The Capital Markets Authority (CMA) is a statutory agency charged with the responsibility of both regulating and developing efficient capital markets in Kenya. The Authority recently underwent a restructuring process in response to an increasingly vibrant capital market.

We are now seeking applications from qualified, competent and experienced candidates to provide visionary and strategic direction to newly established directorates.

As part of the Senior Management Team, the Directors will actively contribute to the overall leadership of the organization through development and implementation of strategies in support of the Authority’s goals and work programmes.

The successful candidates will have a passion for the mandate of the Authority and its objectives and will have the gravitas and enthusiasm to help achieve its long term objectives.

The Directors will report to the Chief Executive.

Leadership and Management Skills
  • Provide positive and professional leadership to ensuring that the directorate delivers effective support to the activities of the Authority;
  • Delegate appropriate responsibility whilst retaining overall accountability for the delivery of respective services under each respective directorate;
  • Provide advice and support to the departments and programmes within the Authority on matters relating to any issue within the remit of the Director’s directorate;
  • Monitor and evaluate both overall corporate performance and the performance of Directorate staff against set targets and objectives and develop programmes aimed at building the capacity of individuals and teams, through targeted development action plans;
  • Lead in the development of strategic alliances to strengthen collaborative partnerships and networks with relevant government agencies, regulators and other stakeholders in order to advocate, represent, and influence policies on capital market development and also build CMA’s profile and position as a fair, committed, objective and efficient regulator;
  • Undertake such duties, in addition to the principal duties listed herein, as may be delegated by the Chief Executive.
Competencies
  • Strong managerial skills, including motivating, developing, coaching and leading teams;
  • Ability to conceptualize, innovate, plan and execute ideas and to transfer knowledge and skills;
  • Ability to deliver results and to manage change;
  • Excellent communication skills;
  • Excellent analytical and problem solving skills;
  • Excellent negotiation, dialogue/conflict resolution and diplomacy skills;
  • Excellent organizational skills and efficiency;
  • Excellent sense of initiative, ability to set priorities and work under pressure with accuracy and dedication;
  • Excellent knowledge of MS Office package
Director – Market Operations

The Director is responsible for the management of the Market Operations Directorate and provides technical leadership and strategic direction in the design, implementation, and evaluation of capital markets supervision, inspection and surveillance programmes to secure compliance with capital markets regulatory requirements by all market participants (including
issuers of securities self regulatory organizations, such as security exchanges and central depositories and other licensed persons such as stock brokers, dealers, investment banks, registered collective schemes, investment advisors, fund managers, trustees, and custodians).

Core Duties and Responsibilities
  • Provide technical leadership and strategic direction in the design, implementation and evaluation of capital markets supervision, inspection and surveillance programmes to secure compliance of capital market regulatory requirements by all market participants (publicly listed companies, security exchange, central depositories, stock brokers and dealers, investment banks, unit trusts as well as investment advisors, fund managers, trustees, custodians etc);
  • Design, refinement, and implementation of risk based supervision parameters and inspections and development of risk based parameters for full scope of licensed and approved intermediaries and market operators;
  • Ensure compliance of all market participants in line with regulatory requirements through planning, coordinating, implementing, and evaluating capital markets supervision, inspection and surveillance, implementing, and evaluating financial projects involving analysis and interpretation of financial statements of listed companies and market intermediaries;
  • Development and enhancement of financial analysis functions to grow scope and quality of information for purposes of risk based supervision, market performance analysis, surveillance and identification of areas for market development;
  • Ensure robust levels of investor protection through effective surveillance, investigations, and vigorous prompt enforcement to support capital markets growth, with a particular focus on pro-active and pre-emptive surveillance to enhance the level of transparency and competition in the market place and facilitate product innovation and creativity;
  • Design and implementation of systems to facilitate timely and effective review of licensing applications and robust oversight of fit and proper assessment for all new and existing market participants;
  • Design and implementation of systems for the timely and effective review of product approval applications to encourage market growth and product innovation;
  • Development of improved investigations coordination with internal investigators, capital markets fraud investigation unit and financial industry regulators to combat market abuse and ensure fair and orderly markets and investor protection;
  • Strengthen coordination of market supervision activities with financial sector regulators and regional and international regulators to promote sector and cross border capital flows and efficiency.
Academic Qualifications:
  • University degree and postgraduate qualification in finance, economics, business, law, or related subject;
  • A professional qualification such as CFA, CPA, ACCA, CISA or equivalent.
Professional Qualifications:
  • Membership in a relevant professional body.
Experience Required:
  • Minimum ten (10) years relevant experience gained from money and capital markets or relevant financial organizations
  • At least six (6) years experience at a senior management level
  • Experience in project management and related financial reporting
  • Knowledge of capital markets statutory frameworks
Director – Corporate Services

The Director is responsible for the direction and management of the Corporate Services Directorate and provides technical leadership and strategic direction in the design, implementation and provision of high level systems and services for all support functions within the Authority, spanning Human Capital, Administration and Procurement, Finance, and Information, Communication and Technology (ICT).

