Solicitors governing body: Mongolian Lawyers Association
Competition authority: Mongolia's Authority for Fair Competition and Consumer Protection (AFCCP)
Financial regulator: Financial Regulatory Commission of Mongolia (FRC)
IFLR1000 ranking categories for this jurisdiction:
Financial and corporate (published October) – Financial and corporate, Project Development
In 1990 Mongolia completely reformed its system away from socialism and towards a market economy and rule of law. The Mongolian legal system has been influenced by the Romano-Germanic legal system division between civil and public law, with public law concerning the relationships between the citizen and the state, and civil law regulating affairs between private individuals.
The legal profession itself is made up of prosecutors, advocates and notaries owing to its socialist legacy. The prosecutors act for the state; the advocates advise the public and act in court; and the notaries witness and authenticate documents. Each group has separate structures, rules and admission requirements. At the moment there is a limited market for advocates working in commercial law and so training for the indigenous in the market is not a pressing need.
With this in mind, it isn’t surprising that the legal landscape is challenging for international firms. A few years ago, the country was driven by a mining boom off the back of a number of projects. This enticed a number of law firms such as Minter Ellison, Allens and Hogan Lovells to open up offices, with Shearman & Sterling and Sidley Austin having active offshore practices. But Mongolia is a very large country that’s underdeveloped, and it will need a lot of capacity building to cater to a financial and corporate legal market.
Adam Majeed - Asia Editor
Founded in 2015, Ashid Advocates is a full service Mongolian firm based in Ulaanbaatar. It advises international financial institutions on domestic financing transactions and is well-versed on M&A and restructuring mandates.
During the research period, the firm kept busy advising on regulatory matters in the healthcare and technology industry, and acting on mandates in the food and beverage industry. For example, it advised Bitlish on whether the sale and purchase of a cryptocurrency is regulated under Mongolian law.
The firm was also active in project development, advising Hong Kong construction group, Elite Fortune, in the development of a construction project in the Yarmag area in Ulaanbaatar city.