Financial Sector Legal and Regulatory Reform

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. Pick a Date Loading... Loading...