Amendment of the Banking Law and Bank of Mongolia Law and related secondary legislation, guided by IMF staff, to: 1. improve the early intervention framework; 2. bring the bank resolution legislation, funding and cooperation framework up to
best international standards in cooperation with MoF, DICOM; 3. ensure that BOM has adequate powers to request from banks additional capital and provisioning to enhance financial strength or to absorb existing and estimated future credit losses, including based on the diagnostic studies and the analysis of the business plans; 4. introduce power for BOM to apply levies on banks to cover the cost of supervision incl. AQRs 5. strengthen shareholders’, board members’, and senior management’s fit and proper requirements
6. upgrade rules on banks’ related party exposure and final beneficial owners.
Introduced at R0.  Expected by end-December 2017. At R3, not met but implemented in January.