REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTING SERVICES – INDIVIDUAL CONSULTANT SELECTION)
Uzbekistan
Uzbekistan Financial Sector Reform Project
Credit No. IDA 71150-UZ
Project ID No. P173619
Assignment Title: Consultant for Development of a new Lease Law, specifying the regulatory authority and the regulatory framework lease of the responsible body.
Reference No.: FSRP-IC-MEF-1
The Ministry of Economy and Finance of the Republic of Uzbekistan (MEF) has received financing from the World Bank toward the cost of the Uzbekistan Financial Sector Reform Project, and it intends to apply part of the proceeds for Consultant for Development of a new Lease Law, specifying the regulatory authority and the regulatory framework lease of the responsible body (“Services”) for the Ministry of Economy and Finance.
The objectives of the Services are as follows:
a. To conduct a thorough review and analysis of the existing lease laws and regulations in Uzbekistan, as well as relevant international best practices.
b. To identify gaps, limitations, and areas for improvement in the current legal framework related to leasing activities.
c. To support MEF with developing a new Lease Law that addresses the identified gaps, incorporates international best practices, and provides guidelines for lessors and lessees.
d. To conduct a detailed review of international experience and propose recommendations for the establishment of a regulatory authority or an appropriate oversight mechanism for the leasing industry in Uzbekistan, in consultation with relevant stakeholders.
e. Provide recommendations for the organizational structure, functions, and powers of the responsible body.
f. Ensure the regulatory framework and responsible body are in accordance with the legal system and legislative processes of Uzbekistan.
The Ministry of Economy and finance of the Republic of Uzbekistan now invites eligible Individual Consultants (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services (reference to similar services, experience in similar assignments, availability, etc.) submitting directly to the piu_mof@mail.ru.
Qualification requirements for the Consultant:
- Graduate/advanced degree in business, finance, law, economics, banking or other related discipline.
- At least 3 projects in developing lease laws or similar legislation in other jurisdictions.
- Minimum 10 years’ experience in regulatory and policy development, particularly in the financial or commercial sectors.
- Knowledge of the Uzbekistan legal system and legislative processes.
- Proficiency in English and preferably knowledge of the Russian language.
The attention of interested Consultants is drawn to Section III of the World Bank’s “Procurement Regulations for IPF Borrowers” dated November 2020 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. In addition, please refer to the following specific information on conflict of interest related to this assignment: Consultants shall not be hired for any assignment that would be in conflict with their prior or current obligations to other clients, or that may place them in a position of being unable to carry out the assignment in the best interests of the Ministry of Economy and finance of the Republic of Uzbekistan.
Further information can be obtained at the address below during office hours from 9:00 a.m. to 18:00 p.m. Tashkent time.
Expressions of interest must be delivered in a written form in English or Russian languages to the address below (in person, or by mail, or by e-mail) by August 11, 2024.
Project Implementation Unit under the
Ministry of Economy and finance of the Republic of Uzbekistan
Attn: Sirojiddin Imanov, Manager of the Project
Uzbekistan, 100017, Tashkent city, 29, Istiklol St.
Tel: +998901741711
E-mail: piu_mof@mail.ru
TERMS OF REFERENCE
For Consultant for Development of a new Lease Law, specifying the regulatory authority and regulatory framework lease of the responsible body
1. Project background
Uzbekistan embarked on an ambitious economic transformation that entails three major shifts: from central planning to a market economy, from state to private ownership, and from isolation to economic integration.
Financial leasing is relatively well-established in Uzbekistan, having experienced significant growth in recent years. The Leasing Association was established to represent the interests of industry players and improve the leasing market. According to data from the Leasing Association of Uzbekistan, the value of leasing transactions almost tripled between 2016 and 2018, with leasing companies playing a key role and providing between 60 percent to 80 percent of total leasing value most years during the period. In total 133 financial services providers are providing lending, from which 29 are Uzbek banks, operating under the banking license, which includes leasing as one of banking operations, and the remaining are leasing companies.
Currently leasing companies are not licensed or regulated. They are established as ordinary commercial companies and are not obliged to report to credit bureaus. Leasing companies in Uzbekistan are not subject to capital requirements or financial consumer protection laws. The leasing industry in Uzbekistan lacks a comprehensive legal framework and a specific regulatory authority, leading to challenges and limitations for lessors and lessees. Back in 2011, the Cabinet of Ministers adopted resolution No. 143 which assigned the Ministry of Finance of the Republic of Uzbekistan as the authorized body for coordination of activities of organizations providing leasing services, however, no steps have yet been taken to establish oversight over the sector.
