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Decree on Approving the Provisional Regulation of the Financial Supervision Agency of Georgia

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Decree on Approving the Provisional Regulation of the Financial Supervision Agency of Georgia GEORGIA DECREE ON APPROVING THE PROVISIONAL REGULATION OF THE FINANCIAL SUPERVISION AGENCY OF GEORGIA Important Disclaimer This translation has been generously provided by the Financial Supervision Agency of Georgia. This does not constitute an official translation and the translator and the EBRD cannot be held responsible for any inaccuracy or omission in the translation. The text should be used for information purposes only and appropriate legal advice should be sought as and when appropriate. DECREE N1 OF HEAD OF THE FINANCIAL SUPERVISION AGENCY OF GEORGIA April 24, 2008 Tbilisi On Approving Provisional Regulation of the Financial Supervision Agency of Georgia Pursuant to the Paragraph 5, Article 70 of the Organic Law of Georgia on National Bank of Georgia I decree: 1. Approve the attached Provisional Regulation of the Financial Supervision Agency of Georgia; 2. The Provisional Regulation shall become effective upon promulgation. 3. The validity period of the Provisional Regulation shall be defined according to Paragraph 7, Article 53 of the Organic Law of Georgia on National Bank of Georgia prior to approval of the Regulation of the Financial Supervision Agency of Georgia by the Council of the Financial Supervision Agency of Georgia. G. Kadagidze Annex Financial Supervision Agency of Georgia Provisional Regulation Chapter I General Provisions Article 1. Status and Grounds for Establishing of the Agency 1. Financial Supervision Agency of Georgia (hereinafter referred to as “the Agency”) is a legal entity of the public law, established with the National Bank of Georgia, pursuant to the Organic Law of Georgia on the National Bank of Georgia and its main objective is to exercise state supervision over the financial sector. 2. The Agency shall be an independent body not subordinated to any other body or official. The Agency, in its activities, shall be directed by the Constitution of Georgia, international treaties and agreements, the Organic Law of Georgia on the National Bank of Georgia, Law of Georgia on the Legal entity of the Public Law, Law of Georgia on Activities of Commercial Banks, Laws of Georgia on Non - Bank Depository Institutions – Credit Unions, On Insurance, On Non - State Pension Insurance and Provision, On Securities Market, On Microfinance Institutions, Laws of Georgia, other normative acts and this regulation. 3. The Agency shall be entitled to acquire rights and liabilities in its own name, conclude transactions, enter in relations with the third parties on its own behalf and be a plaintiff or / and defendant in the court. 4. The Agency shall be accountable to the Parliament of Georgia. 5. The Agency shall have independent balance sheet, bank account, seal with the state emblem and own name and letterhead and stamp approved by the Head of the Agency. 6. The Agency shall be the only state authority exercising supervision over the financial sector. 7. The Agency, in its activities, shall be directed by the principles of independence, publicity, equity and responsibility. 8. No person shall have the right to influence the Agency or interfere in its activities for the purpose of affecting its decisions. 9. Requirements of normative acts issued by the Agency, according to the set procedure, shall be mandatory for physical persons and legal entities to fulfill regardless their organizational – legal form. 10. The Agency shall be entitled to represent the state in execution of duties assigned under the Georgian legislation 11. The Agency is located at Leonidze Street 3/5, Tbilisi Chapter II Objectives and Functions of the Agency Article 2. Objectives of the Agency Objectives of the Agency shall be: a) Participation in development of state policy and implementation thereof in bank and non - bank depository institutions, microfinance organizations, currency exchange bureaus and entities providing money remittance services, facilitating development of bank and non - bank depository institutions, microfinance organizations, currency exchange bureaus and entities providing money remittance services in Georgia, elaboration of mechanisms for operation of bank and non - bank depository institutions, microfinance organizations, currency exchange bureaus and entities providing money remittance services, regulation and facilitating protection of credit market, supervision and coordination of activities of bank and non - bank depository institutions, microfinance organizations, currency exchange bureaus and entities providing money remittance services, facilitating securing effectiveness and solvency of bank and non - bank depository institutions, protection of rights of bank and non - bank