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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: http://shorturl.at/duHJZ

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. https://bit.ly/3bAxC14

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: https://lnkd.in/eT2Qh8S

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: https://bit.ly/3dVIZVj

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: https://global.practicallaw.com/w-017-7372

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: https://www.nyulawglobal.org/globalex/Mongolia_Research1.html

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