Abstract:

This article concerns the legal state of microfinance organizations and their legal status in the legal systems of developing and some EU countries (Ukraine, Armenia, and Romania). Its characterization in relation to the Georgian reality, on the basis of comparative-legal methodology, allows for the disclosure of all positive and negative features in terms of the legal status of microfinance organizations.

The author pays special attention to the role of microfinance organizations in countries with non-prudential regulation (Ukraine, Romania, and Armenia), the origin and development process of their status, their comparative legal characterization based on the normative and functional methods and the determination of common and distinguishing legal features in relation to microfinance organizations operating in Georgia.

The author also does not neglect to show the strengths and weaknesses of microfinance organizations in terms of their licensing and liquidation on the basis of the legal means of non-prudential regulation.

The article analyzes, on the basis of comparative legal methodology, the normative and functional legal framework of the operation of microfinance organizations from the developing and some EU countries.

Concerning the status of microfinance organizations operating in Georgia, the distinguishing-similar, positive-strong and weak features have been highlighted.

Keywords:

Non-prudential regulation, Comparative legal characterization, Legal status, Regulatory legislation

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