Description
The European Bank for Reconstruction and Development ("EBRD", or the "Bank") considers assisting the Montenegrin Ministry of Finance (MoF) with the introduction of the Factoring Act in order to improve the legal framework for undertaking factoring transactions and to introduce an appropriate level of supervision over the industry.
Providers of factoring services are currently not regulated in Montenegro and initial research of the contract law regime underpinning factoring transactions indicates that there are some ambiguities in the regime which are creating legal uncertainties for some types of factoring transactions. The goal of the MoF is to calibre the extent of the regulation and legislation needed to ensure stability of the market and legal efficiency of the transactions, while not putting undue regulatory burden on the industry.
The purpose of introducing the new law is to encourage the further development of factoring services by guaranteeing stability and legitimacy of the industry (ensuring that the market players are well-established commercial entities capable of meeting certain regulatory requirements) as well as by raising legal certainty of the factoring transactions. In order to achieve that the MoF will set up a group of experts consisting of representatives of the MoF, central bank, industry and EBRD (Working Group) with the task to prepare the proposal of the text of the factoring law and other necessary regulations.
Eligibility
The Consultant is expected to be a law firm with:
1. High-level legal and regulatory expertise in Montenegro concerning Montenegro laws and regulations;
2. Possibility of providing technical support based on high-level experience in policy work and legislative process
The Consultant's expert team is expected to include key experts as follows:
- Lawyer experienced in Montenegrin financial law matters and;
- Lawyer experienced in policy dialogue with Montenegrin institutions.
- All experts shall be fluent in Montenegrin with a good English
Budget
Maximum Cost Estimate for the Assignment: EUR 82,000 (exclusive of VAT).
Deadline: 10 September 2014
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