Wednesday, November 13, 2019

Procurement

The FSA Procurement Policy

This document sets out the FSA’s Policy with respect to procurement. It details the standards to be followed by the relevant persons engaged in FSA procurement activities. The Policy takes into consideration best local and international practices, existing legislations namely Financial Services Authority Act, 2013, Public Procurement Act 2008 (hereafter referred to as ‘the PPA’), the Public Procurement Regulations 2014 issued pursuant to the PPA, Public Finance Act (in establishing the Status of FSA as a non-public body) and practical issues with respect to the procurement process.

FSA_Procurement_Policy-2018-December 

Final-Procurement-Plan-2019-Consolidated

Functions and Responsibilities of the Procurement Unit

The Procurement Unit of the FSA is responsible for managing the Authority’s procurement activities, with its main functions being:

  • To plan the procurement activities of the FSA and recommend the appropriate method of procurement;
  • To prepare solicitation documents, bid notices, short-lists, evaluation reports, contract award recommendations and Procurements contracts;
  • To manage the bidding process, inclusive of the pre bid meetings, evaluation reports, contract award recommendations and contracts
  • To manage the evaluation of bids and any pre qualifications or negotiations;
  • To manage and oversee contracts management by a designated contracts management; and
  • To prepare any procurement reports required by the Chief Executive Officer (“CEO”), Deputy Chief Executive, Internal Evaluation Committee and the Board.
  • To run an efficient system and procedures for making decisions relating to procurement on behalf of the FSA as outlined in this document.

The Unit shall ensure that all procurement’s are undertaken in accordance with the Internal Procurement Policy and its procurement threshold.

Approvals Authority.

The Unit shall seek the approval of the Chief Executive Officer (“CEO”), or the Board, as the case may be, depending on the threshold under which the procurement is falling, for each of the following stages:

  • The use of the different procurement methods;
  • Solicitation documents prior to their issue;
  • Evaluation reports prior to any further bid opening, the subsequent stage of evaluation and notification of an award;
  • Any other documents incorporating a contract award recommendation, such as reports on negotiations, prior to any notification of the award;
  • Amendments to a contract prior to its issue;
  • The cancellation of procurement proceedings;
  • The termination of procurement proceedings; and
  • The termination of a contract.

Procurement Thresholds

PROCUREMENT THRESHOLDS
THRESHOLDS 1st THRESHOLDS 2nd THRESHOLDS
GOODS AND SERVICES
Thresholds SR0-SR750,000 SR750,000 +
Approval Authority CEO FSA Board
Contract Administration Procurement Unit Procurement Unit and Director for Administration/ Administration Manager
CIVIL WORKS
Thresholds SR0-SR750,000 SR750,000 +
Approval Authority CEO FSA Board
Project Manager Technical and Maintenance Supervisor (Steering Committee when required) Consultancy Firm/Consultant/ Project Manager (outsource)
CONSULTANCY SERVICES
Thresholds SR0-SR150,000 SR150,000 +
Approval Authority CEO FSA Board
Project Manager Steering Committee (If required) Steering Committee