In cooperation with the United Nations Office of Counter-Terrorism (UNOCT) and the EU Global facility on AML/CFT, the FRC presented a training workshop on Anti-Money Laundering and Combating the Financing of Terrorism for Non-Profit Organizations (NPOs). The Workshop took place on 16 and 17 February 2021, and the objective was to strengthen Mongolia’s capacity to combat money laundering and the financing of terrorism.

The first, quarterly meeting of the Financial Stability Council was held - in two stages – on 1 and 16 February. In the first part, a working group - chaired by the Vice Governor of the Bank of Mongolia - was established, to develop and present a proposal for the Economic Recovery Program of Mongolia; within the framework of the Comprehensive Plan for Health Protection and Economic Recovery initiated by the Government. The working group included representatives from the Financial Regulatory Commission, Ministry of Finance, Bank of Mongolia, Deposit Insurance Corporation, and the Loan Guarantee Fund.

Dear fellow employees,  Dear valued partners, First of all, I would like to wish you a Happy Lunar Year, and I wish you peace and prosperity in the Year of the Metal Ox. The 15th anniversary of the establishment of the Financial Regulatory Commission (FRC), and the 30th anniversary of the establishment and development of the Stock Market in Mongolia, were noteworthy for us in the passing year of Rat; especially considering the fact that we have all had a difficult time with COVID-19.

Based on research and study, international financial regulators make decisions on policies, regulations and supervision related to the financial sector, and establish their long-term objectives. Accordingly, the FRC established the Market Research & Development Department;to address market development policies, regulation and supervision. All of which were to be based on international standards, expertise and evaluation of the country's particular situation. For instance: the experiences of countries that have established financial markets, the funding of micro, small and medium-sized businesses, open finance, and products and services related to financial technology.

Twenty-two issues were discussed, and decisions made, at the regular meeting of the FRC on 27 January 2021.

On the occasion of the 30th anniversary of the stock market in Mongolia, a ceremony celebrating the Market’s opening has taken place. Mr Khurelsukh U. (Prime Minister), Khurelbaatar Ch. (Minister of Finance), Tsogtbaatar D. (Member of Parliament), Bayarsaikhan D. (Chairman, FRC), Altai Kh. (Executive Director, Mongolian Stock Exchange), and other related officials participated in the ceremonial ringing of the opening bell.

On the occasion of the primary market’s opening of the first asset-backed securities listing, D. Bayarsaikhan (Chairman, Financial Regulatory Commission), Kh. Altai  (Executive Director, Stock Exchange), Kh. Amgalanbaatar (Deputy Director, Invescor JSC),  and G. Uyangahishig (CEO, of Invescor Capital Securities Company) opened securities trading with a ceremonial ‘ringing of the bell’ in  the Mongolian Stock Exchange (MSE).

In recent years, cryptocurrency payments, settlements and transactions, have all become more widely discussed and used in international financial markets. But this is not regulated by legislation in Mongolia.

Gratitude

The FRC organized a discussion on Joint Stock Company Compliance and Information Transparency on 17 September. The event included participation by professional associations, joint stock companies’ management, market researchers and experts.  Discussions focused on current and future issues; such as compliance with relevant laws (including rules and regulations) of joint stock companies, and transparency of information and reporting.