Expansion of Georgian Financial Sector from Perspective of Association Agreement between EU and Georgia, in L'EUROPE UNIE/UNITED EUROPE PARIS, EU Enlargement and Resilience: Legal and Economic Reforms on Georgia's Path to Integration, L'Europe unie/U

22/2025 L'EUROPE UNIE/UNITED EUROPE PARIS, EU Enlargement and Resilience: Legal and Economic Reforms on Georgia's Path to Integration, L'Europe unie/United Europe - special volume - no 22/2025 Paris-Cluj Napoca / coord.: Mihaela Daciana Natea, Simion Costea. - Cluj-Napoca: Napoca Star, 2025, 174 pages. ISBN 978-630-354-001-6; PARIS: Print ISSN: 0248-2851, On line ISSN: 2743-4052 Linking ISSN (ISSN-L): 2743-4052, DOI: 10.13140/RG.2.2.36685.14562, DOI: 10.5281/zenodo.15109951, Expansion of Georgian Financial Sector from Perspective of Association Agreement between EU and Georgia(Expansion of Georgian Financial Sector from Perspective of Association Agreement between EU and Georgia) Author(s): LEVAN GOTUA Language: English Subject(s): Politics / Political Sciences, Economy Issue: 22/22/2025 Page Range: 93-104 No. of Pages: 12 Keywords: Commercial Banks; EU Georgia Association Agreement; Financial Sector; Microbank; Microfinance Organization. Summary/Abstract: In the modern world, financial institutions, which can be combined under the concept of "financial sector", are very different entities. These differences are expressed both in different regimes of state regulation and in financial capabilities, types of activities, size (volume) and many other parameters. Until recently, the financial sector of Georgia included: commercial banks, non bank depository institutions – credit unions, brokerage companies, independent securities registrars, central depository, specialized depository, stock exchange, investment fund, asset management company, microfinance organizations, non state pension scheme founders, payment system operators, payment service providers, accountable enterprises and currency exchange offices. From February 2023, a completely new category of a microbank has been added to this extensive list of financial sector entities. The purpose of this article is acquaintance with the new structure of Georgian financial sector from a legal point of view, above all, from perspective of Association Agreement between the European Union and Georgia. This implied the preparation of one of the first (if not the first) legal scientific papers related to this topic. It is worth noting and underlining the fact that due to the novelty of the topic, we are largely detached from the relevant local judicial practice or the precedents of the interpretation of current norms by the regulator. Thus, it can be said that the full scale legal framework for the regulation of Georgia’s expanded financial sector, which naturally involves the implementation of a number of subordinate normative acts by the National Bank of Georgia, is still in the process of formation.