Public discussion regarding the Investment Funds project
By Nika Gamtsemlidze
Monday, June 8
Organised by the Business and Economy Center (BEC) and the Finance and Budget Committee of the Parliament of Georgia, in cooperation with the Ministry of Economy and Sustainable Development of Georgia and the National Bank of Georgia, an online discussion of the draft law on investment funds was held.
The main purpose of the meeting was to discuss the draft law with the active involvement of the stakeholders before the committee hearing, in which, in addition to the legislators, representatives of the public and private sectors also participated.
At the meeting, Papuna Lezhava, Vice President of the National Bank of Georgia, spoke about the importance of investment funds in the development of the securities market and noted that such discussions will facilitate a transparent and accountable legislative process and create an effective legislative framework.
The Securities Market Supervision Department of the National Bank of Georgia presented a prepared presentation on investment funds to the participants of the meeting.
The aim of the bill is to develop the market of investment funds in Georgia, to establish relevant rules and ensure free competition, as well as to establish the rules for the establishment of investment funds and the legal basis for the protection of investors' interests.
The law will apply to investment funds and asset management companies, as well as to other individuals or legal entities involved in investing, managing, storing, administering and accounting for the assets of an investment fund.
The National Bank of Georgia is the central bank of the country whose main objective is to ensure the price stability in the country. According to the Constitution of Georgia, the National Bank is independent in its activities. The members of Georgia’s legislative and executive bodies do not have the right to intervene in the NBG’s activities.
The rights and obligations of the National Bank of Georgia as the central bank of the country, the principles of its activity and the guarantee of its independence are defined in the Organic Law of Georgia on the National Bank of Georgia.
