Regulatory Alerts2020-12-29 | 243/04Rule on Appointing and Activities of the Special Manager of the Commercial Bank
The National Bank of Georgia issued Decree №243/04 to establish procedures for appointing, dismissing, and supervising special managers to exercise resolution authority over commercial banks. The Rule mandates that appointees meet strict fit and proper criteria, including professional experience and conflict of interest checks, while granting them full control over bank operations and the power to annul prior transactions. Special managers are accountable solely to the National Bank, must submit detailed activity reports, and have their expenses reimbursed by the bank during their tenure.
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