Finance Ministry to Transfer SCHCD's Securities Clearing and Settlement Functions to MSE

September 25 (Cover Mongolia) Government of Mongolia issued a resolution during a cabinet meeting held on September 18 announcing the following decisions regarding Securities Clearing House and Central Depositary LLC:

1. To appoint Ministry of Finance as the shareholder of Securities Clearing House and Central Depositary LLC (SCHCD).
2. To transfer central depositary and share registry functions of SCHCD into a state-owned entity to be newly established.
3. To assign the duty of establishing the entity in Clause 2 of this Resolution to Minister for Finance Ch. Ulaan.
4. To assign the Ministry of Finance the duty of restructuring SCHCD with the roles of securities clearing and settlement functions.
5. To transfer full ownership of the legal entity in charge of securities clearing and settlement to the Mongolian Stock Exchange.
6. Clause 2-5 to take effect once the legal entity set out in Clause 3 is established by government decision.