1.     The minimum wage is set to rise to 792,000 MNT

The current minimum wage in Mongolia is 660,000 MNT. Resolution No. 3 from the Ministry of Family, Labor, and Social Protection, along with the Confederation of Mongolian Trade Unions and the Mongolian Employers’ Federation, dated October 7, 2024, has established that the minimum wage will be raised to 792,000 MNT effective from April 1, 2025.

2.    The regular meeting of thesecurities market policy council of the financial regulatory commission (FRC)was held

The regular meeting of the Securities Market Policy Council of the Financial Regulatory Commission (FRC)was held on 08 October 2024. The council discussed several key issues, including the implementation of the "Procedure for determining, withholding, paying to the budget, and reporting taxable income from the sale of government, provincial, capital city and taxpayer's debt instruments (bonds), stocks, and other securities traded openly in Mongolia's primary and secondary markets. Additional topics included the current and future state of trading on the mining exchange, trends in the development of investment funds, and tax support measures to foster growth in the securities market.

Furthermore, discussions were held on the status and updates of market infrastructure, trading, and settlement systems within the capital market. Relevant organizations will be required to submit detailed proposals. The council also reviewed feedback from brokers regarding challenges in trading through intermediaries (brokers) on the mining product exchange and issued policy recommendations accordingly.

3.    The Arbitration Rules of Procedure is set to be revised

On October 10, 2024, Mongolia celebrated "Mongolian Arbitration Day", during which the Mongolian International Arbitration Center revealed that the "Revised Arbitration Rules of Procedure" will be implemented starting from December 1, 2024. The rules state that they have been enhanced by addressing complex issues such as accommodating parties' requests, facilitating mutual agreements, handling document delivery, considering delivery, consolidating arbitration cases, adding participants, and implementing temporary measures.

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