other
April 28, 2021
ONE YEAR OF AMENDMENTS TO THE CONSTITUTION OF MONGOLIA
It has been nearly one year since the amendments to the Constitution of Mongolia, enacted on 13 January 1992 (“Constitution”) became effective. On 14 November 2019, the State Great Khural of Mongolia (“Parliament”) made significant amendments (“Amendments”) to the Constitution and the amendments became effective on 25 May 2020. This was the second time that the Constitution was amended since its adoption in 1992.
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
COUNTRY UPDATE-MONGOLIA: INSURANCE
In cooperation with Thomson Reuters, M&E’s article “Country Update-Mongolia: Insurance” has been published by Practical Law. This article highlights some of the key legal regulations commonly associated with the insurance market in Mongolia. PLEASE CLICK THE LINK:
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
LEGISLATIVE UPDATE: MONGOLIAN TAX REFORM
The Parliament of Mongolia adopted the revised General Taxation Law (the “GTL”), the Law on Corporate Income Tax (the “CIT Law”) and the Law on Personal Income Tax (the “PIT Law”, together the “Taxation Package Laws”) on 22 March 2019, which became effective from 1 January 2020. In connection with these revised laws, approximately 23 laws were amended. Revised methodologies on valuation of minerals licenses and land rights for tax purposes were approved by the Ministry of Finance and officially published as of 20 January 2020.
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
LEGISLATIVE UPDATE: MONGOLIA AMENDS ITS RENEWABLE ENERGY LAW
The Parliament of Mongolia approved the amendments to the Renewable Energy Law (the “Amendments”) on 6 June 2019. The Amendments have now been published in the State Gazette, bringing it into force.
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
ГАДААДЫН ХӨРӨНГӨ ОРУУЛАГЧ УУ? ЗАЛИЛАГЧ УУ?
Хөгжиж буй улс орнуудын иргэд, ялангуяа хөрөнгө санхүүгийн туршлага, мэдлэг дутмаг иргэд, хуулийн этгээдүүдийг онилж, хууран мэхлэх, залилах гэсэн үйлдэл байнга гардаг гэдгийг та бид бүгд мэднэ. Харин бизнес эрхлэгчид, хөрөнгө оруулалт хайсан компаниудыг онилсон хуурамч хөрөнгө оруулагч нарыг хэрхэн таньж мэдэх бэ? Эдгээр залилан хийх гэж буй этгээдүүдийг таньж мэдэхэд туслах боломжтой зарим нэг зөвлөгөө, анхаарах асуудлуудыг товч дурдъя.
Erdenedalai Odkhuu
April 28, 2021
MONGOLIA - DATA PROTECTION OVERVIEW GUIDANCE NOTE
In cooperation with One Trust Data Guidance, M&E’s article “Mongolia-Data Protection Overview Guidance Note” has been published at the website DataGuidance. This article highlights some of the key legal issues relating to data protection in the financial, health and telecommunication sectors.
PLEASE CLICK THE LINK:
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
IMPACT OF THE FATF GREY LISTING ON FDI INTO MONGOLIA
In October 2019, the Financial Action Task Force (“FATF”) included Mongolia into its watchlist (the so called “Grey List”). From the outset, this could increase the concerns of investors around economic stability, smooth international transactions, and free flows of currency. If the Grey List status lasts for a significant length of time, this could develop into more serious problems, but we believe this status should be corrected within a short-term period and do not expect that it will have a material medium or long-term impact on FDI. Some of the potential short-term risks and the main points underpinning this are set out below.
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
OVERVIEW OF THE MONGOLIAN LEGAL SYSTEM AND LAWS
Since the establishment of the Mongol Empire in 1206, the development of the Mongolian legal system can be divided into four main historical stages: Mongol Empire Period this is the period of the formation of the roots of Mongolian legal system. Chinggis Khan's Ikh Zasag Law, commonly known as Yassa, written sometime between 1206 and 1218, was for the most part a codification of the general principles of law already held by the tribes under his command.
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
MONGOLIA AMENDS ITS BANKING LAW
On 29 January 2021, the Parliament of Mongolia adopted the Law of Mongolia on Amendments to the Banking Law (“Amendments”). Together with the Amendments, the Parliament of Mongolia adopted the Law of Mongolia on Procedures for Implementing the Law on Amendments to the Banking Law (“Implementation Law”). The Amendments and the Implementation Law entered into force on 25 February 2021. Please CLICK THE LINK:
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
MINING IN MONGOLIA: OVERVIEW
In cooperation with Thomson Reuters, M&E’s article “Mining in Mongolia: Overview” has been published at the website Practical Law, in the global energy and natural resources section. This article highlights some of the key legal issues commonly associated with the exploration and extraction of mineral resources in Mongolia. Please see the link below:
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
UPDATE: OVERVIEW OF THE MONGOLIAN LEGAL SYSTEM AND LAWS
In cooperation with New York University, M&E’s article “Overview of the Mongolian Legal System and Laws” has been published at the website GlobaLex, an electronic legal publication dedicated to international and foreign law research. Please see the link below:
Chris Melville and Erdenedalai Odkhuu
April 28, 2021
PRIVATE INVESTMENT FUNDS IN MONGOLIA
As of spring 2017, Mongolia needs foreign and domestic investments more than ever. This is because Mongolia is on the verge of a severe economic crisis. Since 2012, Mongolian economic growth has decreased from 17.8% to 0.8%. The main causes of this economic crisis were fiscal indiscipline, weak rule of law, unnecessary and wrong political promises to gain or retain political powers. Furthermore, outside factors, such as falling commodity prices and China’s economic slowdown, accelerated the impact.
Erdenedalai Odkhuu