Reference: G/CWG/0349
Location: Developing countries in the Commonwealth
Duration: Short term interventions (3-6 months)
Closing Date: 1 Sep 2011
Background
In 2009 Commonwealth Finance Ministers tasked the Commonwealth Secretariat to find a means of strengthening the linkages among financial sector regulators in Commonwealth countries. In response to this mandate a detailed survey of members was undertaken which showed that many countries are facing significant capacity challenges in implementing the changing global regulations in finance. Respondents highlighted the need for practical on-the-ground support through the attachment and secondment of experienced practitioners from countries who had successfully implemented these changes. They also highlighted the added potential this could afford to tackling specific policy challenges, as well as for wider support with policy reviews and consultations. Members were of the view that there was significant expertise throughout the Commonwealth and this could be valuable in helping them meet these needs.
Purpose of the project
The aim of this pilot project is therefore to strengthen financial sector regulation in the Commonwealth through the provision of assistance to developing countries in implementing global financial sector regulatory standards.
Linkages between regulators will provide a valuable resource for member countries to draw on and will enhance the international effort to raise regulatory standards, bringing benefit to all members of the Commonwealth. It would enable a fuller understanding of the challenges facing developing countries in the implementation of global standards; offer a channel for identifying and helping fill strategic needs; and facilitate inputs into training and capacity building. The network will also represent a specific contribution to collective Commonwealth efforts to promote an inclusive approach to global policy making.
Scope of work
This project will establish linkages between Commonwealth Financial Sector Regulatory bodies through an attachment and secondment programme coordinated by the Commonwealth Secretariat. These linkages will assist members to meet the challenges of implementing global regulatory standards including:
- The difficulties in prioritising a host of standards emanating from, inter-alia: the Basel Committee; the IAIS; IOSCO; the FATF and the Offshore Group of Banking Supervisors. These challenges are particularly acute for small Commonwealth countries hosting an offshore financial centre.
- Compliance with AML/CFT standards and codes, given that resource constraints in developing countries limit their ability to implement these standards in a timely manner.
- The difficulties faced by small developing countries in actively pursuing the multiple recommendations of the IMF’s Financial Sector Assessment Programmes.
Placements
The project will initially undertake a pilot programme to meet identified needs in a range of member countries.
This phase will involve the provision of short term (up to 6 months) targeted attachments or secondments from Commonwealth countries with well developed and regulated financial sectors to requesting member organisations. Where experts are currently employed with regulatory authorities a more flexible approach will be undertaken, with consideration being given to shorter visits. Assigned tasks may vary but will generally cover the need to:
- Review existing policies, legislation, procedures and responsibilities related to the day-to-day conduct of regulation and supervision and recommend remedial actions and measures as necessary
- Review institutional capacity and develop interventions to address specific needs
- Improve data collection and reporting systems
Initially these linkages will focus on insurance and banking supervisory bodies. However, securities and exchange commissions in LDCs may also be included and, given that countries are generally moving towards 'super regulator' type models, we will provide some flexibility in this regard. Overall, we will aim to match institutions according to their area of specialisation.
The connections made through this initial phase could support the development of a general network of regulators. The purpose, objectives and operation of such a network would be defined in consultation with members.
Transfer of expertise
This project will bring together suitably matched Financial Sector Regulatory bodies. In doing so, this project will initiate a relationship that will be of long lasting benefit to all the organisations involved. It is expected that these relationships will continue after completion of the initial period;
Implementation arrangements
The project will be managed jointly between the Technical Cooperation Section in the Governance and Institutional Development Division and the International Finance section in Economic Affairs Division in the Commonwealth Secretariat. Experts will be based in host organisations as selected and will provide monthly progress reports and a final report during each intervention
Expenses and UNDSA at the prevailing rates will be provided.
Educational qualifications
A degree or post graduate studies in Regulated Financial Planning, Banking and Finance, Financial Administration or a relevant area of specialisation.
Experience
At least ten years work experience at or with a regulatory or supervisiory authority; specialising in areas related to the development and implementation of legislation, policies and/or procedures related to the supervision of banks and/or insurance companies.
Expression of interest
Expressions of Interest are therefore invited from suitable individuals, institutions and firms wishing to participate in this programme as providing organisations.
Individuals and firms, applying outside of a regulatory authority, will need to demonstrate that they have the necessary experience in the required area.
For information regarding this consultancy or to express your interest please contact:
Mrs Puja D Sharma
HR (CFTC)
Commonwealth Secretariat
Pall Mall
London UK
SW1Y 5HX
Email: p.sharma@commonwealth.int
Tel: + 44 207 747 6531
Fax: + 44 20 7747 6520
Your submission should include your Company profile and/or CV(s) and the Company Consultancy Registration Form / Personal History Form and should be forwarded to the contact officer as an attachment to an email or by post / fax.
The Company Consultancy Registration Form may be downloaded from the Secretariat Website on the Employment / Vacancy / Consultancy Company Assignments page. The Personal History Form may be downloaded from the Secretariat Website on the Employment / Vacancies / Short term Assignments (overseas) page. The forms are available only in PDF format.
Please Note: This invitation is open to consulting companies registered in Commonwealth member countries and independent consultants who are nationals of Commonwealth member countries.
Download the Terms of Reference
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