Visit to Securities and Futures Commission of Hong Kong

A delegation team consisting of representatives from State property community and ‘Erdenes MGL’ joint-stock company, headed by deputy chairman of FRC Mr. B.Daajamba visited Stock Exchange and Securities and Futures Commission (SFC) of Hong Kong, special administrative region of the People’s Republic of China.

During the visit, delegates held talk with representatives from SFC headed by Marc Steward, Chief of Implementation of Law and Regulations department,  with respect to signing a Memorandum of Understanding between the two commissions and exchanged opinions on draft Securities Law, also provided relevant information about Mongolian securities market.

It’s settled during the talk that SFC of Hong Kong and FRC will sign a Memorandum of Understanding within 2011. Signing this MoU between the two organizations will form a legal environment for Mongolian companies to directly register to Hong Kong stock exchange and gives further opportunity to raise fund from international stock market.

Temporary suspension of some broker, dealer companies activity

Based on the violation of The Section 2.9 of ‘Securities Market Professional Activity Permission Rules’ approved as a resolution 29 by the FRC, stating that ‘Companies wishing to extent and continue activities in the securities market should send special requests 30 calendar days before the actual expiration’, ‘FCX’ LLC, ‘NIKI’ LLC and ‘London Asia Capital’ LLC’s trades have been stopped according to the official notifications 42, 43, 44 given on 06 June 2011 by a State Head Inspector.

SECURITIES DEPARTMENT