MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

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Functions of the Capital Market Development, Insurance Policy and Pension Reform Department:
 

Policy Development

  • Develop and support the implementation of policy for the development of Georgia’s capital market;
  • Develop and support the implementation of policy for the development of mandatory funded and voluntary private pension systems;
  • Develop and support the implementation of policy for the development of the insurance sector.
     

Legislative and Analytical Activities

  • Analyse the legislative framework governing the capital market, pension system and insurance sector, identify development needs, challenges and regulatory gaps, and prepare legislative amendments aimed at improving the respective legal frameworks;
  • Analyse existing challenges, risks, barriers to development and opportunities within the respective sectors, and plan preventive and development-oriented measures;
  • Study and analyse international best practices and promote their incorporation into Georgia’s legislation and public policy;
  • Initiate, prepare, submit and advocate legislative amendments, coordinate the legislative process and ensure the involvement of the relevant structural units of the Ministry and other public institutions within the Department’s competence.
     

Market Development

  • Promote the development of the capital market through the diversification of financial instruments, enhancement of market competitiveness and access to finance, expansion of the institutional and retail investor base, and development of mechanisms for financing the economy;
  • Promote the development of mandatory funded and voluntary private pension systems through the mobilisation of long-term savings, introduction of diversified investment principles and support for the effective management of pension assets;
  • Promote the development of the insurance sector through the identification of risks suitable for mandatory insurance, development of insurance products, including life insurance, and increased accessibility of insurance services;
  • Develop, coordinate the implementation of, and monitor the Capital Market Development Strategy and its related action plans;
  • Support the mobilisation of long-term financial resources and the development of financing mechanisms for the private sector, in order to achieve proper capital reallocation;
  • Promote the development of financial instruments, capital market infrastructure and organised markets, including:
  • investment funds (private equity, venture capital and real estate investment funds);
  • securities market liquidity and related market infrastructure;
  • commodity exchanges and organised trading platforms;
  • factoring, securitisation and other financial instruments;
  • financial technologies and innovation to strengthen competition within the financial sector;
  • Develop and implement programmes and initiatives supporting the development of the capital market, pension system and insurance sector.

Cooperation and Coordination

  • Proactively respond to existing challenges and development opportunities in the capital market, pension system and insurance sector, including through the organisation of regular stakeholder meetings;
  • Cooperate with market participants, professional associations, academia and industry experts in the fields of capital markets, pensions and insurance;
  • Coordinate with the National Bank of Georgia, the Ministry of Finance of Georgia, the Insurance State Supervision Service of Georgia, the Pension Fund of Georgia and other relevant public institutions;
  • Cooperate with international financial institutions, donor organisations and international partners, including the coordination of technical assistance and capacity-building programmes.

 


Contact information:
 

Giorgi Gurgenidze
Head of Capital Market Development, Insurance Policy and Pension Reform Department
 
E-mail: ggurgenidze@moesd.gov.ge   
Tel: +995 (32) 299 10 05


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