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National Bank Bans Unregistered Commerce Entities to Attract Money Resources from more than 20 Persons

According to the legal amendments to the Georgian Law on National Bank of Georgia, starting March 11, 2018 a company or a group of interconnected persons are banned to attract money resources from more than 20 physical bodies or take loans or/and advertise money resources to be received from a wide circle of persons.

If similar activities are carried out by microfinance organizations unregistered by NBG or bodies without nonbanking-deposite-crediting licenses or banking licenses.

Consequently, all enterprises that are subjected to the mentioned restriction, are obliged, in compliance with applicable legislation to pass registration or obtain due licenses from NBG until March 1, 2018, in other case enterprises will have to bear responsibility before Georgian legislation.