Expressions Of Interest For Consultancy Services Assistance To The Central Bank Of Kosovo On Select Corporate Governance Issues For Financial Institutions

Expressions Of Interest For Consultancy Services Assistance To The Central Bank Of Kosovo On Select Corporate Governance Issues For Financial InstitutionsSound Financial Sector Is Vital For Any Modern Economy Financial Services Have Grown To Be Of Essential Importance In Today S Societies And Countries Are More And More Reliant On A Well Functioning Financial System For Economic Growth Given The Crucial Economic Functions Performed By Financial Institutions And The Interconnectedness And Interdependence Amongst Them Poorly Managed Financial Institutions Pose A Risk To Financial Stability The Failure Of A Single Institution Could Trigger Contagion Whereby A Series Of Other Failures Occur And Have Spill Over Effects On The Entire System As A Result Corporate Governance Arrangements In Financial Institutions Need To Be Sufficiently Robust To Capture The Complexity Of Their Business And To Identify And Mitigate Risks To Which They Are Exposed The Need For Better Corporate Governance In Financial Institutions Was Particularly Accentuated Following The 2008 Financial Crisis While Not Considered As The Main Culprit Many Think That Failures And Weaknesses In Corporate Governance Arrangements Were An Important Contributing Factor Of The Crisis The European Union The Eu Introduced Corporate Governance Requirements That Apply To Banks Building Societies And Investment Firms That Apply Throughout The Eu Including More Onerous Requirements That Apply To Significant Firms Kosovo Is A Potential Candidate For Eu Accession And As Such It Aims To Approximate All Of Its Domestic Policies On Legal Economic And Social Matters With The Eu Acquis The Central Bank Of Kosovo The Cbk Has Been Very Active With Trying To Strengthen The Corporate Governance Framework For Financial Institutions Fis In General Particularly For Banks The Law No 04 L 093 On Banks Microfinance Institutions And Non Bank Financial Institutions As Amended The Law No 03 L 209 On The Central Bank Of Kosovo As Amended And The Law No 05 L 045 On Insurance And The Law No 04 L 101 On Pension Funds Constitute The Baseline Legislation Which The Cbk Uses For Its Supervision Activities In Addition The Cbk Regularly Issues Secondary Legal Instruments In The Form Of Regulations Rules Manuals Etc Which Regulate In More Detail The Above Mentioned Legislation The Most Detailed Regulation Of This Sort Is The Regulation On Corporate Governance Of Banks Issued In 2017 In The Context Of The Above The European Bank For Reconstruction And Development Ebrd Through Its Legal Transition Team Ltt Seeks To Retain A Consultant The Consultant With Extensive Local And International Experience In Corporate Governance Of Financial Institutions To Support The Ebrd With Carrying Out The Tasks Foreseen Under This Project Including I Reviewing The Regulatory Framework Related To Corporate Governance Of Fis The Practices Of Selected Fis And The Supervisory Capacity Of The Cbk So To Gauge Strengths And Weaknesses Ii Issuing A Regulation Aligned To Eu Best Practices Stating Cbk S Expectations In Terms Of Corporate Governance Of Fis And Requiring Them To Report Their Governance Practices To The Cbk Iii Assisting The Cbk In Compiling And Processing The Corporate Governance Related Disclosures Received From The Fis Iv Strengthening The Cbk Supervisory Methodology In Line With Eu Best Practices Among Others The Ecb Ssm Supervisory Manual So To Ensure That The Analysis Of Such Disclosure Is Embedded Into The Cbk Ongoing Supervision And V Assisting The Cbk Supervision Team In Implementing The New Supervisory Methodology And Developing Effective Supervisory Practices In The First Instance By Identifying Strengths And Weaknesses Of The Governance Practices In Place And Comparing Them To International Best Practices I To V Collectively The Assignment

2,50,000 - EUR