News

News

The Law on Competition is being amended

From November 2020, significant changes will be made to the Law of Georgia on Competition. The changes were conditioned by the obligation under the Free Trade Agreement with the European Union. It should be noted that before the amendments were implemented, the law contained a number of systemic or procedural shortcomings that prevented the Competition Agency from carrying out its activities effectively. The changes are aimed at eliminating these shortcomings and improving law enforcement mechanisms. Its main goal is to adopt effective and comprehensive legislation, which will ensure the creation of an appropriate environment for the development of competition in Georgia and the inadmissibility of all kinds of "anti-competitive" agreements or actions to protect this environment.

According to the updated law:

  •      Economic agents will be obliged to provide information to the Agency both during the investigation of the case and in the process of reviewing and monitoring the notification of the concentration, to which they were not obliged before the changes in the law;
  •       The deadlines for different procedures have been changed and increased in order to increase the time for the Agency to thoroughly investigate the issue and resolve it effectively;
  •      The inspection of economic agents will be carried out without prior notice (changes have also been made in the Administrative Procedure Code). In the old version, the procedure was carried out with the consent of the court, however, due to the lack of special procedural norms, the court was guided by general rules and notified economic agents in advance of the inspection, giving them time to destroy anti-competitive evidence. After the changes, this practice will change and, consequently, the court will not inform the economic agents in advance, which will help to establish the facts confirming the communication between the parties; 
  •    Competence was separated between the Competition Agency and regulatory bodies. Regulators still have an obligation to enforce competition in their sectors, although they will be governed by the Competition Act.

It is important to note that prior to the amendments to the law, there was no appropriate sanction for its violation, which hindered the effective enforcement of the law. The implemented changes will eliminate this shortcoming. The Agency is authorized to impose fines on economic agents for non-compliance with the requirements imposed by law. In addition to imposing a fine, the Competition Agency has the right to petition the court to restore the original condition and demand that the economic agent be required to fulfill various obligations, including the alienation of the enterprise, shares, assets, as well as reorganization, termination of the contract and others.

Share:
News

Supervision of the Leasing companies

Supervision of the Leasing companies
Read more
News

The National Bank of Georgia plans to make changes in the relevant bylaws in order to improve the operating environment of lending entities.

The National Bank of Georgia plans to make changes in the relevant bylaws in order to improve the operating environment of lending entities.
Read more
News

From May 12, 2021, significant changes will be made to the Law of Georgia on the Legal Status of Aliens and Stateless Persons.

From May 12, 2021, significant changes will be made to the Law of Georgia on the Legal Status of Aliens and Stateless Persons.
Read more
News

On April 1, 2021, a new rule of protection of consumers' rights while providing services by financial organizations came into force

On April 1, 2021, a new rule of protection of consumers' rights while providing services by financial organizations came into force
Read more
News

On February 22, 2021, the draft law on "Code of Enforcement" was submitted to the Parliament of Georgia for consideration.

On February 22, 2021, the draft law on "Code of Enforcement" was submitted to the Parliament of Georgia for consideration.
Read more
News

Significant changes were made to the Tax Code from January 5, 2021

Significant changes were made to the Tax Code from January 5, 2021
Read more
News

Significant amendments to the Labor Code came into force

Significant amendments to the Labor Code came into force
Read more
News

Visit to Georgia for business activities and / or work purposes

Visit to Georgia for business activities and / or work purposes
Read more
News

The procedure for entering Georgia for business and / or labor activities has been simplified for foreign visitors

The procedure for entering Georgia for business and / or labor activities has been simplified for foreign visitors
Read more
News

The "Children's Rights Code" came into force on September 1

The "Children's Rights Code" came into force on September 1
Read more
News

The Government of Georgia gives foreign citizens the opportunity to work remotely from Georgia

The Government of Georgia gives foreign citizens the opportunity to work remotely from Georgia. For
Read more
News

VAT reform based on international practice

VAT reform based on international practice
Read more
News

Georgia is starting to open the borders

Georgia is starting to open the borders
Read more
News

About subsidized mortgage loans

About subsidized mortgage loans
Read more
News

The State of Emergency was extended until May 22, 2020

The State of Emergency was extended until May 22, 2020
Read more
News

The National Bureau of Enforcement is switching to a fully electronic method of operation

From April 6, 2020, the process in the National Bureau of Enforcement will be simplified and
Read more
News

In one year the number of microfinance was reduced by 19

According to the National Bank of Georgia, there are 48 microfinance organizations operating in the country. Their number has declined by 19 during the past year.
Read more
News

What is the Asset Condition of Commercial Banks in Georgia?

As of December 01, 2019, the Georgian banking sector is represented by 15 commercial banks; 14 of them – with foreign capital in statutory capital.
Read more
News

Changes in licensing and regulation of brokerage companies

Within the framework of the Securities Market Regulatory Update Program, amendments were made to the "Brokerage Company Licensing and Regulation Rules" approved by the Order of the President
Read more