The Financial Regulatory Commission held its regular meeting. The meeting discussed and resolved issues such as granting, extending, suspending and canceling licenses for participants in the financial sector except banks.
Licensing of Securities Clearing and Settlement House LLC for commercial settlement and payment activities and “Central Securities Depository” LLC is for to register and transfer securities ownership rights.
Since 2003, “Securities Clearing Settlement and Central Depository” LLC has been operating under the government’s resolution No. 147 of 2015, two separated entities established in 2016 and are operating under the direction of the Board of Directors appointed by the Minister of Finance.
Mongolian Mortgage Corporation or “MIC Asset Twelve” LLC has been granted a license to operate in a special purpose company in August and has registered the securities issued by the company.
“MIK Asset Twelve” LLC has a total value of 2.7 million MNT, which is secured by mortgage with up to 30 years nominal value of 100.000 MNT each.
In order to supervise the first creditor and service bank, between ‘МИК ОССК’ LLC and “MIK Asset Twelve” LLC made a contract and are required to organize long-term insurance coverage in the form of long-term insurance that is guaranteed by the insured’s interests. The BOM advised the first creditors and service providers.
Also at the FRC meeting made decision of:
“Standard Agrique Group” LLC was established at “Uuyimkhangai”,
“Anugeragar treasure” LLC at “Daimankcapital” LLC,
“Tucksjam” LLC was established at “Ashshuujunjin Finance” LLC is to merge together.
The license has been granted to one financial companies to extend its activity to the loan service, while the license for 5 financial companies and 3 loan companies has been granted.
In addition, most of the licenses were extended to 8 financial companies operating in rural areas and the suspension of licenses for two commercial intermediary trading companies. Also abolished the license of “Grovisa Finans” LLC who is operating business in Ulaanbaatar.