Licensing and Approvals Officer at Capital Market Authority

Licensing and Approvals Officer

Capital Market Authority | Type: Job
Published: 2024-10-21 | Deadline: 2024-11-01

JOB VACANCY ANNOUNCEMENT

Background

Capital Market Authority (CMA) is a specialised organ established by Law No.057/2021 bis of 18/09/2021 with dual mandate of developing and regulating the capital market industry, commodities exchange and related contracts, warehouse receipts systems and collective investment schemes. It operates under the supervision of the Ministry of Finance and Economic Planning (MINECOFIN).

CMA is an active member of the East African Securities Regulatory Authorities (EASRA, and an associate member of the International Organization of Securities Commissions (IOSCO).

JOB DESCRIPTION

LICENSING AND APPROVALS OFFICER

Job Purpose

Reporting to the Manager - Licensing and Approvals, the Licensing and Approvals Officer is responsible for the analysis and interpretation of periodic financial statements for issuers of securities, market intermediaries and approved institutions to ensure compliance with IFRS, and regulatory requirements and standards to protect investor interests. They are also responsible for the analysis of corporate governance structures and practices by issuers of securities and institutional investors in line with the Corporate Governance best practices, the Capital Markets legal and regulatory framework, the Law governing Companies and other regulatory requirements and standards.

The Licensing and Approvals Officer is also responsible for reviewing license applications, conducting analysis and interpreting financial and other information of license applications for market intermediaries, exchanges and other regulated persons to be licensed by the Authority, to ensure compliance with the legal and regulatory framework governing the capital markets, collective investment schemes, commodity exchange and related contracts, warehouse receipts system, and any other market segments, as may be assigned by the Law, and applicable standards.

In collaboration with the Department of Technology and Digital Innovation, they are further responsible for reviewing and providing quality control of license, approvals, recognitions and registration applications for markets and platforms such as securities exchanges, commodities exchanges, over the counter (OTC) platforms, central securities depositories, central counter parties (CCPs), self-regulatory organizations (SROs) and other market infrastructures.

Job Functions

Designing, developing and implementing strategies, policies and programs to facilitate analysis and interpretation of issuers, market intermediaries and other regulated persons financial statements;
Reviewing of audited and periodic financial statements of market intermediaries, approved institutions and issuers of securities to secure continued compliance;
Continuous engagements and communication with issuers of securities, market intermediaries, other regulated persons and other key stakeholders to facilitate compliance;
Reviewing and monitoring of principal, interest and other obligatory payments by issuers of securities and engage with issuers to facilitate resolutions in cases of default;
Designing, developing and implementing strategies, policies and programs to facilitate financial analysis and promote application of corporate governance standards structures and practices by issuers of securities and institutional investors;
Continuous analysis of corporate governance structures of issuers of securities to determine compliance with applicable regulatory requirements and standards;
Driving the adoption of environmental social and governance (ESG) standards, integrated reporting and emerging best practices in governance;
Development and timely publication of issuers governance reports and other relevant reports in line with the above functions.
Reviewing applications for licensing – Fund/Investment Managers, Investment Advisers, Stock Brokers, Authorised Depositories, Investment Banks, REIT Managers, Derivative Brokers, Clearing Members, etc.;
Reviewing applications for licensing of securities exchanges, commodities exchanges, over the counter (OTC) platforms, central securities depositories, central counter parties (CCPs), and other market infrastructures in collaboration with the Department of Technology and Digital Innovation
Conducting analysis of financial statements submitted in support of applications by Fund/Investment Managers, Investment Advisers, Stock Brokers, Authorised Depositories, Investment Banks, REIT Managers, Derivative brokers, Clearing Members, etc.;
Reviewing financial information on notices, announcements and advertisements by market intermediaries and make recommendations of the suitability for publication.

Officer – Licensing and Approvals

Job Specifications

The duties and responsibilities entail:

Issuers/Products – Equity, Debt, Collective Investment Schemes and other products

Reviewing prospectuses, memorandum, financial statements, and other disclosures information by potential issuers to ensure investors are provided with adequate and complete information;
Reviewing and conducting analysis of financial statements submitted in support of various corporate actions by issuers of securities such as bonus issues, rights issues, share splits, mergers and acquisition, private transfers, capital markets instruments, corporate bonds, commercial papers, asset backed securities, etc. to ensure compliance;
Conducting analysis of financial data and valuation methodologies used by issuers of securities to determine their objectiveness and ensure adequate disclosures;
Analysing financial statements to ensure that financial reporting by potential issuers of securities is in line with the requirements of International Financial Reporting Standards (IFRS) and other applicable regulatory requirements and standards;
Maintaining and updating databases relating to financial data, in relation to the issuers of securities and corporate actions as approved by the Authority and undertaking trend analysis to inform policy decisions;
Through liaison with various stakeholders, undertaking research on existing and emerging capital markets products and services to enhance review of applications;
Organizing and participating in engagements with applicants and other stakeholders to facilitate approvals for issuers of securities and other corporate actions;

