Georgia: The Finance and Budget Committee considered and supported the draft laws “On Amendments to the Law of Georgia on Securities Market ” and ” On Amendments to the Law of Georgia on Investment Funds” in the first reading.
Eka Sepashvili introduced the bills submitted by the members of the Parliament of Georgia: Davit Songhulashvili, Eka Sepashvili, Bezhan Tsakadze, Irma Zavradashvili, Ramina Beradze, and Nino Tsilosani and Gocha Enukidze through the legislative initiative.
According to the rapporteur, the changes are aimed at promoting the development of the investment funds market and the development of the Georgian capital market.
According to the amendments, the right to participate in the state investment fund is given to the reservation, within the framework of which the state will not be able to influence the decision.
According to him, he will participate in the state fund without the right to vote decisively.
“According to the change, the state will have the right to participate in investment funds, which is not required by Georgian law at this stage. “In particular, state bodies or enterprises created with state participation, where the state share exceeds 50%, will be given the opportunity to participate by investing in investment funds defined by the Law of Georgia on Investment Funds,” – explained Eka Sepashvili.
The speaker also spoke about the National Bank’s proposal to set the state’s shareholding in the fund at a 25 per cent upper limit to exclude the state’s influence on economic decisions.
The committee supported the bill in the first reading, taking into account the remarks made during the discussion.