Legislative working group
Legislative Working Group PDF Print E-mail

Mission Statement

BCM has formed a Legislative Working Group to advocate for certain legal and business practice matters. B. Bayar,ELC LLC, chairs the Working Group. The Legislative Working Group members include:

Co-Chair:  - B. Bayar, ELC LLC
- James Liotta, Lehman, Lee & Xu

Members:

  • Amarbaysgalan D, OT LLC
  • Battulga Jalbasuren, OT LLC
  • Darin Hoffman, Lynch & Mahoney
  • Deborah Davis, Lehman, Lee & Xu
  • Enkhbat. B, Eznis Airways
  • Enkhsaikhan.N, Monnis
  • Erdenebold.Ts, ELC
  • Enkhbold G, Energy Resources LLC
  • Mendsaikhan. T, Bonalex
  • Otgochuluu. Ch, Economic Policy and Competitiveness research center
  • Pierre Montpeyroux, Petro Matad
 
New Company Law of Mongolia (unofficial translation) PDF Print E-mail
Thursday, 26 January 2012 10:22

 

Please click the attached link of New Company Law of Mongolia. (Unofficial translation)
 
BCM supports passing of the Draft Securities Law in this Parliament Session PDF Print E-mail
Monday, 09 January 2012 00:00
We are forwarding the attached Open Letter with Mongolian translation (non-official) from Mr. Bill Gorman who has completed his assignment at the MSE for the London Stock Exchange.
BCM strongly supports the passing of the draft Securities Law in this session of Parliament.  The MSE's development urgently requires this legislation on a timely basis.
Dear Ministers, Government officials and others interested in the Mongolian Securities Market's modernization,
As I depart Mongolia, I feel duty bound to state that I strongly believe that successful and timely privatization of Erdenes Tavan Tolgoi (ETT) is dependent upon a proper Securities Markets law being promulgated by the current Parliament. My rationale is noted below. I have taken the liberty of copying those parties who have expressed interest in the draft law.
The current Securities Law is woefully deficient. It was built for a different time and different objectives than exist now. It was written with individual Mongolian citizen investors in mind and does not address the needs of institutional or foreign investors. It does not recognize the difference between beneficial owner and registered owner. It makes no provision for Custodians (financial institutions with legal responsibility for an investor’s securities). It imposes requirements on companies “Listed” on the Mongolian Stock Exchange (MSE) that could make it difficult, if not impossible, for those companies to list their shares on other exchanges.
Without a proper law, ETT and other privatizations will encounter serious obstacles to their capital raising efforts and valuation of their shares because of deficiencies and limitations in the current Securities Markets Law.
The MSE has always been vitally interested in helping draft a suitable law. On September 1, 2011, I submitted in MSE’s name, a draft to the Securities Law Working Group. That draft contained contributions from several international legal firms and market participants and was reviewed by multiple local and international entities. Many of the persons on this e-mail’s courtesy-copy list were contributors to our submission. A very useful and near final review was performed by a securities market attorney at the World Bank.
The Working Group has amalgamated the various submissions it has received. I have not seen a full English language version of their current draft and have only reviewed and commented (in cooperation with the LSE/MSE team) on clauses 41 through 46 of their draft.
I have been advised that a draft law has been scheduled for submission to Parliament during the Spring 2012 session. That session does not begin until April and ETT’s IPO (Initial Public Offering) is tentatively scheduled for March 2012. This late date poses several problems and is the reason I have written this e-mail.
Mongolian Law will require ETT to list at least 10% of their shares on the MSE. If a new Securities Markets Law is not promulgated in time, ETT may be caught in a legal bear trap (catch-22). Another problem is the Exchange’s need to promulgate a proper set of Listing Rules and Prospectus rules. These rules must conform to the requirements of the Securities Markets Law as well as be approved by both the MSE Board of Directors and the Financial Regulatory Commission. These time constraints could be managed if the Parliament were to pass the law in the current session.
A modern Securities Markets Law that attracts investors is needed regardless of political affiliation – it affects every Mongolian citizen. The current law does not meet Mongolia’s needs. It must be replaced if Mongolia’s dreams are to be met. May I recommend that the Government of Mongolia make a final review of its Draft State Securities Markets law and place it before the State Great Hural for passage in the current Parliamentary session.
Wishing everyone the best,
Bill Gorman
 
“Dispute Settlement, Judicial & Legal Reform” on October 5, chaired by Michael Aldrich, Hogan PDF Print E-mail
Thursday, 29 September 2011 10:38

 

Michael Aldrich of Hogan Lovells will chair and speak at the panel on “Dispute Settlement, Judicial and Legal Reform” at our 14th Annual Investors Conference in UB on the morning of October 5. The subject seems especially timely and of broad interest.Those of you who attended our April 2011 Annual General Meeting (AGM) in Washington, DC, will recall the interesting presentation on international dispute settlement presented by Jonathan Greenberg of Heenan Blaikie, one of Canada’s leading law firms and a member of the NAMBC. One of Jonathan’s colleagues at Heenan, Tobin Robbins of Vancouver, serves on our Board of Directors.As background reading for the October 5 panel, Jonathan sent us a revised, expanded version of the documentary materials he distributed at the AGM. He edited and annotated the documents to provide easily accessible reference materials on a range of issues related to investor-state disputes in Mongolia, especially in the mining sector.  Jonathan is using this same packet as a case study for the course on International Investment Law and Dispute Resolution he is teaching this fall at Stanford Law School. To avoid annoying your email server, Jonathan divided it into three parts which are attached above.

mipart1.pdf

mipart2.pdf

mipart3.pdf
 
Draft laws and parliament draft resolutions pending for the first discussion at the Parliament PDF Print E-mail
Monday, 26 September 2011 09:56

 

