Урилгын дугаар: | C11/CS/007 |
Захиалагч: | Сангийн яам |
Зарын төрөл: | Зөвлөх үйлчилгээ |
Зарласан огноо: | 2018.05.14 |
Дуусах огноо: | 2018.05.28 11:00:00 |
REQUEST FOR EXPRESSION OF INTEREST. Mongolia has received a
credit from the International Development Association (IDA) for the
Strengthening Fiscal and Financial Stability Project (SFFSP). The
Objective of the SFFS Project is to contribute to the Government of
Mongolia’s efforts to strengthen fiscal and financial stability and
improve the quality of expenditure. The project is designed into five
components: (I) Strengthening Macroeconomic and Fiscal Management; (II)
Improving the Efficiency of Public Financial Management; (III) Enhancing
Financial Sector Stability; (IV) Strengthening the Social Protection
System; (V) Project Management and Monitoring. The objectives are to:
Strengthening fiscal responsibility and implementing relevant policy
measures, improving fiscal discipline, strengthening the resiliency of
the banking system, improving public expenditure quality in social
protection, providing support for Project implementation, coordination,
monitoring and evaluation, including, inter alia, audit arrangements,
reporting requirements, procurement and financial management activities
respectively. For more details, please refer to the Project Appraisal
Document Report No. PAD2269.
The Government of Mongolia makes an
effort to establish vibrant capital markets. Thus, Mongolia has been
gaining experience and expertise needed to progress money market and to
develop active capital markets. Moreover, in 2013 the Parliament of
Mongolia amended the Securities Market Law and; therefore, many
investors believe that this law provides a sufficient regulatory
framework for active capital markets. However, the most foreign
investors shy away from investing in Mongolian capital markets, because
the country still lacks the comprehensive regulatory capacity,
accountability, transparency, and the required efficient services to
provide capital formation and portfolio investments.
Recently the
Technical Cooperation Project “Money and Capital market development
strategy for Mongolia” has been completed and it had assessed the
Mongolian Money and Capital markets in depth and identified the
follow-up projects for Mongolian Financial market. Among which, EBRD
proposes the Mongolian Government to consider developing and
implementing of DvP/T+2 settlement system for Capital market of the
country. Moreover, in the section 2.2.4 of annex of "Financial Sector
Development Plan 2025", adopted by Government resolution #299 of 2017,
it is stated that the “Payment and settlement system shall be renewed in
line with the international standards”.
Upon introduction and
implementation of the new DvP/T+2 settlement system, The Mongolia’s
securities market and Mongolian Stock Exchange, investors and all market
participants are going to benefit from i) short (the system requires
delivery and receipt of either securities or funds to occur on the same
day) settlement time gap between securities and funds; and, therefore,
ii) reduced settlement risk and cost. Moreover, the country’s securities
market will encourage foreign investor participations in the market.
Therefore, in order to introduce and implement the new settlement
system, the Ministry of Finance (MOF) is seeking to hire a professional
national individual consultant to draft DvP/Т+2 settlement related
regulations and its implementation plan. The drafting process will be
closely supervised by MOF throughout the period of the consultancy
service and in addition, the consultant is expected to coordinate the
work with the Financial Regulatory Committee and Mongolian Securities
Clearing Company.
SCOPE OF THE ASSIGNMENT
The main
objective of the National Individual Consultant is to assist the
Financial Market and Insurance Division (FMID) of Financial Policy
Department of Ministry of Finance (MOF) for providing and drafting the
DvP/Т+2 settlement system related four regulations which are Mongolian
Securities Clearing Company (MSCC) membership regulation, Settlement
guaranty fund regulation, Risk protection fund regulation, and
regulation for Implementing risk management in the operations of the
MSCC. In addition, he/she should prepare a draft document of an
implementation plan for the new settlement system.
The consultant shall carry out the following tasks, but not limited to:
I.
Drafting DvP/T+2 related regulations - The consultant should draft the
regulations related to the new settlement system based on the
recommendations and considering international best practices and should
reflect those in all four regulation draft documents:
• Mongolian Securities Clearing Company (MSCC) membership regulation; Settlement guaranty fund regulation;
• Risk protection fund regulation;
• Regulation for Implementing risk management in the operations of the
II. Preparing Implementation plan of DvP/T+2 settlement system:
• Producing a draft document of implementation plan with clear directions for the new settlement system;
III. Recommendation on Institutional arrangement for FMID:
• To consult with key stakeholders and organize the working group meetings;
• Undertake such other tasks as reasonably requested and/or assigned by the FMID, MOF;
SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:
Education: A suitable candidate should have a postgraduate degree from
an accredited university from OECD countries and in the fields of
Finance and Economics and Investment. Additional academic background on
researching and experience on economic/financial modeling would be
highly preferable;
Experience: Incumbent should have at least 5
years of relevant professional experience with the skill of developing
legislation, conducting financial and economic analysis; and an
excellent understanding of Mongolian capital market’s current condition,
and its challenges, laws, and regulations;
Language skills: Fluent written and spoken skills in English and Mongolian;
Other skills:
a. Excellent skills in research, facilitation of workshops, and consultations.
b. With excellent skills and abilities to function effectively and collaboratively in a team environment.
c. Be proficient in PC based applications such as Word, Excel and data
management, and have excellent web research and navigation skills.
CONTRACT DURATION:
The
consultant is expected to commence working effective from May, 2018.
The duration of the assignment is 6 months. 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:
Cover letter indicating why she/he considers her/himself suitable for the position,
Detailed CV highlighting relevant skills/experience,
Copy of diplomas or certificates and,
2 reference letters from previous last two employers no later than 11:00 P.M, May 28, 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