Market Link Guide – Georgia
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via JSC Bank of Georgia to:
|
a.CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | National Bank of Georgia (NBG) Georgian Central Securities Depository (GCSC) | JSC Bank of Georgia |
FATCA GIIN | Not available | K5YGNR.00000.LE.268 |
LEI | NBG: 254900MHQHBC58M2GR84 GCSD: Not available | 549300RPLD8RXL49Z691 |
Country of incorporation | Georgia | Georgia |
Account type | NBG: Omnibus account GCSD: Omnibus account | Omnibus account |
Legal Account name / holder | Clearstream Banking S.A. nominee account via JSC Bank of Georgia Nominee account called “Bank of Georgia/Clearstream Banking S.A. nominee account” in the books of each CSD i.e. NBoG and GCSD. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | No | |
| Settlement against payment in central bank money account of CBL/CBL clients | Not available | |
| Bridge settlement | No | |
| Shaping facility | No | |
| Partial settlement | No | |
| Settlement penalty fees | No | |
| Pre-matching | No | |
| Back-to-back processing | No | |
| Allegements | Yes | Only for Government-issued securities settled with the Central Bank of Georgia. |
| Automatic compensation | No | |
| Registered securities | Not available | There is no registration of securities in Georgia as a separate process; an automatic and simultaneous registration process instead applies upon the purchase or sale of securities under the Bank of Georgia client nominee account. |
| Multi Market Securities | No | |
| Lending and borrowing | No | |
| Proxy voting | No | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | No | |
| Market restrictions | No | |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
Moment of entry of instructions | The rules of National Bank of Georgia as operator of a CSD system or the rules of Georgian Central Securities Depository do not define the moment of entry within the meaning of the Settlement Finality Directive. |
Irrevocability of instructions | Settled transactions are irrevocable. |
Settlement finality of instructions | Transfer of securities from the seller to the buyer (delivery) occurs is simultaneous and final. |
Local legislation
The below section is valid on the date of the legal opinions that were issued and might be subject to change. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.
Local legislation of the CSD/Intermediary | |
Date of legal opinion | 30 April 2025 |
Nature of rights on securities | Substantive law of the jurisdiction will govern the nature of the rights on the securities. Rights on the securities are ownership rights. Sub-accounts are not possible. |
Recognition of nominee concept | Nominee concept recognised under local law. |
No right of retention to the CSD under local law | CSD has a lien or similar encumbrance under local law, but such lien could be contractually excluded or waived. |
No upper-tier attachments | Securities would not be subject to attachment. |
No right of use without prior consent | Laws of the jurisdiction restrict CSD from using securities without Clearstream’s prior consent. |
Segregation of assets at the CSD | CSD is under legal/regulatory obligation to segregate the securities held for each participant. |
Loss of assets | No general restrictions on ability to recover lost assets or on indemnification under local law. |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable. |
Ability to recover client assets in the event of insolvency of Agent | Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to cash as a general creditor in case of insolvency of the Subcustodian. |
Shortfall pro-rated among holders | Shortfall in the securities would be allocated among the holders of the applicable securities pro rata to their respective ownership percentages. |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured |