Announcement made for the recruitment of Legal and Regulatory consultant (Foreign) for the Capital Market Development Authority under the Pension and Social Protection Administration Project (PSPAP)

Request for Expression of Interest - Legal and Regulatory consultant - Foreign

The Government of the Republic of Maldives has received an advance for the Pension and Social Protection Administration Project (PSPAP) from the International Development Association (IDA), and intends to apply a portion of the proceeds to payments under the contract for Chartered Accountant.

Pension and Social Protection Administration Project provides technical assistance in strengthening the Capital Market Development Authority (CMDA), the entity entrusted with the supervision of the MRPS. The activities involve adopting a Risk-Based Supervisory approach for pensions, establishing the reporting mechanism of MRPS and developing instruments for the investment of pension assets.

Objective

The objectives of the legal and regulatory expert is to identify the deficiencies and gaps in the current regulatory structure and propose workable solutions to develop the existing market by means of promoting investment products and enhancing the existing legal and regulatory framework. This includes;

a) The introduction of new instruments/vehicles,
b) Market awareness programs (strategies) and the development of a proper stakeholder relations framework,
c) Provide assistance with regards to the technicalities in introducing new products/instruments into the market that can cater for the investment appetite of large institutional investors and retail investors.

The objectives of the expert include the enhancement of the existing regulatory framework that should accommodate new products (instruments/vehicles) in the capital market. For the purpose of this TOR, the following products (but not limited to) have been identified;

e) Bond Market Development
f) Developing a Secondary Market for Government Securities
g) Real Estate Investment Trusts (REITs)
h) Collective Investment Schemes

Qualification

Capital market practitioner with legal background and shall have at-least 10 years experience in product development and securities regulation.
The consultant is expected to work in CMDA or in the premises identified by CMDA, and services are required immediately.

The Maldives Pension Administration Office, (MPOA) now invites interested eligible individual candidates to submit their applications. Interested candidates must provide CV including information that demonstrates that they are qualified to perform the services (description of similar assignments, experience in similar conditions, availability of appropriate skills, etc.) based on the TOR.

A consultant will be selected in accordance with the procedures set out in the World Bank’s Guidelines: Selection and Employment of Consultants by World Bank Borrowers, May 2004, revised October 2006.

Interested individual candidates may obtain an outline TOR from www.pension.gov.mv and further information and the TOR at the address below during office hours (8:00 am and 4:00 pm)

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