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Job opening for consultant – Project: UK expertise (São Paulo)

Activities: The goal of this consultancy is to implement project “UK expertise strengthening financial regulation in Brazil”. The consultant will carry out the role of project implementer, being responsible for drafting a report in which she will identify main hurdles to issuance and trading of debentures in Brazil, as well as suggest measures of improvement of the regulatory framework in this market, always drawing from UK expertise as reference.

BA in Business, Economics, Engineering or Finance. Desirable MA. Proven track record in finance, capital markets regulation and debentures. Fluency in both English and Portuguese is mandatory (spoken and written).
Type of contract: consulting.
Period: 6 months, from September/ Protected content February/2014.
Workplace: Remote. Reside in Brasília, São Paulo or Rio de Janeiro is an advantage, but it does not exclude candidates from the process.
The candidate should send her CV, covering letter and financial proposal by 30/08/ Protected content the following email address: andre. Protected content .
Please use the following in the subject: Consultant: UK expertise strengthening financial regulation in Brazil.

PPY BRA Protected content
Terms of Reference – Annex 1
The hiring of this consultancy will take place in the scope of the project about strengthening financial regulation in Brazil, a partnership between Anbima, CVM, BRAiN, CNI and the British Embassy in Brazil.

Hiring a consultant to draft a study aiming to identify the main hurdles to the issuance and trading of debentures in Brazil, all based in the UK expertise. Also, she should suggest measures to improve the regulatory framework.
In spite of the recent improvement in credit access and financing conditions in Brazil, there are still structural problems which make it difficult for companies to use corporate debt as a financing tool. The pace in which an economy grows depends on the availability of resources for investments and their intermediation with low costs and with wide range. Insufficient resources, high costs or inadequate maturity prevent carrying forward investment projects.
Long term finance still very much depends on the availability of public funds, particularly through BNDES. Conservily, Brazilian private sector’s share in credit provision is a lot lower than the OECD countries’ average.
Also, credit access in Brazil is still relatively difficult, costs are high and maturities are short. BNDES dependency imposes constraints to financing sources and to Brazilian investment growth rates.
The corporate debt market (particularly, debentures) is a good option of finance to companies, creating an alternative to banking credit. The development of this market is mandatory to support BNDES’ activity, because it would fill in the demand for credit and it would create conditions for the cuts in long-term interest rates.
For it to come true, we must increase companies’ knowledge on the subject, reduce legislation complexity and also taxation and costs of adapting to capital markets’ restriction.
This project aims to compare the Brazilian and the British debentures markets, their regulatory structure and propose changes to the Brazilian regulation as means to boast this market in Brazil, always taking into account the British expertise.
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• Report 01: Analyse and compare the regulatory framework and debêntures market in Brazil and the UK;
• Report 02: Carry out an analysis of the Brazilian market’s main problems and bottlenecks in issuing and trading debentures with the UK as a reference;
• Report 03: Rank best practices and projects of the British government or private sector which might have contributed to improve the market’s liquidity;
• Report 04: To come up with at least 5 (five) regulatory changes to be made to the Brazilian debentures market, drawing from the British expertise;
• Final Report with conclusions from reports 01, 02, 03 and 04 and a “Executive Summary to decision makers”.
 Especifications of format and delivery dates of the report and the Executive Summary will be agreed between parts before the beginning of the project.
 January Protected content be taken to be the last month of research and consultancy work per se, while February Protected content be destined to each partner’s content review. The ideia is to discuss study results with stakeholders in the end of February.

 On drafting the study: (i) identify sources of information to the research being carried out, in the UK and in Brazil, as well as access them in order to write the research; (ii) gather data, analyse and describe corporate debt markets in Brazil and the UK; (iii) compare both markets, pointing out positive and negative aspects; (iv) elaborate final document to be published, with all premises, comparative market results, regulatory frameworks and proposals of regulatory change.
 Other responsibilities: (i) Take part and lead two or three meetings with technical team, in order to agree on or enlighten any points relative to the success of the objective; (ii) Take part of technical mission to the UK, in October Protected content , alongside the technical team, aiming to analyse in-depth the British regulatory framework and clear any existing doubts; (iii) present study’s results in specific workshop which shall take place in March Protected content the latest.
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• Delimit the scope of the debentures market to be analysed.
• Define, along the consultant, the specification of other relevant questions to the drafting of the study.
• Supply data to support carrying out the comparative study.
• Evaluate results and report drafted by the consultant and identify potential amendments to be made.
• Prepare the study for publication and, as well as carry out the workshop.

Specialised consultant in the corporate debt market.

6 months, from September/ Protected content February/2014.

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BA in Business, Economics, Engineering or Finance. Desirable MA. Proven track record in finance, capital markets regulation and debentures. Fluency in both English and Portuguese is mandatory (spoken and written).
To elaborate the document, please take into account each and every cost related to the drafting of the document, except for:
• Costs related to editing and printing of the document;
• Costs of the technical visit to the UK, including air tickets, transport, lodging and subsistence. These costs will be covered by standard Foreign & Commonwealth Office (FCO) rules.