On October 11, 2013, representatives of the Securities and Futures Commission of Hong Kong (SFC) led by its Chairman Carlson Tong and Executive Director responsible for the Enforcement Division Mark Steward have met with authorities of the Financial Regulatory Commission of Mongolia
(FRC) at the Government House of Mongolia to establish a Memorandum of Understanding on cooperation between the two organisations.
The Memorandum was co-signed by the Chairman of the SFC, Carlson Tong and the Chairman of the FRC D.Bayarsaikhan
by establishing a framework for mutual assistance and facilitates to exchange information between the two regulators.
"This Memorandum 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 this document," said Chairman Carlson Tong.
"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 Memorandum, which promotes shared interests and cooperation for more effective financial regulation
through knowledge sharing and benchmarking," noted FRC Chairman D.Bayarsaikhan.