Job vacancy: Analyst (Trustee & CSP Supervision) within Conduct Supervision
Job code: CS/025/2020
About Conduct Supervision:
The Conduct Supervisory section is responsible for the setting up and implementation of the regulatory framework aiming to secure appropriate consumer protection in operations of licence holders in the financial services industry. The Conduct Supervisory section is a newly-formed team with a cross-sectoral function covering under its remit supervision in conduct of credit institutions, securities, trustees, company service providers, as well as insurance and pensions. Malta is one of the few civil law jurisdictions which has integrated trusts into its legal system, and it is quite unique in that it has adopted a regime whereby trustees are regulated as opposed to the self-regulation regime adopted by other prominent trust jurisdictions. Malta has in fact recognised that trustees as well as other fiduciaries are deemed to be gatekeepers to the financial system in view of the fact that the structures which they set up may have wide-ranging effects and uses within the financial sector as a whole. In this respect the MFSA's scrutiny of the trustee and fiduciary service providers is taken very seriously in view of the heightened risks which these sectors may pose. The regulation and supervision of professional trustees and other fiduciaries fall within the remit of the MFSA. The Conduct Supervision function in fact comprises of a team dedicated to the supervision of trustees and other fiduciaries. This team's main objective is to ensure that licensed trustees and fiduciaries have the appropriate structures and systems in place to service clients adequately whilst at the same time preserving their reputation as well as Malta's reputation, taking into account its international commitments. A mixture of tools is utilised with respect to supervision, with onsite inspections being the most frequently utilised method. However, with a view to enhancing the team's supervisory outreach, we are in the process of consolidating a team that will be dedicated to the offsite supervision of this sector.
Within this role, you will be conducting on-site supervision visits to verify that authorised trustees are meeting the requirements of the Trusts and Trustees Act and the relevant rules and regulations. Further to this, you will also be:
- Reviewing the regular off-site reporting, including annual financial statements and returns; Assisting in dealing with queries from authorised persons relating to supervision;
- Assisting in the supervision of company services providers;
- Assisting in the maintenance and dealing with requests for information from third parties in relation to the Register of beneficial owners of trusts; Carrying out ad hoc assignments related to specific regulatory and supervisory issues that may arise from time to time and to report on the outcome of such assignments as may be appropriate;
- Undertake any other tasks as delegated by senior management in line with the exigencies of the Unit.
How to apply or query further information:
- We are looking for candidates with a solid academic background in Law, Banking & Finance 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 three (3) years working in financial services;
- If you do not have the necessary academic or professional qualifications but you have at least seven (7) years of relevant experience, we would still be interested in speaking with you.
Candidates are to forward a copy of their Curriculum Vitae (C.V.) and an accompanying covering letter providing the motivation for the application.
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 ncfhe.gov.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. 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.
*Public Call Permit: 616/2019
Malta Financial Services Authority:
The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. It was established by law on 23 July 2002 taking over supervisory functions previously carried out by the Central Bank of Malta, the Malta Stock Exchange and the Malta Financial Services Centre. The Authority is a fully autonomous public institution and reports to Parliament on an annual basis.