3 months ago
Malta Financial Services Authority
Resolution is responsible for drafting resolution plans for banks and certain investment services firms, advise the Resolution Committee on whether an institution should go into liquidation or resolution and the application of resolution tools when necessary. Resolution interacts on an on-going basis with European institutions and local Authorities.
In order to retain its operational independence from the supervisory function, the MFSA Act contemplates the creation of a Resolution Committee and its underlying structures. The Resolution Committee has all the powers assigned to it by the Resolution Authority under the above-mentioned Act. The Resolution functions are carried out as contemplated by the Act and as provided for by the Resolution Committee. Furthermore, Resolution also administers the requirements emanating from the Bank Recovery and Resolution Directive (BRRD), Single Resolution Mechanism Regulation (SRMR), the Recovery and Resolution Regulations (RRR) and the Intergovernmental Agreement (IGA) on the transfer and mutualisation of contributions to the Single Resolution Fund.
Moreover, Resolution interacts continually with European institutions and local authorities to draft resolution plans for banks and certain investment firms. They also advise the Resolution Committee on whether an institution should go into liquidation or resolution, applying resolution tools as necessary. Furthermore, they manage the process related to Resolution Funds and draft necessary Policies and Legislation supporting the resolution process.
Resolution is composed of two main teams which are inter-related, Policy & Legal and Resolution Planning. Policy & Legal is focused on transposition and drafting of relevant legislation and issuance of circulars to apply EBA Guidelines. This team is also responsible for the analysis of policy documents, drafting of policies and procedures to operationalise resolution functions set in legislation, and for processes related to contributions towards Resolution Funds. Resolution Planning involves preparing resolution plans, based on requirements emanating from relevant legislation and policies, for credit institutions and certain investment firms licensed in Malta, in cooperation with the Single Resolution Board (SRB). Both teams are also involved in meetings and task forces at international and local level.
The successful candidate will join a multidisciplinary team and will be expected to provide professional legal and policy input and join fully in the various duties that are undertaken by Resolution including the following tasks as necessary:
Cooperate with Senior colleagues responsible for the policy and legal area in providing legal advice to the Resolution Committee and underlying structures. The appointee will cooperate with the other authorities to ensure the legal quality and consistency of the BRRD as transposed;
Assist in the transposition of any EU Directive relevant to Resolution and to implement any changes brought about by EU legislation into national law through the drafting of regulations, legislation and by amending existing legislation as necessary;
Liaise with both local and foreign authorities in providing input relating to draft technical standards and guidelines and recommendations, and their implementation;
Drafting of memoranda of understanding, circulars and Resolution-related letters;
Monitoring EU legislation in resolution related areas, participate in meetings and provide input when necessary;
Representing the Resolution Committee during legal proceedings at any court or tribunal as well as drawing up of legal documents as may be necessary from time to time;
Representing the Resolution Committee in meetings that are held locally and/or overseas and assist with the analysis and preparation of comments on documents discussed in various Working Groups and Task Forces as required;
Participation and co-ordination of meetings of the Resolution Committee;
Provide legal input to documents and reports prepared by Resolution;
The appointee may also be involved in on-site compliance visits;
Provide input to policy related documents and discussions as well as assisting in the drafting of policies;
Undertake ad-hoc assignments related to resolution aspects, that may arise from time to time and to report on the outcome of such assignments as may be appropriate and necessary.
We are looking for candidates with solid academic background in Law.
The role requires a University of Malta Degree in Law (LL.D or Master of Advocacy level) or a comparable recognised legal qualification at National Qualification Framework Level 6 or better duly certified by the Malta Qualifications Recognition Information Centre (MQRIC), together with possession of a warrant to practice in the Courts of Malta. Possession of a post graduate degree in a discipline relevant to the financial services sector would be considered an asset.