REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL CONSULTANT SELECTION)

 
Country: MONGOLIA                                                                                                   
Project name: STRENGTHENING FISCAL AND FINANCIAL STABILITY PROJECT
Credit No. 6084-MN; 6085-MN

Assignment Title: International consultant for drafting the Law on Legal Status of FRC and conducting impact assessment of the draft law

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, the Parliament of Mongolia approved resolution of “General directives for improving legislation of Mongolia by 2020” in January 2017. The resolution includes the Law on Legal Status of FRC to be revised by the FRC and Ministry of Finance in 2017.
In addition, 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 Offence 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 the Article.8.1 “Stages of law drafting activities” of the Law on legislation of Mongolia, the FRC hired an international and national consultant who have been reviewing the current Law on Legal Status of FRC. Drafting the law, conducting impact assessment of the draft law and estimating cost of implementation of law are the following stages of drafting legislation activities according to the Law on legislation of Mongolia.
Therefore, in order to revise the law, the FRC is seeking to hire a professional legal expertise in drafting the Law on Legal Status of FRC and conducting impact assessment in accordance with the Articles 16-18 of the Law on legislation of Mongolia. The consultant will work closely with national consultants during the assignment. A needs assessment paper of the current law and a concept paper of a draft law will be supplied to the consultant for drafting the law.

SCOPE OF WORK:

The main objectives of this assignment are to draft the Law on Legal Status of FRC and conduct impact assessment of the draft law. In addition, the Consultant is expected to estimate cost of implementation of the law according to the Law on legislation of Mongolia.  
The consultant shall prepare a draft of the Law on Legal Status of FRC, conduct impact assessment of the draft law and estimate cost of implementation of the law. Activities and associated tasks to be undertaken by the Consultant shall include (but are not limited to) the following:

Task 1. Preparing a draft of the Law on Legal Status of FRC
1. A contract implementation plan shall be prepared by the Consultant within three working days after contractual commencement;
2. Prepare a draft of the Law on Legal Status of FRC based on the needs assessment recommendation and concept of the draft law which will be provided by the FRC;
3. Conduct impact assessment of the draft law in accordance with Article 17 of the Law on Legislation of Mongolia and the Government resolution #59, Annex 3, ‘The methodology for conducting impact assessment of legislation’;  
4. Estimate cost of implementation of law in accordance with Article 18 of the Law on Legislation of Mongolia and the Government resolution #59, Annex 4, ‘The methodology for estimating cost of implementation of legislation’;  
5. Organize meetings and discussions with FRC and  relevant stakeholders of non-banking financial sector and introduce the first draft of the law;   
6. Reflect comments and recommendations of the FRC and  relevant stakeholders of non-banking financial sector and finalize the draft of law;
7. Perform other tasks as reasonably requested by the FRC.

THE SHORTLISTING CRITERIA ARE:

To be considered eligible, candidates should have all the eligibility criteria listed below:
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 August, 2018. The duration of the assignment is 22 working days.

Interested consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services.
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.

The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).
Expressions of interest must be delivered in a written form to the address below by e-mail before 23:00 on August 9, 2018 (local time, Ulaanbaatar, Mongolia).
Further information can be obtained at the address below during office hours: 8:30 to 17:30 hours (local Ulaanbaatar time) or procurement@sffs.mn.

Attn: Ms.Khaliun, Procurement specialist,  
Project Implementation Unit
The World Bank – Strengthening fiscal and financial stability project,
Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia
Tel: +976-70120582
Fax: +976-70110582

70120582