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New securities law explained

Mongolia’s long-awaited securities law introduces several new concepts into its capital markets, such as depositary receipts, custodian banks and beneficial and nominee shareholders. These developments make possible the triple-listing of state-owned coal miner Erdenes Tavan Tolgoi in London, Hong Kong and Mongolia.




They also mean that companies with Mongolian assets incorporated overseas can list on the country’s stock exchange via Mongolian depositary receipts;

The new law includes international-standard disclosure requirements;

Market participants are more optimistic about Mongolia’s investment environment following the passage of the Securities Law;

They predict that the Great Khural, Mongolia’s parliament, will soon approve changes to its contentious foreign investment law.

Mongolia’s Securities Markets Law will become effective on January 1 2014. Although the full text has yet to be released, the law introduces provisions that will allow for the highly anticipated triple-listing of state-owned Erdenes Tavan Tolgoi (ETT).

 

The Securities Markets Law was finally approved on May 24, after years in the State Khural, Mongolia’s parliament. English translations are as-yet unavailable.

 

Regardless, market participants are excited about the new law’s potential impact. It introduces several new concepts to Mongolia’s capital markets, including dual-listing provisions which will allow for the triple-listing of state-owned coal miner ETT. It also brings local disclosure and financial statement reporting requirements in line with other emerging markets.

 

Mongolia Stock Exchange (MSE) deputy chief executive officer and chief regulatory officer, Saruul Ganbaatar, said the new law makes the rules of the games much more transparent and easier to understand.

 

“The previous law was mostly prohibitive in terms of activities to be carried out in the securities market, whereas the new one introduces more flexibility, which is a necessity for the market to grow,” he said.

 

The Business Council of Mongolia executive director, Jim Dwyer, believed the law was a critical component for companies to tap the capital markets.

 

Noting the abysmal initial public offering (IPO) volumes in Mongolia in the past two to three years, he believed the country’s equity market had not been working, despite the London Stock Exchange’s good work in setting up a new platform.

Source: BC mongolia

For more information about the law contact info@exportmongolia.mn

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