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Decisions carried out by the FRC’s regular meeting held on June 16, 2010 PDF Print E-mail
Thursday, 15 July 2010 09:56

ONE. Microfinance related

Extended the licenses of following cooperatives to carry out savings and credit activities:

“Khas Credit” “Gravy” “Credit Union Mongol”
“ Baiterek” “Hungelduut” “Asian altan cuvraga”
“Mongol terbumtan” “Tavan khankhar” “Urgun erdene”

Suspended the licenses of following cooperatives to conduct savings and credit activities:

“Gobi khishig”
“Ider serven” “Toson yusun buleg”

Revoked the licenses of following cooperatives to conduct savings and credit activities:

“Orchil business”                                 
“Ar sondor”                           
“Magnag hetevch
“JTB”
“Zendem-Arvijih” “Devshih chuluut”

The licenses of cooperatives such as “Kaitsen”, “Ikher agar” and “Delgereh arvai” have been revoked due to not submitting their request for the extension of the licenses.

Granted license to “Mungun zoos credit” and “Progress capital” LLCs to carry out non-bank financial activity

Granted license to “BS Belt” LLC to carry out non bank foreign currency trading activity

Extended the license of “Finance and development of mining NBFI” LLC to carry out non-bank financial operation

Suspended the following NBFI LLCs’ licenses to conduct non-bank financial activity due to their incompliance with minimum of paid in capital of NBFI which were set by the FRC

“Gerel invest NBFI” “Zul oyu NBFI” “Unu inguumel NBFI”
“Urnu dorniin guur NBFI” “Khugjil ekh NBFI”
“Sedkhaan NBFI”
“Mongolia Hong Kong finance corporation NBFI”
“EBKHA NBFI NBFI”
“Small and medium business credit NBFI”
“Khugjliin tulhuur NBFI”
“Yalguulagch NBFI”

Suspended the license of “Future evolution NBFI” LLC for the period of three months to conduct electronic payment and remittance services and to invest into short-term financial instruments

Suspended the license of “Ikh jas NBFI” LLC for the period of three months to conduct electronic payment and remittance services

Revoked the licenses of “MONCU” and “Avragas zoos” cooperatives to engage in savings and credit cooperatives activity

Suspended the license of “City khugjil NBFI” LLC to carry out non bank financial operation

Revoked the license of “Arvis Itgel NBFI” LLC from carrying out non bank financial operations as well as conducting trust services, and license of “Math investment NBFI” LLC to carry out foreign currency trading activity respectively

Approved the Regulation on NBFI for issuing bond

TWO. Securities related

Extended the license of “Monet” LLC to carry out brokerage& dealer’s and as well as underwriter’s activities and granted additional license to engage in investment advisory service.

Extended the license of “Global Asset” LLC to run brokerage and dealer’s activity and as well as investment advisory service in the securities market

Appointed the Chief Executive officer of Global Asset LLC

THIRD. Insurance related

Granted license to “National life Insurance” LLC to carry out pension insurance

Approved the appointment of the management of Tushig Daatgal, LLC

Changes were made in composition of shareholders, amount of paid-in capital, and the structure of MIG Daatgal, LLC

Approved the revised “Investment to be financed from capital of general insurance company, and its requirements”

Approved the Regulation on insurer’s deposit in escrow account and overseeing its disbursement
Last Updated on Thursday, 15 July 2010 10:32