Organization Of Eastern Caribbean States Commission Tender

Expression of Interest for Consulting Services to Support Drafting of Payment System and Services Legislation The consulting services ( the Services ) include drafting a comprehensive uniform Payment System and Services legislation that will provide a uniform legislative framework for the payment system in the Eastern Caribbean Currency Union, and a comprehensive Oversight Framework and Implementation Roadmap pertaining to payment service providers and payment system operators. The assignment is expected to be undertaken during the period February 2021 to October 2021. Objective The consultant is expected to assist in drafting, based on the policy recommendations approved by the Eastern Caribbean Central Bank, a comprehensive uniform Payment System and Services legislation that will provide a uniform legislative framework for the payment system in the Eastern Caribbean Currency Union, and a comprehensive Oversight Framework and Implementation Roadmap pertaining to payment service providers and payment system operators. Scope of Work 3.1 Assist in drafting a comprehensive uniform Payment System and Services Bill (together with an explanatory memorandum) that will elaborate on a regime that enables ECCB to regulate payment systems and services that are in the public interest (for financial stability reasons) and which also focuses on retail payment services provided to customers and merchants. The legal framework should: Identify minimum prudential norms and governance standards for the effective and efficient business operations of the payment system; Foster a safe, sound and efficient payment system that will promote financial stability, healthy competition and engender public confidence in the financial services sector of the ECCU. 3.2. Assist in drafting an enhanced, comprehensive and modern Oversight Framework and Implementation Roadmap for the payment system in the ECCU. 3.3. The work on components 3.1 and 3.2 should take into account and be consistent with: The status of the existing payment system in the ECCU and the ECCB’s strategic goals for developing and modernising the payment system. Focus should be brought to bear on strengthening the legal framework to enhance financial inclusion and broadening of the scope of regulated activities in the ECCU. This would include non-bank payment service providers, given the technological drivers and advancements in electronic payment services. The Consultant should also take into account policies and initiatives aimed at enhancing the oversight function of the ECCB. All relevant policy prescriptions articulated and directed by the ECCB. International best practice and standards based on the Principles for Financial Market Infrastructures (PFMIs) and the key legal considerations; and the recommendations made in the 2017 World Bank Report on the ECCU payment system. Project ID: P171528 Procurement Method: Individual Consultant Selection Submission deadlin WORLD BANK (WB),