New arrangements for the selection of candidates for the post of Chairman of the Financial and Capital Market Commission’s Council
The Cabinet of Ministers approved a draft regulation regarding the selection of candidates for the post of Chairman of the Financial and Capital Market Commission’s (FCMC) Council on 9 July. The selection will be carried out by the commission under the leadership of Jānis Citskovskis, Director of the State Chancellery. The head of the FCMC will be selected through open competition.
Candidates for the post of Chairman of FCMC Council must have 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. A citizen of Latvia who has acquired higher education (master's or equivalent degree) and has at least five years' experience in the fields of finance and capital market or the prevention of money laundering and terrorism and proliferation financing, as well as organizational management, may be eligible for the post of Chairman of FCMC Council. In order to be able to stand as a candidate for the vacant post, the applicant must also be competent in financial management and have a good command of the Latvian and English languages.
The competition will take place in three rounds. In the first round, the applicants’ 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 the applicants' motivation to take up the vacant position, his or her experience and understanding of financial and organisational management. Likewise, the communication, reasoning and presentation skills and knowledge of English will be evaluated.
The Chairman of the commission requests 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 applicant’s competence in change management, decision-making, strategic vision, achievement of results and team management will be assessed.
Prior to taking a decision on taking forward the applicant for approval to the post of Chairman of FCMC Council, the State Chancellery has the right to collect the feedback from previous employers and co-partners of the applicant.
The State Chancellery will also provide support of independent recruitment experts in the process of selection of candidates for the post of Chairman of FCMC Council. 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 competencies, as well as provide feedback to evaluated applicants and prepare an individual development plan for the applicant to be directed for appointment to the post
If the commission decides that none of the applicants meets requirements for the post of Chairman of FCMC Council, the State Chancellery informs all applicants entering the third round thereof and re-launch competition.
The State Chancellery has been conducting a centralised selection of senior managers already since 2015, thereby ensuring an open, fair and professional selection process. The heads for 13 different authorities of direct public administration have been selected through 20 competitions organised by the State Chancellery. The Financial and Capital Market Commission will now be among the institutions whose head will be selected through competition organized by the State Chancellery.