Mongolia Adopts Custodial Regulations

On 3 July 2014, the Regulations on Custodial Licensing and Operations (the "Custodial Regulations") were jointly approved by the head of the Financial Regulatory Commission (the "FRC") and the President of the Bank of Mongolia (the "BoM").

The Custodial Regulations have been much-awaited after the adoption of the amended version of the Law of Mongolia on Securities Market (the "Revised Securities Law") on 24 May 2013, which introduced the concept of custodian services to Mongolian capital markets and provides a basic regulatory framework for the same. Please see our client alert on the same.

 

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