Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FRC's licence decision, including banking and payment rails.
Get an investment license in Mongolia.
One regulator, a 10-working-day clock and a register of 52 securities companies. The Financial Regulatory Commission licenses the 18 regulated activities of Article 24.1 of the Securities Market Law (24 May 2013) - brokering, dealing, underwriting, investment advice, custody and investment management among them - and at end-2025 it counted 52 licensed securities companies, 51 brokers, 34 dealers, 25 investment advisers and 35 investment-management companies. An investment-management company needs MNT 200 million of paid-in capital under FRC Resolution No. 64 of 2025; the broker, dealer, adviser and custodian floors sit in Annex 1 of FRC Resolution No. 383 of 2023, and we confirm the figure for your activity with the Commission before quoting. The Law on Permits gives the licensing authority 10 working days, the stamp duty is MNT 145,000 for a broker or dealer and MNT 280,000 for an adviser or investment manager, and corporate tax runs at 10% up to MNT 6 billion of income. No passport - and a wholly foreign-owned firm staffs 70% of its specialists with Mongolian citizens.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Mongolia in brief
Eighteen activities, a 10-day clock, and one annex to obtain.
The Securities Market Law, revised on 24 May 2013, is the framework. Article 24.1 lists 18 regulated activities - brokering (24.1.1), dealing (24.1.2), investment advice (24.1.3), nominee services (24.1.4), underwriting (24.1.5), custody (24.1.10) and investment management (24.1.13) among them - and Article 24.2 puts activities 24.1.1 to 24.1.14 and 24.1.18 under a Financial Regulatory Commission licence. Article 27 lists the application documents, including proof of the minimum share capital and current assets (27.2.3); Article 28.1.4 makes the FRC's capital requirement a condition of grant; Article 30.1.5 revokes a licence unused for a year; Article 36.8 keeps client cash and securities in special-purpose client accounts, apart from the firm's own. The law caps no foreign holding. The clock comes from the Law on Permits of 17 June 2022: Article 5.2 gives the authority 10 working days to decide a special permit after a 2-working-day completeness check, extendable once by 5 working days where an expert opinion is needed.
The figures sit in the Commission's resolutions. FRC Resolution No. 64 of 25 February 2025 sets the investment-management company's paid-in capital at MNT 200 million (clause 2.1.1). FRC Resolution No. 383 of 30 June 2023 prints MNT 400 million for a foreign-securities trading intermediary (clause 2.11.1) - while the floors for broker, dealer, underwriter, adviser and custodian sit in its Annex 1, which the Commission does not publish on a public page; we confirm the figure for your activity with the FRC before quoting. Clause 2.1.5 is the constraint a foreign group plans around: a 100%-foreign-owned regulated entity staffs at least 70% of its specialists with Mongolian citizens. Stamp duty is MNT 145,000 for a broker, dealer or underwriter licence and MNT 280,000 for investment management or advice (Law on State Stamp Duties Articles 18.3.17-18, Government Resolution No. 173 of 2023). At end-2025 the FRC counted 52 licensed securities companies. We run the file from Ulaanbaatar.
One regulator: the FRC licenses the 18 activities of Article 24.1 of the Securities Market Law (24 May 2013) - 52 securities companies and 35 investment-management companies at end-2025. Fund-manager floor MNT 200 million (FRC Res. 64); broker and adviser floors in Annex 1 of Res. 383, obtained from the FRC.
Ten working days under the Law on Permits, stamp duty MNT 145,000-280,000, corporate tax 10% to MNT 6 billion and 25% above, 20% non-resident withholding, VAT 10%; a wholly foreign-owned firm staffs 70% Mongolian. Built from Ulaanbaatar.
The two builds
The broker or adviser - or the investment-management company.
One regulator, 18 regulated activities under Article 24.1: a broker, dealer, underwriter or adviser licence for the intermediary or advisory model, with its floor in Annex 1 of FRC Resolution No. 383; an investment-management company at MNT 200 million paid-in capital under FRC Resolution No. 64. Both on the Law on Permits' 10-working-day clock.
The broker or adviser - or the MNT 200 million investment-management company.
