Financial Regulatory Commission

FRC is Mongolia's (non-bank) financial markets regulator. It is mandated to supervise and regulate the non-bank financial sector and is responsible for promoting stable and sound financial markets. The FRC exercises power over non-bank financial institutions, insurance companies and intermediaries, securities firms, saving and credit cooperatives, real estate brokers, and dealers of precious metals and stones; ensuring the rights of individual financial market clients (including securities holders, domestic and foreign investors, and insurance policyholders) against financial malpractices. Established in 2006, the FRC commenced its activities with a greater degree of responsibility than its predecessor; the former Securities Commission. As a regulatory authority formed under parliament, the FRC is accountable to the Mongolian parliament - which oversees its work - and is subject to annual reporting to the parliament's Economic Standing Committee. Based on statutory objectives, the FRC promotes transparency and fair competition in the non-bank financial sector; in the wider interests of the public, and the financial markets' clients. FRC's Mission