Consultancy To Provide Medium Term Resident Advisory On
Derivatives To The Capital Markets Authority (cma)
REPUBLIC OF KENYA
THE NATIONAL TREASURY
FINANCIAL SECTOR SUPPORT PROJECT
CONSULTANCY TO PROVIDE MEDIUM TERM RESIDENT ADVISORY ON DERIVATIVES TO THE CAPITAL MARKETS AUTHORITY(CMA)
REQUEST FOR EXPRESSIONS OFINTEREST
Credit No: 5627 KE
Project ID No: P 151816
1. The Government of Kenya (GoK) has receivedfinancing from the World Banktowards the cost of the Financial Sector Support Project (FSSP) whose overall development objective is to strengthen the legal,regulatory and institutional environment for improved financial stability, access to and provision of, affordable and long termfinancing. It is intended that part of the proceeds of this credit be applied to eligible payments under the contracts for theconsultancy to provide medium term resident advisory on derivatives to the CMA to be implemented over a period of twelve (12)months.
2. Objective of the Assignment
The main objective of the assignment is to provide medium-term resident advisory services to lead and supportthe newly established Derivatives Unit at the Capital Markets Authority through:
i. Enhancing technical andother resource capacity in the Authority's derivatives unit;
ii. Mentoring staff and preparing them to take leadership of the existing departments within theDerivativesUnit;
iii. Overseeing the post 'go-live' operation of any licensed exchange(s); and
iv. Nurturing the development of both the spot commodities and derivatives market in Kenya.
3. Scope of the Work
The scope of work of the assignment will cover, but is not limited to, the tasks described below:
? Review and refine resource requirements for the newlyestablished Derivative Unit
? Advise and facilitate implementation of international bestpractice on capacity building requirementsfor stakeholders in the derivatives market
? Advise on the policy, regulatory and operationalrequirements necessary for a successful derivatives market and futures exchange in Kenya;
? Develop advisories on tax and accounting issues associatedwith derivatives trading relevant to Kenya;
? Enhance capacity of DerivativesUnit staff in reviewingdraft derivatives contracts submitted by licensed derivatives exchanges prior to their listing; risk management reports ofderivatives exchanges; financial analysis; audit and compliance, inspections and enforcement
? Review the existing structures,and develop systems andapproaches to supervision of Derivatives exchanges such as operations manuals for the derivatives unit and relevantdepartments ofthe Authority to guide effective regulation;
4. The National Treasury (the Client) throughits Project ImplementationUnit (PIU) now invites eligible individualconsultants to express their interest in providing the services. Interested Consultantsshould provide information demonstrating that they have the required qualifications and relevant experience to perform theservices. Consultants should provide their mostrecent profiles showing their experience, qualifications, capabilities, references and details of past experience especially in thearea of their expertise etc. The shortlisting criteria are; (a) Extensive experience and knowledge of the financial servicessector, especially in derivatives regulation in emerging markets; (b) Good working knowledge on derivatives contract developmentand research; price and market surveillance; risk management and stress-testing; inspections, investigations, financial analysis,audit and compliance; (c) Minimum of 10 years consultancy experience in providing services in derivatives regulation; (d) Knowledgeof the financial services sector in Kenya, regionally and globally; (e) Proof of previous assignments within the financialservicessector for regulatory or similar institutions; (f) Communication, training, and report writing skills; and (g) Fluency inwritten and spoken English.
5. The expression of interest is also open tointerested firms who may wishto propose individual consultants. In such cases, only the experience and qualifications of the individuals proposed shall be takeninto account in the selection process and not the firm's corporate experience. Consequently, the ensuing contract agreement will besigned directly with the successful individual.
6. The attention of interested Consultants isdrawn to paragraph 1.9 of theWorld Bank's Guidelines: Selection and Employment of Consultants [under IBRD Loans and IDA Credits & Grants] by World BankBorrowers published in January 2011and revised in July 2014("Consultant Guidelines"), setting forth the World Bank's policy onconflict of interest.
7. Interested eligible individuals may obtainfurther information at theaddress given below during office hours between 0900 to 1700 hours, Monday ? Friday inclusive, exclusive of public holidays, beforethe deadline for the submission of Expressions of Interest.
8. A Consultant will be selected in accordance with Selection ofIndividual Consultant method set out in the Consultants Guidelines.
9. Complete Expressions of Interest documentsto be submitted in plainsealed envelopes with consultancy reference and name clearly marked on top should be delivered in person, sent by mail or by emailto the address shown below or placed in the tender box at our offices on the 7th floor, Anniversary Towers, North Tower
Project Implementation Unit
Attention: Procurement Specialist
P.O Box 21190 ?00100
Project Implementation Unit
7th Floor, Anniversary Towers, North Tower.
Building No.19 Monrovia Street/University Way
Telephone No: +254-20-2210271/4 E-mail: firstname.lastname@example.org; email@example.com
10. Deadline for submission of Expressions of Interest is Friday 3rd June 2016 at 1600 hours Kenyan localtime.
FOR: PRINCIPAL SECRETARY