Expression of Interest For Consultancy Services For The Review And Development Of Regulatory Instrument For Capital Market Development, Investor Protection, Regional/International Development And Fintech

Expression of Interest for Consultancy Services for the Review and Development of Regulatory Instrument for Capital Market Development, Investor Protection, Regional/International Development and Fintech Rwanda Capital Market Development (R-Camd) Project The main services included under this consultancy are: 1. Review and Development of Legal and Regulatory Frameworks: Review and update existing legal and regulatory instruments related to capital markets, commodity exchange, warehouse receipts systems, and Fintech. Draft new regulations and guidelines to support market development, investor protection, Fintech innovation, and international competitiveness. Align all instruments with recommendations from the Capital Market Master Plan (CMMP), Kigali International Financial Centre (KIFC), EAC directives, IOSCO principles, and global best practices. 2. Development of Capital Market Master Plan II (Capital Market Ecosystem Strategy): Conduct a mid-term review of the current Capital Market Master Plan (20182028). Develop an updated and forward-looking Capital Market Master Plan II that captures evolving market trends, aligns with KIFC priorities, and provides a comprehensive roadmap for ecosystem-wide development. Define implementation priorities, timelines, roles of stakeholders, and capacity building requirements. 3. Development of Institutional Strategy for CMA: Formulate a five-year institutional strategy for the Capital Market Authority, including an actionable implementation plan and performance measurement framework. Ensure alignment with national development goals and international financial centre positioning. 4. Policy Formulation and Stakeholder Engagement: Prepare supporting policy documents for each regulatory or strategic instrument. Facilitate consultations with CMA and key public-private stakeholders to ensure buy-in, contextual relevance, and broad participation. Conduct validation workshops and finalize legal instruments in Kinyarwanda, English, and French. 5. Specialized Studies and Technical Guidance: Conduct feasibility assessments and develop technical guidance papers on emerging Fintech use cases (e.g., robo-advisory, investment-based crowdfunding, RegTech/SupTech, virtual assets). Provide manuals and operational guidelines for the development and supervision of commodity exchanges and warehouse receipt systems. Deliver capacity-building programs for CMA staff and market actors in key thematic areas including Fintech, alternative investment funds, commodity markets, and new asset classes. The total duration for this consultancy assignment is 15 Months from contract signing. The detailed terms of reference can be found on the following website https://www.cma.rw The Capital Market Authority now invites eligible consultancy firms to indicate their interest in providing these services. Interested consultants must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.). Consultants may constitute joint-ventures to enhance their chances of qualification. Tender Link : https://www.afdb.org/en/projects-and-operations/procurement