Signing of an MoU with the Association of Real Estate Brokerage Institutions

2022-12-27 10:11:57

Ulaanbaatar /MONTSAME/. The FRC signed a Memorandum of Understanding (MoU) with the Umbrella Association of Real Estate Entrepreneurs on 26 December 2022.

The Chairman of Financial Regulatory Commission (FRC) D. Bayarsaikhan stated that, “the FRC has been regulating and monitoring the real estate properties sectors since 2020. During this period, despite many difficulties and obstacles, we regularly and continuously have regulated the registration of operators in the real estate sector. Associated developments were one of the factors that contributed to Mongolia's removal from the list of countries with strategic deficiencies or the “Grey List” in a very short period (within six months). In the future, we intend to develop according to international standards, increase the participation of our professional association in the creation of independent legal regulations, and expand the partnership and cooperation between the public and private sectors. I would like to express my gratitude to all agencies of the real estate brokerage sector, having a unified voice, a unified organization, and developing cooperation through their association. A lot of work is waiting for us, such as developing the sector, creating an appropriate regulatory environment, empowering and improving our professional participants, and protecting their interests. At the same time, there are opportunities for us to develop together - and with other associations in the financial market - to combat money laundering and the financing terrorism. We also have the chance to provide comments, develop relevant legal regulations and amendments, and adopt common training standards, and the same evaluation mechanism. I wish that our cooperation would be fruitful.

The Chief Executive of FRC T. Jambaajamts and the Chairman of Association of Real Estate Entrepreneurs S. Batkhurel signed the MoU on behalf of the two parties.

Nowadays, the beginning of the implementation of some functions of state regulation through professional associations has been laid, when the role of self-regulatory organizations is important in increasing the effectiveness of the industry within the society and economy of Mongolia, developing in line with international trends, and implementing professional standards and regulation of code conduct.