Reference: | C11/CS/004 |
Client: | Ministry of Finance |
Category: | Consultancy Service |
Advertised: | 2018.07.19 |
Deadline: | 2018.07.30 10:00:00 |
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 Mongolian financial system has been
dominated by commercial banks for about 3 decades. To stabilize the
financial system, the Government of Mongolia is trying to establish a
dynamic capital market and reducing the reliance of banking sector.
Within this concept, making improvements and diversification of
financial products in the capital markets and improving the protection
mechanism for investors' rights are essential for increasing and
attracting both local and foreign investors on the capital markets.
The
Parliament of Mongolia approved the Law of Mongolia on Investment Funds
on October 3, 2013 ("Investment Funds Law") and the law entered into
force on January 1, 2014. The Investment Funds Law is the first
comprehensive law aimed at regulating the licensing, operation,
management and supervision of investment funds in Mongolia and it
follows the adoption of the Law of Mongolia on Securities Market Law
enacted on May 24, 2013 ("Revised Securities Market Law"), which sets
out the principal general framework within which investment funds are
allowed to operate in Mongolia. Investment funds have become a feature
of the Mongolian capital market and nine licenses have been issued for
investment funds and sixteen investment management companies are
registered at FRC so far. Only two of them, the licensed investment
funds, are operating and investing in real estate market. Moreover, most
of the investment funds are intended to raise funds from local
commercial banks. The current situation of investment fund and its
management company’s weaknesses have indicated that there is a need for
strong supports from stakeholders’(Government) in terms of creating a
favorable legal framework and strengthening funds’ capacity and
activity.
More importantly, in the section 2.2.2 of annex of
"Financial Sector Development Plan 2025", adopted by Government
resolution #299 of 2017, it is stated that the “Policy on supporting the
investment fund and mutual investment fund shall be implemented through
creating a favorable environment for investment diversification to
investors by promoting and empowering investment funds”.
Therefore,
to implement the policy on supporting investment fund and its management
companies and to activate their operations on capital markets, the
Ministry of Finance (MOF) is seeking to hire a professional national
individual consultant to review and improve the current investment fund
and its management company’s legal frameworks. The reviewing 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 other
organizations.
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 reviewing and assessing the
investment fund related legal frameworks and taking proactive measures
to improve the cooperation among the stakeholders including the
international donor organizations and develop the specific training
program for strengthening the market participant’s capacity and
activity.
The National Individual consultant shall carry out the following tasks, but not limited to:
I. Comprehensive review on the Investment Funds Law and its management companies legal environment:
1.Conduct
analytical review of the current investment funds law and its related
regulations, rules and guidance for identifying parts that are obsolete
and parts that need to be improved;
2.Carry out a comparative
research on investment funds law and provide an analytical report
considering international best practices and reflect those in the
report;
3.Produce the final draft recommendation document for the investment funds laws, and its related regulations;
4.Conduct
analytical review on Investment funds’ management company’s legal
environment and provide/produce recommendations which reflect a
comparative analysis of best international practices;
5.Taking
proactive measures, such as organizing the meeting with the stakeholders
to improve the cooperation among the them including the international
donor organizations;
II. Recommendations on Institutional arrangements for FMID:
1.Develop
the training program for strengthening the market participant’s
capacity and conduct training and workshops for the required market
participants;
2.Prepare and organize a public forum to review and
improve legal framework of investment funds law and its management
company and make integrated recommendations;
3.Conduct training for
the staff at the Ministry of Finance regrading to investment funds law
and its related regulations and rules;
4.Support the implementation
of the 2018 action plan of financial market related issues in “Financial
Sector Development Plan 2025”;
5.Undertake such other tasks
including coordination of other activities relating to the assignment as
reasonably requested and/or assigned by the Director of FPD and the
Head of Financial Market and Insurance Division;
SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:
Education:
A suitable candidate should have at least a bachelor’s degree in the
fields of Finance, Economics, Investment or law. Additional academic or
professional background on specializing the capital market would be
highly preferable;
Experience: Incumbent should have at least 5-10
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. International experience in
investment funds would be an advantage;
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 July 2018.
The duration of the assignment is 5 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 10:00, July 30, 2018.
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