Competition Policy
The National Bank of Georgia enforces competition policy in the financial sector in accordance with the Organic Law of Georgia "On the National Bank of Georgia" and the rules established by the "Law of Georgia "On Competition".
The National Bank of Georgia reviews complaint/application regarding a possible violation of competition by a representative of a financial sector (except for an obliged entity), by a lending entity or a credit information bureau, as well as a notification regarding concentration. When making a decision on violation of competition, the National Bank of Georgia is entitled to charge the violator of competition with the monetary fine provided for by the Competition legislation. The National Bank of Georgia is entitled to apply other sanctions and/or supervisory measures to the violator of a competition along with a monetary fine.
The National Bank of Georgia shall be authorised to give priority to ensuring financial stability while ensuring compliance with the requirements established by the Competition legislation of Georgia.
In the process of enforcement of competition legislation, the National Bank of Georgia is authorized to issue legal acts, among them, determine the threshold amounts that require advance written notification of concentration if excedeed. The National Bank of Georgia is also authorised to implement appropriate measures, issue written instructions, set additional requirements, appropriate restrictions and/or monetary fines.
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