National Individual Consultant to review and assess the current Investment Fund Law and its management company’s legal frameworks
Reference: C11/CS/004
Client: Ministry of Finance
Category: Consultancy Service
Advertised: 2018.07.19
Deadline: 2018.07.30 10:00:00  

Ad Invitation

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

Contact Info

70120582

Attachments

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