1.       Amendment to the law on import and export of the work force /submitted by  MPs led by L. Gundalai, 05.06.2006/

2.      Parliament resolution to create honored civil servant award /submitted by 5 MPs led by Ts. Sukhbaatar, 02.01.2008/

3.      Amendment to the parliament law and law on Parliament procedure /submitted by MP N. Batbayar, 05.22.2008/

4.      Amendment to the local election law, labor law, auto transportation law, law on organizing the lottery /submitted by 4 MPs headed by N. Batbayar, 11.10.2008/

5.      Draft parliament resolution on the measurements to issue the loan allowance to small and medium entrepreneurs and herders /submitted by 4 MPs headed by G. Batkhuu, 04.03.2009/

6.      Draft criminal code /submitted by 12 MPs headed by Sh. Saikhansambuu, 01.26.2010/

7.      Draft law on casino  /submitted by 10 MPs headed by D. Zagdjav, 03.11.2010/

8.      Parliament draft resolution on state highest awards and medals /submitted by 3 MPs headed by Sh. Saikhansambuu, 03.24.2010/

9.      Amendment to the law on court /submitted by President, 04.13.2010/

10.     Amendment to the general law on state registration /submitted by 3 MPs headed by Ts. Batbayar, 06.03.2010/

11.     Parliament draft resolution to renew the regulation for the form of income and property statement and it’s registration /standing committee on legal affairs, Parliament,  06.15.2010/

12.     Amendment to the law on pasture and law on land /submitted 19 MPs headed by R. Bud, 07.08.2010/

13.     Parliament draft resolution to approve the program /submitted MPs headed by A. Tleihan, 08.12.2010/

14.     Parliament draft resolution to approve the release of Government securities /submitted by 9 MPs headed by S. Byambatsogt, 11.02.2010/

15.     Draft law on criminal code /submitted by MPs headed by E. Bat-Uul, 01.06.2011/

16.     Amendment to the law on courts / submitted by MPs headed by Kh. Temuujin, 01.06.2011/

17.     Amendment to the law to ban the mining exploration on the area of riverhead, restricted areas with water resource and forest area / submitted by MPs headed by 01.28.2011/

18.     Parliament draft resolution to renew the state policy for culture /Government, 03.25.2011/

19.     Amendment to the law on Parliament / submitted by MPs headed by S. Byambatsogt, 03.25.2011/

20.     Implementation of Government action plan for 2008-2012 /submitted by Government, 04.01.2011/

21.     Draft law on land /submitted by Government , 04.01.2011/

22.     Amendment to the energy law / submitted by Government 04.27.2011/

23.     Amendment to the local election law / submitted by Government, 04.27.2011/

24.     Parliament draft resolution to approve the budget statement / submitted by Government, 04.27.211/

25.     Amendment to the law on strictly protected area /submitted by Government, 05.04.2011/

26.     Draft law on amendment to the Constitution / submitted by MPs headed by D. Damba-Ochir, 05.27.2011/

27.     Parliament draft resolution to establish Bor-Undur soum /submitted by Government, 05.27.2011/

28.     Draft law on firearm /made amendment for the more than 50% of the law/ submitted by Government, 05.27.2011/

29.     Amendment to the law to regulate the foreign trade of rare animals and plants / submitted by Government, 05.27.2011/

30.     Amendment to the law on social insurance and law on the pensions and allowance to be issued from social insurance fund / submitted by MPs headed by S.Erdene, 05.30.2011/

31.     Amendment to the constitution and amendment to the law on parliament / submitted by MPs headed by D. Enkhbat, 06.10.2011/

32.     Parliament draft resolution to make changes in the main directions / submitted by Government, 06.10.2011/

33.     Amendment to the law on the fund of credit guarantee/  submitted by MPs headed by Ts. Bayarsiakhan, 06.10.2011/

34.     Amendment to the law on income tax of business entities / submitted by MPs headed by S. Byambatsogt, 06.15.2011/

35.     Amendment to the law on income tax of individual person / submitted by MPs headed by S. Byambatsogt, 06.15.2011/

36.     Amendment to the law on human development fund /  submitted by MPs headed by G. Batkhuu, 06.15.2011/

37.     1st interpretation of 2011 of Constitution court

38.     2nd interpretation of 2011 of Constitution court

39.     Draft law on automated election system / submitted by MPs headed by  J. Sukhbaatar, 06.21.2011/

40.     Draft parliament resolution to release some areas from the list of strictly protected areas / submitted by MPs headed by L. Gundalai, 06.21.2011/

41.     Draft parliament resolution to amend the 39th parliament resolution adopted on 07.07.2010 on some issues for the exploration of TT coal deposit / submitted by MPs headed by Ya. Batsuuri, 06.29.2011/

42.     Draft parliament resolution to amend the 39th parliament resolution adopted on 07.07.2010 on some issues for the exploration of TT coal deposit / submitted by MPs headed by D. Odbayar, 06.29.2011/

43.     Draft law on Court, court administration, legal status of judge, legal status of civilians of court /submitted by President, 06.29.2011/

44.     Draft law on health insurance of civilians / submitted by MPs headed by S. Erdene, 07.09.2011/

45.     Draft law on allowance to mothers / submitted by MPs headed by Ts. Tsengel, 07.09.2011/

46.     Draft law to approve the 8th additional protocol of rule of the world postal association /submitted by Government, 07.21.2011/

47.     Draft parliament resolution to make changes in the border of the strictly protected area / submitted by MPs headed by D. Gankhuyag, 08.08.2011/

48.     Draft law to support the activities that promote the technological development / submitted by MPs headed by N. Ganbyamba, 08.26.2011/

49.     Amendment to the law on pensions of retired military officials /submitted by the Government, 08.26.2011/
 
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