Technical Advisor (Compliance and Enforcement - ECX), Addis Ababa, Ethiopia

Background

Mission Statement

The Ethiopian Commodity Exchange (ECX) is a new initiative for Ethiopia. The vision of ECX is to revolutionalize Ethiopia's tradition bound agriculture through creating a new market place that serves all market actors, from small holder farmers to traders, possessors, exporters and consumers. The ECX is a unique partnership of different market actors, members of the exchange and the main promoter, the government of Ethiopia. ECX creates opportunities for un paralleled growth in the commodity sector and linked industries , such as transport, and logistics, banking and financial services and others

ECX assures all commodity market players the security they need in the market through providing a secure and reliable End-to–End system for handling grading and storing commodities, matching offers and bids for commodity transactions, while serving all fairly and efficiently. ECX creates trust and transparency through aggressive market data dissemination to all market actors, through clearly defined rules of trading, warehousing, payment and delivery and business conduct and through internal dispute settlement mechanisms. ECX provides market integrity at three important levels, the integrity of the product itself, the integrity of the transaction and the integrity of market actors.

ECX Management

The Proclamation governing the exchange states that its management will operate on an independent and professional basis, on commercial terms. The senior management of the ECX will be composed of a chief Executive Officer and Officers in different fields of specialization. In order to enhance the success of this new and strategic initiative ECX was being managed by a team of internationally recruited top caliber professionals, with deep domain of knowledge with experience of working conditions in Ethiopia The government of Ethiopia has committed to an ECX transition plan in which an international management transition team shall manage the exchange and build internal capacity for a period of 3 years, alongside top notch nationally recruited staff. Upon the request of Ethiopia the United Nations Development Programme (UNDP) has been providing funds and recruited an international management team of 6 professionals since July 2008.

In view of further consolidating the capacity of the ECX to contribute to a vibrant marketing and private sector development and realization of the Growth and Transformation agenda of the Ethiopian government, UNDP agreed to the request of the Ethiopian Government to extend its support to ECX till Dec 31, 2013 through assignment of international advisors in order to support the transition plan of the ECX board.

The Composition of the international management team includes

1) Chief Technical Advisor

2) Technical Advisor, Information Technology

3) Technical Adviser, Market Dissimination

4) Technical Advisor, Compliance and Enforcement

5) Technical Advisor, Strategy

The international management team will work closely with a pool of national experts with a view of transferring functions over a period of 2 years.

Duties and Responsibilities

Under the direct supervision of the Chief Technical Advisor, the Technical Advisor – Compliance and Enforcement, will be responsible for the following:

Policy Advisory

• Formulation and amendment of the Rules of the Exchange and By-Laws
• Advise on the Exchange Authority Directives
• Amendments and extensions to existing and new Rules
• Development of internal compliance procedures and review standards
• Design of audit trail system and accounting requirements
• Review of Membership requirements and due diligence standards
• Make recommendations on disciplinary action.

Management

• Manage team to monitor Compliance to rules at all levels of the Exchange enterprise, such as rules governing the Exchange itself, the Membership, Clearing and Settlement, Warehousing and Delivery, financial audit and accounting and other rules.
• Manage team to conduct investigations
• Exercise judgment and professionalism in determining needed disciplinary actions by the Exchange
• Manage the operations of the Exchange Arbitration Tribunal, in the settlement of the commercial disputes between Members, and between Members and the Exchange.

Coordination, Networking, Capacity Building

• Coordinate closely and operate in parallel with the Exchange General Counsel, the Risk Management department, and the Internal Auditor and Operations Comptroller of the Exchange.
• Formally interact and liaise with the Exchange Authority
• Liaise with other relevant regulatory bodies: central bank, government ministries, Auditor General, Federal High Court, among others.
• Design capacity building plan for national regulators through links and study missions to international regulatory bodies and agencies abroad.

Competencies

Communication

: Is able to present information clearly and persuasively; seeks out the ideas and views of others; is adaptable but consistently professional, concise and engaging; ensures that messages are understood and that input from others has been heard.

Results / Quality Orientation

: Is able to set high standards and maintain the commitment, motivation and energy to achieve them while at the same time ensuring high quality of programs and services.

Decision Making

: Confident in his/her capabilities and judgment and take decisions or make choices while ascertaining the risks and being conscious of his/her responsibilities.

Problem Analysis

: Identifies, defines, and analyzes operational problems and situations, and anticipates potential roadblocks. Simplifies complex problems, sees causal links, and generates solutions to problems based on sound judgment and awareness of the potential implications of these solutions; generates original ideas, and/or utilizes existing solutions/ideas in new and innovative ways.

Adaptability / Behavioral Flexibility

: makes decisions in sometimes ambiguous circumstances; tailors procedures to different people, situations, and issues. Adjusts strategies and behaviors as new information becomes available and as priorities change.

Team Work

: works collaboratively with others, demonstrating commitment to achieve group objectives, understanding the needs and goals of others and adapting own views and behavior when appropriate.

Required Skills and Experience

Education

:

• Masters Degree in Law, Securities or Commodities Regulation or related field.

Experience

:

• Minimum 10 years of progressively responsible work experience in securities or corporate finance law, regulation, audit standards enforcement and related areas, with a thorough understanding of international trade and finance regulatory principles, securities and commodity exchanges.

Language Requirements

:

• Fluency in English

UNDP is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence.