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Free Practice Questions for Mongolia Securities Market Specialist Exam

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Key Facts: Mongolia Securities Market Specialist Exam Exam

40 Questions

Items on MASD's specialist base exam, sat in a session of 50+ minutes

MASD qualification regulation, Annex 1

60%

Minimum passing score; the retake is open to candidates scoring 40% or more

MASD qualification regulation §2.7–2.8

380,000 MNT

Fee for the specialist authorization exam in 2026; the renewal exam costs 320,000 MNT

MASD registration notice, March 2026

3 Years

Term of a first specialist authorization before renewal

MASD qualification regulation §3.2

9 Members

Size of the Qualification Council; at least one-third represent the FRC

Securities Market Law Arts. 35.5 and 35.8

3%

Minimum operational risk fund as a share of paid-in capital for regulated entities other than custodians

FRC Resolution 383 of 2023, §3.31

20 Million MNT

Threshold for reporting cash, foreign settlement and virtual-asset transactions within five working days

AML/CFT Law Art. 7.1

Mongolia's MASD Specialist Authorization Exam is a 40-question, 50+ minute test with a 60% pass mark and a 380,000 MNT fee, and a first authorization lasts 3 years. The official test is in Mongolian, with English papers available to foreign citizens. This free bank is independent English-language MCQ practice, not an official translation or a simulation of the MASD test.

