Local Currency and Capital Markets Development is one of the key strategic initiatives of the European Bank for Reconstruction and Development (EBRD or Bank). The strategic objectives agreed for the Initiative are to achieve more efficient and self-sustaining financial intermediation in the Bank’s Countries of Operation through broader use of local currency instruments and the development of local capital markets, thereby contributing to economic progress and fostering a more stable financial environment. Technical cooperation is one of the most important mechanisms used to achieve the desired transition impact.
Subsequent to the G-8 Finance Ministers' Meeting in Marseille in September 2011, the International Financial Institutions concerned jointly agreed on eight focus areas of activity under the Deauville Partnership to support countries in the Arab world engaged in transitions toward “free, democratic and tolerant societies”. The EBRD and Arab Monetary Fund were tasked with leading the module on the development of capital markets in Egypt, Jordan, Morocco, and Tunisia. It was agreed that they will provide technical assistance support in a coordinated manner, according to each institution’s mandate and expertise to help these countries deepen local capital market development.
Within this context the Jordan Securities Commission (JSC) approached EBRD, requesting the Bank’s technical assistance to prepare a 5-year Strategy and Roadmap (Roadmap) aimed at broadening and deepening Jordan’s capital markets. The Roadmap was presented to and discussed with local stakeholders during a December 2016 event in Amman organized under the patronage of H.E the Prime Minister of Jordan.
The JSC approved the Roadmap in January 2017 (available at www.lc2-reports.com/JordanCM-Roadmap.pdf) and sent a further request to EBRD through the Ministry of Planning and International Cooperation for continued support in the phased implementation of the Roadmap. Demonstrating Jordan’s commitment to the project, HE the Prime Minister ordered the creation of a Capital Market Working Group (CMWG) in April 2017, a high level committee that will steer the implementation of the Roadmap across different stakeholders in the coming years. The CMWG brings together the Jordan Securities Commission, Amman Stock Exchange, Securities Depository Centre, Companies Controller, Financial Services Companies Association, Central Bank of Jordan, Social Security Investment Fund, and the Income and Sales Tax Department of the Ministry of Finance.
To support the CMWG in carrying out the reforms outlined in the Roadmap, the EBRD (with a generous contribution by the Government of Japan) is funding the Capital Market Development Project (Project), commenced in April 2018 and envisioned as a 3-year effort. The Project consists of five Working Teams, one of which relates to Enhancing the Operations and Capacity of the Jordan Securities Commission (JSC).
The JSC is the State body responsible for regulating and supervising the Jordanian capital market. By statute, it is independent in its operations, but within the Government structure reports to the Minister of Finance. Since 2012 its employees have been governed by the civil service system. Recently (2018) it was converted from a self-funding organization to a unit within the State budget.
In partnership with the JSC, and with a view towards building institutional capacity and increasing efficiency and effectiveness, the Bank now intends to engage a consulting firm, or a group of firms in consortium, (Consultant) to conduct a wide-ranging review the JSC’s current functions and capacities, recommend enhancements and adjustments, and assist in their implementation.
The overall objective of this assignment is to review the JSC’s organization, processes and capacities in order to increase efficiency and effectiveness, build staff capacity, and increase compliance with international practices. This in turn should benefit the market overall as the regulatory scheme and its application are optimized on a cost-effective basis, observing proportionality.
The specific objectives are:
- Assessing the JSC’s compliance with applicable international standards;
- Reviewing the JSC’s regulatory processes, providing recommendations for increased effectiveness;
- Reviewing the JSC’s organization and staffing structures, providing recommendations for increased efficiency;
- Providing scenarios on potential staffing structures if the JSC was no longer required to recruit staff within the civil service system;
- Devising a staff development plan;
- Devising an IT upgrade plan;
- Constructing a Public Outreach Program; and
- Executing implementation under agreed workplans.
Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.
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