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Mongolia Regulator Issues Directive on Non-Bank Financial Activities

Ulaanbaatar, Mongolia - Establishing a Clearer Regulatory Framework for the Country’s Financial Sector

The Bank of Mongolia has issued a directive outlining the legal foundations for non-bank financial activities in a bid to establish a clearer regulatory framework for the country’s financial sector.

Key Provisions of the Directive

• Regulation of Non-Bank Financial Activities: The directive regulates relations concerning the management, organization licensing, suspension, and revocation of licenses for entities engaging in non-bank financial activities.
• Entities Seeking to Engage in Non-Bank Financial Activities: Entities must submit a range of documents, including:
  • A charter outlining their purposes and scope of operations
  • Meet certain capital and financial reporting requirements
• Supervision by the Bank of Mongolia: The Bank of Mongolia is responsible for supervising compliance with these regulations.

Importance of the Directive

The new directive is seen as an important step in establishing a more robust regulatory framework for Mongolia’s financial sector, which has experienced rapid growth in recent years. By providing greater clarity on non-bank financial activities, the regulator aims to promote stability and confidence among consumers and investors alike.

Impact on the Financial Sector

With this new directive in place, Mongolia’s financial sector is poised to become even more robust and resilient. As the country continues to grow and develop, a clear and effective regulatory framework will be essential in promoting stability and confidence among consumers and investors alike.