Chairman of the Financial Regulatory Commission (FRC) T.Jambaajamts received President of Canada’s Toronto Centre  Babak Abbaszadeh to discuss cooperation on financial sector regulation and supervision.

T.Jambaajamts opened the meeting by outlining the policies and measures currently in place under Mongolia’s financial sector regulation and supervision system. The two sides also exchanged views on emerging areas of the sector and the capacity-building needs required to strengthen supervision.

Abbaszadeh underscored the value he places on cooperation between the two countries and said he was ready to support the commission in several areas, such as building staff professional skills and supervisory capacity, introducing international good practices, and rolling out training and capacity-building programs in phases. The two sides agreed to broaden cooperation along these lines.

They further agreed to launch cooperation aimed at bringing Mongolia’s supervision system in line with international best practices, along with training supervisors in emerging fields including private pension fund regulation, dual registration in the capital market, savings, and deposit insurance for credit cooperative members.

The Toronto Centre is an international organization that runs training, technical assistance, and knowledge-exchange programs to strengthen the professional and institutional capacity of central banks, financial regulators, and supervisory authorities, and to improve regulatory and supervisory methodology.