Out of the 92 percent of Mongolian citizens eligible to participate in the stock market, only two percent are actively participating in trading, reports the Financial Regulatory Commission (FRC). When former Prime Minister Su.Batbold’s administration provided each Mongolian citizen with 1,072 shares in Erdenes Tavan Tolgoi, every citizen who received shares had an account with the stock exchange automatically registered in their name. In recent years, the FRC has been making efforts to develop the stock market with a project being carried out with the Japanese International Cooperation Agency (JICA), the Project for Capacity Building of the Capital Market in Mongolia. The project has been carried out for the past three years. The purpose of the project is to improve market confidence by developing an active primary market at the MSE by increasing the number of IPOs released for unlisted Mongolian companies with sound fundamentals, as well as promoting dual listings for those listed on overseas stock exchanges. The FRC and JICA believe that the project will also enhance the financial literacy of the general public. Financial and accounting requirements, legislative differences, and the limitations of the Mongolian market all serve as obstacles for the dual listing of Mongolian companies. As of right now, there are no companies listed on the Mongolian Stock Exchange (MSE)that are also listed on another stock exchange. Mongolia International Capital Corporation (MICC) hassuggested that relatively small companies could launch a collective IPO. Once listed on the MSE for a year or more, the possibility of dual listing will open up for companies, says MICC. They also noted that Mongolian companies should look for being dual-listed on stock exchanges with less stringent requirements, such as South Korea's KOSDAQ.