PERSONS, VOLUNTARILY JOINED ACCUMULATIVE PENSION SYSTEM, TO BE ABLE INDEPENDENTLY CHOOSE ASSET MANAGING COMPANY
Deputy Minister of Economy and Sustainable Development Ekaterina Mikabadze declared that those persons, who will voluntarily take part in accumulative pension system, will have an opportunity to choose independently the asset managing company.
The corresponding provision was added to the draft bill “On Accumulative Pension” following its consideration in first hearing by the Parliament.
RULES ADOPTED OF ACTIVITY SUPERVISION, REGULATION AND CLASSIFICATION OF ASSETS OF MICROFINANCIAL ORGANIZATIONS
National Bank of Georgia (NBG) declared about adoption of rules of supervision and regulations of activity of microfinancial organizations, classifications of their assets and formation of loan loss reserve.
The rules establish economic standards and limits to microfinancial organizations, such as capital, liquidity, investments coefficients, and order of calculation of supervising capital.
RULE ADOPTED OF BROKER COMPANIES’ LICENSING AND REGULATION
By order of president of National Bank of Georgia (NBG), rule of broker companies’ licensing and regulation is adopted.
Minimal volume of equity capital of broker companies is established at 500,000 lari.
WITHIN REFORM OF LAND REGISTRATION, OVER 500,000 APPLICATIONS ARE REGISTERED
Within reform of land registration, envisaging simplified registration procedures, over half a million applications are registered, National Agency of Public Register reported.
At this stage, about 25,000 applications are sent from the Register to the commission on property right recognition, while on 67,000 applications, the Register conducts on behalf of applicants search of necessary documentation in various departments.
ADB PROJECTS DISCUSSED IN THE FINANCE MINISTRY
On July 5, meeting with executive director of Asian Development Bank (ADB) Helmut Fischer was held in Georgian Finance Ministry. As the Ministry said, the parties discussed ongoing projects, being implemented with assistance of ADB, as well as planned projects.