Licensing

Reviewing of applications for licensing market intermediaries including Fund/Investment Managers, Investment Advisers, Stock Brokers, Investment Banks, REIT Managers, Derivative Brokers, Clearing Members, etc.;
Conducting the review and analysis of financial statements and other information submitted in support of applications by market intermediaries including Fund/Investment Managers, Investment Advisers, Stock Brokers, Authorized Depositories, Investment Banks, REIT Managers, Derivative brokers, clearing members etc. to ensure compliance with the relevant legal and regulatory framework requirements;
Engaging and communicating with applicants on areas of non-compliance relating to the applications for licensing;
Proactively engaging applicants, potential candidates for licensing and other stakeholders with a view of facilitating the licensing process;
Reviewing notices, announcements, advertisements and other required publications by market intermediaries and make recommendations of the suitability for publication;
Reviewing financial information on notices, announcements, advertisements and other required publications by market intermediaries and make recommendations of the suitability for publication;
Undertaking fit and proper assessments of directors, key personnel and no objection requests;
Reviewing and undertaking research on new developments and lead licensing practices to enhance review of applications through ensure application of best licensing policies and business processes and procedures;
Maintaining databases relating to licensing applications and undertaking trend analysis to inform improvements in licensing business processes and procedures as well as informing policy decision-making;
Maintaining databases relating to financial data and analysis reports for applicants to inform policy improvements;
Organizing meetings and forums with license applicants and other stakeholders to engage and respond to queries and correspondences from various internal and external parties on the licensing, IFRS and other requirements regarding their applications;
Undertaking research on new developments in accounting, International Financial Reporting Standards (IFRS) and licensing practices to ensure application of lead practices in review of applications;
Preparing turnaround times schedules;
Undertaking any other duties as may be assigned from time to time.

Governance oversight

Conducting analysis of corporate governance structures and practices by issuers of securities to ensure compliance with the Corporate Governance Code for issuers of securities and other relevant regulatory requirements and standards;
Organizing and continuously engaging with issuers of securities, the institutional investors and other key stakeholders to facilitate compliance with the Corporate Governance Code for issuers of securities and other relevant regulatory requirements and standards;
Developing and coordinating the implementation of governance scorecards and assessment tools for use in review of compliance by institutional investors and issuers of securities;
Supporting the implementation of environmental social and governance (ESG), integrated reporting and emerging best practices in governance;
Coordinating the development and reviewing of governance scorecards based on analysis of the reporting templates;
Reviewing and preparing aggregated reports for all the issuers of securities on their compliance levels with regulatory requirements and standards relating to governance to aid in decision-making;
Reviewing and developing summary issuer governance reports for publication;
Developing and implementing on Corporate Governance capacity building programmes through organized workshops and seminars for issuers and institutional investors;
Ensuring maintenance of updated databases relating to compliance by issuers and institutional investors and conduct trend analysis to inform policy and regulatory reforms;
Continuously identifying and managing risks; and
Undertaking any other duties as may be assigned from time to time.

Recognized Qualifications

For appointment to this position, a candidate must have:

Bachelor or Masters’ Degree in any of the following fields: Finance, Economics, Business Administration or any other field related to the position;
At least four (4) years of related work experience for senior officer and two (2) years for officer, please attach evidence;
Professional qualifications in Accounting or Finance such as ACCA, CPA or CFA will be an added advantage;
Membership of professional accounting or finance body in good standing such as the Institute of Certified Public Accountants of Rwanda (iCPAR) or its equivalent;
Meet the requirements of the Statute governing the management of CMA staff.

Skills and Abilities

Strong written and verbal communication skills, including the ability to prepare and present reports or recommendations to the Management and Staff;
Excellent computer literacy skills including knowledge of Microsoft Office, E-mail, Internet, website navigation, and report writing tools;
Ability to work independently and as part of a team.

Application procedure

Interested and qualified candidates should submit their applications online to the following email: recruitment@cna.rw. Applicants must submit the following documents in PDF format: