Establishing a Regulatory Sandbox to Facilitate Tender - 42471724

Procurement Summary

Country: United Kingdom

Summary: Establishing a Regulatory Sandbox to Facilitate FinTech and Innovation

Deadline: 18 May 2020

Posting Date: 26 Apr 2020

Other Information

Notice Type: Tender

TOT Ref.No.: 42471724

Document Ref. No.:

Competition: ICB

Financier: Other Funding Agencies

Purchaser Ownership: -

Tender Value: Refer Document

CPV Classification

79410000 - Business and management consultancy services

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Tender Details

Expression of Interest are invited for Establishing a Regulatory Sandbox to facilitate FinTech and Innovation in Greece.
Establishing a Regulatory Sandbox to facilitate FinTech and Innovation in Greece
Location:
Greece
Business sector:
Financial institutions
Project number:
82876
Funding source:
Not Yet Determined
Contract type:
Consultancy Services
Notice type:
Invitation for expressions of interest (CSU)
Issue date:
24 Apr 2020
Closing date:
18 May 2020 at 16:00 London
Access eSelection
Single Stage Open Competitive Selection
Project Description:

The Bank of Greece (the “BoG”) has requested support from the European Commission under Regulation (EU) 2017/825 on the establishment of the Structural Reform Support Programme (“SRSP Regulation”) to assist the BoG in establishing a Regulatory Sandbox to facilitate FinTech and Innovation in Greece (the “Project”).

The Project is funded by the European Union via the Structural Reform Support Programme and implemented by the Local Currency and Capital Market Development (LC2) team of the European Bank for Reconstruction and Development (the “EBRD”), in cooperation with the European Commission-s DG REFORM.

Financial Technology (FinTech) is an important tool to improve the efficiency of the financial system. FinTech comprises a variety of products, applications, processes and business models that have transformed the traditional way of providing banking and financial services, which can be of great benefit to the Greek society.

As the FinTech sector in Greece grows, it is important that all parties involved not only pay close attention to technical, regulatory, policy, and legal considerations, but also monitor its growth and better understand its impact. There is a strong need to fully identify and understand the potential of FinTech in Greece, as well as the risks associated with its adoption; and to develop a robust and flexible regulatory framework, that would facilitate further growth and legitimate solutions, providing at the same time a sufficient level of consumer protection.

To this end a “regulatory sandbox”, as a live testing environment can bring positive results, given the complexity of applying the Greek legal and regulatory framework surrounding financial services on technology driven financial products and business models, when in balance with the need to ensure consumer protection and to promote effective competition.
Assignment Description:

The general objective of this Project is to contribute to institutional, administrative and growth-sustaining structural reforms in Greece.

The EBRD now intends to engage a consulting company (the “Consultant”) in order to assist and support the BoG with the implementation of the following indicative activities:
• review the FinTech legal and regulatory environment in Greece;

• prepare a clear path of action for the BoG as to enable the operation of the regulatory sandbox;

• support the BoG in operationalisation of a regulatory sandbox;

• organise a kick-off/launch event and undertake the associated tasks;

• present the findings from the operation of the regulatory sandbox;

• draft recommendations for innovative technologies to be integrated within the BoG, such as artificial intelligence (AI), distributed ledger technology (DLT), API management, and eID to enhance existing supervisory functions (SupTech); and

• propose legal and regulatory reforms surrounding the integration of FinTech within the Greek legal and regulatory framework.
Full Terms of Reference (TOR) of the Assignment can be found at:
http://www.ebrd.com/documents/procurement/tor-82876.pdf
Consultant Selection Procedure: Single stage open competitive selection. Interested firms or groups of firms are invited to submit a Technical and Financial Proposal.
Assignment Start Date and Duration: The Assignment is expected to start in Q2 2020 and has an estimated overall duration of 18 months. The Start Date will depend on the travel conditions and restrictions imposed by governments to combat the spread of the COVID-19 virus, in the countries the experts are required to travel to, if applicable, to ensure their safety.
Cost Estimate for the Assignment: EUR 220, 000 (exclusive of VAT and inclusive of fees, travel expenses for the Consultant, per diems, event organisation costs, translations and other direct Project costs necessary for the implementation of the Project)
Funding Source: This assignment is expected to be funded by the European Commission via the DG REFORM. Please note selection and contracting will be subject to the availability of funding.
Eligibility: There are no eligibility restrictions based on the consultant`s country of origin.
Consultant Profile: Corporate services are required. The Consultant will be a firm or a group of firms should have expertise in financial markets legislation and regulation, with vast experience in applications of technology in finance, including expertise in various digital technologies further depicted in the Terms of Reference
The Consultant should also have proven expertise in other areas of FinTech and SupTech. In-depth knowledge of the Greek legal system and financial instruments legal environment and understanding of new legal and regulatory developments are required. The provided expertise should cover the areas defined in the description of the support to be provided.
It is expected that the Consultant-s team will consist of minimum the following Key Experts:
Key Expert 1, Legal and Regulatory Financial Markets Expert