01 - BROKER · INVESTMENT ADVISER
The regulated intermediary or adviser
Brokering (24.1.1), dealing (24.1.2), investment advice (24.1.3) and underwriting (24.1.5) are separate regulated activities, each licensed by the FRC under clause 2.1.1 of Resolution No. 383 against the paid-in capital floor in its Annex 1 - the one figure the Commission does not print on a public page, confirmed with the FRC for your activity before quoting. Stamp duty MNT 145,000 for a broker, dealer or underwriter and MNT 280,000 for an adviser; 10 working days under the Law on Permits; 51 brokers, 34 dealers and 25 advisers licensed at end-2025.
Brokering (24.1.1), dealing (24.1.2), investment advice (24.1.3) and underwriting (24.1.5) are separate regulated activities, each licensed by the FRC under clause 2.1.1 of Resolution No. 383 against the paid-in capital floor in its Annex 1 - the one figure the Commission does not print on a public page, confirmed with the FRC for your activity before quoting. Stamp duty MNT 145,000 for a broker, dealer or underwriter and MNT 280,000 for an adviser; 10 working days under the Law on Permits; 51 brokers, 34 dealers and 25 advisers licensed at end-2025.
- ✓Brokering, dealing, advice, underwriting - art. 24.1
- ✓Paid-in capital floor - Annex 1 of FRC Res. 383, obtained
- ✓Stamp duty MNT 145,000 broker/dealer · MNT 280,000 adviser
- ✓10 working days - Law on Permits art. 5.2
- ✓Client assets in separate client accounts - art. 36.8
- ✓51 brokers, 34 dealers, 25 advisers at end-2025
02 - INVESTMENT-MANAGEMENT COMPANY
MNT 200 millionThe fund manager
The investment-management company of Article 24.1.13, licensed under FRC Resolution No. 64 of 25 February 2025 with MNT 200 million of paid-in capital (clause 2.1.1), running funds under the Investment Fund Law of 2013 - 35 such companies and 54 funds on the FRC's count at end-2025. Stamp duty MNT 280,000, the same 10-working-day clock, and custody through one of the 5 licensed custodians.
Investment management under Article 24.1.13 - MNT 200 million paid-in capital (FRC Res. 64 of 2025), funds under the Investment Fund Law 2013, stamp duty MNT 280,000, 35 companies at end-2025.
- ✓Investment management - art. 24.1.13
- ✓MNT 200 million paid-in capital - FRC Res. 64 (2025), cl. 2.1.1
- ✓Funds under the Investment Fund Law 2013
- ✓Stamp duty MNT 280,000 - art. 18.3.18
- ✓35 companies and 54 funds at end-2025
- ✓Custody via one of 5 licensed custodians
Costs and timelines are confirmed for your case before any work begins. The Annex 1 floor for a broker, dealer, underwriter, adviser or custodian and the Commission's own regulatory service fee are confirmed with the licensing department before the quote; the stamp duty and the MNT 200 million fund-manager floor are printed above.
Why Mongolia
A 10-day clock, a printed fund floor and a counted market.
Mongolia's case is made in figures: the Law on Permits' clock, the FRC's resolutions, the stamp-duty table and a register read to the end.
✓
10 working days
The Law on Permits of 17 June 2022 gives the authority 10 working days for a special permit after a 2-working-day completeness check, with one 5-working-day extension (Article 5.2) - and Article 27.2 of the Securities Market Law defers to it.Law on Permits, art. 5.2.
✓
MNT 200 million for a fund manager
FRC Resolution No. 64 of 2025 prints the investment-management company's floor at MNT 200 million of paid-in capital; 35 such companies ran 54 funds at end-2025.Fund-manager floor, Res. 64.
✓
A duty in the hundreds of thousands
Stamp duty of MNT 145,000 for a broker, dealer or underwriter licence and MNT 280,000 for investment management or advice - Government Resolution No. 173 of 2023, inside the ranges of Articles 18.3.17-18.Government Res. 173 of 2023.
✓
10% up to MNT 6 billion
Corporate income tax at 10% on taxable income up to MNT 6 billion and 25% above (Article 20.1 of the 2019 law); VAT 10%. The 20% withholding on payments to non-residents is the founder-level figure to model.25% above; VAT 10%.
