A review mission was fielded on 14-15 Spetember 2009. The Mission and the EA agreed to: (i) carry out a minor modification of the TOR of ICMSS to remove both the study on financial independence of the FRC abd advice on credit rating agencies in order to provide more resources for developing training modules; (ii) recruit an additional local consultant or extend the contract of the relevant current local consultant to support ICMSS; (iii) and recruit highly qualified local resource persons to support ICMSS by providing local expertise for the preparation of training manuals with the prompt recommendation of candidates by the FRC.
A minor change in project scope and implementation arrangements was approved on 22 October 2009 by Director, EAFM to improve the effectiveness and relevancy of the TA outputs. The revision of the TORs of the International Capital Market Supervision Specialist and National Captail Market Lega, Regulatory and Supervision expert.
A review mission was fielded on 30 November to 11 December 2009. The Mission reviewed the progress of the project and agreed with the EA: (i) establish a task force of the local experts to assist the Supervision Specialist; and (ii) utilize the current contract terms fully and if additional needs for works still exist and contingencies remain sufficient, then discuss the use of the contingencies.
A review mission was fielded on 5 to 10 March. The Mission reviewed the progress of the project and confirmed the smooth progress of the TA. Every component of the TA including regulatory provisions, IT system build-up, and training module development is on track. The Mission and the EA agreed on: (i)extending contract by one month for the international IT expert, the local IT expert, and local supervision expert; and (ii) recruiting a resource person to refine the training manuals provided by the supervision expert so they can be easily understood by the Mongolian market participants.
A workshop on Capital Market Reform in Mongolia was held on June 4, 2010 to disseminate TA's outputs.
The Team Leader (Capital Market, Legal Regulatory Specialist) has submitted the draft final report and for review by the project officer.
The Capital Market, Information System and Infrastructure Specialist and the Capital Market Supervision Specialist have also submitted their draft final report and being reviewed by the project officer.
Upon the request from the EA, further assistance was given for (i) reviewing the Law on Securities that has been revised, after the TA's final review, reflecting comments from market participants; and (ii) organizing additional workshops on strengthening the legal enforcement of the Law on Securities.