Mongolian capital markets have developed in phases since the 1990s democratic transition:
Phase I saw the establishment of the MSE in 1991 and privatization of SOEs, but a lack of regulations and transparency led to low liquidity. Phase II from 2010-2013 saw increased foreign investment and reforms like a new trading platform. However, Phase III from 2014-2015 saw declining FDI and political interference negatively impact markets. Now in Phase IV, reforms and recent IPOs suggest new opportunities, but challenges around regulations, skills, and awareness remain. Future priorities include boosting local institutional investors, dual-listings, and using markets for further SOE privatization.
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Communique g20 japan fukuoka finance minister crypto asset benefitRein Mahatma
Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy - G20 Finance Minister abd cebtrak Vabj Governor Meeting Fukuoka Japan June 8-9 2019
Just sharing my efforts makes me feel happy and self-satisfied. Feel free to use my works as your project work at school.
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Foreign Direct Investment. Political Economic Digest Series - XVIAkash Shrestha
In this issue, we will be discussing about Foreign Direct Investment (FDI).
Foreign Direct Investment has been a very productive tool for the economic growth of many countries. Recently after the government made the decision to celebrate 2012/13 as investment year and after the agreement with India i.e. Bilateral Investment Promotion and Protection Agreement, the topic of Foreign Direct Investment has been highly discussed among the lawmakers, policymakers and general public. The examples provided in this issue of different countries regarding FDI has shown how the growth rate is positively affected by the investment from outside the country.
Macro-economic stabilisation and structural adjustment in India (1991)Antara Chakrabarty
These slides mainly give an insight into the major macroeconomic stabilization and structural adjustments that were made in India during severe financial crisis of 1991. It discusses the situation sector-wise and provides with a detailed glossary of important terms towards the end of the slide-show.
Macroeconomic Condition of Bangladesh: An Overview of the Year 1996-2015Mohammad Istiaq Hasan
This an integrated analysis on the macroeconomic aspects of Bangladesh with a focus on GDP, unemployment, inflation. The analysis conducted with the historical data of the year 1996 to 2015 collected from World Development Indicator of the World Bank.
A2 Macro: Balance of Payments and Exchange Ratestutor2u
All exam boards require candidates to have an understanding of the Balance of Payments and Exchange Rates. In this session we will focus on the causes of the UK’s Balance of Trade (aka Current Account) deficit, what we can do about it, and how an exchange rate depreciation
should affect an economy, and has affected the UK post financial crisis.
Adomas Ąžuolas Audickas, Lietuvas Republikas ekonomikas ministra padomnieka prezentācija konferencē ”Valsts un pašvaldību kapitālsabiedrības: rīcībpolitikas meklējumi augošai vērtībai” 2011.gada
Just sharing my efforts makes me feel happy and self-satisfied. Feel free to use my works as your project work at school.
Contact me at @ashmitg132@gmail.com
Foreign Direct Investment. Political Economic Digest Series - XVIAkash Shrestha
In this issue, we will be discussing about Foreign Direct Investment (FDI).
Foreign Direct Investment has been a very productive tool for the economic growth of many countries. Recently after the government made the decision to celebrate 2012/13 as investment year and after the agreement with India i.e. Bilateral Investment Promotion and Protection Agreement, the topic of Foreign Direct Investment has been highly discussed among the lawmakers, policymakers and general public. The examples provided in this issue of different countries regarding FDI has shown how the growth rate is positively affected by the investment from outside the country.
Macro-economic stabilisation and structural adjustment in India (1991)Antara Chakrabarty
These slides mainly give an insight into the major macroeconomic stabilization and structural adjustments that were made in India during severe financial crisis of 1991. It discusses the situation sector-wise and provides with a detailed glossary of important terms towards the end of the slide-show.
Macroeconomic Condition of Bangladesh: An Overview of the Year 1996-2015Mohammad Istiaq Hasan
This an integrated analysis on the macroeconomic aspects of Bangladesh with a focus on GDP, unemployment, inflation. The analysis conducted with the historical data of the year 1996 to 2015 collected from World Development Indicator of the World Bank.