To address these challenges, the Government recognizes the need to develop a new Lease Law and establish a regulatory authority. The Ministry of Economy and Finance (MOEF) is leading this initiative and seeks a consultant to develop the new Lease Law and propose recommendations for the regulatory authority. The objective is to promote transparency, efficiency, and fairness in the leasing industry and attract investment.
2. Objective of the Assignment:
The Ministry of Economy and Finance, for the purposes of developing of a new Lease Law, specifying the regulatory authority of Uzbekistan and regulatory framework lease of the responsible body is looking for a consultant.
The objectives of the consultancy are as follows:
a. To conduct a thorough review and analysis of the existing lease laws and regulations in Uzbekistan, as well as relevant international best practices.
b. To identify gaps, limitations, and areas for improvement in the current legal framework related to leasing activities.
c. To support MEF with developing a new Lease Law that addresses the identified gaps, incorporates international best practices, and provides guidelines for lessors and lessees.
d. To conduct a detailed review of international experience and propose recommendations for the establishment of a regulatory authority or an appropriate oversight mechanism for the leasing industry in Uzbekistan, in consultation with relevant stakeholders.
e. Provide recommendations for the organizational structure, functions, and powers of the responsible body.
f. Ensure the regulatory framework and responsible body are in accordance with the legal system and legislative processes of Uzbekistan.
3. Scope of Work
The scope of work for the consultant includes, but is not limited to, the following activities:
a. Reviewing and analyzing the existing lease law, regulations, and relevant legal documents in Uzbekistan.
b. Conducting a comparative analysis of lease laws and regulations from other jurisdictions, focusing on countries with well-established leasing industries.
c. Consultation with relevant stakeholders, including government agencies, legal experts, industry associations, lessors, lessees, and other key players in the leasing sector.
d. Identifying gaps, limitations, and areas for improvement in the current legal framework related to leasing activities in Uzbekistan.
e. Supporting the MEF with developing a draft of the new Lease Law that incorporates international best practices, addresses the identified gaps, and provides guidelines for lessors and lessees.
f. Supporting the MEF with developing a new regulatory framework for lease activities that includes registering requirements, disclosure obligations, dispute resolution mechanisms, and enforcement mechanisms.
g. Proposing recommendations for the establishment of a regulatory authority or an appropriate oversight mechanism for the leasing industry in Uzbekistan, including its structure, functions, and powers.
h. Conducting a legal and regulatory impact assessment of the proposed new Lease Law to evaluate its potential effects on stakeholders and the overall leasing industry in Uzbekistan.
i. Presenting the draft Lease Law and recommendations to the relevant government authorities and stakeholders for feedback and input.
j. Prepare draft legislation and policy recommendations for the regulatory framework and responsible body.
4. Experience and Qualifications
The consultant should possess the following expertise and qualifications:
- Graduate/advanced degree in business, finance, law, economics, banking or other related discipline.
- At least 3 projects in developing lease laws or similar legislation in other jurisdictions.
- Minimum 10 years’ experience in regulatory and policy development, particularly in the financial or commercial sectors.
- Knowledge of the Uzbekistan legal system and legislative processes.
- Proficiency in English and preferably knowledge of the Russian language.
5. Deliverables:
The consultant is expected to deliver the following:
a. A comprehensive report documenting the review and analysis of the existing lease laws and regulations in Uzbekistan, including identified gaps and areas for improvement.
b. A draft of the new Lease Law that incorporates international best practices, addresses the identified gaps, and provides guidelines for lessors and lessees.
c. A report summarizing international experience and recommendations for the establishment of a regulatory authority or an appropriate oversight mechanism for the leasing industry in Uzbekistan, including an outline of its structure, functions, and powers.
d. Draft regulatory framework for lease activities.
e. Draft legislation and policy recommendations for the regulatory framework and responsible body.
f. A final report incorporating feedback and input received during the presentation and consultation phase.
6. Duration of assignment
The consultant will be engaged full time for a period of 6 months and will be required to spend a minimum of 7 weeks on site during the contract period.
7. Reporting and Communication.
The consultant will report and communicate progress, findings, and recommendations to the relevant government authorities and stakeholders. Regular meetings and consultations will be scheduled to ensure effective communication and coordination throughout the process.
All plans/reports will be provided in English or /and Russian.
8. Stakeholder Engagement.
The consultant may be required to engage with relevant stakeholders, such as government officials, legal experts, industry representatives, lessors, lessees, and other key players in the leasing sector in Uzbekistan. This engagement aims to gather information, seek input, and ensure broad representation in the development of the new Lease Law.
9. Confidentiality and Data Protection.
The consultant shall maintain strict confidentiality and comply with data protection regulations when handling sensitive information obtained during the study.
REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTING SERVICES – INDIVIDUAL CONSULTANT SELECTION)
Uzbekistan
Uzbekistan Financial Sector Reform Project
Credit No. IDA 71150-UZ
Project ID No. P173619
Assignment Title: Consultant for Development of a new Lease Law, specifying the regulatory authority and the regulatory framework lease of the responsible body.
Reference No.: FSRP-IC-MEF-1
The Ministry of Economy and Finance of the Republic of Uzbekistan (MEF) has received financing from the World Bank toward the cost of the Uzbekistan Financial Sector Reform Project, and it intends to apply part of the proceeds for Consultant for Development of a new Lease Law, specifying the regulatory authority and the regulatory framework lease of the responsible body (“Services”) for the Ministry of Economy and Finance.
The objectives of the Services are as follows:
a. To conduct a thorough review and analysis of the existing lease laws and regulations in Uzbekistan, as well as relevant international best practices.
b. To identify gaps, limitations, and areas for improvement in the current legal framework related to leasing activities.
c. To support MEF with developing a new Lease Law that addresses the identified gaps, incorporates international best practices, and provides guidelines for lessors and lessees.
d. To conduct a detailed review of international experience and propose recommendations for the establishment of a regulatory authority or an appropriate oversight mechanism for the leasing industry in Uzbekistan, in consultation with relevant stakeholders.
e. Provide recommendations for the organizational structure, functions, and powers of the responsible body.
f. Ensure the regulatory framework and responsible body are in accordance with the legal system and legislative processes of Uzbekistan.
The Ministry of Economy and finance of the Republic of Uzbekistan now invites eligible Individual Consultants (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services (reference to similar services, experience in similar assignments, availability, etc.) submitting directly to the piu_mof@mail.ru.
Qualification requirements for the Consultant:
- Graduate/advanced degree in business, finance, law, economics, banking or other related discipline.
- At least 3 projects in developing lease laws or similar legislation in other jurisdictions.
- Minimum 10 years’ experience in regulatory and policy development, particularly in the financial or commercial sectors.
- Knowledge of the Uzbekistan legal system and legislative processes.
- Proficiency in English and preferably knowledge of the Russian language.
The attention of interested Consultants is drawn to Section III of the World Bank’s “Procurement Regulations for IPF Borrowers” dated November 2020 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. In addition, please refer to the following specific information on conflict of interest related to this assignment: Consultants shall not be hired for any assignment that would be in conflict with their prior or current obligations to other clients, or that may place them in a position of being unable to carry out the assignment in the best interests of the Ministry of Economy and finance of the Republic of Uzbekistan.
Further information can be obtained at the address below during office hours from 9:00 a.m. to 18:00 p.m. Tashkent time.
Expressions of interest must be delivered in a written form in English or Russian languages to the address below (in person, or by mail, or by e-mail) by August 11, 2024.
Project Implementation Unit under the
Ministry of Economy and finance of the Republic of Uzbekistan
Attn: Sirojiddin Imanov, Manager of the Project
Uzbekistan, 100017, Tashkent city, 29, Istiklol St.
Tel: +998901741711
E-mail: piu_mof@mail.ru
TERMS OF REFERENCE
For Consultant for Development of a new Lease Law, specifying the regulatory authority and regulatory framework lease of the responsible body
1. Project background
Uzbekistan embarked on an ambitious economic transformation that entails three major shifts: from central planning to a market economy, from state to private ownership, and from isolation to economic integration.
Financial leasing is relatively well-established in Uzbekistan, having experienced significant growth in recent years. The Leasing Association was established to represent the interests of industry players and improve the leasing market. According to data from the Leasing Association of Uzbekistan, the value of leasing transactions almost tripled between 2016 and 2018, with leasing companies playing a key role and providing between 60 percent to 80 percent of total leasing value most years during the period. In total 133 financial services providers are providing lending, from which 29 are Uzbek banks, operating under the banking license, which includes leasing as one of banking operations, and the remaining are leasing companies.
Currently leasing companies are not licensed or regulated. They are established as ordinary commercial companies and are not obliged to report to credit bureaus. Leasing companies in Uzbekistan are not subject to capital requirements or financial consumer protection laws. The leasing industry in Uzbekistan lacks a comprehensive legal framework and a specific regulatory authority, leading to challenges and limitations for lessors and lessees. Back in 2011, the Cabinet of Ministers adopted resolution No. 143 which assigned the Ministry of Finance of the Republic of Uzbekistan as the authorized body for coordination of activities of organizations providing leasing services, however, no steps have yet been taken to establish oversight over the sector.
