Financial Sector Legal and Regulatory Reform

1. Project objective

The objective of the Financial Sector Legal and Regulatory Reform Roster is to support PSDI to strengthen legal,

regulatory and institutional frameworks governing banking systems, financial services, retirement funds, investments,

capital markets and other areas of financial sector development in Pacific DMCs.

Estimated number of Consultants to be Empaneled 10

Estimated Number of Call-offs 11 to 15

Estimated value range of each Call-Off (in USD) $50,000 to $80,000

Estimated duration of each Call-Off 12

MONTH

Possibility of contract extension In general, ADB consulting contracts may be extended to a reasonable degree when doing so is justified within ADB's core

procurement principles.

Any extensions are subject to operational needs, consultant performance, and continued availability of

funds.

Specific considerations for this assignment, if any, are discussed here: maybe extent depends on the workplan

Country of assignment

Other information The Pacific Private Sector Development Initiative (PSDI) supports 14 Pacific developing member countries of the Asian

Development Bank (ADB) to encourage sustainable, private sector-led economic growth.The complete list of the 14 PSDI

countries consists of:Cook IslandsFederated States of MicronesiaFijiKiribatiNauru (Naoero)NiuePalauPapua New

GuineaRepublic of the Marshall IslandsSamoaSolomon IslandsTongaTuvaluVanuatu

Objective and Purpose of the Assignment

The Pacific Private Sector Development Initiative (PSDI) is a regional technical assistance facility cofinanced by the Government of Australia, the Government of New Zealand, and the Asian Development Bank

(ADB).

Since 2006, PSDI has been working with ADB’s 14 Pacific Developing Member Countries (DMCs) to

improve the enabling environment for business and support inclusive, private sector-led economic growth.

Financing Growth is one of PSDI’s core focus areas due to the critical importance of strong legal,

regulatory and institutional frameworks in supporting safe, efficient and inclusive financial systems.

PSDI supports governments, regulators and market participants in Pacific DMCs to modernize financial

sector legislation and regulatory frameworks, strengthen institutional capability and support

implementation of financial sector reforms.

The objective of the Financial Sector Legal and Regulatory Reform Roster is to support PSDI to

strengthen legal, regulatory and institutional frameworks governing banking systems, financial services,

retirement funds, investments, capital markets and other areas of financial sector development in

Pacific DMCs.

Scope of Work

PSDI is preparing a roster of experts to perform assignments focused on financial sector legal and

regulatory reform in Pacific DMCs.

Tasks will be executed with a strong results focus and may involve

providing assistance to: (i) undertake reviews and assessments of existing financial sector legislation,

regulations and institutional frameworks; (ii) support development and modernization of legal and

regulatory frameworks governing banking, finance, retirement funds, insurance, capital markets and

investments; (iii) undertake and support policy development and stakeholder consultation processes; (iv)

prepare legislative drafting instructions and support drafting and implementation of legislation and

regulations; (v) strengthen prudential frameworks; (vi) support development of legal and regulatory

frameworks for digital finance and alternative finance models; (vii) support institutional strengthening

and coordination among regulators and policy agencies;

and (viii) support implementation and

operationalization of new legal and regulatory frameworks.

Shortlisted technical experts will be engaged on a framework agreement and included in the Financial

Sector Legal and Regulatory Reform Roster.

The framework agreement will become effective when a Notice

to Proceed (NTP) is issued.

Once on the framework agreement, experts may be selected for a specific

assignment, at which point a call-off will be issued, reflecting the assignment details (e.g.

terms of

reference with requirements for the task, number of working days, expected outputs, and timing) and

location specific out-of-pocket expenses (per diem and travel) and will be processed before the start of

the specific assignment by PSDI.

PSDI works on a demand basis from Pacific DMCs and it is not possible to define the volume and size of

its assignments.

The expert will report to the PSDI team leader and the ADB technical assistance supervising unit (TASU)

officer, and the Framework Agreement (FA) will be managed by the relevant ADB department.

It will be

established for a period of four years and will be open and non-exclusive.

Inclusion on the framework

agreement (and inclusion on the roster) does not guarantee that the expert will be requested to perform

an assignment.

Travel in the region is likely to be required (when feasible).

Some assignments may be home-office

based.

Any need for international travel shall be assessed by ADB and the Consultant using ADB’s advice

at the time of travel.

Subject to ADB’s approval, the Consultant may use remote video technology

meetings to replace face-to-face meetings as considered necessary.

Experts recruited under this FA will be expected to perform specific tasks within the broader framework

and will require knowledge and skills relevant to their assigned task(s) only.

Detailed Tasks and/or Expected Output

An individual consultant under this FA may be engaged to perform one or more of the following tasks:

1.

