COMPILATION OF REGULATORY LEGISLATION PUBLISHED

8/25/2021

The Financial Regulatory Commission of Mongolia (FRC) is working to strengthen its institutional capacity under the Strengthening Fiscal and Financial Stability project. 

Within the framework of improving the legal environment, several activities have been implemented to improve the regulatory environment of the financial sector in line with international standards and development trends of the global market. Moreover, technical training activities are under implementation, which focuses on strengthening the professional skills of personnel of the Commission (inspectors) and the regulated financial institutions under the Commission’s oversight. 

A three-volume compilation of administrative acts, rules, and regulations issued by the Commission has been published with project funding. The following compilations aim to satisfy the needs of official regulators, professional associations, non-governmental organizations, and all the Commission’s members. 

  1. Compilation of normative administrative acts relating to insurance regulation;
  2. Compilation of normative administrative acts relating to the securities market;
  3. Compilation of normative administrative acts relating to anti-money laundering and combating the financing of terrorism, real estate brokerage and dealers in precious metals and stone.

These three volumes contain all relevant rules and regulations of normative administrative acts regulating activities and legal relations concerning insurance, securities, anti-money laundering, combating the financing of terrorism, real estate brokerage, and dealers in precious metals and stones. With the publication, the Commission introduced its regulatory environment to financial institutions under its regulation and followed by enforcement actions to ensure compliance with the legislation. 

NEWS
WORLD BANK WORKING GROUP MET WITH PIU AND IMPLEMENTING ORGANIZATIONS REGARDING THE COMPLETION REPORT OF THE STRENGTHENING GOVERNANCE IN MONGOLIA PROJECT

4/3/2023

Concerning the Strengthening Governance in Mongolia project, which was completed on February 28, 2023, the World Bank working group to develop the project completion report had an official meeting with Project Implementation Unit (PIU) and implementing organizations on March 30, 2023. The purpose of the working group meeting is to review the implementation of the project, the results achieved, and the fulfillment of the project indicators.

PERFORMANCE BASED FINANCING: INSPIRING NEW APPROACHES TO PUBLIC FINANCIAL MANAGEMENT IN HEALTH AND EDUCATION

3/23/2023

Performance based financing (PBF) links funds or payments to service providers to results achieved and gives them considerable autonomy in the use of these funds. The strategic approach is appealing to many individuals and organizations as it motivates them to perform better and channels resources directly to the frontlines. This in turn fosters greater accountability. Using this approach has been popular in different sectors with some promising results emerging. 

AN INTEGRATED SYSTEM FOR RESULTS-BASED MEDIUM-TERM BUDGET PLANNING: IN ACHIEVING THE GOALS OF IMPROVING BUDGET PLANNING, BUDGET EFFICIENCY AND PROGRAM OUTCOME.

3/7/2023

    Under the scope of improving public financial management, Mongolia is aiming to introduce result-oriented medium-term budgeting, transitioning from the traditional input-based budgeting. This goal is aligned with development policy of Mongolia to shift from medium-term fiscal framework (MTFF) to medium-term expenditure framework (MTEF).

The MOF is entering the new phase of PFM Reform Action Plan

2/28/2023

Within the framework of the European Union financed, World Bank managed “Strengthening Governance in Mongolia” project, the Ministry of Finance, in compliance with the “Sustainable Development Vision 2030” and the “Action Program of the Government of Mongolia for 2016-2020”, has approved and implemented the Public Financial Management (PFM) Reform Strategy and the Action Plan for 2018-2022. The overarching objective of the strategy was to improve governance and achieve effective resource allocation and efficient public service delivery. The implementation status of the PFM Action Plan is indicated as “Certain results have been achieved” at the rate of 85 percent.

LAUNCHED BETA VERSION OF THE REDEVELOPED GLASS ACCOUNT PORTAL

1/20/2023

The Ministry of Finance Mongolia has developed and successfully launched the new version of the Glass Account Portal in 2023 within the framework of the Strengthening Governance in Mongolia Project jointly implemented by the EU and the World bank.

New systems and services are added in the Intermediate service platform for fiscal and financial systems

1/11/2023

The Ministry of Finance Mongolia has developed and successfully launched the Intermediate Service Platform (ISP) in 2022 within the framework of the Strengthening Governance in Mongolia Project. The main purpose of the system is to provide a possibility of information /web services/ exchange between the independent systems of the Ministry of Finance and other organizations in a easy and flexible way. In addition, it is solving the issues of overlapping connections and development between many information systems and organizations, transferring them to a unified standard, making it has no complexity, and more secure.

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