The Law on Securities will be Amended

The Law on Securities will be Amended

The package of draft laws, initiated by the government, has already been submitted to the Parliament.

According to the draft law, the National Bank of Georgia will be entitled not only to set simplified requirements for prospect approval, but also to use different approaches for approval of prospects for different types of securities, require from organizations, issuing securities, all necessary papers, related to those securities and while processing emission prospects, take the account of protection of interests of consumers/investors.

According to the draft law, payment service provider will be added to the list of the financial institutions.

In addition, broker companies will be entitled to organize a platform for foreign currency trade.

According to the draft law, broker companies, stock exchanges, central depositories and security registrars will also be covered by the amendments with regard to the rules, regulating cancellation of security registration licenses, namely, the possibility of setting the deadlines (at least 30 days) for the given subject.

If the violations, stipulated by the law, are revealed, the National Banks will be entitled to demand from financial entities observation of rules of the National Bank in the form of sanctions.

As for the entities, performing money transfers, they will be entitled to proceed with money transfers only if they are registered as a payment service provider or act as a payment service provider agent.

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