Legal Advisor

Background

As part of the government’s homegrown economic reform program, the National Bank of Ethiopia (NBE) has been working, in collaboration with other government agencies, development partners, and private sector stakeholders, to develop capital markets in Ethiopia. The project is financed by the United Nations Development Program (UNDP) and ongoing efforts include:

• Developing a legal and regulatory framework
• Developing market infrastructure
• Institutional and human development both at the public and private sectors

Following the ratification of the Capital Markets Proclamation by the House of Peoples Representatives of the Federal Democratic Republic of Ethiopia on June 10, 2021, the NBE has established a Capital Markets Project Implementation Team (CMPIT), which will steer the operationalization of the Proclamation. The responsibilities of the CMPIT include:

• Support the establishment of the Capital Markets Authority (CMA);
• Draft directives and regulations needed to operationalize the Proclamation for the CMA;
• Coordinate efforts to setup the Ethiopian Securities Exchange and develop required market infrastructure;
• Develop and begin implementing a business plan for the Authority to become self-funded and autonomous;
• Review tax policies and institutional investor regulations in light of capital market developments and propose needed adjustments
• Coordinate efforts to develop capacity within regulatory and oversight bodies, depository institutions and other parts of the market ecosystem;
• Develop a strategy for investor education.

The CMPIT is a transitional technical team with a lifetime of up to one year, with the aim to establish the Regulatory Authority and its revenue stream during this period. It is expected to deliver on its responsibilities with the support of Technical Advice from development partners. The CMPIT and its responsibilities will be folded into the Authority at the end of the program period. 

Job Summary

The advisor will be expected to: 

• Draft regulations and directives needed to operationalize the Proclamation
• Support the development of capital markets surveillance and compliance systems.
• Provide advice to the setting up of the CMA and define its internal organization and processes.
• Contribute to the development of the Authority’s near-term action plan, medium-term strategy, and business plan which provides financial self-sufficiency.
• Contribute to the review of the tax laws and investment regulations related to institutional investors, with the aim to identify impediments to market development and propose needed amendments to the Ministry of Finance.
• Contribute to the development of capacity building and investor education plans.
• Assist in conducting relevant training events/workshops for consultations and discussions with relevant stakeholders on the legal proposals and their implementation in Ethiopia.
• Ensure that legal and regulatory framework recommendations for Ethiopia emerging from international comparative legal analysis and drafting work adequately reflect the principles and structure, as well as the drafting style, of Ethiopian law in terms of form and content;
• Provide support to other duties as assigned by the team leader.

Job Requirements

Required Qualifications, Experience, and Skills

The advisor is expected to meet the following criteria:

• 2nd degree or above in Law, International Law, Public Law, Public International Law, Commercial or Business Law
• At least 9/7 years of professional experience in finance law, banking law, insurance law, tax law, regulatory compliance, or related activities for 2nd degree or Ph.D. holder, respectively, of which 3 years and above in advisory or supervisory positions is preferable.
• Experience in legal drafting in the Ethiopian context;
• Exposure (through work and/or training) to and knowledge of capital markets products, market infrastructure, and regulation and supervision of financial markets would be desirable;
• Excellent interpersonal, teamwork, networking, and communication skills;
• Strong self-motivation and innovative skills, with the capacity to work independently and meet competing deadlines;
• Willingness and demonstrated ability to work in a dynamic, demanding, and multitasking work environment;
• Willingness to learn and ability to quickly grasp complex issues on securities trade, depository, settlement, and clearance;
• Strong familiarity with the legal, social, political, and economic context of Ethiopia;
• Fluent in oral and written English and Amharic as well as legal translation skills from English into Amharic and vice versa;
• Excellent ability to use information technology (computers, computer programs, internet, etc) for research and analysis, report writing, presentations, etc.

How to Apply

Interested and qualified applicants should download the application form from the Bank’s Website: https://nbe.gov.et/jobs-listing/, complete all mandatory parts and send the fully filled application form with copies of Grade 8th certificate, degree/Master/Ph.D. and work experience using the ethioJobs application address,  In person to Human Resource Management Directorate Building 2, 6th floor OR the below mentioned postal address of the Bank.

Human Resource Management Directorate

National Bank of Ethiopia

P. O. Box: 5550, Addis Ababa, Ethiopia

Note:                                                       

• Incomplete and doubtful/suspicious documents will not be accepted by the Bank.
• The Bank's application form must be duly filled out and attached as per the instruction.
• Only short-listed candidates will be contacted for an assessment