To address these challenges, the Government recognizes the need to develop a new Lease Law and establish a regulatory authority. The Ministry of Economy and Finance (MOEF) is leading this initiative and seeks a consultant to develop the new Lease Law and propose recommendations for the regulatory authority. The objective is to promote transparency, efficiency, and fairness in the leasing industry and attract investment.
2. Objective of the Assignment:
The Ministry of Economy and Finance, for the purposes of developing of a new Lease Law, specifying the regulatory authority of Uzbekistan and regulatory framework lease of the responsible body is looking for a consultant.
The objectives of the consultancy are as follows:
a. To conduct a thorough review and analysis of the existing lease laws and regulations in Uzbekistan, as well as relevant international best practices.
b. To identify gaps, limitations, and areas for improvement in the current legal framework related to leasing activities.
c. To support MEF with developing a new Lease Law that addresses the identified gaps, incorporates international best practices, and provides guidelines for lessors and lessees.
d. To conduct a detailed review of international experience and propose recommendations for the establishment of a regulatory authority or an appropriate oversight mechanism for the leasing industry in Uzbekistan, in consultation with relevant stakeholders.
e. Provide recommendations for the organizational structure, functions, and powers of the responsible body.
f. Ensure the regulatory framework and responsible body are in accordance with the legal system and legislative processes of Uzbekistan.
3. Scope of Work
The scope of work for the consultant includes, but is not limited to, the following activities:
a. Reviewing and analyzing the existing lease law, regulations, and relevant legal documents in Uzbekistan.
b. Conducting a comparative analysis of lease laws and regulations from other jurisdictions, focusing on countries with well-established leasing industries.
c. Consultation with relevant stakeholders, including government agencies, legal experts, industry associations, lessors, lessees, and other key players in the leasing sector.
d. Identifying gaps, limitations, and areas for improvement in the current legal framework related to leasing activities in Uzbekistan.
e. Supporting the MEF with developing a draft of the new Lease Law that incorporates international best practices, addresses the identified gaps, and provides guidelines for lessors and lessees.
f. Supporting the MEF with developing a new regulatory framework for lease activities that includes registering requirements, disclosure obligations, dispute resolution mechanisms, and enforcement mechanisms.
g. Proposing recommendations for the establishment of a regulatory authority or an appropriate oversight mechanism for the leasing industry in Uzbekistan, including its structure, functions, and powers.
h. Conducting a legal and regulatory impact assessment of the proposed new Lease Law to evaluate its potential effects on stakeholders and the overall leasing industry in Uzbekistan.
i. Presenting the draft Lease Law and recommendations to the relevant government authorities and stakeholders for feedback and input.
j. Prepare draft legislation and policy recommendations for the regulatory framework and responsible body.
4. Experience and Qualifications
The consultant should possess the following expertise and qualifications:
- Graduate/advanced degree in business, finance, law, economics, banking or other related discipline.
- At least 3 projects in developing lease laws or similar legislation in other jurisdictions.
- Minimum 10 years’ experience in regulatory and policy development, particularly in the financial or commercial sectors.
- Knowledge of the Uzbekistan legal system and legislative processes.
- Proficiency in English and preferably knowledge of the Russian language.
5. Deliverables:
The consultant is expected to deliver the following:
a. A comprehensive report documenting the review and analysis of the existing lease laws and regulations in Uzbekistan, including identified gaps and areas for improvement.
b. A draft of the new Lease Law that incorporates international best practices, addresses the identified gaps, and provides guidelines for lessors and lessees.
c. A report summarizing international experience and recommendations for the establishment of a regulatory authority or an appropriate oversight mechanism for the leasing industry in Uzbekistan, including an outline of its structure, functions, and powers.
d. Draft regulatory framework for lease activities.
e. Draft legislation and policy recommendations for the regulatory framework and responsible body.
f. A final report incorporating feedback and input received during the presentation and consultation phase.
6. Duration of assignment
The consultant will be engaged full time for a period of 6 months and will be required to spend a minimum of 7 weeks on site during the contract period.
7. Reporting and Communication.
The consultant will report and communicate progress, findings, and recommendations to the relevant government authorities and stakeholders. Regular meetings and consultations will be scheduled to ensure effective communication and coordination throughout the process.
All plans/reports will be provided in English or /and Russian.
8. Stakeholder Engagement.
The consultant may be required to engage with relevant stakeholders, such as government officials, legal experts, industry representatives, lessors, lessees, and other key players in the leasing sector in Uzbekistan. This engagement aims to gather information, seek input, and ensure broad representation in the development of the new Lease Law.
9. Confidentiality and Data Protection.
The consultant shall maintain strict confidentiality and comply with data protection regulations when handling sensitive information obtained during the study.