• 10+ years of professional experience as a legal and regulatory expert with focus on legislative tools and frameworks supporting financial markets development;

• good knowledge of the Greek legal environment;

• proven experience in drafting laws and regulations;

• Master degree or equivalent in legal studies;

• proficiency in written and spoken English language;

• proficiency in written and spoken Greek language.
Key Expert 2, Pool of Technology Experts in Finance

• 5+ years of consultancy experience;

• 5+ years of experience in business transformation, digital and technology areas;

• excellent communication, analytical, report writing and presentation skills;

• proficiency in written and spoken English language.
Each of the Technology Expert in Finance shall have relevant experience in:

• 3+ years relevant FinTech experience; and/or

• 3+ years relevant Regulatory sandbox experience; and/or

• 3+ years relevant SupTech experience; and/or

• 3+ years relevant RegTech experience; and/or

• 3+ years relevant DLT experience; and/or

• 3+ years relevant IoT, AI, machine learning experience.
Key Expert 3, Data Protection Expert

• proven working experience in data protection compliance (General Data Protection Regulation (GDPR), Greek privacy laws and other relevant laws);

• legal background preferable;

• Data Protection Officer (DPO) or similar certification desirable.
Key Expert 4, Project Manager

- 7+ years of managerial experience and a track record of at least 7 successfully completed projects for financial sector EU administrations;

- Fluency in English and preferably in Greek.
The key experts may be complemented by other team members and support services to cover all tasks specified in the Terms of Reference. Consultants should note that one person could have more than one role (e.g., the Team Leader could also be a specialist) and one role could be filled by more than one person. Only CVs of the Key experts will be evaluated as part of the technical proposal.
Submission Requirements: The consultants are now invited to submit a completed Technical and Financial Proposal as per the standard templates and instructions available at this link:
http://www.ebrd.com/documents/procurement/single-stage-package.docx
Interested consultants should make themselves familiar with these Standard Templates, Standard Instructions and Conditions of Contract in preparation of their proposals.
1. The Technical Proposal shall be submitted in English electronically via eSelection not later than the Closing Date, as one single PDF file. The technical proposal should not exceed [25] pages excluding the Declaration Form and CVs (Form 1 - TP 1 and Form 1 - TP 6).
2. The Financial Proposal (Form 2 - FP 1 and FP2) shall be submitted in English separately by e-mail only to the following e-mail address: [email protected]. Please indicate the Project number and title in the subject of your e-mail. Consultants are reminded of the requirement to ensure the confidentiality of the Financial Proposals.
A Technical Proposal that contains elements of a financial proposal shall be declared non-responsive.
A Financial proposal submitted together with the technical proposals via eSelection shall be declared non-responsive.
For the avoidance of doubt, technical proposals should be sent through eSelection and NOT to the above email address. Financial proposals should be sent to the above email address and NOT through eSelection or Bank Contact Person.
EBRD Contact Person:

Aleksandra Lewandowska

European Bank for Reconstruction and Development

One Exchange Square

London EC2A 2JN

e-mail: [email protected].
Deadline to Submit Clarification Questions: Via e-mail to the Bank Contact Person by 7 May 2020.
Selection Method and Evaluation Criteria:
1. Technical Proposal Evaluation Criteria
(a) Firm`s previous project experience in similar assignments (30%)

(b) Quality of the methodology proposed for the Assignment (30%)

(c) CVs of the Key Experts (40%).
The minimum technical score (St) required to pass is 70%.
2. Interviews

Following the evaluation under the technical criteria listed above, up to five firms with a combined score of 70% or above will be invited to interviews. The interviews must be attended by key experts of the Project, including

Documents

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