The recent Covid-19 crisis has highlighted the importance of insolvency and reorganisation frameworks to support businesses in financial difficulties. In response, EBRD carried out a Business Reorganisation Assessment of national insolvency frameworks to provide an overview of business reorganisation practices and to propose areas where further development of national legislation is needed. The Assessment was […]
“The European Bank for Reconstruction and Development (“EBRD”) launched the initiative “COVID-19 Crisis Response – Provision of Emergency Legal Advice to Small and Medium Enterprises in Mongolia” to enable small and medium-sized enterprises (“SMEs”) in Mongolia to mitigate the deepening impact of the coronavirus pandemic. This initiative, among others, organised a series of three webinars, funded by […]
Amendments to Banking Act of Mongolia seek to introduce important reforms to both the banking sector and the securities market
On January 29, 2021, the Parliament of Mongolia approved amendments to the 2010 Banking Act of Mongolia. These Amendments introduce potentially sweeping reforms not only to the banking industry, but also to the Mongolia’s stock market. The attached summary highlights some of the key features of the Amendments.
A bill has been enacted by the Mongolian Parliament on January 29, 2021, amending the Banking Law of Mongolia. According to the bill, the so-called “systemic” commercial banks in Mongolia will need to become publicly-traded companies and, thus, conduct an IPO by June 30, 2022. Also, by December 31, 2023, any shareholder must not hold […]
In August 2020 a bill proposing amendments to the 2010 Banking Act of Mongolia has been presented to the Parliament of Mongolia. If adopted, the amendments would introduce some sweeping reforms not only to the banking industry, but also to the Mongolia’s capital markets. Our summary highlights some of the key features of the proposed […]
Amendments to Renewable Energy Act of Mongolia introduce caps on feed-in tariffs as and competitive procurement of renewable energy
On 6 June 2019 the Mongolian Parliament has passed amendments to the Renewable Energy Act of Mongolia. These amendments have come into force immediately – on 6 June 2019. The attached advisory highlights some of the key features of the amendments.
In July 2018, the Financial Regulatory Commission of Mongolia (“FRC”), regulator of NBFIs, published a text of the draft Law of Mongolia on Non-Banking Financial Activities (“Draft Law”). The Draft Law is dated 13 June 2018 and posted on the FRC’s website (www.frc.mn). If and when adopted, the Draft Law is meant, to replace the […]
The current Minerals Law of Mongolia was first adopted in 2006 (and amended several times since then) (the “Minerals Law”). Earlier this year, a draft law proposing certain amendments to the Minerals Law, prepared by the Government of Mongolia (the “Draft Law”), is being discussed in the State Great Khural of Mongolia (the “Parliament”). On […]
KhanLex has published a report – “Mongolia: Strengthening the Legal Framework for Non-Performing Loans Resolution and Debt Restructuring – Gaps in Mongolian laws”. The report was commissioned by EBRD’s Legal Transition team and contains in-depth review of key existing laws governing resolution of non-performing loans in Mongolia. The report identifies gaps and recommendations for necessary […]
Amended Banking Act and Recapitalization Act seek to strengthen the regulatory and supervisory regime of Mongolian commercial banks
The Mongolian legislature has adopted the amended Banking Act on 18 Jan 2018. The amended Banking Act has become effective from 1 Apr 2018 (the “Amendments”). The Amendments introduce several important new rules such as: Requirements applicable to shareholders, board directors, CEO and related parties, Resolutionoftroubledbanks, Prohibitionofsubsidiaries. …