The International Monetary Fund (IMF) holds annual consultations with member countries, to assess the state of each country's economic and financial policies.
Discussions on the state of Mongolia's economic and financial policies took place online on 7 September. In the meeting Mr Seok Hyun Yoon (IMF Resident Representative in Mongolia), Angana Banerji (Head of the Working Group on Mongolia), Mr D. Bayarsaikhan (Chairman, Financial Regulatory Commission), Head of the FRC Secretariat, other heads of FRC departments, along with other experts and researchers, exchanged views.
Risk assessment questionnaires are required to be completed by all relevant reporting entities, according to the ‘Procedure for remote and on-site inspections of non-bank reporting entities in the scope of anti-money laundering and combating financing terrorism’. The purpose is to ensure enforcement of the Law on Combating Money Laundering and Terrorism Financing, and Law on Counter Terrorism and Proliferation of Weapons of Mass Destruction. The FRC notified reporting entities to submit their completed questionnaires by 20 July; via the related email address. Moreover, the FRC extended the deadline to 2 August, and notified reporting entities again.
The opening bell ceremony - for launching trading on the over-the-counter (OTC) market - was held today.
Mr D. Bayarsaikhan (Chairman, Financial Regulatory Commission), Ms Tamura Eriko (Chief Representative, Japan International Cooperation Agency, Mongolia Office), B. Ulziibayar (CEO, Mongolian Association of Securities Dealers), Sh. Lkhagva (CEO, Mongolian Central Securities Depository), and other officials attended the ceremony.
Despite significant challenges facing Mongolia's economic and financial markets amid the COVID-19 pandemic over the past years, market capitalization, trading volumes, and index, have all recently reached historically high levels.
On 5 August, 2021, the President of Mongolia U. Khurelsukh received the Chairman of the Financial Regulatory Commission (D. Bayarsaikhan) and exchanged information on the activities of the financial sector.
The Government has submitted a draft law on Virtual Asset Providers to the State Great Khural (Parliament). The proposed law is to create a legal environment for Mongolian virtual asset service providers, protect consumers and investors, increase economic turnover, increase foreign investment and bring them in line with international standards.
At the Financial Regulatory Commission's 23rd regular meeting in June 2021, LendMN NBFI JSC was granted permission to register 50,000 debt instruments; with a face value of MNT100,000, a duration of two years, an interest rate of 14% per annum, and a total value of MNT5.0 billion.
The package regulation - including the revised version of the Regulation on Securities Registration, and the Regulation on Bond Registration - was adopted at the Commission’s regular meeting on 11 June, 2021.