The National Bank of Georgia has published a draft revised regulation on monetary fines for securities market participants for public consultation. The proposal is intended to update the existing sanctions framework as Georgia’s capital market expands, with penalties calibrated to the severity of breaches and their potential impact. The draft introduces a differentiated methodology for determining fines that takes account of the nature of the violation, the type of entity and the size of the violator. Fine amounts could be set either as a fixed amount or as a percentage of an entity’s revenue or regulatory capital, with the higher amount applied. The approach has been developed with reference to directives envisaged under the Association Agreement with the European Union and recommendations from international financial institutions.
National Bank of Georgia 2026-03-10
National Bank of Georgia consults on an updated fine-setting framework for securities market participants
The National Bank of Georgia released a draft regulation on monetary fines for securities market participants, updating sanctions as the capital market grows. The proposal introduces a differentiated methodology for fines based on violation nature, entity type, and violator size, with amounts as a fixed sum or a percentage of revenue or regulatory capital. This aligns with EU Association Agreement directives and international financial institution recommendations.