Ulaanbaatar
Financial Regulatory Commission, Bridge Association of Real Estate sign cooperation agreement
Economy
Ulaanbaatar /MONTSAME/. Under its efforts to expand cooperation with professional associations in the non-bank finance sector, the Financial Regulatory Commission has reached an agreement with the Bridge Association of Real Estate to collaborate in the area of training.
The signing event was attended by T. Jambaajamts, Chief Executive, FRC, N. Enkhtuya, Director, Department for Real Estate Brokerages and Dealers in Precious Metals and Stones, FRC, E.Uyanga, President, Bridge Association of Real Estate, and B. Batgerel, Executive Director, Bridge Association of Real Estate.
T.Jambaajamts (Chief Executive, FRC) stated in his opening remarks, “The Financial Regulatory Commission collaborates with many associations within its regulatory sectors, such as: insurance, non-bank financial institutions, securities, and savings and credit cooperatives. On this occasion, I would like to express my gratitude to the real estate brokerage sector for organizing this event, and their request for cooperation in the field of training through their associations. In the future, we need to work together; to grow the sector, to establish an effective regulatory atmosphere, to strengthen the ability of our professional participants, and to protect their interests. Moreover, the association has the opportunity to work with others in the financial sector; including, for example, to combat money laundering and the financing of terrorism, to jointly develop appropriate legislation and amendments, and to have common training standards and shared values. The Commission will support and cooperate with you in all these aspects.”
With the signing of this agreement, relevant training will be organized in accordance with the training regulation approved by the Commission. For example, brokers and agents in the real estate brokerage sector will be trained and certified on a regular basis.
As of today, there are 196 LLCs, 217 brokers and 1,257 agents licensed by the FRC, to operate in the real estate and brokerage sector.
Source: Financial Regulatory Commission
