Market Supervision and Inspection Officer at Capital Market Authority

Market Supervision and Inspection 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

MARKET SUPERVISION AND INSPECTION OFFICER

Job Purpose

Reporting to the Manager- Market Supervision and Inspection, the Market Supervision and Inspection Officer is responsible for undertaking market supervision and surveillance business activities on a broad range of transactions focusing on suspected unlawful dealings to detect and deter regulatory breaches within 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.

He/she is responsible for the implementation of supervision programs for licensed market intermediaries, self-regulatory organizations, issuers of securities to the public, securities exchanges, commodities exchanges, derivatives exchanges, central securities depositories and other regulated persons in line with the capital markets legal and regulatory framework and applicable standards.

The Market Supervision and Inspection Officer is also responsible for undertaking risk assessments and analysis in the markets and making recommendations on appropriate risk management measures within 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. He/she is further responsible to provide technical support for investigations to be conducted with respect to regulatory breaches within 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 recommending appropriate action.

Job Functions

Market Inspection

Conduct regular and ad hoc inspections and investigations on trading activities;
Implement analytical solutions to enhance the efficiency of the supervision and surveillance business activities;
Participate in relevant investigative business activities with respect to suspicious cases within 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;
Conducting onsite and offsite inspection activities in accordance with risk-based supervision methodologies and approved plans and prepare reports;
Conducting risk profiling activities for licensed market intermediaries and other regulated persons and prepare reports;
Ensuring a productive relationship management framework between the Authority, licensed market intermediaries and other regulated persons.

Market Surveillance and Risk Management

Implementing approved risk management programmes;
Undertaking risk profiling of licensed market intermediaries and other regulated persons;
Conducting onsite inspection of intermediaries to evaluate their risk management processes and advise on ways of improvement;
Undertaking research on best practices and perform trend analysis of licensed market intermediaries and other regulated persons to inform decision making;
Conduct regular and ad hoc inspections and investigations on trading activities for 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;
Implement analytical solutions to enhance the efficiency of the market surveillance activities;
Participate in investigative activities with respect to suspicious cases within 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;
Developing and implementing investigation programs, business processes and procedures manuals to achieve protection of investors’ interest, enhance market integrity and increase deterrence;
Developing and implementing a dispute, including complaints’, management and resolution framework;
Advising on the legal and regulatory gaps, trends in violations, to inform policy and regulatory reforms to ensure efficient and effective investor protection;
Ensuring a conducive stakeholders relationship framework between the Authority with domestic, regional and international strategic partners to promote appropriate and relevant investigations within 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.

Technical Support to Competent Authorities for Market Investigation

Developing and implementing an investor complaints’ management and alternative disputes resolutions frameworks, and making appropriate recommendations;
Developing and coordinating the implementation of market intelligence gathering frameworks to facilitate market Investigations business activities;
Coordinating internal and external stakeholders’ engagements on market investigations matters;
Implementing measures to support local, regional and international strategic partners to promote cooperation in market investigations within 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;
Facilitate relationships with domestic, regional and international strategic partners to facilitate successful market investigation within 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;
Determining trends in regulatory breaches and advise on the legal and regulatory gaps, to inform policy and regulatory reforms to ensure effective and efficient investor protection;
Establishing and coordinating a records management system for all market investigations matters.

Officer – Market Supervision and Inspection

Job Specifications

The duties and responsibilities entail:

Market Inspection

Conducting onsite and offsite inspection activities in accordance with risk-based and other relevant supervision methodologies and plans, and prepare related reports;
Conducting risk-profiling activities for licensed market intermediaries and other regulated persons and prepare related reports;
Developing, executing and tracking implementation of the annual inspection plan for licensed market intermediaries and other regulated persons, and prepare relevant reports;
Developing, executing and tracking implementation of all compliance programmes within the Division, and prepare relevant reports;
Maintaining an accurate, up-to-date and detailed electronic database information on compliance by licensed market intermediaries and other regulated persons with regulatory requirements;
Periodically conducting trend analysis on compliance with regulatory requirements and maintain an updated database on compliance by licensed market intermediaries and other regulated persons to inform policy and regulatory reforms;
Providing guidance to market intermediaries and other regulated persons on compliance practices through liaison with their relevant compliance, risk management and internal audit staff to enhance strong internal control and compliance environments;
Conducting research on best practices on market supervision on Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT), beneficial ownership (BO) and other related relevant international standards;
Conducting onsite and offsite inspection activities to licensed market intermediaries and other relevant regulated persons to ensure their compliance with requirements from the legal and regulatory framework on Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT), beneficial ownership (BO) and other related relevant international standards;
Undertaking any other duties as may be assigned from time to time.

