REQUEST FOR EXPRESSION OF INTEREST

Mongolia has received a credit from the International Development Association (IDA) for implementation of the Strengthening Fiscal and Financial Stability (SFFS) project. The Financial Regulatory Commission (FRC) is a beneficiary of the Project and is implementing activities under sub-component #C4. The main objective of the Sub-component is strengthening the institutional capacity of the FRC.

In recent years, law reform has become an increasingly demanding process, and the Parliament of Mongolia approved the resolution of ‘General Directives for Improving Legislation of Mongolia by 2020’ in January 2017. The Resolution includes The Law on the Legal Status of the FRC to be revised, by the FRC and Ministry of Finance (MoF), in 2017.

The Parliament of Mongolia also approved ‘The national program to develop Mongolia’s financial market until 2025’ in October 2017. Under the objectives:

2.1 ‘Revise state policy and legislation on securities market, improve capabilities of regulation and supervision of the regulatory authority and eliminate duplication of same function’ and

3.1 ‘Ensure stability of insurance market in order to enhance the competitiveness in the financial market’,

it is planned to revise The Law on the Legal Status of the FRC; with the FRC and the MOF. The FRC will revise The Law on the Legal Status of the FRC (which was approved in 2005 by the Parliament) under the ‘support drafting a regulatory package law for the non-bank financial market’ objective of the component of SFFS project.

During the past 12 years, the non-banking financial sector has been developing and expanding continuously; in terms of products, services, and range of operations. This has rendered the law incompatible with the current economic context, and raised the need to implement relevant changes to the legislation. The General Administrative Law was approved in 2016, and the Revised Law on Offense and amendments to the law governing the Central bank of Mongolia was approved by Parliament recently. These prompt the need for revisions to The Law on the Legal Status of the FRC.

Revision to The Law on Legal Status of the FRC will ensure compatibility between the MOF, the Central Bank of Mongolia and FRC, in terms of policies and regulations. It will also provide a favourable legal and regulatory environment for sustainable development of the non-banking financial sector; in particular, the growth of the capital market.

Additionally, according to The Action Program of the Government of Mongolia for 2016-2020, a policy on governance (stated in provision 5.1.3. ‘Continue, improve and ensure the coherence of the policies’ is being implemented in every sector, in order to provide for the continuity of state policy. 


The Law’s revision could improve the legal environment of the financial market (except commercial banks) and create a favourable environment for: developing the financial sector, introducing new products and services, creating a favourable business environment, and protecting the rights of market participants (such as citizens and enterprises). According to Article 8.1.1 of The Law on Legislation of Mongolia, conducting needs assessments of the existing laws is a preliminary preparation stage within the legislative law drafting process.

Therefore, in order to revise the Law in accordance with international best practices (in the Mongolian context) the FRC is seeking to hire a professional legal expertise in the review of the existing law on The Legal Status of FRC; undertake a needs assessment and prepare a concept paper of a draft law (in accordance with Article 14 of The Law on Legislation of Mongolia.

SCOPE OF THE ASSIGNMENT

The main objective is to review the current law on The Legal Status of FRC and provide recommendations to revise the Law in line with the international best practices (and commensurate with the current capability of FRC to undertake the new approach). In addition, the Consultant is expected to prepare a concept paper of the draft law in accordance with Article 14 of The Law on Legislation of Mongolia.

The Consultant shall review the current Law on The Legal Status of the FRC and draft a concept paper of the draft law and recommendations to the FRC. The tasks will be undertaken according to Article 14 of The Law on Legislation of Mongolia and Annex 1, Resolution 59 of the Government’s ‘The methodology for conducting needs assessment of legislation’.

Activities and associated tasks to be undertaken by the Consultant shall include (but are not limited to) the following:

1.      A contract implementation plan shall be prepared by the Consultant within three working days after contractual commencement;

2.      Identify shortcomings of the current law and propose amendments in compliance with;

The Constitution of Mongolia, international agreements of Mongolia, and other relevant legislation; and in line with the international best practices.

Phase 2: Offsite assignment (7 working days)

1.      Prepare and submit a concept paper of the draft law in accordance with Article 14 of The Law on Legislation of Mongolia;

2.      Perform other tasks as reasonably requested by the FRC.

SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:

1.     Education: The Consultant should have a master’s degree (or above) in a relevant field: law; background in finance or economics will be an asset;

2.     Experience: The Consultant should have at least 10 years’ experience as a lawyer, and preferably at least three years in finance sector. The Consultant shall have a proven track record designing and implementing financial sector legislation. Experience in developing and implementing legal frameworks related to the non-banking sector is preferred.

3.     Language Skills: The Consultant shall be fluent in written and spoken English.

4.     Other Skills:

a.  Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment;

b.  The Consultant shall exhibit the highest standards of professional behaviour and personal integrity. The ability to work unsupervised is essential.

CONTRACT DURATION:

The Consultant’s work is expected to commence in April, 2018. The duration of the assignment is 22 working days. The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

If you possess the above qualifications, please submit following documents in person:

1. Cover letter indicating why she/he considers her/himself suitable for the position,
2. Detailed CV highlighting relevant skills/experience,
3. Copy of diplomas or certificates no later than 11:00 A.M, May 16, 2018 in person.

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidates will be contacted. Candidates can be interviewed. Detailed terms of reference can be requested from procurement@sffs.mn Contact address: Attn: Ms.Khaliun, Procurement Specialist, Strengthening Fiscal and Financial Stability Project

Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582

70120582