Pursuant to the Company law 46, the Boards of Directors of 31 JSCs have submitted decisions to the Financial Regulatory Commission to distribute a total of MNT 94.2 billion among 4,8 billion shares in 2020.
Pursuant to Article 59.4 of the Company Law, the Board of Directors of a joint stock company is obliged to convene an annual shareholders meeting within four months of the end of the fiscal year (i.e. before 1 May each year).
On 15 October, 2019, the Law on Combating the Proliferation of Weapons of Mass Destruction was adopted, and amendments were made to the Law on the Legal Status of the Financial Regulatory Commission and the Law on Anti-Money Laundering and Combatting the Financing of Terrorism.
Today, Bayarsaikhan Dembereldash, Chairman of the Financial Regulatory Commission (FRC) attended the bell ringing ceremony of the first IPO of 2020. In his remarks, the Chairman said, ‘Although the global outbreak of COVID-19 is having a negative impact on our economy and financial markets (with falling stock market indicators) and we are facing major challenges, I want to highlight the potential for investors in the stock market to turn challenges into opportunities. Bodi Daatgal’s decision to go public is an opportunity as well as an prompt for other companies considering raising funds (by issuing shares and bonds in the stock market) to gain market confidence.’
On 18 October, 2019 - at a meeting of the International Financial Action Task Force (FATF) - Mongolia was included in the list of countries with ‘strategic deficiencies’ in anti-money laundering and combating the financing terrorism (AML/CFT). Since then, the State Great Khural (Parliament) has made amendments to the Law on the Legal Status of the Financial Regulatory Commission and the Law on Licensing of Business Activities; approved on 17 January, 2020. Now, the FRC is required by law to regulate and supervise real estate brokerage activities, as a service provider in relation to licensed activities.
Within the framework of the Digital Transition program - implemented by the Government of Mongolia - policies and strategies for the digitalization of public services are being developed, and a series of measures implemented.