The Georgian Parliament made major changes to its legislation concerning business entities. Here is a comprehensive list of the most relevant amendments adopted in 2022.

• Law of Georgia on Licenses and Permits, effective from September 9, 2022

The National Bank of Georgia introduced a concept of the Conditional License that may be issued to a legal entity serving the interests of financial stability, financial sector development in the local market, using new and innovative financial technologies increasing the consumer access to financial services.

Full document available at:

https://matsne.gov.ge/ka/document/view/5562954?publication=0

• Civil Procedure Code of Georgia, effective from November 16, 2022

According to the new amendments, a claimant may establish its legal claims on the norms of the Convention on the Protection of Human Rights and Fundamental Freedoms, or refer to the ECHR case law.

Full document available at:

https://matsne.gov.ge/ka/document/view/5591478?publication=0

• General Administrative Code of Georgia, effective from October 18, 2022

The same changes apply to the administrative claims. A claimant may establish its legal claims on the norms of the Convention on the Protection of Human Rights and Fundamental Freedoms, or refer to the ECHR case law.

Full document available at:

https://matsne.gov.ge/ka/document/view/5591439?publication=0

• The Law of Georgia “On Personal Data Protection”effective November 30, 2022

According to the new amendments a special rank may be assigned to a respective employee of the Personal Data Protection Service.

The services provided by the Personal Data Protection Service are subject to public control and they are regulated by law.

Full document available at:

https://matsne.gov.ge/ka/document/view/1561437?publication=24

• The Law of Georgia “On Accounting, Reporting and Auditing” effective from December 1, 2022

According to the first paragraph of Article 19 of Law of Georgia “On Accounting, Reporting, and Auditing,” the auditor/audit company must have its own proper policies and processes for its quality control system that adhere to the International Quality Control Standards (ISQM). Such changes triggered further alterations in terminology in accordance with the new standards established ISQM.

In accordance with ISQM, an organisation is required to establish an audit framework that has a single point of contact for all matters related to quality assurance. The audit framework should provide clear direction on how auditors will conduct audits. It should be prepared according to a predetermined cycle (e.g., annual or semi-annual) and include processes such as planning, performing audits, reporting findings and closing out audits (e.g., documentation review).

Full document available at:

https://matsne.gov.ge/ka/document/view/3311504?publication=13

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