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Enforcement – The Enforcement team is responsible for conducting investigations of licence holders who have, or are suspected of, committing serious compliance failures, serious misconduct or any other breaches of the law. This function is cross-sectorial and covers all areas falling under the MFSA’s supervisory function. Enforcement, furthermore, investigates the actions of persons carrying on financial services activities without having the necessary licence or authorisation. Enforcement also investigates suspicious or dubious schemes and takes the appropriate action in such cases, including reporting suspicion of criminal activities to the relevant authorities.
The Chief Officer responsible for Enforcement will be a member of the MFSA’s Executive Committee. The Chief Officer will be called to:
- Ensure that cases are investigated effectively and in a timely manner, consistent with the MFSA’s enforcement strategy.
- Ensure the delivery of the Enforcement responsibilities, by working collaboratively with the MFSA’s regulatory functions to deliver effective risk-based regulation.
- Offer strategic direction to the Enforcement function for the most effective utilisation of the MFSA’s enforcement resources. To this effect the Chief Officer Enforcement is to examine periodically records, reports, documents and operations of the Enforcement function to assure efficiency of operation, good supervision good work flow, efficient utilization of staff resources, space and equipment.
- Manage budgeting (capital expenditure and operational expenditure) in relation to the Enforcement function.
- Ensure that all matters relating to Enforcement are executed in a thorough, timely and efficient manner in line with the legal framework and the Authority’s risk appetite
- Develop internal procedures that are required for effective enforcement. Monitor the effectiveness of the Enforcement Team’s engagement, selection and assessment of cases, decision making and timeliness.
- Ensure adequate preparation and planning for enforcement workloads, new enforcement strategies, changes in regulatory policies and case selection.
- To manage the Enforcement team to ensure the appropriate distribution of work tasks and the achievement of the set KPIs for the individuals and for the team.
- Ensure all enforcement processes and systems are fit to for purpose of carrying out effective investigations, determine contraventions of financial services legislation and implementation of disciplinary sanctions against individuals and firms.
- To oversee and participate in general management functions, including management meetings, the recruitment of team members, and the handling of the Authority’s performance management process for the Enforcement function.
- To coordinate and liaise with the respective regulatory and operational units and other organs of the MFSA, police force and others as may be required.
- Provide clear and timely communications to firms/individuals on the requisite information being sought and updates on progress.
- To represent the Authority/Unit and participate in local and international fora on matters related to enforcement. The Chief Officer Enforcement is expected to take a proactive approach to build strong relationships, with a diverse set of stakeholders, including firms representative bodies, local enforcement bodies, consumers, the Government and other international regulators.
- To handle any other duties as assigned by the Chief Executive Officer.
We are looking for candidates with:
- In depth regulatory knowledge and experience and/or relevant experience in law enforcement.
- A deep understanding of the role of enforcement in supporting financial services markets and the public interest role of a regulator in an international financial services centre.
- Excellent communication skills and proven record of engaging with multiple stakeholders.
- The ability to effectively articulate a vision and strategy of how an enforcement strategy of credible deterrence protects consumers and enhances the reputation of Malta’s financial services sector.
- Confidence to lead and conduct difficult negotiations.
- The ability to make good decisions which are based upon sound judgements and analysis, evidence based and well documented.
- A basic understanding and experience of the legal system in Malta and the EU and strong familiarity with the legislative framework for financial services and financial services regulation in Malta and the EU.
- We are looking for candidates with solid academic background in Accountancy or Banking & Finance or a Degree in Law (LL.D) and/or in another finance related background.
- The role calls for an academic qualification in a relevant field of study at National Qualification Framework Level 6 or better, duly certified by the Malta Qualifications Recognition Information Centre (MQRIC) or a widely recognised professional qualification at a comparable level.
- You will also possess a minimum of eight (8) prior working experience in a senior and related area.
- If you do not have the necessary academic or professional qualifications but you have at least fourteen (14) years of relevant experience, we would still be interested in speaking with you.
How to apply
or query for further information
Candidates are to forward a copy of their Curriculum Vitae (C.V.) and an accompanying covering letter providing the motivation for the application to [email protected]
Other important information
The MFSA is an Equal Opportunities Employer as certified by the NCPE (National Commission for the Protection of Equality) and is committed to a policy of equal opportunity in all aspects of employment and will take care to avoid any form of discrimination in its recruitment procedures. The MFSA reserves the right to withdraw this call at any time and not to select any of the Candidates.
It is the responsibility of applicants in possession of qualifications awarded by Universities and other similar institutions outside Malta to produce a recognition statement on comparability of qualifications issued by the Malta Qualifications Recognition Information Centre (MQRIC). Applicants should do so preferably at application stage or otherwise at the preliminary interview should an applicant be selected for such interview. Details can be obtained by accessing the National Commission for Further and Higher Education website on www.ncfhe.org.mt under MQRIC heading.
The MFSA shall ensure that any processing of personal data is in accordance with Regulation (EU) 2016/679 (General Data Protection Regulation), the Data Protection Act (Chapter 586 of the Laws of Malta) and any other relevant European Union and national law. For further details, you may refer to the Data Protection Policy on the MFSA webpage www.mfsa.mt.
Candidates are to note that the submission of any false statement/s or omission, even if unintended, may lead to the cancellation of their application and may render the candidate’s appointment liable to termination.
Furthermore, please note that candidates may be asked to submit any documentation in support of the information provided, including but not limited to, proof of qualifications and Police Conduct Certificates.