Regulatory Alerts2023-10-13 | 257/04Rule on Additional Requirements for Pension Asset Management
The National Bank of Georgia issued this order to approve a rule establishing additional regulatory requirements for companies managing assets within Georgia’s funded pension scheme. The regulation mandates strict authorization criteria, including minimum financial and human resources, professional experience, and specific credit ratings for foreign firms, while requiring functional separation of management, risk, and compliance operations to mitigate conflicts of interest. Asset managers must maintain detailed transaction records for at least six years and submit monthly portfolio reports, with immediate notifications required if pension asset values decline by one percent due to non-market factors or five percent due to market conditions.