Paper
Mongolia: Regulation on Licensing For Nonbank Financial Institutions and its Revocation, Supervision
An Act regulating the licensing of banking activities of non-bank financial institutions
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This paper is a regulation for non banking financial institutions (NBFI) in Mongolia, to carry out certain banking activities as in the 'Order of the Governor', Mongolbank 1992. It contains licensing provisions for carrying out of banking services by NBFIs in the country.
The significant contents of Part I of the paper deal with the following for the NBFIs:
- Classification;
- Circumstances under which the license for banking shall be issued by the Mongolbank;
- Other legislations applicable;
- Prohibited activities;
- Financial reporting to the Mongolbank.
The decree includes four more sections, which highlight the:
- Documentation and other attachments required by an NBFI to file with the Mongolbank to obtain the requisite license;
- Process to be followed for verification of the documents submitted for granting a banking license;
- Grounds upon which the license of a NBFI can be revoked/terminated by the Mongolbank;
- Issues relating to supervision and examination of NBFIs.
The paper concludes with a final section that deals with the implications for entities that do not comply with the regulations.
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