Senior Capital Markets Consultant
As part of the government’s homegrown economic reform program, the National Bank of Ethiopia (NBE) has been working, in collaboration with other government agencies, development partners, and private sector stakeholders, to develop capital markets in Ethiopia. Ongoing efforts include:
· Developing a legal and regulatory framework
· Developing market infrastructure
· Institutional and human development both at the public and private sectors
Following the ratification of the Capital Markets Proclamation by the House of Peoples Representatives of the Federal Democratic Republic of Ethiopia on June 10, 2021, the NBE has established a Capital Markets Project Implementation Team (CMPIT), which will steer the operationalization of the Proclamation. The responsibilities of the CMPIT include:
· Support the establishment of the Capital Markets Authority (CMA);
· Draft directives and regulations needed to operationalize the Proclamation for the CMA;
· Coordinate efforts to setup the Ethiopian Securities Exchange and develop required market infrastructure;
· Develop and begin implementing a business plan for the Authority to become self-funded and autonomous;
· Review tax policies and institutional investor regulations in light of capital market developments and propose needed adjustments
· Coordinate efforts to develop capacity within regulatory and oversight bodies, depository institutions and other parts of the market ecosystem;
· Develop a strategy for investor education.
The CMPIT is a transitional technical team with a lifetime of up to one year, with the aim to establish the Regulatory Authority and its revenue stream during this period. It is expected to deliver on its responsibilities with the support of Technical Advice from development partners. The CMPIT and its responsibilities will be folded into the Authority at the end of the program period.
With financial support from the Agence Française de Developpement, the NBE is seeking to recruit a senior capital markets consultant to support the establishment of the Capital Markets Authority and preparation of capital markets development strategy. The consultant will be a member of the CMPIT and will report to the team leader.
3. Scope of the Work
The consultant will be expected to:
· Provide advice to the setting up of the regulatory Authority and define its internal organization and processes.
· Prepare policy options to the development of capital markets in Ethiopia in line with the CMA’s mandate of developing capital markets.
· Develop the CMA’s near-term action plan and medium-term strategy.
· Develop a business plan which provides financial self-sufficiency of the CMA through fees and other revenue streams.
· Lead the development of capacity building and investor education strategies for the CMA.
· Contribute to the drafting of regulations and directives needed to operationalize the Proclamation.
· Provide strategic advice and support to the launching of the Ethiopian Securities Exchange and market infrastructure development.
· Supervise review the tax Law and investment regulations of institutional investor, with the aim to identify impediments to market development and propose needed amendments to the Ministry of Finance
· Provide support to other duties as assigned by the team leader.
In collaboration with the other CMPIT members and with technical assistance from development partners, the consultant is expected to have the following deliverables:
· Draft capital markets development strategy
· Set up the Capital Markets Authority
· Business plan and medium-term budget projection of the CMA
· Medium-term capacity building and investor education strategy for the CMA
· Draft directives needed to operationalize the Proclamation
The consultant is expected to meet the following criteria:
· Hold a minimum of a Master’s degree or its equivalent in Finance, Accounting, Financial Economics or a related discipline;
· At least ten (10) years of relevant professional experience, including at senior level, in capital markets, corporate finance, and/or private equity.
· Diverse international experience, especially in developing countries (ideally those at the early stage of their capital market developments).
· Demonstrated knowledge of capital markets products, market infrastructure, regulation and supervision to support financial system stability, integrity and development.
· Experience in providing strategic advice and technical assistance to regulators, policy makers, and/or market participants.
· Excellent understanding of international best practices and IOSCO principles of securities regulation.
· Excellent understanding of securities trading, company laws, and IPO issuance requirements.
· Experience in setting up and/or building capacity of capital market regulatory agencies would be a plus;
· Familiarity with the legal, social, political, and economic context of Ethiopia; ability to speak Amharic would be an advantage.
6. Duration of employment and compensation
The duration of the contract is one year, with the possibility of extension under the Capital Markets Authority depending on performance and availability of funding. A contract duration of less than one year, but no less than six months, could be considered if this works better for the suitable candidate.**
7. Evaluation Criteria/selection criteria
The following criteria shall be used to select candidates:
General qualification and relevant training of the candidates (25 points)
Relevant Specific experience of the candidates related to the assignment (45 points)
Understanding of international best practices, IOSCO principles of securities regulation; securities trading, company laws, and IPO issuance requirements (20 points)
Skills and competency: language (ability to speak Amharic would be an advantage), Familiarity with the legal, social, political, and economic context of Ethiopia (10)
How to apply:
Expertise France is supporting the Ministry of Finance of the Federal Democratic Republic of Ethiopia in achieving it’s Home Grown Economic Reform Program.
We are therefore assisting in publishing the following vacancy.
Please click on the link below to apply for this position.