Tendering

I. Objective

1. The objective of this work is to assist the International Organization of Securities Commissions (IOSCO) in identifying and shortlisting consultants to support the technical assistance activities which it provides to its membership to meet the requirements for signing the Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) as well as, in the future, the Enhanced Multilateral Memorandum of Understanding (EMMoU).

II. Background

2. IOSCO is the international body that brings together the world's securities regulators and is recognised as the global standard setter for financial markets regulation. We develop, implement and promote adherence to internationally recognised standards for financial markets regulation and work closely with other international organisations on the global regulatory reform agenda. IOSCO’s membership regulates more than 95% of the world's securities markets in more than 150 jurisdictions.
3. IOSCO’s Objectives and Principles of Securities Regulation are endorsed by both the G20 and the Financial Stability Board and serve as the overarching core principles that guide us in the development and implementation of internationally recognised and consistent standards of regulation, oversight and enforcement. They also form the basis for the evaluation of the securities sector for the Financial Sector Assessment Programs (FSAPs) of the International Monetary Fund (IMF) and the World Bank.
4. By providing high quality technical assistance, education and training, IOSCO supports its members to come together to achieve the following three objectives:
   
   • Enhance investor protection
   
   To enhance investor protection and promote investor confidence in the integrity of financial markets, by strengthening information exchange and cooperation in enforcement against misconduct, and in supervision of markets and market intermediaries.
   
   • Ensure markets are fair and efficient
   
   To ensure market structures do not unduly favour some users over others and that investors are given fair and transparent access to market facilities or price information on a real-time basis.
   
   • Promote financial stability by reducing systemic risk
   
   To promote and allow for the effective management of risk and ensure that capital requirements are sufficient to address appropriate risk taking and allow for the absorption of some losses. During periods of instability, to facilitate the rapid and accurate exchange of information across jurisdictions to minimise failures or the impact of that failure at an international level.

III. The IOSCO MMoU

5. The MMoU was established in 2002 and sets an international benchmark for cross-border co-operation and information sharing to enhance the level of co-operation and information exchange to combat cross-border fraud and other securities violations that can weaken global markets and undermine investor confidence.
6. Built on Principles 13-15 on Cooperation in Regulation of the IOSCO Objectives and Principles of Securities Regulation, the MMoU represents a common understanding among its signatories of how they should consult, cooperate, and exchange information for the purpose of regulatory enforcement regarding securities markets.
7. The MMoU sets out the specific requirements for:
   • what information can be exchanged and how it is to be exchanged;
   • the legal capacity to compel information;
   • the types of information that can be compelled;
   • the legal capacity for sharing information; and
   • the permissible use of information.
   Activities under the scope of the MMoU
8. Information requests can be made when signatories are in the process of investigating offences relating to the following activities under the relevant laws and regulations of the jurisdictions in question:
   • insider dealing and market manipulation;
   • misrepresentation of material information and other fraudulent or manipulative practices relating to securities and derivatives;
   • solicitation and handling of investor funds, and customer orders;
   • the registration, issuance, offer, or sale of securities and derivatives;
   • the activities of market intermediaries, including investment and trading advisers who are required to be licensed or registered, collective investment schemes, brokers, dealers, and transfer agents; and
   • the operations of markets, exchanges, and clearing and settlement entities
   Type of assistance to signatories available under the MMoU
9. Under the terms of the MMoU, securities regulators provide information and assistance, including records:
   • to enable reconstruction of all securities and derivatives transactions, including records of all funds and assets transferred into and out of bank and brokerage accounts relating to these transactions;
   • that identify the beneficial owner and controller of an account;
   • for transactions, including the amount purchased or sold; the time of the transaction; the price of the transaction; and the individual and the bank or broker and brokerage house that handled the transaction;
   • providing information identifying persons who beneficially own or control companies; and
   • taking or compelling a person’s statement or, where permissible, testimony under oath, regarding the potential offence.

IV. Envisaged activities under IOSCO’s technical assistance programmes

10. In view of assisting its members in meeting the requirements of the MMoU and in the future, of the EMMoU, IOSCO is now looking to procure consultancy services to provide technical assistance to its members, including but not limited to:

1. conducting reviews of existing legislation and frameworks to fully understand the situation and the key gaps in the applicant’s ability to meet the MMoU/EMMoU requirements
2. drafting required amendments to relevant laws/regulations to meet the standards set forth in the MMoU and EMMoU;
3. assisting with the preparation of the member’s MMoU/EMMoU application based on the proposed revised legislation above; and
4. discussions, as needed, with the local authorities and stakeholders and supporting the securities regulator generally to achieve the changes needed.

11. IOSCO’s technical assistance programmes to prospective signatories of the MMoU are tailored to the specific needs to the applicants and consequently, depending on the individual requirements of each applicant, each project will be slightly different in terms of the exact focus of the work and stakeholder engagement required. In addition, depending on the nature of the programme, there might be a need for an on-site visit by the consultant, accompanied by representatives of the IOSCO General Secretariat, to the jurisdiction of the recipient of the technical assistance programme.

V. Examples of Deliverables

12. The expected deliverables for the technical assistance programmes may include:
1. Draft model language for reform legislation (drafted amendments to relevant laws/regulations to meet the standards set forth in the MMoU/EMMoU);
2. An action plan for the member to sign the MMoU/EMMoU;
3. Draft model MMoU/EMMoU application based on the reform legislation; and
4. A short report on the technical assistance project delivered by the Consultant.

VI. Consultant’s profile and call for expressions of interest

13. In carrying out these programmes, it is essential that the Consultant has:
    1. Extensive knowledge and experience of securities regulation and international enforcement cooperation by securities authorities, the MMoU and EMMoU;
    2. Experience of previous work on capacity building, technical assistance and/ or market development; and
    3. Proven experience of previous work in capital markets.

14. It is also desirable that the Consultant has:
    1. Extensive knowledge about financial markets; and
    2. Prior experience working with IOSCO and/or the Screening Group.

15. Interested parties should submit their proposals to provide the consultancy services detailed above including their Curriculum Vitae, indicating specifically how they satisfy the criteria mentioned in paragraphs 13 and 14 above by 21 March 2025 via email to [email protected]

Please direct any questions on the programme or the application process to [email protected]