The Securities and Futures Commission (SFC) and the Financial Regulatory Commission of Mongolia (FRC) today entered into a Memorandum of Understanding (MoU) in Ulaanbaatar, Mongolia.

The MoU – signed by the Chairman of the SFC, Mr Carlson Tong, and the Chairman of the FRC, Mr Dashdondov Bayarsaikhan – establishes a framework for mutual assistance and facilitates the exchange of information between the two regulators.

Carlson Tong, chairman of the SFC, said: "This MoU strengthens our abilities to protect our markets and enforce the law in relation to cross-border matters. Both Hong Kong and Mongolia will benefit from the closer regulatory relationship made possible by the MoU."

Dashdondov Bayarsaikhan, chairman of the FRC, said: "This memorandum signifies the importance of close cooperation between the authorities and exchange of information to assist each other. I firmly believe that the SFC and the FRC relationship is taken to a new level with this MoU which promotes shared interests and cooperation for more effective financial regulation through knowledge sharing and benchmarking."