A. BACKGROUND
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 capital market is still developing which translates into securities market legislation and enforcement that can be further strengthened. There is already the legal framework in place which ensures issuance and circulation of basic products (mostly shares and government securities) and functioning of basic infrastructure. Issuance of local corporate debt securities is rare and needs to be made more efficiently. There is nascent demand for derivatives in Mongolia. While appropriate legal framework alone is not enough to create a developed and efficient market, it is a prerequisite, and certain legal reforms may lift existing barriers for market participants.
In 1994, the Securities Market Law of Mongolia (the “Securities Market Law”) was enacted. On May 24, 2013, Parliament enacted the Revised Securities Markets Law with effect from January 1, 2014. The purpose of the Revised Securities Market Law was to introduce effective and clear guidance with respect to initial public offerings of shares and to define the distinction between primary and secondary securities market activities while providing measures preventing insider dealing and market abuses. In addition, the Revised Securities Market Law imposes higher standards and registration requirements for securities markets participants as well as advisory service providers, including law firms and audit firms. The Revised Securities Market Law defines securities broadly to include derivatives, depositary receipts and warrants, and expressly permits over-the-counter trading of securities.
Even though the legal and regulatory framework is developed, and basic infrastructure and capital markets basic instruments such as equity, government bond and corporate bonds are in the market since 1991, these 28 years of the development of capital market is still under the development. Contrarily, at the same time, domestic private corporations are lacking long-term low cost of financial source and the individual investor’s interest on investing in the capital market and earning a dividend or the interest has increased relatively. Therefore, as a measure to attract more companies to utilize the capital markets and as well as investors to participate in investing in the capital markets, the Government should improve the current Securities Markets Law of Mongolia.
The Parliament of Mongolia has approved “Approval of the Guidelines for Improving Legislation until 2020” by Resolution #11, dated on November 2017. The main objective of the Guideline is to improve the all sectors’ legal environment in Mongolia and amend the necessary laws based on its necessity and usage. Within this framework, one of the main improvements of the law in financial sector is to amend the securities market law and its related regulations.
Therefore, in order to make the amendments on the securities market law and improve the legal framework of the securities market according to current market needs and international best practices, the Ministry of Finance (MOF) is seeking to hire a professional national individual consultant to review and improve the current securities market law and its legal frameworks. The reviewing process will be closely supervised by the 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.

B. OBJECTIVES OF THE ASSIGNMENT
The main objective of the National Individual Consultant is to assist the Financial Markets and Insurance Division (FMID) of Financial Policy Department of Ministry of Finance (MOF) for conducting a research on international good practices of securities market law and draft the concept of amendments of Securities market law with all 3 necessary surveys and analysis according to law of legislations.
 
C. SCOPE OF THE ASSIGNMENT
The main assignments and activities to be undertaken by the National Individual Consultant shall include (but are not limited to) the following:
I. Conduct research and develop amendments to the Securities Markets Law of Mongolia and its related regulations:
   1. Conduct the research on international best practices for Securities markets law and prepare recommendations for the stakeholders;
   2. Conduct the sensory survey, impact analysis and cost estimation of the amendments of securities market law according to law of legislation;
   3. Prepare the draft version of concept on the amendments of Securities market law;
   4. Provide the draft amendments of Securities market law and organize the stakeholder’s meetings to reflect comments and opinion;
II. Recommendations on Institutional arrangements for FMID:
   1. Collaborating with state organizations to establish public forums and workshops and provide reports for the working group;
   2. 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 Financial Market and Insurance Division head.

D. DELIVERABLES
Based on the contracted assignments and detailed contract implementation plan approved by the client, the national consultant’s deliverables will include:
   I. Provide an inception report which includes recommendations on the Securities markets law based on the international best practices;
  II. Provide the sensory survey, impact analysis and cost estimation of the amendments of the Securities law according to Law of Legislation;  
 III. Submit the draft amendment to the Securities market law of Mongolia;
  IV. Submit the final report that incorporates all deliverables and supporting documents;

E. CONTRACT DURATION
The consultant is expected to commence working effective from November 2019. The duration of the assignment is 6 months.

F. CONSULTANT’S QUALIFICATIONS/ SELECTION CRITERIA
   - Education: A suitable candidate should have a bachelor or higher degree from an accredited university and in the fields of Finance and Economics and Investment. Additional academic or professional background or certificates on specializing the capital markets would be highly preferable.
   - Experience:  Incumbent should have at least 5 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.
   - 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.

If you possess the above qualifications, please submit following documents via email to procurement@sffs.mn:
    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 and,
    4. 2 reference letters from previous last two employers no later than 17:00, December 05, 2019.

The submitted documents will not be returned to the applicants. Please note 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.Bayarmaa, Procurement Specialist, Strengthening Fiscal and Financial Stability Project
Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582
The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).
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.

70120582