Until December 2020, the Ministry of Health, the Centre for Health Development and the relevant departments of the General Agency of Specialized Inspection were responsible for the regulation with regards to import, export and distribution of medicines and medical devices under their respective functions.
The Law of Mongolia on Personal Privacy which approved in 1995 has a general regulation that individuals protect their privacy and determine their confidentiality themselves, therefore it needed an urgent renewal in order to meet requirements of rapidly evolving technology.
In accordance with the “Basic direction of improving the legislation of Mongolia until 2020” approved by the Resolution No11 of the Parliament of Mongolia in November 2017, the revised draft of the current effective Labour code, which amended a total of 24 amendments and changes after approval in 1999, was submitted to the Parliament in March 2018.
Tremendous mineral reserves, agricultural endowments, and proximity to Asia’s vast markets make Mongolia an attractive destination for medium to long-term foreign direct investment (FDI). The Gross Domestic Product (GDP) in Mongolia is worth 16.20 billion US dollars in 2020.
The whole process of introduction of financial services based on technological innovation to the financial market is called Fintech. Upon the introduction of new products and services to the market with the help of Fintech, financial institutes become able to conduct a wider range of activities at a lower expense.
There are several ways to start a business, including finding and running a new business, buying an existing business, or buying a franchise, etc. Nowadays, buying a franchise is the most commonly used form. Under a franchise agreement, a franchisor undertakes to grant to the franchisee a license established in accordance with the procedure, for the use of its intangible assets such as the firm's name, trademarks or service marks, industrial design, packaging, as well as business management systems, planning, communications, and principal guidelines on the procurement of goods and services.
The Government of Mongolia has approved a “Temporary Procedure for Determination of the Level of COVID-19 Pandemic and Regulation of Activities of Government organizations, Individuals and Legal Entities” on 21 February 2021.
The State Great Khural (the Parliament) of Mongolia approved a draft of a law on amendment to the Law on Banking on its regular meeting on 28 January 2021. The law includes the following key changes.
The Capital city of Mongolia (Ulaanbaatar) has shifted to higher level of preparedness from 11 January 2021 until 31 March 2021 and the Governor of the Capital City decided to open the activities of all kinds of manufacture, trade, and services except
Intellectual property rights are protected under the Law on Patent, the Law on Copyright and Related Rights, and the Law on Trademarks and Geographical Indications in Mongolia. However, the ability to benefit from works protected under such rights has been insufficient and the economic gain has been low. The new Law on Intellectual Property, adopted on 23 January 2020, is of great importance in that it regulates the foregoing issue. The Law has become applicable from 1 December 2020.