A2 Macro: Balance of Payments and Exchange Ratestutor2u
All exam boards require candidates to have an understanding of the Balance of Payments and Exchange Rates. In this session we will focus on the causes of the UK’s Balance of Trade (aka Current Account) deficit, what we can do about it, and how an exchange rate depreciation
should affect an economy, and has affected the UK post financial crisis.
Adomas Ąžuolas Audickas, Lietuvas Republikas ekonomikas ministra padomnieka prezentācija konferencē ”Valsts un pašvaldību kapitālsabiedrības: rīcībpolitikas meklējumi augošai vērtībai” 2011.gada
Summarizes recent research that has linked hearing loss to more serious conditions such as dementia, Alzheimer's Disease, memory impairment, and general cognitive decline.
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An SEZ is an enclave within a country that is typically duty-free and has different business and commercial laws chiefly to encourage investment and create employment. Apart from generating employment opportunities and promoting investment, SEZs are created also to better administer these areas, thereby increasing the ease of doing business.
Ishac Diwan - Harvard University
Marc Schiffbauer - The World Bank
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DHAKA STOCK EXCHANGE OVERVIEW:
Dhaka Stock Exchange (DSE) is a public limited company. It is formed and managed under Company
Act 1994, Security and Exchange Commission Act 1993, Security and Exchange Commission Regulation
1994, and Security Exchange (Inside Trading) regulation 1994.
The management and operation of Dhaka Stock Exchange is entrusted on a 25 members board of
directors. Among them 12 are elected from DSE members, another 12 are selected from different trade
bodies and relevant organizations. The CEO is the 25th ex officio member of the board. The following
organizations are currently holding positions in DSE Board:
Bangladesh Bank
ICB – Investment Corporation of Bangladesh
President of Institute of Chartered Accountants of Bangladesh
President of Federation of Bangladesh Chambers of Commerce and Industries
President of Metropolitan Chambers of Commerce and Industries
Professor of Finance Department of Dhaka University
President of Dhaka Chamber of Commerce & Industry.
Currently, there are total 22 industrial sectors in DSE which accommodate 578 listed companies.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
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To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
2. 2
This material is intended solely for information purposes and is not to be
construed, under any circumstances, by implication or otherwise, as an
offer to sell or a solicitation to buy or sell or trade in any commodities or
securities herein named. Information is obtained from sources believed
to be reliable, but is in no way guaranteed. No guarantee of any kind is
implied or possible where projections of future conditions are attempted.
In no event should the content of this material be construed as an express
or implied promise, guarantee or implication that you will profit or that
losses can or will be limited in any manner whatsoever. All investments
are subject to risk, which should be considered prior to making any
investment decisions.
Disclaimer
3. Phase I: Until 2009
• Early 1990s democratic reform transition to market economy,
• MSE established in January 1991 to privatize State-Owned
Enterprises (“SOE”s) boosting private ownership & private
sector,
• Citizens granted 1 privatization voucher to choose shares to
be listed on MSE,
• 475 SOEs privatized & MSE listed in 1992-1995,
• First Securities Market Law in 1994.
3
4. • By 2002, concentration of dispersed shares in few
hands lead to drop in trading volume,
• Market needing new products,
• Revised Securities Market Law in 2002 bringing new
products,
• 18 IPOs, 4 follow-up public offerings, 5 corporate
bond introduced to MSE from 2005.
4
5. However...
• Lack of regulations such as minority shareholders
protection,
• Over-regulation on new products,
• Lack of transparency & corporate governance of
listed companies,
• Lack of new listing & financial products,
=> Lead to low market liquidity, low participation.
5
6. • From 2010 international investors attracted to Mongolia
because of mining boom,
• Drastic increase in MSE trading volume & market
capitalizations,
• Strategic partnership agreement with LSE signed by State
Property Committee to develop MSE & local capital
market,
• July 2012: New trading platform (MIT system) introduced
to MSE.
