EuroChamber Weekly Newsletter (29 March)

EuroChamber update

EuroChamber's CEO Zandan Bilegt moderates the Business and Human Rights multi-stakeholder roundtable

A multi-stakeholder meeting on “Business and Human Rights” was organised by the Ministry of Foreign Affairs of Mongolia and UNDP’s Business and Human Rights (B+HR) Asia Programme, supported by the European Union. EuroChamber's CEO Zandan Bilegt moderated the business panel featuring best practices of responsible business conducts in which human rights are respected and remedy mechanisms are provided by private sector in line with the UN Guiding Principles on Business and Human Rights.

In 2023, Mongolia became the fourth country in the Asia-Pacific region to adopt National Action Plan on Business and Human Rights (NAPBHR), which aims to improve the legal framework, offer practical guidance through human rights due diligence tools, enhance stakeholder capacities, and strengthen access to remedy mechanisms. The discussions revolved around the opportunities, challenges, and advancements of the NAPBHR, which is set for implementation from 2023 to 2027.

Source: UNDP Mongolia

Membership

EuroChamber is delighted to announce that TDB has renewed its membership with EuroChamber in Premium category.

We look forward to the continued collaboration.

EuroChamber is delighted to announce that CRM has renewed its membership with EuroChamber as a Corporate Plus member.

We look forward to the continued collaboration.

EuroChamber is delighted to announce that Intelmind has renewed its membership with EuroChamber in a Corporate Plus category.

We look forward to the continued collaboration.

EuroChamber is delighted to announce that EY Mongolia has joined EuroChamber as a Corporate Plus member.

We look forward to the fruitful collaboration.

Mongolia update

Discussions in the Parliament this week

Below are some of the discussions held at the Parliament's Standing Committees:

Drafts laws on private supplementary pensions and laws on private pensions.
Draft law on the Legal Status of the Professional Associations.
Draft law on the Securities Market and the accompanying draft laws.
Draft law on the Support for Creative Industries and accompanying draft laws.
Draft law on Establishment of Courts and accompanying draft laws.
Draft laws on Temporarily Prohibiting the Establishment of New State-owned and Local Legal Entities, Improving Their Efficiency and Management, and on Limiting State Participation in Business Activities

Source: parliament.mn

The first discussion of the draft law on the Securities Market

The first discussion of the draft law on the Securities Market and the accompanying draft laws was held at the Economic Standing Committee on 28 March.

Various assets can be used in the swap contracts in the international financial market, therefore definitions of the assets were added to the draft law, to allow those assets in the dometic market.

Bank deposit certificates that are traded on international stock markets are not only traded in the form of securities, but also have the characteristics of savings, therefore the draft law includes insurance of deposit certificates was added to protect investors.

The licenses of entities operating in the securities market will be regulated by the Law on Licensing and the Law on Securities Market. Additional requirements for securities license were removed fom the draft law due to deemed incompatibilty with the objectives of the Securities Market Law.

The clause on establishing and funding a payment guarantee fund by clearing organisations, was removed.

Source: parliament.mn

Cyber crime in Mongolia has increased 13 times in the last 5 years

The National Police Agency warns that cybercrime has increased by an average of 95% or 13 times in the last five years. Citizens faced fraud, financial and other types of losses due to lack of information about cybercrime and safe use of the electronic environment. Therefore, be careful to click links, open emails and files from unknown senders, fill in your username and password to avoid becoming a victim of the growing cybercrime.

Source: news.mn

Our mailing address is:

info@eurochamber.mn