HK SFC signs MoU with the Financial Regulatory Commission of Mongolia
The MoU – signed by the Chairman of the SFC, Mr Carlson Tong, and the Chairman of the FRC, Mr Dashdondov Bayarsaikhan – establishes a framework for mutual assistance and facilitates the exchange of information between the two regulators.
“This MoU strengthens our abilities to protect our markets and enforce the law in relation to cross-border matters. Both Hong Kong and Mongolia will benefit from the closer regulatory relationship made possible by the MoU,” Mr Tong said.
“This memorandum signifies the importance of close cooperation between the authorities and exchange of information to assist each other. I firmly believe that the SFC and the FRC relationship is taken to a new level with this MoU which promotes shared interests and cooperation for more effective financial regulation through knowledge sharing and benchmarking,” Mr Bayarsaikhan said.
1. The FRC is the regulator of Mongolia overseeing the securities market, commercial insurance organisations, non-bank financial institutions, and savings and credit cooperatives.
2. On 27 September 2013, the SFC and the Stock Exchange of Hong Kong Limited published a revised Joint Policy Statement regarding the listing of overseas companies. Please see the SFC’s press release dated 27 September 2013.
3. Two photographs are attached to the electronic version of this press release. One photograph shows the SFC’s Chairman, Mr Carlson Tong (left) and the FRC’s Chairman, Mr Dashdondov Bayarsaikhan (right) sign the MoU in Ulaanbaatar, Mongolia. Another photograph featured officials of the SFC and the FRC who attended the signing ceremony.