaned from ongoing supervisory work.
• Review of regulatory positions, policy papers and supervisory guidance to provide feedback before finalisation.
• Keeping abreast of new and emerging international standards as well as market developments in the financial and commercial environment, both locally and internationally to inform meaningful dialogue and enhancements to supervisory policy and procedures. 
• Participate in meetings on supervisory policy and practice with external bodies including licensees and their legal / accounting and other advisors, representatives from international financial institutions and consultants as necessary.

QUALIFICATIONS AND EXPERIENCE

• Postgraduate degree in Mathematics, Actuarial Science, Economics, Statistics, Law, Finance or related discipline with five (5) years’ experience in financial supervision, with at least three (3) at the management level. Professional certifications such as Financial Modelling & Valuation Analyst (FMVA), Financial Risk Manager (FRM), Professional Risk Management (PRM), Chartered Alternative Investment Analyst (CAIA), Chartered Financial Analyst (CFA), Chartered Business Valuators (CBV) or other similar professional financial certification would also be an asset.

• Exposure to and participation in specific Financial Supervision related training, seminars or conferences would be an asset.

While we thank all persons for their interest, only short-listed applicants will be contacted.