Market Risk Management

Developing and implementing appropriate approved risk management programmes;
Conducting onsite inspection of licensed intermediaries and other regulated persons to evaluate their risk management processes and advise on ways of improvement;
Reviewing and evaluating business practices of licensed market intermediaries and other regulated persons, their operating environment and identify potential risks;
Undertaking risk assessments to determine the level of risk in licensed markets intermediaries, products, issuers of securities and other regulated persons;
Undertaking risk profiling and preparing periodic risk profiling reports of licensed markets intermediaries and other regulated persons to inform proper allocation of regulatory resources;
Identifying potential risks exposures to be targeted for onsite and offsite inspection activities of licensed market intermediaries and other regulated persons;
Applying stress testing models to assess the level of risk in licensed market intermediaries, products and issuers of securities and other regulated persons to inform proper allocation of regulatory resources;
Undertaking research on best practices and perform trend analysis of licensed market intermediaries and other regulated persons to inform decision making;
Maintaining a comprehensive risk database that includes the risk profiles of the various regulated entities and their key vulnerabilities;
Undertaking any other duties as may be assigned from time to time.

Market Surveillance

Developing and implementing surveillance programmes and related work plans;
Coordinating and participating in investigative business activities with respect to suspicious cases of market manipulation, market abuse and other-related regulatory breaches and making recommendations for further investigations;
Coordinating the development and implementation of analytical solutions to enhance the efficiency of market surveillance business activities;
Conducting regular and ad-hoc inspections and investigations on trading activities and make relevant reports with findings;
Conducting and review daily real-time surveillance of the stock exchange automated trading, commodities/derivatives exchange’s automated trading and CSDs databases and periodical reviews of executed transactions, and generate reports with appropriate recommendations;
Conducting research on best practices on market surveillance;
Undertaking evidence gathering procedures and maintain a comprehensive surveillance data-base;
Developing solutions-oriented relationships with peers at the stock exchange, commodities/derivatives exchange and CSDs for effective surveillance of the market;
Undertaking surveillance activities for cross-listed securities;
Undertaking relationship management with licensed market intermediaries, issuers and other regulated persons as and when assigned;
Undertaking any other duties as may be assigned from time to time.

Technical Support to Competent Authorities for Market Investigation

Developing and implementing an investor complaints’ management and alternative disputes resolutions frameworks, and making appropriate recommendations;
Undertaking surveillance activities of suspected cases of market manipulation and abuse and make appropriate recommendations;
Undertaking surveillance activities on suspected cases of non-compliance with requirements from the relevant legal and regulatory framework on Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT), beneficial ownership (BO) and other related relevant international standards by licensed market intermediaries and other relevant regulated person, and make appropriate recommendations
Developing and coordinating the implementation of market intelligence gathering frameworks to facilitate market Investigations business activities;
Coordinating internal and external stakeholders’ engagements on market investigations matters;
Implementing measures to support local, regional and international strategic partners to promote cooperation in market investigations within 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;
Facilitate relationships with domestic, regional and international strategic partners to facilitate successful market investigation within 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;
Determining trends in regulatory breaches and advise on legal and regulatory gaps, to inform policy and regulatory reforms for effective and efficient investor protection;
Establishing and coordinating a records management system for all market investigations matters;
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, Business Law or any other field related to the position;
At least four (4) / (2) years of related work experience for Senior Officer/Officer, please attach evidence;
For business-related degree, professional qualifications in Accounting or Finance such as ACCA, CPA, CFA or CISI is an added advantage
For professional qualifications in Finance or Accounting, membership of professional accounting or finance body in good standing such as the Institute of Certified Public Accountants of Rwanda (iCPAR) or its equivalent;
For a law-related degree, professional qualifications in legal practices such as a valid certification from the Rwandan Institute of Legal Practice and Development (ILPD) 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: