Japan Fund for Poverty Reduction Project (JFPR), Asian Development Bank

Project name: "Promoting Inclusive Financial Services for the Poor” project

Implementing agencies: FRC, MSCC

Duration: January 2012-May 2015

Project purpose:

1) Capacity building and develop Savings and Credit Unions;

2) Promoting inclusive financial services through the enhancing public financial knowledge.

Approach in the framework of 1st purpose:

(i) shall be developed implementation of SCC's regulations and supervision ;

(ii)  shall have been rated, granted special licenses, and evaluated SCCs;

(iii) to use new methodology to enhance capacity and stabilize activities of SCCs;

Current result of above-mentioned purposes are as follows:

(i) SCC's renewed regulations and supervision systems  – 38%

(ii) Supervising in all local soums  – 30%

(iii) Capacity evaluation and trainings of SCCs - 80%

Approach in the framework of 2nd purpose:

(i) Basic financial education for adults by TV program and message; 

(ii) Evaluating random-sampling, and evaluate reality in-time;

Current result of second purposes are as follows:

(i) Basic survey of financial education and financial education messages - 100%

(ii) Financial education Wiki – 25%

(iii) TV serial  – 100%

Financial Sector Capacity Building and Training Project MON/004 of Luxembourg Development Agency (LUX-DEV)

Project name: "Financial Sector Capacity Building and Training MON/004" Project by Luxembourg Development Agency

Implementing Agency: Luxembourg Development Agency (LUX-DEV)

Implementation period: 2011.01-2015.12

Purpose: The project's primary objective is  capacity building in regulation and supervision to promote the development of a sound financial system, effective implementation of a regulatory and supervisory framework, and compliance with international best practices.

Goals:   

  • Enhancing financial sector confidence,
  • Enhancing public financial education,
  • Protecting rights of financial sector participants,
  • Reducing financial crime,
  • Stabilizing Financial Regulatory Commissions operations

Approach:

  1. Develop legal environment of financial market,
  2. Enhance public and market participants financial education,
  3. Legal consulting and participate in judge on behalf of public and legal entities,
  4. Provide enforcement of law and legislations, and develop supervision on market participants,
  5. Policy- making on human resource and elaborating operational strategy of FRC

Implementing organizations:

  • Financial Regulatory Commission
  • Ministry of Foreign Affairs of Grand Dutch of Luxembourg, Financial Technology Transfer Agency of Luxembourg

Implemented actions in the framework of project:

  • In the framework of developing legal environment, hired consultants on regulations and guidelines following Securities Market Law and Investment Fund Law,
  • In the framework of enhancing public and market participants financial education, organized trainings and published financial education books and guidelines of regulations,
  • Elaborated FRC's operational strategy,
  • FRC Human resource policy have been made.‚Äč

Project for Capacity Building of Capital Market in Mongolia, JICA

Project name: Project for Capacity building of Capital Market in Mongolia 

Duration: 2014.12-2017.12

Project Purpose: To develop active primary market at the MSE by increasing IPO for unlisted Mongolian companies with sound fundamentals, as well as promiting dual-listing for those listed in overseas stock exchanges, as aresult of imporoving market confidence.

Project Objectives: Capacity building market participants, and developing regulations on capital market.

Expected outcomes:

  1. Effective Policy Committee for vitalization of of the capital markets,
  2. Improving FRC's capacity for regulation and supervision of capital markets,
  3. Writing a concept paper of SRO,
  4. Increasing IPO and promoting dual-listing, as well as,
  5. Enhancing financial literacy of general public.

Implementing otganizations:

On Mongolian side: FRC, MSE

On Japan side: JICA, FSA, JPX, and consultants

The project to meet international standards of Commodity Exchange

Project name: To meet international standards on Commodity Exchnage activities               

Executing organization: Alliance for Financial Inclusion /AFI/

Duration: 2015.01-2015.12

Project purpose: Starting COmmodity Exchnage activities and providing stable operations

Prioject Objectives:

  1. Study experiences on Commodity Exchange activities of India, Pakistan and Ethiopia;
  2. Participate in Annual conferences and related meetings;

Project composition:

In the framework of project, FRC staff members will study experiences on Commodity Exchange activities of India, Pakistan and Ethiopia, and introduce in Mongolian Commodity market.

Multi-sector Technical Assistance Project (MSTAP) of World Bank

Project name: Multi-sector Technical Assistance Project (MSTAP)  

Exectuting agency: World Bank

Duration: 2011.03.17-2016.06

Project Purpose: In the framework of capacity building of FRC, to improve legal environment of Securities and Insurance market law and legislations, meet international standards, and organize trainings for FRC staff members. For capacity building of FRC human resource, organizing training programs for financial market participants.

Implemented actions during project: During the project, hired foreign and local consultants, and following regulations have approved for the direction of improving legal environment of Securities market law and legislation:

  1. “Regulation on Registration” /approved by the decree No. 06 of January 15, 2014/
  2. “Regulation on information and transparency” /approved No. 505 of December 12, 2013/
  3. “Regulation on prohibition of trade using internal information and misuse inforamtion in market” /approved by the Decree No.05 of January 15, 2014/
  4. “Regulation on setting active compound of investment fund and proper ratio indicator” /delayed/
  5. “Regulation on calculating and evaluating investment fund active” /delayed/
  6. “Guideline for Investment fund financial reporting preparation” /delayed/
  7. "Regulation on Establishment of private investment fund and registering documents" /approved by the Decree No.175 of May 21, 2014/
  8. "Regulation on establishment of Joint Invesment Fund and granting special license of joint investment fund" /approved by the Decree No. 05 of January 15, 2014/
  9. “Regulation on Private investment fund activity” /approved by the Decree No. 436 of December 11, 2014/
  10. “Regulation on Joint investment fund activity” /approved by the Decree No.437 of December 11, 2014/

In the framework of providing financial stability and developing infrastructure, researched basic re-insurance market, enforced Securities market law, and approved regulations meet international standards.

Technical Assistance for Develop Securities Market Strategy 2020 Project, World Bank and Korea Trust Fund

Project Duration: 2014-2016

Project Purpose: Developing healthy and diversified Mongolian financial sector

In the framework of above-mentioned project, implementing project with following objectives:

  1. Preparing implementation plan for develop capital market and defining its line-up;
  2. Capacity building of FRC supervision and enforcement of legislations;
  3. Improving productivity of FRC supervision;
  4. Capacity building of FRC, MOF, MSE, and supporting development of FRC .