National Bank of Georgia gets the supervision functions
Now the employees of the National Bank of Georgia will carry out control and supervision over the financial sector of Sakartvelo together with law enforcement and local supervisory authorities of the country. As reported by Trend referring to the Georgian parliamentaries, the relevant amendments were made to the law "On National Bank of Georgia". According to these amendments, the staff of the National Bank are getting the full right of supervision over commercial banks in the country, as well as non-bank depository institutions, the founders of private pension funds, independent registrars of securities, brokerage companies, stock exchanges, central depository, specialized depositary, asset managers, as well as the activities of accountable companies.
The bill now allows the staff of the National Bank to demand any information, including confidential, from certain representatives of the financial sector.
The National Bank will also cooperate with local supervisors and law enforcement agencies to discourage money laundering.
The Parliament explained that the authors of the bill are Michail Tskitishvili, Zviad Kukava and David Nadashvili.