Sample Mongolia Securities Market Specialist Exam Practice Questions

Try these sample questions to review concepts for the Mongolia Securities Market Specialist Exam exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Article 1 of the Law of Mongolia on the Securities Market (Үнэт цаасны зах зээлийн тухай хууль), what is the stated purpose of the law?
A.To regulate relations connected with regulating and supervising the activities of securities market participants and protecting investors' interests
B.To regulate the issuance of Government debt instruments and the management of public debt
C.To regulate the licensing, capital and supervision of commercial banks
D.To regulate in detail the formation and legal status of investment funds
Explanation: Article 1.1 states that the law regulates relations connected with regulating and supervising the activities of securities market participants and protecting investors' interests. Article 1.2 adds that, in pursuing this purpose, the law follows the principles of reducing systemic risk in the securities market and ensuring fairness, transparency and efficiency.
2Under Article 62 of the Securities Market Law, which body carries out state regulation and supervision of Mongolia's securities market?
A.The Financial Regulatory Commission (Санхүүгийн зохицуулах хороо, FRC)
B.The Bank of Mongolia (Монголбанк)
C.The Ministry of Finance
D.The Mongolian Stock Exchange
Explanation: Article 62.1 names the Commission, the FRC, as the body that carries out state regulation and supervision of the securities market, and Article 62.2 obliges market participants to comply with FRC decisions made to implement securities legislation. Article 63 then lists the FRC's powers, such as adopting binding rules for market participants and licensing regulated entities.
3Article 5 of the Securities Market Law lists the instruments treated as securities and those excluded. Which of the following is excluded from the law's coverage unless another law provides otherwise?
A.Debt instruments issued by the Government or by aimag and capital-city governors
B.Shares or unit rights of an investment fund
C.Shares of a limited liability company (ХХК)
D.Depository receipts (хадгаламжийн бичиг)
Explanation: Article 5.2.1 expressly excludes shares of a limited liability company, alongside derivatives not approved for trading, bills of exchange and promissory notes, and most deposit certificates (Art. 5.2.2–5.2.5). Government and local debt instruments, investment fund shares and units, and depository receipts are all listed as securities in Article 5.1.
4Under Article 35.1 of the Securities Market Law, where must a professional who works for a legal entity conducting regulated securities activities obtain their authorization (эрх)?
A.From the Mongolian Stock Exchange's listing department
B.Directly from the Ministry of Finance after a background check
C.From the Bank of Mongolia's licensing department
D.From the professional association referred to in Article 69.2 of the law
Explanation: Article 35.1 requires professionals working at legal entities that conduct the regulated activities in Articles 24.1.1–24.1.14 to obtain authorization from the professional association referred to in Article 69.2, which is the Mongolian Association of Securities Dealers (MASD). Under Article 35.4 the authorization is granted to a person who passes the qualification selection, based on the conclusion of the Qualification Council (Мэргэшлийн зөвлөл).
5Under MASD's current regulation on qualification selection and specialist authorization, for how long is a first-time specialist authorization granted?
A.1 year
B.3 years
C.4 years
D.Indefinitely, with no renewal
Explanation: Section 3.2 of MASD's regulation on conducting qualification selection and granting, suspending and revoking specialist authorization grants a first authorization for 3 years. The current text of Securities Market Law Article 35 does not itself state a term; Article 35.9 leaves these procedures to the professional association's regulation.
6MASD runs separate authorization tracks for Specialist (мэргэжилтэн), Investment (хөрөнгө оруулалт) and Executive management (гүйцэтгэх удирдлага). A candidate will work as a securities dealer trading the firm's own capital. Which authorization should they seek?
A.Specialist authorization, because dealers trade on the exchange
B.Executive management authorization, because dealers commit the firm's own capital
C.Investment authorization, which covers staff of entities conducting the activities in Articles 24.1.2–24.1.5, 24.1.10 and 24.1.12–24.1.14
D.No authorization, because dealing requires only a firm-level license
Explanation: MASD maps the Specialist track to staff of entities conducting brokerage, ownership registration, clearing, settlement, central depository and exchange activities (Arts. 24.1.1, 24.1.6–24.1.9, 24.1.11). Dealing (24.1.2), investment advice, trust management, underwriting, custody, collective investment funds, investment management and credit rating fall under the Investment track. Executive management authorization is for chief executives and department heads.
7Under Articles 35.5–35.8 of the Securities Market Law, how is the Qualification Council (Мэргэшлийн зөвлөл) that runs the qualification selection composed?
A.Five members, all appointed by MASD
B.Seven members, a majority of whom must be exchange employees
C.Nine members, at least one-third of whom represent the FRC
D.Eleven members nominated only by universities
Explanation: Article 35.5 gives the Qualification Council responsibility for the qualification selection and continuing training and sets its size at nine members. Article 35.6 requires members nominated by public administrative, self-regulatory and professional bodies with at least three years of experience in finance, economics or law, and Article 35.8 requires at least one-third of members to represent the FRC.
8After signing a brokerage contract, a securities company discovers a conflict of interest in serving the client. Under Articles 36.6–36.7 of the Securities Market Law, what must it do, and who bears resulting losses?
A.Nothing until the next annual report; the client bears any losses
B.End the contract without notice; MASD compensates the client
C.Notify only the FRC; losses are shared equally with the client
D.Notify the client immediately; if it does not, the company must compensate the client's property losses from its own assets
Explanation: Article 36.6 requires a broker to disclose conflicts of interest before concluding a brokerage contract or, if a conflict arises afterwards, to notify the client immediately. Under Article 36.7, the legal entity licensed for brokerage must compensate from its own assets any property loss the client suffers because a conflict was not disclosed in advance or notified immediately.
9A specialist first authorized in June 2026 attends at least 5 hours of continuing training every year and passes the renewal exam before the authorization expires. Under MASD's current qualification regulation, for how long is the authorization renewed?
A.3 years
B.4 years
C.6 years
D.Indefinitely
Explanation: A first authorization lasts 3 years (Section 3.2). Section 3.3.1 renews it for 4 years when the holder has attended at least 5 hours of training in each year and passed the renewal exam. A later renewal under Section 3.3.2 lasts 6 years on the same conditions, and Section 3.4 sets the further conditions for an indefinite authorization.
10FRC Resolution 383 of 2023 requires every regulated entity other than a custodian to set up an operational risk protection fund of at least 3% of its paid-in capital. A securities company has paid-in capital of 120,000,000 MNT. What is the minimum size of the fund?
A.2,400,000 MNT
B.3,000,000 MNT
C.3,600,000 MNT
D.4,800,000 MNT
Explanation: Section 3.31 of the regulation approved by FRC Resolution 383 (30 June 2023) requires regulated entities other than custodians to set up a fund protecting against operational risk worth at least 3% of paid-in capital. The minimum is 120,000,000 MNT × 0.03 = 3,600,000 MNT.

