Consultancy Services to Develop a Risk-Based Supervisory and Regulatory Framework for the Securities and Exchange Commission (SEC)
Item Details:
- Organisation: African Development Fund
- Reference Number: AFDB/MOF/SIC/DRM/EMP/CS/QCBS/2021/07
- Published: 31 January 2022
- Deadline: 7 February 2022 by 4.00 PM
- Time zone: GMT
- City: Accra
- Country: Ghana
- Expires: This ad has expired
Item Description:
The African Development Bank Group (AfDB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region. The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC).
Request for Expressions of Interest (REOI)
The Government of the Republic of Ghana, through the Ministry of Finance, has received financing from the African Development Fund in the amount UA 5.3 million (US$7.26 million) towards the cost of the ‘Strengthening Institutional Capacity for Domestic Resource Mobilization and Economic Management Project’ and intends to apply part of the amount for this funding to cover the costs of the Consultancy Services for a Firm to Develop a Risk-Based Supervisory and Regulatory Framework for the Securities and Exchange Commission (SEC), Ghana.
SEC is the apex regulator of Ghana’s capital market with the object to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected. The SEC applies the Securities Industry Act, 2016 (Act 929) as amended (‘the Act’) together with other Laws, Regulations, Guidelines, etc. to fulfil its mandate. The SEC in fulfilling its statutory mandate is given the authority to register, license, supervise and regulate entities within the capital market space and operating in different segments of the capital market. The envisaged risk-based supervisory framework is expected to cover both market operators and the market segments within which they operate.
Services Included under this Assignment
The main objective of the assignment is to assist the SEC develop and implement Risk-Based Supervisory Framework, strengthen the SEC’s supervisory tools and capacity to carry out its mandate of investor protection while mitigating systemic risk.
The Consultancy Firm is expected to develop a Risk-Based Supervisory and Regulatory Framework to assist Securities and Exchange Commission, Ghana, to transition from Compliance-based to Risk-Based Supervisory and Regulatory Framework in line with international best practice.
The assignment will involve but not limited to the following activities: comprehensive review of the regulatory regime and reporting requirements in the Securities Industry, SEC Codes, Directives, Guidelines or Circulars in line with Risk Based Supervision Requirements; review of all segments of the Capital Markets in Ghana to determine risk-based data needs and reporting requirements of players and operators in the markets; design an appropriate risk-based supervisory framework, models for data collection/analysis and reporting to fit into the risk-based framework in line with ‘‘International Organisation of Securities Commissions (IOSCO) Principles and Objectives of Securities Regulation” and the peculiarities of the Ghanaian capital market; recommendation on supervisory process automation and relevant technology to support efficiency and effectiveness of the RBS framework; preparation of relevant compliance and operational manual; gap analysis and a benchmarking exercise; and capacity building to SEC and market operators on the risk-based supervisory and regulatory framework.
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