depository institutions, microfinance organizations, currency exchange bureaus, entities providing money remittance services and clients. b) Facilitating development of securities market in Georgia, protection of investors’ interests on the securities market, ensuring transparency of information and securities public trading upon making public offer of securities by issuers, establishing fair rules and free competition in securities trading. c) Participation in development and implementation of state policy in the field of insurance, facilitating development of insurance in Georgia, elaboration of insurance mechanisms, regulating and facilitating protection of insurance market, supervising and coordinating insurance activities, ensuring effectiveness and solvency of insurance organizations, protection of rights of insurers, insurants and the insured. Article 3. Functions of the Agency 1. For the purpose of supervising commercial banks, non - bank depository institutions – credit unions, microfinance organizations, money remitters and currency exchange bureaus, the Agency, according to the set procedure, shall: a) Exercise supervision of commercial banks, non - bank depository institutions – credit unions. This shall cover: issuance and revocation of licenses, inspection and regulation, imposing restrictions and sanctions; b) Regulate microfinance organizations, currency exchange bureaus and money remitters through their registration, cancellation of registration, imposing restrictions and sanctions, inspection and setting minimum requirements related with facilitating prevention of illicit income legalization; c) Maintain registry of bank and non - bank depository institutions, microfinance organizations, money remitters and currency exchange bureaus. d) Pursuant to the legislation set minimum capital requirement (including in monetary form), necessary for acquiring the license, rule for computation thereof and other terms; e) Request and obtain information on sources of the capital of commercial bank and direct, as well as beneficiary owners of significant share thereof; f) Set fit and proper criteria for administrators according to the Subparagraph (c), Paragraph 2, and Article 41 of the Law of Georgia on Activities of Commercial Banks; g) Set certain terms and restrictions upon issuing the license if requirements defined under Paragraph 2, Article 4 of the Law of Georgia on Activities of Commercial Banks are not met; h) Control solvency of bank and non - bank depository institutions; for this purpose it shall prohibit conducting active operations, distribution of profit, accruing and payment of dividends, payment of remuneration, bonuses and other similar compensations, require attraction of additional capital, increase norms for assets and loss reserves of contingent liabilities; i) Pursuant to legislation set reporting forms for bank and non - bank depository institutions and microfinance organizations, as well as timeframe for submission of such forms; j) Within the law framework develop methodology defining fixed ratio between assets and accepted depository liabilities of banks and non - bank depository institutions and set normative values; k) Set definite ratio between attracted financial resources and own capital of banks and non - bank depository institutions; l) For the purpose of licensing and regulating bank and non - bank depository institutions issue normative and methodological documents – regulation rules, manuals, instructions and requirements; m) Develop instructions, directives and other normative acts that are mandatory to be fulfilled by commercial banks and non - bank depository institutions; n) Periodically analyze and evaluate financial position of each commercial bank and non - bank depository institution and take measures provided for in effective legislation and other normative acts; o) Supervise commercial banks and non - bank depository institutions for the purpose of observing and timely and adequately fulfilling requirements of effective legislation, rules issued by the Agency, manuals, instructions and guidelines. p) Perform scheduled as well as special examinations of commercial banks, non - bank depository institutions and their subsidiaries. Conduct audit of accounting documents, components of financial statements and other materials, request any information within its competence from these entities. Examine settlement and accounting systems, cash desk and other materials of commercial banks and non - bank depository institutions, request necessary documents and information needed for fulfillment of assigned functions; in addition, examine compliance of activities of money remitters and currency exchange bureaus with the effective norms. q) In the event of revealing negligence of effective legislation, normative acts and the Agency requirements and incorrect operation, within the competence of
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