REQUEST FOR EXPRESSION OF INTEREST.
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, and the Parliament of Mongolia approved the resolution of ‘General Directives for Improving Legislation of Mongolia by 2020’ in January 2017. The resolution includes the Law on the Legal Status of the FRC to be revised, by the FRC and Ministry of Finance (MoF), in 2017.
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-bank 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-bank 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.
Therefore, in order to revise the Law on Legal Status of FRC, the FRC is seeking to hire a national professional legal expertise who will support and coordinate with an international consultant in reviewing and drafting the current Law on Legal Status of FRC in accordance with the Article 14, 16-18 of the Law on Legislation of Mongolia and to prepare a draft amendments to articles of relevant existing laws in non-bank financial market.

SCOPE OF THE ASSIGNMENT
The main objective of this assignment is to review and draft of the current Law on Legal Status of FRC in cooperation with the international consultant and prepare a draft amendments to articles of relevant existing laws in non-bank financial market.
The consultant will shall support and coordinate with an international consultant and a national consultant (team member) in reviewing and drafting the current Law on Legal Status of FRC during the first two phases. The tasks will be undertaken in accordance with relevant provisions of the Law on Legislation of Mongolia and Methodologies which were approved by the Government resolution #59, 2016. In third phase, the Consultant is expected to work with a national consultant to prepare a draft amendments to articles of relevant existing laws in non-bank financial market.
The Consultant shall undertake the following activities and associated tasks, but are not limited to:

Phase 1. Reviewing the current Law on Legal Status of FRC: 1 month
1. Coordinate with the international consultant in conducting a needs assessment on the current Law on Legal Status of FRC and providing a concept paper of the draft law and recommendations to the FRC;
2. Provide translation and interpretation support to the international consultant at work on a daily basis relevant to the assignment;
3. Organize discussions and meetings relevant to the assignment;
4. Respond to the related ad hoc consultations made by FRC and perform any other tasks as reasonably assigned by FRC.
5. Translate and submit the recommendation and concept paper of the draft law in Mongolian

Phase 2. Drafting the current Law on Legal Status of FRC: 1 month
1. Coordinate with the international consultant in drafting the current Law on Legal Status of FRC and conducting related studies (impact assessment and cost estimation) in accordance with Articles 16-18 of the Law on Legislation of Mongolia; 
2. Provide translation and interpretation support to the international consultant at work on a daily basis relevant to the assignment;
3. Organize meetings and discussions with FRC and  relevant stakeholders of non-bank financial sector and introduce the first draft of the law;  
4. Reflect comments and recommendations of the FRC and  relevant stakeholders of non-bank financial sector and finalize the draft of law;
5. Submit final draft of the law; impact assessment and cost estimation papers in Mongolian;

Phase 3. Preparing draft amendments to articles of relevant existing laws in non-bank financial market: 1 month
1. Review and identify the problems of implementation and enforcement of relevant existing laws in non-bank financial market;
2. Determine the solutions for resolving problems and prepare draft amendments to articles of relevant laws based on recommendations and final draft of the Law on Legal status of FRC; 
3. Organize meetings and discussions with FRC and  relevant stakeholders of non-bank financial sector and introduce a draft amendments to articles of relevant existing laws;  
4. Reflect comments and recommendations of the FRC and  relevant stakeholders of non-bank financial sector and finalize the amendments to articles of relevant existing laws;
5. Assist to review drafts of revised laws which have been drafted by the FRC before submission to the Parliament; 
6. Perform other tasks as reasonably requested by the FRC

SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:
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 7 years’ experience as a lawyer, and preferably at least two 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-bank sector is preferred.
3. Language Skills: The Consultant shall be fluent in written and spoken in both English and Mongolian.
4. Other Skills:
a. Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment;
b. Proficient in PC-based applications, with excellent web research and navigation skills;
c. The Consultant shall exhibit the highest standards of professional behaviour and personal integrity. The ability to work unsupervised is essential.

CONTRACT DURATION:
The consultant work is expected to commence in August, 2018 and duration of the assignment is for three months which cover the following phases:
•    Phase 1- 1 month
•    Phase 2- 1 month
•    Phase 3- 1 month

If you possess the above qualifications, please submit following documents in person:
    Cover letter indicating why she/he considers her/himself suitable for the position,
    Detailed CV highlighting relevant skills/experience,
    Copy of diplomas or certificates and,
    2 reference letters from previous last two employers no later than 17:00, August 21, 2018.

The submitted documents will not be returned to the applicants. Please be noted 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.Khaliun, Procurement Specialist, Strengthening Fiscal and Financial Stability Project
Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582

70120582