FINANCIAL REGULATORY COMMISSION EXCHANGES VIEWS ON COOPERATION WITH CANADIAN SECURITIES AUTHORITIES

During 1-4 March 2023, an official visit to Canada was undertaken by: Mr D. Bayarsaikhan (Chairman, FRC), Mr T. Enkhtuvshin (Member of Parliament, Chairman of Standing Committee on Industrialization Policy), Mr D.Batlut (Member of Parliament, Member of Standing Committee on Economics), and Mr Kh. Ganhuyag (Member of Parliament, Member of Standing Committee on Economics). The objectives of the visit were to:

• discuss developments to the financial market (including the capital market),
• improve the collaboration between regulators and infrastructure organizations of the two countries,
• increase active interest of the country's investors (to participate in the capital market of Mongolia), and
• contribute to of the country's economic development.

Accordingly, as well as getting acquainted with the activities of the Canadian Securities Administrators (CSA), and the Financial Regulatory Authorities of Quebec, the visitors attended official meetings; held with relevant authorities in the area of cooperation. One particular official meeting included: Laura Belloni (Secretary General, Canadian Securities Administrators), Svetlana Fowler (Policy manager, Canadian Securities Administrators), Kim Lachapelle (Vice president, Strategy, Risks and Performance, Financial Regulatory Authority of Quebec), Virginie Chane-Teng (Senior Director, Risk and Performance Department), Sharon Kelly (Senior analyst), and other officials of relevant departments.

During meetings, parties exchanged views on the coordinated development of the capital markets of the two countries, and support to the FRC in its cooperation with the regulatory agencies in the foreign financial market sector. Also discussed, were:

• the concerns of double registration, of companies listed on the stock exchanges of Mongolia, and Canada, and
• the Financial Action Task Force (FATF) compliance requirements for companies activating in the financial market of both countries.

In this regard, the Members of the Parliament put forward proposals to increase Canadian investment in Mongolia and create a favorable business environment, and discussed how to cooperate more in the future.

The FRC will cooperate with the Financial Regulatory Authority of Quebec - within the framework of the Multilateral Cooperation Memorandum of the International Organization of Securities Commissions (IOSCO) - to exchange of information and inspection on cross-border financial activities. Both parties discussed cooperating in technical assistance, and the implementation of projects; within the framework of strengthening the capacity of the FRC.