✓
A counted market
The FRC's Q4-2025 report: 52 licensed securities companies (51 operating), 51 brokers, 34 dealers, 26 underwriters, 25 advisers, 5 custodians, 35 investment-management companies, 54 funds.52 companies, 35 IMCs, 54 funds.
✓
The 70% rule
The warning: a 100%-foreign-owned regulated entity staffs at least 70% of its specialists with Mongolian citizens (Resolution No. 383, clause 2.1.5), and there is no passport out of Mongolia. Plan the hiring before the capital.Mongolian specialists, cl. 2.1.5.
How it compares
How Mongolia differs from other routes.
The honest comparison: a 10-working-day clock, a printed MNT 200 million fund-manager floor and a broker floor taken from Annex 1 - against Azerbaijan's AZN 75,000 in 60 plus 30 days, Uzbekistan's 3,000 BRV in 20 working days and Armenia's AMD 20-300 million in one month.
Mongolia vs other jurisdictions
| Feature |  Mongolia | Other jurisdictions |
|---|---|---|
| Regime | Securities Market Law 2013 · FRC Res. 383 and 64 | CBA Azerbaijan · NAPP Uzbekistan · CBA Armenia |
| Capital | IMC MNT 200M · broker per Annex 1 of Res. 383 | AZN 75k / 300k Azerbaijan · 3,000 BRV Uzbekistan · AMD 20M-300M Armenia |
| Scope | Domestic market, no passport | Domestic only - no passport |
| Timeline | 10 working days (Law on Permits art. 5.2) | 60 + 30 days Azerbaijan · 20 working days Uzbekistan · 1 month Armenia |
Regime
MongoliaSecurities Market Law 2013 · FRC Res. 383 and 64
Other jurisdictionsCBA Azerbaijan · NAPP Uzbekistan · CBA Armenia
Capital
MongoliaIMC MNT 200M · broker per Annex 1 of Res. 383
Other jurisdictionsAZN 75k / 300k Azerbaijan · 3,000 BRV Uzbekistan · AMD 20M-300M Armenia
Scope
MongoliaDomestic market, no passport
Other jurisdictionsDomestic only - no passport
Timeline
Mongolia10 working days (Law on Permits art. 5.2)
Other jurisdictions60 + 30 days Azerbaijan · 20 working days Uzbekistan · 1 month Armenia
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Mongolia | FRC regulated person | 10% to MNT 6bn · 25% above · 20% WHT | IMC MNT 200M · Annex 1 floors · 10 working days · 52 companies |
 Uzbekistan | NAPP investment intermediary · consultant | 15% · VAT 12% · 10% WHT | 3,000 BRV (UZS 1.32bn) · 20 working days · 75 on register |
 Armenia | CBA investment company | 18% · 5% dividend WHT | AMD 20M-300M by service set · 1 month · 13 names |
 Azerbaijan | CBA investment company A / B | 20% · confirmed per structure | AZN 75k B · 300k A · 60 + 30 days |
MongoliaLicense typeFRC regulated person
Taxation10% to MNT 6bn · 25% above · 20% WHT
RequirementsIMC MNT 200M · Annex 1 floors · 10 working days · 52 companies
UzbekistanLicense typeNAPP investment intermediary · consultant
Taxation15% · VAT 12% · 10% WHT
Requirements3,000 BRV (UZS 1.32bn) · 20 working days · 75 on register
ArmeniaLicense typeCBA investment company
Taxation18% · 5% dividend WHT
RequirementsAMD 20M-300M by service set · 1 month · 13 names
AzerbaijanLicense typeCBA investment company A / B
Taxation20% · confirmed per structure
RequirementsAZN 75k B · 300k A · 60 + 30 days
Before you apply
Requirements for the Mongolian licence.Requirements for the licence.
The FRC licenses to the articles of the Securities Market Law, the Law on Permits and its own resolutions; the checklist below separates what is printed from the one annex we obtain.
01
The regulated activity - chosen from the 18 of Article 24.1 of the Securities Market Law (brokering 24.1.1, dealing 24.1.2, advice 24.1.3, underwriting 24.1.5, custody 24.1.10, investment management 24.1.13) before anything is drafted; Article 24.2 puts 24.1.1-24.1.14 and 24.1.18 under an FRC licence.