6
Phase II: 2010 to 2013
7. • Tripartite agreements between Brokers, Clearing Banks
(Escrow Accounts to hold cash ) and MSCH&CD (to hold
shares),
• Upgrade of MSE website
▫ Financials of JSCs,
▫ Details of dividends payment (ex-dates),
▫ Market screen + Bid-Ask with sizes,
▫ Details of Government bonds outstanding,
▫ …
7
8. • New Securities Market Law approved by Parliament effective
January 1, 2014:
General framework
Dual listing
DR
Capital raising procedure simplified
New regulation regarding the transparency, disclosure & corporate
governance
• Approval of Investment Fund Law
Exemption from corporate tax
8
13. 13
• MASD recognized as the Self Regulated Organization
• New MSE management team, more responsive
• New initiatives:
IPO: Mongol Post, Mongolia Mortgage Corporation=
Total MNT 43.5 bn
Bonds: Erchim bond, MNT 0.5 bn
Government bonds: MNT 562.4 bn in 2015
Phase IV: New Era?
14. Recent IPOs (15% Free Float)
Mongol Post,
MNP
Mongolian
Mortgage
Corporation,
MIK
MNT 6.7 bn MNT 37.3 bn
14
15. 235: Listed companies
• 235 have filed their financials with MSE
• (only 91 in 2012!),
• 21 have already announced 2015 dividends ,
• 58 “Compliant” brokers.
Current MSE
15
16. I. Recognition of Capital Market importance: Priority
II. JSCs have bullish expectations on Capital Market
Development. Low rate of delisting. JSC are very
committed.
Capital Market Opportunities
329
261
237 235 236
0
100
200
300
400
2012 2013 2014 2015 2016
Number of JSC
16
18. III. More IPOs Coming
Short-term:
• Additional share issuance of “Suu” JSC,
• Expected IPO issuance of “Monos Group”,
• 5 pilot projects with JICA.
18
19. • Thermal power plant IV,
• Thermal power plant III,
• Thermal power plant II,
• Thermal power plant Darkhan,
• Thermal power plant Erdenet,
• Shivee Ovoo JSC* ,
• Baganuur JSC*,
• Telecom Mongolia JSC *,
• Mongolian Agricultural Commodity Exchange,
• MSE.
(*) Already MSE listed
IV. Privatization 2015-2016
19
20. V. SOEs To Be Privatized on MSE in Long-term
82
State Owned Enterprises
Total Asset:
MNT 11.7 tn
~ USD 5.8 bn
Source: State Property Committee
(2014)
20
21. 21
• Dual listing & DR issue of more than 40 mining
companies listed abroad (LSE AIM, HKEX, ASX,
TRX) such as TRQ, MMC,…
22. Issues
• Tax favorable environment,
Exemption from capital gain & dividend income
tax,
Tax incentives for IPO issuers,
• Establish local institutional investors base,
• Upgrade professional participants skills,
• Raise awareness & knowledge of Mongolian public
to be associated with Mongolia’s success.
22
23. Technical Issues
• Technical issues, among others:
• Account opening complications,
• Fund transfers between MSCH&CD and Clearing Banks,
• Fixing flaws in equity indices definitions & “close”,
infrastructure related issues,
• Faster FRC approval process for corporate actions,
• Mandatory payment of dividends to MSCH&CD accounts,
• ….
23
24. Privatizations through capital market
=> Sustainable stable sources of capital through
capital market for Government & private sector,
24
Objectives
25. 25
Main Sources Of Information
• MSE Website
JSC quarterly financials,
Information on corporate actions, privatization,…
• MSCH&CD Website
Entitlement Report,
Dividend announcements,
• FRC Website
Review of JSCs’ shareholders with same interest,
Complete review of listed companies,
Review of shareholders who newly bought 5 or more percent of JSC,
Detailed information of shareholders who own 5 or more percent of JSC,
Review of companies who took loan by hypothecating company’s property etc.
• Brokers research reports