Workshop on EU Capital Markets Law 

A workshop on European Capital Markets Law, conducted within the framework of the elaboration of National Programme of Harmonisation of Georgian Legislation with that of the EU, took place at GEPLAC from January 30 to February 5, 2003. 

The workshop was attended by Mr. Klaus Martin Loeber, Senior Legal Counsel of the European Central Bank invited by GEPLAC as a short-term expert, representatives of National Commission of Securities and GEPLAC experts. The EU Directives regulating the field were reviewed in the workshop and the compliance of the Georgian legislation with them is analyzed. In particular, the workshop addressed the following issues:

-Investor compensation schemes - Directive 97/9/EC;
-Insider dealing and market manipulation – 89/592/EEC;
-Rules on admission of securities to official stock exchange listing, listing particulars and prospectus – Directives 2002/34/EC and 89/298/EC;
-Investment firms and investment services – Directive 1993/22/EC (ISD);
-Investment funds - Directive 1985/611/EC (UCITS);
-Capital adequacy of investment firms – Directive 93/6/EC (CAD);
-Settlement finality in payment and securities settlement systems – Directive 98/26/EC;
-Financial collateral arrangements - directive 2002/47/EC.