Description of the goods or services required
Single Stage Open Competitive Selection for Individuals - Request for Proposals
This Selection Record Cancels and Supersedes 82427
Project Description: The European Bank for Reconstruction and Development (the “EBRD” or the “Bank”) is assisting the Capital Markets Development Agency (“CMDA”) in building their capacity to implement capital markets reforms (the “Project”).
Uzbekistan’s capital markets sector is going through a critical and rapid reform period. The CMDA is tasked with an ambitious goal to bring the largely inactive and volatile markets to a “frontier” status in the next 5 years, and to the “emerging” market in the subsequent 10 years.
To implement this, the CMDA is finalising new Capital Markets Development Strategy (“CMDS”) to record the country’s commitment to bring its capital markets to the frontier stage in the next 5 years and lay out steps needed to achieve that. The EBRD’s Local Currency and Capital Markets (LC2) team has been supporting the CMDA with a technical assistance project to perform a barriers/gap analysis and develop recommendations in connection with the strategy development, in part of equity markets. The ADB has been helping providing similar assistance with respect to debt markets.
In order to support implementation of the reform, EBRD aims at addressing the capacity challenge in CMDA by providing a group of dedicated resident professional experts on a short-term basis (the “CMDA Reform Support Team”) with a mandate to support the design and implementation of reforms in the capital markets area, in particular focusing on the support to implementation of the CMDS.
Assignment Description: In the context of the Project, the EBRD is now seeking to engage a consultant (the “Consultant”) for the position of the Legal Specialist of the CMDA Reform Support Team (the “Assignment”).
The Consultant will report functionally to the Head of the CMDA and the Team Leader of the CMDA Reform Support Team and is expected to work closely with both. The CMDA Reform Support Team will work closely with dedicated resources from the business, legal and other units of the CMDA.
The tasks of the Consultant will include, inter alia, the following:
· Provide legal support to the preparation/finalisation of the detailed Implementation Work Plan for the CMDA Reform Support Team for 12 months. The focus areas of the legal specialist include, but not limited to, 1) regulatory authorities 2) due legislative process 3) consistency within the overall legal framework 4) insolvency and resolution and 5) rules and best practices for accounting, audit, disclosure and investor protection. Preparation of the detailed Implementation Work Plan will be led by Team Leader and is expected to cover:
a) the functionality of the CMDA Reform Support Team within the CMDA and its work arrangement;
b) a specific set of tasks to be delivered by the CMDA Reform Support Team members and CMDA staff, including based on the Implementation Roadmap that is developed under the “Capital Market Development Strategy” within the EBRD and ADB TC project
c) a precise sequence of actions and interdependencies among tasks;
d) a separate project management plan for legal and regulatory capital market reforms that are identified in the CMDS. The plan should include, but not be limited to, the scope of each sub-project/component, expected/necessary donor engagement and cooperation plan with various local and international stakeholders.
· Take lead on the preparation of the draft legal and regulatory acts to support implementation of the CMDS through the detailed Work Implementation Plan, including by being the in-house partner coordinating the work of any other legal experts, including law firms, that maybe attracted by the CMDA to support implementation of the CMDS;
· Contribute to the repots produced by the Reform Support Team or on the work of the Reform Support Team within his/her areas of responsibility.
This is a full-time role. The Legal Expert is expected to be based in Tashkent, Uzbekistan.