02
Paid-in capital - MNT 200 million for an investment-management company under clause 2.1.1 of FRC Resolution 64/2025; MNT 400 million for a foreign-securities trading intermediary under clause 2.11.1 of Resolution 383/2023; for the broker, dealer, underwriter, adviser and custodian, the floor in Annex 1 of Resolution 383/2023, confirmed with the FRC for your activity.
03
Proof of capital - Article 27.2.3 asks for evidence of the minimum share capital and current assets, and Article 28.1.4 makes the FRC's requirement a condition of grant.
04
Solvency - a capital adequacy ratio of at least 100% for underwriters, brokers and dealers (FRC Resolution No. 4 of 2019, clause 2.4) and current assets of at least 70% of total assets for an underwriter (clause 2.8).
05
Staffing - a 100%-foreign-owned regulated entity has at least 70% of its specialists Mongolian citizens (Resolution No. 383, clause 2.1.5); the law itself caps no foreign holding.
06
Client assets - client cash and securities held in special-purpose client accounts at licensed depository institutions, apart from the firm's own (Article 36.8); intermediation on foreign markets only with FRC approval (Article 36.16).
07
Stamp duty - MNT 145,000 for a broker, dealer or underwriter licence and MNT 280,000 for investment management or advice (Law on State Stamp Duties Articles 18.3.17-18; Government Resolution No. 173 of 9 May 2023); the FRC's regulatory service fee is confirmed with the licensing department.
08
Timeline - 10 working days for the special permit after a 2-working-day completeness check, extendable once by 5 working days (Law on Permits, Article 5.2); Article 27.2 of the Securities Market Law defers to that law.
09
Keeping the licence - Article 29 suspension and Article 30 revocation, including 30.1.5 for a licence unused for one year; the plan carries a launch date.
10
Tax registration - corporate income tax at 10% up to MNT 6 billion and 25% above (Article 20.1), 20% withholding on payments to non-residents (Article 20.2.4), VAT 10% (VAT Law Article 11.1).
01
Activity from art. 24.1.
02
IMC MNT 200M; Annex 1 for others.
03
Proof of capital, art. 27.2.3.
04
Capital adequacy 100%.
05
70% Mongolian specialists.
06
Client accounts, art. 36.8.
07
Stamp duty MNT 145,000-280,000.
08
10 working days + 5.
09
Trade within a year, art. 30.1.5.
10
Tax 10% / 25%, WHT 20%.
Reflects the Securities Market Law (revised 24 May 2013), the Law on Permits (2022), FRC Resolutions No. 383 (2023), No. 64 (2025) and No. 4 (2019), the Law on State Stamp Duties and the 2019 Corporate Income Tax Law as of 2026; the Annex 1 floor is obtained from the FRC before quoting.Securities Market Law 2013, Law on Permits 2022, FRC Res. 383 and 64 - as of 2026.
How it works
From first call to the FRC licence.
01
Activity and floor
Broker, dealer, underwriter, adviser, fund manager or custodian under Article 24.1 - MNT 200 million for the fund manager, the Annex 1 floor obtained from the FRC for the rest.Floor fixed.
02
Company and people
Mongolian entity formed, paid-in capital at the floor, Article 27.2.3 proof of capital and current assets, 70% Mongolian specialists where the owner is wholly foreign.Capital paid, 70% staffed.
03
The FRC file
Article 27 documents lodged with the stamp duty - MNT 145,000 or MNT 280,000 - and the Commission's regulatory service fee.Duty paid, lodged.
04
The decision
Two working days for completeness, then 10 working days for the special permit, once extendable by 5 (Law on Permits, Article 5.2).10 working days.
05
Licensed and live
Regulated-person licence, custodian and bank in place, tax registration at 10% to MNT 6 billion - and the first trade inside the year Article 30.1.5 allows.Custodian, bank, tax.
