Amendments to the Banking Law of Mongolia

The Parliament of Mongolia adopted the Amendments to the Banking Law of Mongolia (“Amendments”) on 29 January 2021. The key features of the Amendments include the new requirement for the corporate form of Mongolian commercial banks as well as restrictions on ownership concentration. The Amendments also revised the previous set of rules for determining the insolvency of banks and the order of creditors in the event of liquidation. We summarize the main changes in the Banking Law of Mongolia enacted by the Amendments.

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Please click HERE for the Mongolian language version of this note.