A New Era for AI Regulation: The First AI Act
On March 13, 2024, the European Parliament approved the world’s first harmonized regulatory act, The AI Act (hereinafter referred to as “The Act”), establishing a groundbreaking legal framework for Artificial Intelligence (AI). The Act aims to establish principles and obligations for AI developers and users concerning the ethical use of AI. It applies to: Providers […]
Navigating the New Landscape: The New Law on Personal Data Protection in Georgia
As of March 1, 2024, the new law in Georgia, “On Personal Data Protection,” has been enacted (Hereinafter – “Law”). Certain provisions of this Law will take effect on June 1, 2024, while others will be implemented on January 1, 2025. The primary objective of the new Law in Georgia is to enhance the standards […]
Georgia’s Commitment to CRS and Its Impact on International Account Holders
In 2011, Georgia made a resolute move towards global financial transparency by embracing the Common Reporting Standard (CRS), an international framework developed by the Organization for Economic Co-operation and Development (OECD). This strategic decision not only solidifies Georgia’s commitment to combating tax evasion but also holds implications for international customers with bank accounts in the […]
Amendments to Georgia’s Law on Entrepreneurs: Revised Compliance Deadlines
Incorporating the latest amendments to the New Law on Entrepreneurs, updated deadlines have been established for entrepreneurs registered in Georgia until January 1, 2022, to bring their registered data into compliance with the new regulations. Furthermore, the legislation outlines in a thorough manner the legal consequences in case of non-fulfillment of this obligation. The article […]
