Overview: Competition Law of Mongolia
BACKGROUND
Mongolia adopted its first democratic Constitution in 1992, transitioning to a market economy system.
Under Article 5 of the Constitution, it is stated that “Mongolia shall have an economy based on different forms of property consistent with universal trends of world economic development and its own country's specifics.”, “The State recognizes all forms of public and private property and shall protect the owners’ rights by law.”, and “The State shall regulate the economy to ensure the nation's economic security, the development of all forms of property, and the social development of the population.”, respectively.
Within the above framework, the Competition Legislation was enacted in 1993 as an independent legal institute aimed at regulating competition, promoting fair practices, and protecting market participants from unfair competition[1]. These include the Law on Prohibition of Unfair Competition, the 2000 Law on Prohibition of Unfair Competition, and the 2010 Law on Competition.
LAW ON COMPETITION
The Law on Competition (2010), which is currently in force, governs the relations in connection with creating conditions for the fair competition of business entities in the market, prevention, prohibition, and restriction of domination in the market and anticompetitive activities, defining the legal basis of the regulatory body, and relations arising our of or in connection with them.
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[1] “Relationship between competition law and other laws”, Munkh-Erdene. Te
