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Invitation for Submission of Expressions of Interest

Project Name: BRUNEI DARUSSALAM (BRU): Development of the Capital Market and a Modernized Payment and Settlement System

Executing Agency:

Ministry of Finance
Level 17, MOF Bldg.
Commonwealth Drive
Bandar Seri Begawan BB 3910
Brunei Darussalam

Contact Persons:
  1. Name : Dato Paduka Haji Ali bin Apong
    Permanent Secretary
    Fax No : +673 238 3787

  2. Name : Carol Ong Ya Yin
    Email : carol.ong@mof.gov.bn
    Tel. No. : +673 238 3999 ext. 2204

  3. Name : Abu Asiruddin Bin HJ Zaini
    Email : asiruddin.zaini@mof.gov.bn
    Fax No. : +673 238 3787 (Noreen Afiza)
    Tel. No. : +673 238 3783 (Noreen Afiza)

Amount (US$): 600,000

Project Officer: Debra Kertzman
Senior Financial Sector Specialist
dkertzman@adb.org

Recruitment of Consultants:
Expression of Interest will be accepted until 21 February 2007.

Objectives and Scope:
The TA aims to support economic diversification through development of the financial sector in Brunei. The outcome of the TA is development of a functional capital market and a modernized payment and settlement system. The TA will be provided in several phases. Phase I focuses on diagnostic studies and adoption of a Capital Market Masterplan and Payment and Settlement Blueprint. Phase II, which will be developed under the TA, will focus on implementation of the Masterplan and Blueprint over the short term, which will lead to the achievement of the expected TA outcome.

Phase I of the TA includes two components. Component A will focus on capital market development and Component B will focus on development of a modernized payment and settlement system. Implementation will be closely coordinated to ensure close synergies and avoid overlaps among consultant deliverables. Phase I will fund consultants with expertise in capital market development, capital market laws and regulations, bond markets, payment and settlement, and financial sector information technology To facilitate agreement on reform proposals, the TA will support roundtable discussions with Government officials and stakeholders concerned and invite international experts to share international best practices to facilitate discussions.

Key activities for Component A include:
  • Diagnostic studies to assess impediments to capital market development arising from laws and regulations, institutional arrangements, supporting infrastructure, and technical capacity. (The diagnostic will not include a detailed analysis of the pension and insurance sectors, the accounting and auditing framework or human resource capability but will refer to existing studies and ongoing work in these areas.)
  • Preparation of a capital market masterplan including recommendations and a related action plan for improving the legal and regulatory framework, institutional arrangements, infrastructure, and capacity, including actions to be taken over the short, medium and long term.
  • Strategy for Phase II.
Key activities for Component B include:
  • Diagnostic studies to assess impediments to the development of a modernized payment and settlement system arising from laws and regulations, institutional arrangements, supporting infrastructure, and technical capacity.
  • Preparation of a blueprint for a modernized payment and settlement system, including recommendations and a related action plan for improving the legal and regulatory framework, institutional arrangements, infrastructure for payment and settlement and related capacity, including key actions to be taken over the short, medium and long term.
  • Strategy for Phase II.
The Team Leader will closely coordinate preparation of the studies and related recommendations, all of which will be reflected in the capital market masterplan and related payment and settlement blueprint.

Consulting Services Required:
The TA will require 16 person months of international consultant input. International consultants will include a capital market development expert, capital market legal and regulatory expert, bond market expert, payment and settlement expert, and financial sector information technology expert. The consultants will be engaged on an individual basis or through a firm by ADB under the quality based selection method in accordance with Guidelines on the Use of Consultants.

Please refer to Terms of Reference (TOR).

Implementation Period:
Over a period of 1 year