Quick facts
RegulatorFRC
LawSecurities Market Law · 24 May 2013
Activities18 under art. 24.1 · FRC licence for 24.1.1-14 and 24.1.18
Fund managerMNT 200M paid-in (FRC Res. 64, 2025)
Broker / adviser floorAnnex 1 of FRC Res. 383 · obtained from the FRC
Stamp dutyMNT 145,000 broker/dealer · MNT 280,000 adviser/IMC
Statutory clock10 working days + 5 once (Law on Permits art. 5.2)
Corporate tax10% to MNT 6bn · 25% above · 20% WHT
The Law on Permits sets the clock, the stamp-duty law the duty and Resolution No. 64 the fund manager's floor; the one figure obtained from the Commission's desk is the Annex 1 floor for a broker, dealer, underwriter, adviser or custodian, and the quote names it with its reference.
On the ground in Mongolia
Run from our Ulaanbaatar office.
Prifinance - Mongolia
Ulaanbaatar · Mongolia
Ulaanbaatar, Mongolia
01
The activity and the floor
The Article 24.1 activity fixed in writing; MNT 200 million for a fund manager from Resolution No. 64, or the Annex 1 floor of Resolution No. 383 obtained from the Commission before drafting.Res. 64 or Annex 1.
02
The bench
The 70% Mongolian-specialist rule of clause 2.1.5 planned into the hiring of a wholly foreign-owned firm, with the fit-and-proper file for the rest.70% rule planned.
03
The FRC file
Article 27 documents, proof of capital and current assets, stamp duty paid - lodged complete so the 10-working-day period runs from the completeness check.Complete at lodging.
04
Tax and launch
Registration at 10% to MNT 6 billion, custody with one of the 5 licensed custodians, banking - and the first trade inside the year Article 30.1.5 allows.Custodian, bank, 10%.
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Good to know
Taxation of investment firms in Mongolia.
Corporate income tax at 10% up to MNT 6 billion of annual taxable income and 25% above, VAT at 10%, and 20% withholding on payments to non-residents - the 2019 Corporate Income Tax Law and the 2015 VAT Law.
Corporate income tax 10% / 25%
Article 20.1 of the Corporate Income Tax Law (revised 22 March 2019): 10% on taxable income up to MNT 6 billion in the year, 25% on the excess.Art. 20.1, MNT 6bn step.
Non-resident withholding 20%
Article 20.2.4: 20% on the Mongolia-source income of non-residents under Articles 18.6.6 and 18.6.8, dividends included, and on profit a permanent establishment remits to its head office; residents pay 10% on dividends, interest and royalties (Article 20.2.1).Non-residents, art. 20.2.4.
VAT 10%
Article 11.1 of the VAT Law of 9 July 2015 sets 10% on the sale of goods, work and services; whether a given brokerage or advisory fee is exempt is settled per service set.VAT Law art. 11.1.
Stamp duty
MNT 145,000 for a broker, dealer or underwriter licence and MNT 280,000 for investment management or advice - Government Resolution No. 173 of 9 May 2023 within Articles 18.3.17-18 of the Law on State Stamp Duties.MNT 145,000 / 280,000.
FRC service fee
The Commission's regulatory service fee is set apart from the stamp duty and is confirmed with the licensing department before filing.Confirmed before filing.
Capital adequacy
An underwriter, broker or dealer keeps a capital adequacy ratio of at least 100% (FRC Resolution No. 4 of 2019, clause 2.4); an underwriter also holds current assets of at least 70% of total assets (clause 2.8).At least 100%.
Tax summary
Corporate tax10% to MNT 6bn · 25% above (art. 20.1)
Non-resident WHT20% (art. 20.2.4)
VAT10% (VAT Law art. 11.1)
Stamp dutyMNT 145,000 / 280,000
FRC service feeConfirmed before filing
*Figures as of 2026 per Mongolian law - Corporate Income Tax Law (2019) Articles 20.1-20.2, VAT Law (2015) Article 11.1, Law on State Stamp Duties Articles 18.3.17-18. Group and founder-level outcomes are modelled per structure.
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We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Mongolian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Mongolia · FRC
Launch your investment firm in Mongolia with expert support.
Full-service assistance - from the Mongolian entity and the paid-in capital to the Article 27 file, the 70% staffing plan, custodian and bank, and tax registration - run through our Ulaanbaatar office.
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Request a free conclusion →FAQ
The Mongolian investment licence, answered.