Undertake reviews and diagnostic assessments of financial sector legal, regulatory and institutional

frameworks across banking, finance, retirement funds, insurance, investments, securities markets and

other areas of financial sector development.

2.

Support governments, regulators and policy agencies to develop policy positions, reform roadmaps and

implementation strategies for financial sector legal and regulatory reform initiatives.

3.

Undertake stakeholder consultations with governments, regulators, private sector stakeholders,

financial institutions and development partners in relation to proposed financial sector reforms.

4.

Prepare legislative drafting instructions and support legislative drafting processes relating to

financial sector legislation and regulations.

5.

Support modernization and implementation of prudential regulatory frameworks governing banks, finance

companies, retirement funds, insurance companies and other financial institutions.

6.

Support development of legal and regulatory frameworks for capital markets, collective investment

schemes, investment trusts, securities exchanges and institutional investment structures.

7.

Support development of legal and regulatory frameworks for digital finance, financial technology,

payments systems, peer-to-peer lending, crowdfunding and other alternative finance models.

8.

Assist governments and regulators to strengthen market conduct, consumer protection, disclosure,

governance and licensing frameworks across financial services industries.

9.

Support implementation and operationalization of new legislation and regulations, including through

development of guidance notes, operational frameworks, licensing frameworks, supervisory procedures and

implementation tools.

10.

Support institutional strengthening and coordination among ministries of finance, central banks,

securities regulators, retirement fund regulators and other relevant agencies.

11.

Provide technical inputs and support to PSDI publications and regional knowledge products relating

to financial sector legal and regulatory reform.

12.

Develop and implement training programs, workshops and capacity building initiatives for

governments, regulators, legislators and other stakeholders.

13.

Undertake other relevant activities as required.

The expert will submit deliverables and outputs of the specific terms of reference to the ADB technical

assistance supervising unit (TASU) officer and the relevant client counterpart in the Pacific DMC.

The

deliverables will vary depending on the nature of the assignment, and may include the following:

1.

Policy papers and reform assessments;

2.

Legislative drafting instructions and legal analysis;

3.

Draft legislation, regulations and guidance materials;

4.

Consultation papers and stakeholder engagement materials;

5.

Institutional and implementation frameworks;

6.

Training materials and workshop delivery;

7.

Other outputs as may be required for specific tasks.

Minimum Qualification Requirements

General expertise requirements are:

(i) Deep subject matter expertise in one or more of the following areas: banking law, financial sector

regulation, prudential regulation, securities and capital markets regulation, retirement fund

legislation, insurance regulation, digital finance regulation, financial consumer protection, market

conduct regulation, legislative reform, policy development, legal drafting, institutional reform,

financial sector development.

(ii) In depth work experience with one or more of the following: central banks, ministries of finance,

financial sector regulators, securities regulators, retirement fund regulators, commercial law firms,

development finance institutions, commercial banks, retirement funds, insurance companies, finance

companies and international financial institutions.

In addition to the expertise requirements mentioned above, the expert will meet the following

requirements:

• at least a bachelor’s degree in law, economics, finance, public policy or a related subject, and

preferably a master’s degree;

• formal legal qualifications and admission to practice in a common law jurisdiction are preferred for

legal drafting assignments;

• at least 8 years of experience in one or more of the stated subject matter and/or functional areas;

• demonstrated experience in undertaking policy development, stakeholder consultation, legislative

reform and/or development of legislative drafting instructions;

• in-depth knowledge of financial sector legal and regulatory reform issues, preferably in the Pacific

and preferably with in-country experience;

• familiarity with the operating modalities of multilateral development finance institutions;

• ability to tailor advice and approaches for specific country contexts, including small island

developing states;

• willingness to travel to and stay in remote locations in the Pacific (when feasible);

• ability to produce accurate and responsive program reports along with excellent communication skills;

• strong interpersonal skills and the ability to develop effective working relationships with

counterparts in the Pacific, ADB staff as well as other development partners;

and

• ability to work collaboratively, constructively receive and respond to feedback, comply with ADB’s

rules and procedures, and safeguard ADB’s reputation.

Preferred:

• capability to lead discussions at the highest levels of government, including attorneys-general,

ministers of finance, central bank governors, parliamentary counsel, financial regulators and senior

representatives of the private sector.

Minimum General Experience 15

Years

Minimum Specific Experience (relevant to assignment) 8

Years

Regional/Country Experience Required

Desired

Not Required

Copyright (c) 1998, 2023, Oracle and/or its affiliates.

All rights reserved.

Copyright (c) 1998, 2023, Oracle and/or its affiliates.

All rights reserved.

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