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This technical note summarizes findings and recommendations on measures for the strengthening of the capital markets in Mongolia. The authorities have taken bold steps in the last two years to modernize the Mongolian Stock Exchange (MSE) and put in place modern legal, regulatory and market infrastructure for the capital market. Improving the institutional, regulatory and supervisory framework is a key priority, and the enactment of a new securities market law should lay a sound foundation for the regulation and supervision of the securities markets. However, its current draft has several gaps that should be addressed. Nonetheless, development of the domestic securities market in Mongolia should take into account the inherent problems for small markets, because a central feature of the securities market is economies of scale. Currently, the local capital market is not representative of the full universe of Mongolian enterprises that are operating in the country at present. As a result, it may be difficult to attract foreign investors interest if the country's most attractive firms are not listed domestically. One of the most important elements for a strong domestic capital market is a diversified institutional investor base, and the regulatory agencies involved should pursue a concerted strategy toward developing the investor base. Mongolia needs to provide an enabling environment to attract a diverse range of institutional investors participation, including investors from abroad.

Accounting --- Asset-Backed Securities --- Auctions --- Banking Sector --- Capital Flows --- Capital Markets --- Capital Markets and Capital Flows --- Capital Requirements --- Commercial Banks --- Corporate Governance --- Debt --- Debt Management --- Debt Markets --- Domestic Debt --- Due Diligence --- Equity Markets --- Finance and Financial Sector Development --- Financial Literacy --- Fiscal Policy --- Fund Management --- Gross Domestic Product --- Human Capital --- Inflation --- Information Technology --- Insurance --- Monetary Policy --- Mutual Funds --- Risk Management --- Securities --- Stock Exchanges --- Transparency --- Yield Curve

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This is an initial report of the International Organization of Securities Commissions (IOSCO) assessment performed in 2010 as part of the financial sector assessment program (FSAP) of China. The assessment was prepared on the basis of a self-assessment prepared by the China Securities Regulatory Commission (CSRC), public information contained on the CSRC website and the websites of other entities in China, and a review of relevant Chinese laws and regulations. The timely completion of this assessment was greatly facilitated by the cooperation provided by numerous members of the staff of the CSRC. The CSRC has broad regulatory authority over the stock and futures exchanges, the China Securities Depository and Clearing Corporation Limited (SD and C) and other clearing and settlement institutions, securities companies, futures companies, and collective investment scheme (CIS) operators. This paper is divided into two parts. The first part gives summary, key findings, and recommendations. It is further divided into following six parts: (i) introduction; (ii) information and methodology used for assessment; (iii) institutional and market structure- overview; (iv) preconditions for effective securities regulation; (v) key findings; and (vi) recommended action plan and authorities' response. The second part gives tabular detailed assessment.

Accounting --- Arbitrage --- Asset Management --- Bankruptcy --- Capital Requirements --- Commercial Banks --- Confidentiality --- Corporate Governance --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Sector --- Financial Stability --- Fraud --- Fund Management --- Hedge Funds --- Information Technology --- Insurance --- Jurisdiction --- Law Enforcement --- Legal Framework --- Legal Institutions For A Market Economy --- Legal System --- Macroeconomics and Economic Growth --- Monetary Policy --- Money Laundering --- Mutual Funds --- Non Bank Financial Institutions --- Private Sector Development --- Regulation and Competition Policy --- Reserve Funds --- Risk Management --- Rule of Law --- Securities --- Settlement Systems --- Systemic Risk --- Transparency