As a result of several formal complaints lodged by several associations and organizations against the Financial Regulatory Commission (FRC), Parliament created a working group to launch a probe into the activities of the organization. The probe, which started on March 26, continue for 10 days until April 5. The FRC is the main regulatory body outside of the central bank in Mongolia’s financial sector. Mandated by Parliament, the purpose of the organization is to ensure the stability of financial market, regulate financial service institution, monitor the implementation of all relevant legislations, and protect the rights of investors and participants of the financial markets. In addition, the FRC oversees regulation and control over different segments of the financial system including insurance market, securities market, non banking financial institutions, and savings and credit cooperatives.  The working group for the probe was created by decree of Speak of Parliament M.Enkhbold and is headed by MP B.Battumur. In addition, MP Lu.Bold, MP B.Undarmaa, and members of the parliamentary Standing Economic Committee were part of the working group. Parliament launched the probe as a result of formal complaints from the Mongolian Association of Securities Dealers, Mongolian Insurers Association, Association of Insurance Damage Evaluators, and other organizations. The complaints expressed dissatisfaction with the operations of the FRC. The probe will aim to determine whether or not the complaints have any basis. The probe looked at the following aspects of FRC operations in the last two years: • The policy and decisions made by the FRC in the non-banking financial sector and whether or not those decisions and policies negatively affected the operations of stakeholders • The legitimacy of certain claims made in the formal complaints by several organization including allegations of deliberate sabotage on the operations of certain companies and individuals • Further investigation into the allegations of wrongful termination, nepotism, and unprofessional hiring conducts made against the FRC • Whether or not the FRC upheld the rules and procedures in the non-banking financial sectors in accordance to the General Administrative Law The working group will produce a report and a set of recommendations as part of the conclusion of their probe and present it to Parliament.