Following the regular 17th FRC Meeting, 30 subjects have been covered and decided. Even if the JSCs are supposed to have assessment every three years by an assessment agency which has received a license from the FRC, there are JSCs which have not had any assessment done in the last years. As a result, the shareholders suffer a loss and FRC Meeting has made a decision that the JSCs listed at the Stock Exchange to be re-assessed.
In particular, in case where the capital assessment of the JSCs who submitted their request to change their form is not realistic, the shareholders’ share decreases and they are liable to suffer a loss. Therefore, within the third season, it is decided that the capital assessment is to be done by the assessment agency with a license from the Ministry of Finance and reflected on the annual report.
In addition, the Meeting approved the custodian license to the KHAAN Bank. As determined in the securities law, previously, TDB and Golomt bank have obtained their license for custodian operations. Whereas, KHAAN Bank had submitted their request for custodian operations to the FRC in December last year. After the FRC having examined the total capital amount and other conditions stated in the regulation, the Meeting has made the decision. FRC Press Office reports that as a consequence, KHAAN Bank becomes the third bank to deposit the securities, approve the ownership rights and offer investment services in Mongolia.