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

Implementing agencies: FRC and MSCC

Duration: January 2012-2015


1) Capacity building and development of  Savings and Credit Cooperatives;

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

Objective 1:

1. Develop implementation of SCCs' regulations and supervision;

2. SCCs rated, granted special licenses, and evaluated;

3. New methodology to enhance capacity and stabilize activities of SCCs;

Current results of above-mentioned objective are as follows:

1. SCC's renewed regulations and supervision systems

2. Supervision in all local soums

3. Capacity evaluation and trainings of SCCs

Objective 2:

1. Basic financial education for adults by TV programs and messages; 

2. Evaluation by random-sampling, and real-time;

Current results of above-mentioned objective are as follows:

1. Basic survey of financial education and financial education messages

2. Financial education

3. TV serial

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)

Duration: January 2011 - December 2015

Purpose: 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.


  1. Enhancing financial sector confidence,
  2. Enhancing public financial education,
  3. Protecting rights of financial sector participants,
  4. Reducing financial crime,
  5. Stabilizing Financial Regulatory Commission's operations


  1. Develop legal environment of financial market,
  2. Enhance public's and market participants' financial education,
  3. Legal consultation on behalf of public and legal entities,
  4. Enforce law and legislation, and develop supervision of market participants,
  5. Policy- making on human resource and elaborating operational strategy of FRC

Implementing organizations:

  1. Financial Regulatory Commission
  2. Ministry of Foreign Affairs of Grand Dutch of Luxembourg, Financial Technology Transfer Agency of Luxembourg


  1. Hired consultants on regulations and guidelines, following, Securities Market Law and Investment Fund Law,
  2. Organized trainings and published financial education books and guidelines on regulations,
  3. Elaborated FRC's operational strategy,
  4. FRC human resource management policy prepared.‚Äč

Project for Capacity Building of Capital Market in Mongolia, JICA

Duration: 2014-2017

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 in overseas stock exchanges; thereby  imporoving market confidence.

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


  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


Implementing Agency: Alliance for Financial Inclusion (AFI)

Duration: 2015

Purpose: Starting Commodity Exchange activities and providing stable operations


  1. Study experiences of commodity exchanges in India, Pakistan and Ethiopia;
  2. Participate in annual conferences and related meetings;


FRC staff members will studied experiences of commodity exchanges in India, Pakistan and Ethiopia, and introduced one suitable for Mongolia.

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


Implementing agency: World Bank

Duration: 2011-2016

Purpose: In the framework of capacity building of the FRC, to improve the legal environment of the Securities and Insurance markets, meet international standards, and organize training for FRC staff members. For capacity-building of FRC's human resources, and organizing training programs for financial markets participants.

Accomplishments: Hired foreign and local consultants, and the following regulations were approved for improving the legal environment of the 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)

Researched basic re-insurance market, enforced Securities market law, and approved regulations meet international standards.

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

Duration: 2014-2016

Purpose: Developing healthy and diversified financial sector

The objectives included:

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