Page 37 - GEORptSep19

baseline projection.
Recent estimates show that the deviation of aggregate demand from the potential level of output deteriorated somewhat in the second half of 2018, but it is expected that moderately high economic growth will continue and that the output gap will close within the next two years.
8.3 Stock market
Georgian central bank announces new regulations as part of capital market reform
The National Bank of Georgia said on July 18 that it has drawn up two new regulations governing brokerage companies.
The aim of the regulations — the Rule of Licensing and Regulation of Brokerage Company and the Additional Rule of Regulation of Brokerage Companies Involved in High-Risk Financing Instruments — is to raise standards of service in the sector, and to protect investors’ interests and allow them to make well-informed decisions. They were drawn up as part of ongoing capital market reforms.
“It is noteworthy that the established requirements fully address the challenges in the sector and also reflect the principles of the EU Directives, International Organisation for Securities Commissions (IOSCO) and European Securities and Markets Commission (ESMA) regulations,” the NBG said in a July 18
37 GEORGIA Country Report September 2019 www.intellinews.com