Regulatory Alerts2012-10-12 | 92/04Rule of Registration and Cancellation of Registration of Payment System Operator in the National Bank of Georgia
The President of the National Bank of Georgia issued Order #92/04 to approve the regulatory framework governing the registration and deregistration of payment system operators. The rule mandates that operators must submit specific documentation, including ownership details and system schematics, to obtain authorization, with the National Bank required to decide within 30 days. It further outlines procedures for notifying changes, grounds for immediate cancellation such as fraud or inactivity, and ongoing reporting obligations regarding transactions and participants.
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