About the Mongolia Securities Market Specialist Exam Exam

The MASD Securities Market Specialist Authorization Exam (Мэргэжилтний эрх олгох шалгалт) is the 40-question test Mongolian securities professionals pass to receive the authorization required by Article 35 of the Securities Market Law. The Mongolian Association of Securities Dealers runs it with the FRC's Qualification Council. This page offers independent English-language MCQ practice by OpenExamPrep on securities law, company law, market infrastructure, valuation, investment funds and AML/CFT.

Exam sponsor: Mongolian Association of Securities Dealers (МҮЦАЭХ / MASD), with the Qualification Council (Мэргэшлийн зөвлөл) attached to the Financial Regulatory Commission. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Under Article 35 of the Securities Market Law, professionals working at entities licensed for regulated securities activities must hold authorization from the professional association (MASD), granted on the conclusion of the nine-member Qualification Council attached to the FRC. MASD's Specialist track covers staff of brokerage, ownership-registration, clearing, settlement, central depository and exchange entities; dealers, advisers, underwriters, custodians and fund managers take the Investment track, which adds a professional exam. 2026 sittings are held in March, May, September and November at MASD's training hall, with a retake two days later. The test is in Mongolian, and foreign citizens may request the paper in English. This bank is an independent English-language MCQ study adaptation, not an official translation or a simulation of the MASD test.

Time Limit

50+ minutes (MASD qualification regulation Annex 1)

Passing Score

60% (MASD qualification regulation §2.7); candidates scoring 40% or more may sit the retake (§2.8)

Exam / Certification Fees

380,000 MNT (specialist authorization exam); 320,000 MNT (specialist renewal exam)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

Not officially weighted

Securities Market Law, FRC and Licensing

Purpose and scope of the Securities Market Law, the definition of securities (Art. 5), the FRC's role (Arts. 62–63), regulated activities (Art. 24), licensing, suspension, revocation and appeals (Arts. 27–34), specialist authorization and the Qualification Council (Art. 35), self-regulatory organizations (Art. 69), and FRC Resolution 383 of 2023 requirements.

Not officially weighted

Public Offerings and Corporate Governance

Registration and public offering (Arts. 9–12), prospectus content and liability, underwriting forms (Art. 41), issuer disclosure (Art. 20), takeover offers (Arts. 22–23), and Company Law rules on shareholders' meetings, independent directors, cumulative voting, major and conflict-of-interest transactions, preemptive and repurchase rights, and controlling blocks.

Not officially weighted

Trading, Clearing, Settlement and Custody

Brokerage and dealing duties (Arts. 36–37), client-asset segregation and nominal accounts, the stock exchange and OTC market, professional investors, clearing and the settlement guarantee fund (Art. 43), settlement within three working days and delivery versus payment (Art. 44), the central depository and custodians (Arts. 45–46), and MSE Trading Rules on price bands, block trades and halts.

Not officially weighted

Financial Instruments and Valuation

Equity valuation (EPS, P/E, P/B, dividend yield, Gordon growth model), bond pricing (current yield, accrued interest, clean and dirty prices, duration), CAPM, the Sharpe ratio, margin buying power, commissions and financial-statement ratios.

Not officially weighted

Investment Funds

Law on Investment Funds: collective and private funds; open-end, closed-end and exchange-traded types; management companies and custodians; segregation of fund assets; NAV; the 3% fee cap; asset restrictions and valuation; prohibited promises; and the order of payment on liquidation.

Not officially weighted

Market Conduct and AML/CFT

Inside information, insiders and insider-trading prohibitions (Arts. 76–79), fictitious trading and price manipulation (Art. 80), client-order priority, front-running and conflicts of interest, and AML/CFT duties: reporting entities, ultimate owners, 20 million MNT threshold reports, 24-hour suspicious-transaction reports, record retention and confidentiality.