Major Duties & Responsibilities:

I. Finance
  • Oversee the finance function, ensuring proper administration of the Authority’s financial affairs; advising the Authority on budget and financial planning strategies and policies; monitoring the budget; and preparing the annual financial statements;
  • Ensure the provision of meaningful, accurate and prompt management accounts and reports to the Chief Executive.
II. Human Capital and Administration
  • Oversee the human capital function, ensuring the provision of advice on human capital matters to the Authority, including the development and review of relevant human capital strategies, policies and procedures;
  • Provide advice and guidance to the Authority on organizational development matters;
  • Ensure the provision of a range of services including performance management; recruitment; training and development; disciplinary and grievance procedures; payroll and pensions and other benefits;
  • Ensure that all HR policies and procedures reflect current best practice and Kenyan employment law;
  • Manage all procurement activity in accordance with Public Procurement Statutory framework;
  • Manage the premises used by the Authority including the relationships with landlords, managing agents,;
  • Procure and manage a range of facilities management services.
III. ICT
  • Oversee the Information, Communications and Technology (ICT) function, ensuring the development and implementation of the Authority’s ICT services to bolster automation of all functions and services;
  • Provide the Authority with efficient and effective registry and reception services;
Academic Qualifications

a. Required
  • University degree and/or postgraduate qualification in Accounting, Public Administration, Finance, Business Administration or related subject;
b. Added Advantage
  • A relevant professional qualification.
Professional Qualifications:
  • Membership in a relevant professional body.
Experience Required:
  • Minimum ten (10) years experience in financial, budgeting, operations and/or administration management preferably in the financial services sector ;
  • At least six (6) years experience at a senior management level in an organization with a record of success in human capital, financial management and information communication systems delivery linking service delivery to strategic objectives;
  • Proven track record of achieving results with demonstrated success in developing policies, procedures and processes and building systems and tools to support a growth-oriented organization;
  • Demonstrate experience in implementing significant change management processes;
  • Demonstrate experience in project management and related financial reporting;
  • Demonstrate knowledge of applicable statutory frameworks ;
Director – Regulatory Policy & Strategy

The Director is responsible for the direction and management of the Regulatory Policy & Strategy Directorate and provides technical leadership and strategic direction in:
  • the development and implementation of policies to promote efficient market and intermediary infrastructure and operations;
  • the development and implementation of policies, systems and strategies that will identify and remove impediments and create incentives for developing innovative market products;
  • the planning, designing, conducting and coordinating research studies and surveys aimed at assessing, evaluating, establishing and developing policies, systems and strategies that will create incentives and/or products for the development of a vibrant, liquid and efficient capital markets;
  • the maintenance, refinement and creation of a facilitative legal and regulatory framework for the operation of fair, efficient and orderly capital markets;
  • The development of responsive investor education and public awareness programs to allow for participation within the capital markets.
Core Duties & Responsibilities:
  • Lead the design, development and implementation of strategies to identify constraints and remove obstacles that impede the development of a vibrant, liquid and efficient capital markets;
  • Provide technical leadership and strategic direction through empowering staff, market participants and other stakeholders to design, evaluate and implement policies that support and facilitate product and market innovation in the capital markets;
  • Continuously assess and prioritize needs, opportunities and demands for interventions and implement responsive capital markets development programmes;
  • Oversee monitoring and evaluation systems for tracking fundamental economic, industrial and corporate developments, including local, regional and international monetary, fiscal and regulatory policies in order to inform capital market policy formulation in addition to analyzing and communicating the impact of global regulatory issues affecting capital markets development;
  • Provide technical leadership and strategic direction in the translation of strategic policy into robust and responsive legal and regulatory frameworks to guide and empower the Authority in its oversight of market development and its regulation and supervision of markets, products, intermediaries and participants;
  • Coordinate stakeholder engagement and consultation within the industry, sector, region and internationally to identify and exchange perspectives on regulatory best practices in the design and implementation of responsive capital markets frameworks.
  • Direct the conduct and implementation of investor education, public awareness and capacity building programmes with a commitment to promote well informed and efficient engagement of investors and market participants in the capital markets.
  • Providing thought leadership and lead in the development of strategic alliances to strengthen collaborative partnerships and networks with relevant government agencies, regulators and other stakeholders in order to advocate, represent, and influence policies on capital market development and also build CMA’s profile and position as a fair, committed, objective and efficient regulator.
Experience Required:
  • Minimum ten (10) years relevant experience within the financial or capital markets sector with a focus on regulatory policy development and or implementation ;
  • Demonstrable experience working on the development of regulatory frameworks within the Financial Sector during the past five years;
  • Demonstrable experience in transforming research findings into tangible outputs such as policy proposals and strategic proposal to an organization;
  • Active experience in driving regulatory policy coordination and at an industry, sector, regional and international level with identifiable results;
  • Experience in the identification, design and implementation of investor education programmes;
  • At least six (6) years experience at a senior management level in an organization;
  • Experience in project management and related financial reporting;
  • Knowledge of statutory frameworks.
Academic Qualifications:

a. Required
  • University degree and postgraduate qualification in Economics, Law, Finance, Business, Statistics or a related subject;
b. Added Advantage
  • A relevant professional qualification
Professional Qualifications:

a. Required
  • Membership in a relevant professional body.
Terms and Conditions of Service

The Authority will offer an attractive remuneration package to the successful candidates. All Director positions will be on contractual terms for a period of four years and renewable depending on performance.

Application Process

If your background, experience and competence match the specifications outlined, please send your application/cover letter, quoting the reference number of the position you are interested in, including your current curriculum vitae, salary history, three referees (one of who must be either your current or previous employer), day telephone number, e-mail address and details of your current salary and benefits to:

The Chief Executive
Capital Markets Authority
P. O Box 74800 – 00200
Nairobi

The closing date is March 31, 2011.

Only shortlisted candidates will be contacted for interviews.

This vacancy announcement is also available on our website: www.cma.or.ke

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