Securities registration related package procedure approvedEconomy
Ulaanbaatar /MONTSAME/. The 11th regular meeting of the Financial Regulatory Commission (FRC) was held on 11 June to discuss and resolve a number of important issues related to the sector's policies and decisions, as well as the business activities of legal entities.
The FRC has done a lot to develop the stock market. Most recently, the regulation on over-the-counter market relations was approved at the 23rd regular meeting last year. In today's meeting, the Securities Registration Procedure and Company Debt Instrument Registration Procedure were discussed and approved.
Adoption of this set of two regulations will improve the functions, responsibilities, and information transparency of listed securities issuers; between trading entities and government regulators. It will also eliminate duplication of company shares and debt instruments. In particular, it is an important policy measure, to support the development of the securities market and ensure its stability, efficiency and transparency.
License issued to The Capital Housing Corporation GURAV LLC
In the FRC meeting, it was decided to register the founding document of Mandal Future Growth (closed Joint Investment Fund) established by Mandal Asset Management LLC. With the establishment of this investment fund, it will be possible to increase the return on investment of investors by offering their shares to the public through a trading organization; raising more than MNT 50.0 billion, and investing in high-yield financial instruments. In addition, a license to issue asset-backed securities was issued to The Capital Housing Corporation Guruv LLC, established by The Capital Housing Corporation JSC.
The FRC has issued licenses to companies established by The Capital Housing Corporation JSC. At present, a total of MNT 87.8 billion worth of asset-backed securities have been registered, which enables 1,030 civil servants to participate in the rental housing program.
The meeting also decided to issue licenses to: two companies (allowing them to conduct insurance and non-bank financial foreign exchange trading), three companies (to conduct real estate brokerage activities), and one citizen (to conduct precious metal and stone trading).
At the same time, the licenses of five savings and credit cooperatives were extended, two companies were allowed to register closed bonds.
Source: Financial Regulatory Commission