Latvia’s State Chancellery has announced the opening of application submission process for the post of chairman of Finance and Capital Market Commission (FCMC), according to the 12 July official publication in Latvian Herald.
The main requirements for candidates include having a spotless reputation, no criminal record, and compliance with requirements of regulations in order to be provided with access to official secrets. Candidates have to be Latvian citizen with at least Master’s or equal grade in economics, finance management or law.
Additional requirements include at least five years of experience working as head of an organization or in a position of direct subordination.
The new head of FCMC requires experience in finance and capital market or in supervision of the market, money laundering and terrorism financing enforcement.
To become a candidate, applications also have to be competent in finance and organizational affairs, as well as have good command of Latvia and English language. On top of that, applicants need to have good communication, argumentation and presentation skills.
The winner of the selection process will be paid a monthly wage of EUR 9 000 (before taxes), as well as social guarantees.
This post also provided the opportunity to implement changes, make decisions important for the finance sector and benefit to Latvia’s finance sector’s environment.
Personnel selection process will last three stages. In the first stage, candidates’ suitability to requirements of the Law on FCMS for the post of the institution’s council chairman.
In the second stage, candidates will undergo an interview to learn their motivation to take the vacant post, as well as their level of experience in finance and management. Candidates will have to present their views on FCMC’s priorities. The process will also evaluate their communication, presentation and language skills.
The head of the selection committee will request information from State Security Service about candidates who make it to the third stage to assess their chances of being provided access to official secrets.
The third stage of the process will assess contenders’ management skills: management of reformation processes, decision-making skills, strategic vision, team leadership, and result-focused actions.
Application submission process will last until 12 August.
The personnel selection committee consists of State Chancellery director Jānis Citskovskis, Finance Minister Jānis Reirs, Bank of Latvia council member, State Security Service chief Normunds Mežviets and Financial Intelligence Service head Ilze Znotiņa.
On 13 June 2019, Latvia’s Saeima adopted amendments to the Law on FCMC that provide for election of heads for FCMC by the Cabinet of Ministers through an open selection process led by State Chancellery.
As it is known, both the chairman of FCMC Pēters Putniņš and deputy chairperson Gunta Razāne submitted resignations on 4 July.