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USAID Moldova Institutional and Structural Reform Activity

SCOPE OF WORK

Position:                                 Local Legal Consultant (Financial Consumer Protection)

Program:                               USAID Moldova Institutional and Structural Reforms Activity (MISRA)

Location:                                Chisinau, Moldova

Period of Performance:       January 2024 – October 2024  

Total Level of Effort:            up to 80 days

Work Plan Activity:             Task 3.2.2. (FY 2024 Work Plan) Review of the regulatory framework related to financial consumer protection

Project Background

The Moldova Institutional and Structural Reforms Activity (MISRA) is a five-year project funded by the US Agency for International Development (USAID) that aims to improve the business, investment, and trade enabling environment in cooperation with the Government of Moldova (GoM) to respond to an unprecedented economic crisis due to the war in Ukraine, as well as to support Moldova’s economic recovery, including to: advance the GoM’s economic action plan; strengthen public economic governance institutions; improve transport, logistics, trade, and commerce; and accelerate financial sector reforms and inclusiveness; among other needs. USAID MISRA is also building the capacity of the GoM to better engage and strategically communicate its economic plan, progress, and results to the private sector, civil society, and the public. These activities include intensive support to select GoM institutions with institutional reforms, streamlined processes, and digitalization to improve transparency, accountability, access to information, and public services.

Activity Overview

This activity will be implemented under USAID MISRA’s Component 3, to Accelerate Financial Sector Reforms and Inclusion. This component focuses on governance, inclusion, and digital finance, with the objective of supporting development of an inclusive financial sector and supporting infrastructure to enhance efficiency, transparency, and resilience in the financial sector.

The National Commission for Financial Markets (NCFM) has been entrusted with a new mandate in mid-2023 to oversee consumer protection regulation and supervision for all financial services in Moldova. The current mission of NCFM is to integrate international best practices into local legislation, ensuring robust consumer protection throughout various phases of interaction with financial service providers. These phases include pre-contractual, contractual, and post-contractual stages. Additionally, NCFM aims to establish a local Alternative Dispute Resolution (ADR) scheme for financial services, addressing small claims of financial consumers outside the traditional court system.

During Fiscal Year 23, MISRA engaged an international consultant to perform a comparative analysis of the local legal and regulatory framework related to financial consumer protection and international best practices, focusing on EU countries. The activity resulted in a comprehensive report recommending specific policy, legal interventions, and practices aimed at improving the protection of financial consumers. To ensure efficient implementation, it is crucial to maintain support for converting the previously developed recommendations into legal documents.

The primary objective of the activity is to engage a local legal expert who will collaborate with NCFM to draft necessary normative acts, incorporating international best practices into the local regulatory framework. The expert will also play a crucial role in proposing regulatory solutions for the establishment of an ADR body tailored to local judicial principles and international approaches.

 Responsibilities and Tasks

The consultant will be responsible for the following tasks:

• Assist NCFM to translate international best practices into concrete normative acts for local implementation.
• Ensure alignment with Moldovan legal drafting provisions and principles.
• Research and analyze international and local ADR mechanisms.
• Create a normative act governing ADR for financial services.
• Propose a specialized ADR body structure considering both local judicial principles and international models.
• Develop regulatory solutions for the effective functioning of the proposed ADR body.
• Engage with relevant stakeholders, including legal professionals, financial institutions, and consumer advocacy groups, to gather insights and ensure comprehensive representation in the regulatory process.

Deliverables

 Regulation on effective complaint handling procedures within the financial sector (by March 31, 2024)

• Regulations on precontractual information disclosure requirements for four distinct financial services (by June 30, 2024)
• Normative act governing Alternative Dispute Resolution (ADR) for financial services (by August 31, 2024)
• Regulatory framework outlining the internal functioning of the financial ADR decision-making body (by September 30, 2024)

 Qualifications

 Minimum of a bachelor’s degree in law, public policy, or another relevant field. A master’s degree or certification in Law is preferred.

• 5 years of professional experience in legal drafting, justice, finance, or related field.
• Demonstrated expertise in consumer protection legal framework within the financial services sector.
• Demonstrated ability to interact with government and other public stakeholders.
• Experience working with USAID and/or other international donor-funded programs preferred.
• Fluency in business English, a good command of technical and legal English, and skills in verbal and written communications.

 Reporting

In addition to the deliverables above, the consultant will provide periodic progress reports to the Component 3 Financial Sector Team Lead and Financial Sector Specialist. The expert will also contribute to other reports and documents as required consistent with this scope of work.

How to Apply

We welcome your CV and preferably cover letter at Moldovajobs@nathaninc.com. Please apply by November 29, 2023, with “Local Legal Consultant - Financial Consumer Protection” in the subject line. This short-term position will remain open until filled.