Preparing for the Mongolia Securities Market Specialist Exam Exam

What You Need to Know

  • Passing score: 60% (MASD qualification regulation §2.7); candidates scoring 40% or more may sit the retake (§2.8)
  • Assessment: Under Article 35 of the Securities Market Law, professionals working at entities licensed for regulated securities activities must hold authorization from the professional association (MASD), granted on the conclusion of the nine-member Qualification Council attached to the FRC. MASD's Specialist track covers staff of brokerage, ownership-registration, clearing, settlement, central depository and exchange entities; dealers, advisers, underwriters, custodians and fund managers take the Investment track, which adds a professional exam. 2026 sittings are held in March, May, September and November at MASD's training hall, with a retake two days later. The test is in Mongolian, and foreign citizens may request the paper in English. This bank is an independent English-language MCQ study adaptation, not an official translation or a simulation of the MASD test.
  • Time limit: 50+ minutes (MASD qualification regulation Annex 1)
  • Exam / certification fees: 380,000 MNT (specialist authorization exam); 320,000 MNT (specialist renewal exam) Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
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Mongolia Securities Market Specialist Exam: Suggested Study Strategy

1Read the current consolidated Securities Market Law on legalinfo.mn rather than older English translations; for example, Article 35 no longer states the 3-year term, which now comes from MASD's regulation.
2Learn the definitions that questions turn on: brokerage vs dealing (Arts. 36.1, 37.1), exchange vs OTC market (Arts. 4.1.2–4.1.3), professional investor (Art. 4.1.19), influential shareholder (5%, Art. 4.1.29) and inside information (Art. 76).
3Memorize the key time limits: 20 working days for FRC registration review, three working days for settlement and several issuer filings, 14 days to complain to the Review Council, and 24 hours for suspicious-transaction reports.
4Practise the Company Law thresholds: major transactions above 25% of assets, a controlling block of one-third, boards of nine or more with one-third independent, and cumulative voting arithmetic.
5Drill the calculations that are easy to slip on: current yield, accrued interest, CAPM, Sharpe ratio, NAV per unit, margin buying power and the 3% fund fee cap.

Frequently Asked Questions

What is the legal basis for the Mongolian securities specialist authorization?

Article 35.1 of the Securities Market Law requires professionals working at entities that conduct regulated securities activities to obtain authorization from the professional association referred to in Article 69.2, which is MASD. Under Article 35.4 the authorization is granted to people who pass the qualification selection, based on the conclusion of a nine-member Qualification Council, at least one-third of whose members represent the FRC (Arts. 35.5 and 35.8).

What is the format of the MASD specialist exam?

Specialist candidates sit MASD's base exam: 40 questions in a sitting of 50+ minutes, with a 60% pass mark, held in person at MASD's training hall. A retake is held two days after each main sitting for candidates who scored 40% or more. MASD does not publish a topic weighting; registered candidates receive an official guide and self-test question bank.

How much does the exam cost in 2026?

MASD's March 2026 registration notice lists 380,000 MNT for the specialist authorization exam and 320,000 MNT for the specialist renewal exam. The investment and executive-management authorization exams cost 720,000 MNT each, and their renewal exams 420,000 MNT.

How long is the authorization valid?

Under MASD's qualification regulation, a first authorization lasts 3 years (§3.2). A holder who attends at least 5 hours of training each year and passes the renewal exam is renewed for 4 years, and then for 6 years (§3.3). A specialist whose authorization has expired must sit the next exam within 6 months (§3.6).

Which MASD track do I need?

The Specialist track covers staff of brokerage, ownership-registration, clearing, settlement, central depository and exchange entities. Staff of dealers, investment advisers, trust managers, underwriters, custodians, collective funds, investment managers and credit rating agencies take the Investment track, which adds a 40-question professional exam. Chief executives and department heads take the Executive management track.

Is the exam available in English, and is this bank an official translation?

The MASD test is conducted in Mongolian, and MASD's exam rules let foreign-citizen candidates request the exam paper in English. This question bank is an independent English-language MCQ study adaptation by OpenExamPrep. It is not an official MASD translation, and it does not simulate the MASD test.