TENDER NOTICE

RECRUITMENT OF CONSULTANTS FOR THE ASSESSMENT OF THE INSTITUTIONAL, ORGANISATIONAL AND OPERATIONAL CAPACITY OF CREPMF

I. BACKGROUND

Conseil Régional de l’Épargne Publique et des Marchés Financiers (CREPMF) is the West African Monetary Union (WAMU)’s Capital Market Authority created on 3rd July 1996 by a Convention signed between the Union Member States, at Dakar, Republic of Senegal. Its office is in Abidjan, Republic of Côte d’Ivoire.

CREPMF (also referred to as ‘the Organ’) regulates the WAMU financial market, its participants, the investment products distributed via the market, and the financial information published by issuers. 

In view of recent developments and the need to align the region towards a financial market of international standard, the WAMU Council of Ministers approved some amendments to the institutional framework and governance of CREPMF. In addition, on July 12, 2019, the WAMU Conference of Heads of State and Government decided to adopt the WAMU Treaty modifying the relevant clauses of the Treaty of January 20, 2007 regardingthe change of the name of CREPMF to accurately reflect its objectives. 

The operational activities of the Organ started on October 22, 1997. After two decades of operation, some limitations have become apparent both in the governance and in the application of certain legal texts which govern the Organ.

In view of this, the Regional Council, the deliberative body of the Organ, during its 63rd session held on August 21, 2015 in Niamey, decided to carry out an institutional, organisational and operational assessment of CREPMF to better understand its limitations and consider how to improve its efficiency.

In addition, Members of the CREPMF deliberative body resolved to refine its strategic vision by integrating essential aspects related to the evolution of information systems, human resources capacity building and strengthening the financial resources of the Organ to enable it to carry out its objectives successfully.

Furthermore, the report on the reform of the regional financial market, adopted by the WAMU Council of Ministers in March 2016, also highlighted the necessity to overhaul the governance of CREPMF in two ways:

• the significant functional improvements; and
• the reorganisation of the General Secretariat departments.

The significant improvement of CREPMF’s functions should be achieved through (i) reform of the representation of the Member States within CREPMF, (ii) granting the Chairman executive powers in the head office with more delegated powers, (iii) strengthening of the decision-making process, (iv) the establishment of a market mediation body, (v) the creation of a sanctions committee and (vi) the creation of specialized advisory committees.

As for the reorganisation of the General Secretariat's departments, it should involve strengthening organisational and technical capabilities, both in terms of staff, expertise, and experience of the employees. Emphasis should be on information systems and technical activities (regulation, control of financial information, prudential framework, and inspections) which are critical for the quality of supervision and for market stability.

In addition, the CREPMF deliberative body has initiated a review of the basic legal texts of the regional financial market that will have an impact on the functioning and institutional organisation of CREPMF.

Moreover, emphasis will be placed on the future transformation of CREPMF regarding financial market integration at the Economic Community of West African States (ECOWAS) level.

In order to initiate the process of reforming the governance of CREPMF, in line with the New Development Priorities of the WAMU regional financial market (resulting from the merger of the regional financial market 2014-2021 Strategic Plan and the reforms approved in March 2016 by the Council of Ministers of the Union, at its session of September 27, 2019) CREPMF is considering the recruitment of a firm for the assessment of its institutional, organisational and operational capabilities of the regulatory authority.

The selection of the Consultant is part of FSD Africa’s technical assistance under the Africa Regulator Support Programme (ARSP) which CREPMF joined following the signing of a Cooperation Agreement on 16 September 2019 with FSD Africa.

1.1.About CREPMF

CREPMF is the regulatory Organ of the West African Monetary Union (WAMU) regional financial market.

The governance of the CREPMF is ensured by a Council of twelve (12) members. The Council is composed of a representative of each Member State, the President of the WAMU Commission, the Governor of the Central Bank, a Certified public accountant appointed by the Court of Audit and a Magistrate appointed by the WAMU Court of Justice. There is also an Executive Committee.

It should be highlighted that, following the practices observed in other jurisdictions, CREPMF has adopted the collegiality, which is the most notable feature of contemporary regulators. The promotion of collegiality aims to establish a balance of power, collective thinking, and high quality of deliberations within the Organ.

Recently, CREPMF has set up consultative bodies, namely an Audit Committee and a Scientific Committee. From its creation, CREPMF was endowed by a General Secretariat that oversees its daily and operational activities.

1.2. About FSD Africa

FSD Africa is a specialized development agency working to reduce poverty by strengthening financial markets across sub-Saharan Africa. Based in Nairobi, FSD Africa's team of financial sector experts work with governments, business leaders, regulators, and policy makers to design and build ambitious programs that make financial markets work better for everyone. Established in 2012, FSD Africa is a nonprofit company limited by guarantee in Kenya. It is funded by UK aid from the UK government.

II. PURPOSE AND CONDITIONS OF PARTICIPATION

This call for tenders, open on an equal basis to all Specialized Consultants (whether or not incorporated in one of the WAMU Member States), aims to assess the institutional, organisational and operational capacity of CREPMF as well as to support it in implementing recommendations..

The details of the services to be provided by the selected Consultant, the selection criteria and the procurement procedure are detailed in the terms of reference, herein attached.

III. CONTACT

Submitted proposals should be in both French and English and should not exceed 15 pages (excluding annexures). Your proposal should be sent by email to FSD Africa at bids@fsdafrica.org before 1500Hrs EAT, by July 28, 2021 under a subject line reading “CREPMF Institutional, Organisational and Operational Capacity Assessment”.

Questions or comments in respect of these terms of reference should be directed by email to FSD Africa at bids@fsdafrica.org on or before, July 2nd, 2021 at 12 noon (EAT). The response will be sent to Consultants by July 5, 2021 at 12:00 noon (EAT).

For TOR Clarification please visit:
https://www.fsdafrica.org/wp-content/uploads/2021/07/21-07-05-TOR-Clarification-CREPMF-ICA.pdf

For detailed information, please check the complete version of the advert attached below.

Download Attachment: 21-06-18 CREPMF ICA - TENDER NOTICE AND TORS (EN)-Final.pdf
                                     21-06-21 APPEL OFFRE POUR ECI DU CREPMF (FR)-FINAL.pdf