FRC international cooperation expands

With relations to the Mining Exchange Law, the Financial Regulation Committee (FRC) has established a working group with the participation of representatives of relevant organizations to ensure the implementation of the law and to promptly implement the necessary preparations. FRC now is taking measures related to the development of regulatory projects stipulated by the law and ensuring readiness for trading and settlement of mining products.

Accordingly, Director of FRC, D.Bayarsaikhan met with Head of Technical Assistance of the Foreign Relations Office of the US Commodity and Product Futures Trading Committee Kevin Piccoli and relevant representatives of the US Embassy. At the beginning of the meeting, FRC expressed that it needs an international expert’s experience and guide, and thanked them for coming to Mongolia to support the work in the aforementioned plans in this vital time.

The Financial Regulatory Commission and the Commodity Futures Trading Commission of the US are regulatory organizations that are members of the International Organization of Securities Commissions and exchanged ideas on to receive help for developing the rules and regulations in the Mining product exchange law and how to cooperate in this context.

Moreover, the Director, D.Bayarsaikhan also met the consultants of the Asian Development Bank. On this occasion, opinions were exchanged on the progress and results of projects and measures implemented in the field of non-banking financial institutions and savings and credit cooperatives. in specific, FRC was informed that within the framework of the technical assistance project ‘Empowering Microfinance Institutions and Increasing Financial Access’, the legal framework for non-bank financial trusts and foreign exchange trading activities, as well as improving risk-based inspections, introducing international best practices, adding to the necessary procedures and instructions, Changes and revisions are being implemented. On the other hand, in the field of savings and credit cooperatives, work is being done to update legislation in line with international best practices, introduce riskbased inspections, and strengthen the supervisory board that implements internal control of savings and credit cooperatives.