Decree Number

Title of Legal Act

Purpose and Scope

Law of Georgia on Payment System and Payment Services

The purpose of this law is to promote the safe, sustainable and efficient functioning of the payment system of Georgia, to ensure the proper implementation of payment services, and to protect the rights of payment service consumers. This law defines the principles of regulation and supervision of the payment system and payment service, as well as the rights, obligations and liabilities of the payment system participants, the parties involved in the implementation of payment service and the payment service users.

№29/04

The rule of registration and regulation of the payment service provider

This Regulation, along with the provisions of the Law of Georgia on Payment System and Payment Services defines:

• Conditions for, and process of, provider registration with the National Bank, and cancellation of registration;

• Obligations of the provider arising from the payment service activities;

• Additional obligations of a significant provider;

• The provider's relationship with its agents and other third parties;

• Requirements related to the customer's cash available with the provider.

№1/04

Regulation on providing customers with necessary information when rendering payment services

The purpose of this regulation is to provide the customer with access to payment service terms and full transparency so that the payment service user (hereinafter - the user) is able to make an informed choice.

• This regulation defines the list of information to be given by the providers to the user in connection with the payment service and the form of its delivery.

• The provider is obliged to comply with the requirements established by this Regulation for all users, both resident and non-resident individuals, and to provide them with accurate and truthful information.

• The regulation applies to one-time payment services, payment services provided as part of the payment services framework agreement, as well as payment services performed with a small-volume payment instrument.

№8/04

Regulation on Completion of Payment Transaction

• This regulation, together with the provisions of Chapter V of the Law of Georgia on Payment System and Payment Services, defines:

- Performing payment operations on the basis of credit payment order and collection order in GEL and foreign currency;

- List of payment transactions allowed in foreign currency and related provisions.

• This regulation does not apply to cash receipts (in and out), payment card transactions (card transactions), as well as payments with electronic money, except for foreign currency payment transactions as defined in Chapter IV of this regulation.

• Observance of the standards provided by this regulation does not release an entity from the obligation to comply with the requirements established by the legislative documents and other legal acts (including the anti-money laundering legislation of Georgia).

№253/04

Bylaw on information complementary to the transfer

• The purpose of this bylaw is to determine the mandatory details about the payer and the recipient in the transfer transaction, which must accompany the said transfer at all stages of its execution. This bylaw applies to transfers whose payment service provider for the payer and/or recipient is a commercial bank licensed by the National Bank of Georgia, a payment service provider or a microfinance organisation registered atthe National Bank of Georgia.

• This bylaw applies to transfer transactions in any currency that are sent, transferred or received by a commercial bank licensed by a National Bank of Georgia or a payment service provider or microfinance organisation registered at the National Bank of Georgia.

• See bylaw for exceptions

• Also check the manual of the bylaw

№155/04

Bylaw on card instruments

The purpose of the bylaw is to regulate the relations between the parties involved in the issuance of the card instrument (including the electronic money instrument) in Georgia, to ensure the transparency of the payment service process and to protect the rights of consumers, as well as to increase boost consumer confidence in the payment instrument and cashless payments. The bylaw stipulates:

• The rules for issuing and servicing a card instrument by the issuer;

• The main terms of the agreement to be concluded between the issuer and the holder of the card instrument and the obligations and responsibilities to be included in this agreement;

• Terms and conditions for servicing of card operations by the acquirer. Obligations of the acquirer towards the point of sales/ service, as well as towards the issuer - a legal entity established under the legislation of Georgia;

• The main acquiring terms of the agreement to be concluded between the point of sales/service and the acquirer and the obligations and responsibilities to be included in this agreement;

• Some issues of the relationship between the acquirer and the entities involved in the card transaction (sub-acquirer, trading platform organizer).

№156/04

On approving a strong customer authentication regulation

• The purpose of this regulation is to ensure the secure authentication of the payment service user, including the protection of the confidentiality and integrity of the personalized security features of the payment service user, as well as to reduce the risk of fraud and other illegal actions. This will have positive consequences for financial sector stability, will strengthen user protection, help efficient and reliable operation of the system and increase user trust in payment services and cashless payments.

• This regulation defines issues related to the implementation of strong customer authentication, use of the waiver of strong customer authentication requirement, the protection of the privacy and integrity of the security features of the payment service user (hereinafter - the user) and related issues.

• This regulation applies to the taxpayer’s:

- Remote online access to payment account;

- Initiation of electronic payment transaction;

- Any action taken through a remote channel that carries the risk of fraud and/or other illegal action.

№287/04

Regulation on Liquidation of Payment Service Provider

• This regulation applies when the registration of a payment service provider is revoked by the National Bank of Georgia.

• Upon revocation of registration of a provider by the National Bank, liquidation of the provider commences.