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March 27, 2022
LEGISLATIVE UPDATE: REVISIONS TO THE MONGOLIAN LABOR LAW
After long discussion and debate since the submission of its initial draft on 26 March 2018, a revised Labor Law (the “Revised Labor Law”) was adopted by the Parliament of Mongolia on 2 July 2021, which will come into force and effect on 1 January 2022.This briefing focuses on some select changes of interest to employers and businesses operating in the private sector.
March 27, 2022
MONGOLIA’S LEGAL FRAMEWORK ON COAL BED METHANE
With vast amounts of proven coal reserve, there is significant potential for development of the methane gas industry in Mongolia. Below we provide general information on certain regulatory matters that may be of interest to those involved or looking at this sector.
Chris Melville and Erdenedalai Odkhuu
March 27, 2022
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. https://bit.ly/3bAxC14
Erdenedalai Odkhuu
March 27, 2022
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: http://shorturl.at/duHJZ
Chris Melville and Erdenedalai Odkhuu
March 27, 2022
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: https://global.practicallaw.com/w-017-7372
Chris Melville and Erdenedalai Odkhuu
March 27, 2022
APPROVAL OF NEW REGULATION ON THE CHANGES TO THE SHARE CAPITAL AND SHAREHOLDING STRUCTURE OF BANKS AFTER IPO
In January 2021, the Parliament of Mongolia adopted the Law of Mongolia on Amendments to the Banking Law which required systemically important banks to become open joint stock companies by 30 June 2022. In light of this, on 5 October 2021, the BoM and the FRC adopted a Joint Order approving the “Regulation on the Approval of Changes to the Share Capital and Shareholding Structure of a Bank in the form of a Joint Stock Company”.
March 27, 2022
LEGISLATIVE UPDATE: MONGOLIA REVISES ITS VISA REGULATIONS
On 7 July 2021, the Government of Mongolia adopted Resolution No.192 which approved the Regulation on Issuance of Mongolian Visas (the “Visa Regulation”). The Visa Regulation became effective on 16 August 2021. Below we highlight some of the key changes introduced by the Visa Regulation.
March 27, 2022
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
March 27, 2022
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: https://bit.ly/3dVIZVj
Chris Melville and Erdenedalai Odkhuu
March 27, 2022
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: https://lnkd.in/eT2Qh8S
Chris Melville and Erdenedalai Odkhuu
March 27, 2022
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