For some reason there are no records in log for ntp. Before (before updating to 7.16?) there was a line in log when time was checked. Something to do with 7.16?
Looks like ntp is working, time is ok and status is synchronized.
I also found this:
http://forum.mikrotik.com/t/7-16-logging-email-not-sent-immediately-after-boot/179236/1