Who licenses investment firms in Mongolia?+
The Financial Regulatory Commission. Article 24.1 of the Securities Market Law lists 18 regulated activities - brokering, dealing, investment advice, nominee services, underwriting, custody and investment management among them - and Article 24.2 puts activities 24.1.1 to 24.1.14 and 24.1.18 under an FRC licence. At end-2025 the FRC counted 52 licensed securities companies.
Which law applies?+
The Securities Market Law in its revised version of 24 May 2013 for regulated persons (Articles 24-30 on licensing, 36.8 on client assets); the Law on Permits of 17 June 2022 for the decision period; the Investment Fund Law of 2013 for funds; FRC Resolutions No. 383 (2023) and No. 64 (2025) for capital.
What capital is required?+
MNT 200 million for an investment-management company (FRC Resolution 64/2025, clause 2.1.1); MNT 400 million for a foreign-securities trading intermediary; MNT 1 and 1.5 billion for nominee operators. The broker, dealer, underwriter, adviser and custodian floors sit in Annex 1 of Resolution 383/2023, which the Commission does not publish - we confirm your activity's figure with the FRC before quoting.
How long does licensing take?+
Ten working days. The Securities Market Law defers to the Law on Permits (Article 27.2), whose Article 5.2 gives the authority 10 working days to decide a special permit after a 2-working-day completeness check, extendable once by 5 working days where an expert opinion is needed. The FRC publishes no processing statistics.
Can foreigners own the firm?+
Yes - the Securities Market Law caps no foreign holding in a securities company. The operative condition is clause 2.1.5 of FRC Resolution 383/2023: a 100%-foreign-owned regulated entity staffs at least 70% of its specialists with Mongolian citizens. Intermediation on foreign securities markets needs FRC approval under Article 36.16.
Is investment advice licensed separately?+
Yes. Investment advice is activity 24.1.3, apart from brokering (24.1.1), dealing (24.1.2), underwriting (24.1.5), custody (24.1.10) and investment management (24.1.13), so an advice-only model takes an advice-only licence - 25 advisers held one at end-2025, at a stamp duty of MNT 280,000.
How are Mongolian investment firms taxed?+
Corporate income tax at 10% on taxable income up to MNT 6 billion and 25% above (Article 20.1 of the 2019 law); 20% withholding on Mongolia-source income paid to non-residents, dividends included (Article 20.2.4); VAT at 10% (VAT Law Article 11.1). Group outcomes are modelled per structure.
What does the FRC charge?+
The stamp duty on the licence is MNT 145,000 for a broker, dealer or underwriter and MNT 280,000 for investment management or advice, fixed by Government Resolution No. 173 of 2023 within Articles 18.3.17-18 of the Law on State Stamp Duties. The Commission's own regulatory service fee is confirmed with the licensing department before filing.
Mongolia or Azerbaijan for a new firm?+
Azerbaijan prints its floors - AZN 75,000 for Category B, AZN 300,000 for Category A - 60 plus 30 days, AZN 2,750 duty. Mongolia answers in 10 working days at 10% tax to MNT 6 billion, but its broker floor is an annex to obtain and 100%-foreign-owned firms staff 70% Mongolian. Baku for the printed floor; Ulaanbaatar for the clock.
Why Prifinance for Mongolia?+
An Ulaanbaatar office that obtains the Annex 1 floor from the FRC before you sign, builds the Article 27 file to Resolution No. 383 with the 70% staffing plan in it, and lodges it complete so the 10-working-day period runs from the completeness check - with the MNT 200 million fund-manager floor and the stamp duty printed in the quote.
Who licenses?+
The FRC.
Which law?+
Securities Market Law 2013.
Capital?+
IMC MNT 200M; Annex 1.
How long?+
10 working days.
Foreign owners?+
Yes; 70% Mongolian staff.
Advice separate?+
Yes, art. 24.1.3.
Taxes?+
10% / 25%, WHT 20%.
FRC fees?+
Duty MNT 145,000-280,000.
Or Azerbaijan?+
Printed floors vs 10 days.
Why you?+
Ulaanbaatar, annex obtained.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Financial Regulatory Commission of Mongolia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.