Executing Agency (Client):
Ministry of Finance Kazakhstan
11, Pobeda ave., Astana, Republic of Kazakhstan, 010000;
Phone: (7172) 71 77 64, 71 77 65;
Fax: (7172) 71 77 85
The Client Contact Person
Amina Turgulova
Advisor to CEO
Head of Business Development Department
Astana International Financial Centre
Phone: (7172) 61 37 59
E-mail: a.turgulova@aifc.kz
The EBRD Contact Person:
Marina Matushina
Advisor
Technical Co-operation
European Bank for Reconstruction and Development
One Exchange Square
London EC2A 2JN
Tel: + 44 20 7338 6577
E-mail: matushim@ebrd.com
Project Description:
The Astana International Financial Centre (the “Client”) has requested the European Bank for Reconstruction and Development (the “EBRD” or the “Bank”) to provide technical assistance for the Assessment, Review and Finalization of Exchange Rules for the Astana International Exchange (the “AIX”) (the “Project”).
Assignment Description:
The Client now intends to retain a consulting firm (the “Consultant”) to finalize the legal draft of the stock exchange regulations provided by Astana International Financial Centre (the “AIFC”). (the “Assignment”)
The expected outcome of the Assignment is an assessment and review of the exchange rules drafted by AIFC/AIX, a revision of the rule book following the review and the finalization of the stock exchange rules, drafting of other necessary additional rules and sending rules to Astana Financial Services Authority (AFSA) for approval and introducing changes and recommendations of the AFSA, if any.
The selected Consultant is expected to provide the following services:
1. Review and Assessment of AIX Rulebook
- Analysis of the draft regulation.
- Review of draft against international best practices and available AIFC legislationand regulation.
- Identification of any deficiencies or missing concepts as well as completing drafting of other necessary additional rules for the exchange as SRO.
2. Revision of AIX Rulebook
Preparation of a revision of AIX Rulebook based on the draft rules provided by AIX. This activity should also highlight the role of AIX as a self-regulatory organisation (SRO) and its limits as well as the regulatory oversight provided by the AIFC Authority.
3. Finalization of AIX rules
- Assistance in finalizing AIX rules prior to their adoption.
- Delivery of capacity building exercises to market participants within AIX/ AIFC.
The Terms of Reference for this Assignment can be found via the following link:http://www.ebrd.com/documents/admin/aifc-tor-8198.docx
Status of Selection Process: Interested firms or group of firms are hereby invited to submit expressions of interest.
Assignment Start Date and Duration: The Assignment is expected to start in June 2017 and has an estimated overall duration of six months.
Maximum Cost Estimate for the Assignment: EUR 245,000.00 (exclusive of VAT).
The Consultant must determine whether any indirect taxes/VAT are chargeable on the proposed services and state the basis for such. If any indirect taxes/VAT are payable, the Client will have to pay indirect taxes/VAT element to the services directly to the Consultant unless otherwise agreed.
Funding Source: It is anticipated that the Assignment will be financed by the Government of the Republic of Kazakhstan and EBRD Technical Cooperation Account. Selection and contracting is subject to the availability of funding.
Consultant Profile: Corporate services are required. The Consultant will be a firm or a group of firms with previous project experience related to:
- Capital market development and regulation, with broad expertise across the world, preferably in developed and developing markets;
- Drafting, revising and assessing stock exchange rules;
- Expertise and experience in working in capital markets transactions/development projects in emerging markets, the said expertise and experience in the CIS/Kazakhstan would be an advantage.
Eligibility: There are no eligibility restrictions.
The Consultant’s expert team is expected to include key experts as follows:
- Key Expert No 1 Team Leader with previous extensive legal project management experience and preferably 10 years of previous professional experience in capital market development, regulation and stock exchange rules.
- Key Expert No 2 Senior Associate with previous extensive legislative drafting and policy experience with preferably 5 years of previous professional experience in capital market development, regulation and stock exchange rules.
- Key Experts No 3 Pool of Additional Experts consisting of two associates with at least 2 years’ experience in capital market development, regulation and stock exchange rules.
All Key Experts should be fluent in English, fluency in Russian is desirable.
Submission Requirements: In order to determine the capability and experience of Consultants to be shortlisted, the information submitted should include the following:
1. Company/group of firms’ profile, organisation and staffing (max. 2-4 pages).
2. Details of previous project experience or similar assignments particularly undertaken in the previous five years, including information on contract value, contracting entity/client, project location/country, duration (mm/yy to mm/yy), expert months provided (if different from duration) , main activities, objectives.
3. CVs of key experts who could carry out the Assignment detailing qualifications, experience in similar assignments, particularly assignments undertaken in the previous five years, including information on contracting entity/client, project location/country, duration (mm/yy to mm/yy), expert months provided, assignment budget, main activities, objectives.
4. Proposed approach, methodology and work plan for the Assignment with milestones.
5. Financial proposal in the format set out in Annexes 1 to the Terms of Reference provided via the above referenced link.
6. Completed Consultant Declaration Form and Contact Sheet, the template for which is available from the following web-link:
http://www.ebrd.com/pages/workingwithus/procurement/notices/csu/contact_sheet.doc.
Failure to submit correctly completed and signed Consultant Declaration Form may result in disqualification of the applicant from the selection process for this Assignment.
The expression of interest shall not exceed 25 pages (excluding CVs Consultant Declaration and Contact Sheet).
The complete expression of interest (including CVs, Consultant Declaration and Contact Sheet) should be submitted in English via email (pdf) to the Client’s contact person, to reach the Client not later than the deadline for submission of expressions of interest for this Assignment. One additional copy shall reach the Bank’s contact person by e-mail by the same due date. The expression of interest shall be one file (pdf). The Client reserves the right to reject applications of firms submitting more than one file. Only if any limitation on the permissible file size is exceeded, the Consultant may split the expression of interest into further files.
Important Notes:
1. The selection will normally be made from responses to this notification only. Consultants will not be asked to submit a proposal. The highest-ranked Consultant will be selected from a shortlist and be invited to negotiate the contract, subject to availability of funding.
2. The shortlist criteria are as follows:
- Firm’s previous project experience in capital market development and regulation, including in developed and developing markets - 20 points;
- Firm’s previous experience in drafting, revising and assessing stock exchange rules – 10 points;
- Firm’s expertise and experience in working on capital markets transactions/development projects in emerging markets, including in the CIS/Kazakhstan – 30 points
- Experience and expertise of Key Experts as per requirements set out above – 40 points
Following the technical evaluation as described above, an additional 25 points will be allocated to the firm’s financial proposal submitted as part of the firm’s expression of interest.
The methodology for calculating scores for financial proposals is as follows: the lowest evaluated financial proposal (FM) is given the maximum financial score of 25 points. The formula for determining the financial scores of all other Proposals (Sf) is calculated as follows: Sf = 25 x Fm/ F, in which "Sf" is the financial score, "FM" is the lowest price, and "F" the price of the proposal under consideration.
