Mongolia’s legal and business environment has oftentimes struggled to keep pace with efficient and balanced regulation of market players. Over the last two decades Mongolia has made significant strides toward building proper legal environment for business and investment. Especially significant pieces of legislation have been passed in the recent years to regulate and facilitate M&A, foreign investment, joint ventures, corporate finance, securities markets, PPP, business structuring and investment funds. Examples include Concession Law (2010), Banking Law (2010), Company Law (2011), Law of Mongolia on Securities Market (revised version 2013), Investment Fund Law (2013), Investment Law (2013), Money Laundering and Terrorism Financing Law (2013), Petroleum Law (2014).
In 2015, the Parliament approved the adoption of the first ever Law on Registration of Movable Pledges. The Law lays the groundwork for a legal environment in which movable property can be more effectively used as collateral starting from September 2016. Furthermore, in 2018 Law on Registration of Legal Entities, which furtherly streamlined registration of businesses in Mongolia was revised and approved by the Parliament. This Law has, among others, abolished the long-standing requirement of separate review and registration of non-Mongolian companies who wanted to do business in Mongolia. Next, the Law on Accountancy and Auditing Law of Mongolia (revised version) were passed in 2015, makes it mandatory for businesses, small and big, to apply international financial reporting standards staring from 01 January 2016. Each of these new laws in turn are being expanded and detailed through a set of regulations and bylaws issued by appropriate regulators. Our corporate practice has handled notable corporate transactions and includes assignments in capital markets, M&A and joint ventures, SOEs, corporate counseling, restructuring, banking and other financial institution matters, project finance. In addition, as a full-service firm, our corporate and litigation lawyers frequently share expertise to provide “one stop” legal shopping for our clients. The firm’s cooperative efforts appl ynot only among practice areas, but also across jurisdictions.