Privacy Policy

  1. This site (the "Site") is operated by the European Bank for Reconstruction and Development (the "EBRD"), having its headquarters at 5 Bank Street, London E14 4BG, United Kingdom, in connection with its project DESIGN AND IMPLEMENTATION OF THE SUPPORT MECHANISM FOR CAPITAL MARKETS DEVELOPMENT IN GEORGIA (the "Project"/"Programme"). The project is funded by the European Union and implemented by the Capital Markets Development team of the EBRD. The program focuses on creating an incentive mechanism that will support objectively selected companies in tapping local capital markets in Georgia through the issuance of securities, including debt and equity (and sustainable, green products if and when appropriate). In addition, the project comprises education and capacity-building components with a focus on capital markets financing. The Programme covers a portion of the fees and expenses that companies incur when issuing securities, for example, legal fees, listing fees, prospectus fees, and/or any other issuance-related fees. This microsite is designated for the project, serves as a primary communication tool for it, and facilitates registration of candidates for the programme.
  2. Please read these terms and conditions ("Terms and Conditions"). If you do not agree to these terms and conditions, you must not use the site. 
  3. By using the site, you ("you") agree to be bound by these terms and conditions. The EBRD may change these terms and conditions from time to time. By continuing to access the site following any such change, you accept and agree to be bound by all changes.

4.1. The EBRD maintains these sites as a service to users. The information contained on these sites is for informative purposes only. Subject always to paragraph 7.1 below, you may visit the Sites and download and copy information, documents, and materials provided by the EBRD or various information or content providers (collectively, the "Materials") from the Sites for your personal, non-commercial use, without any right to resell, redistribute, or create derivative works therefrom, subject to these Terms and Conditions. 

4.2. Unless expressly stated otherwise, the findings, interpretations and conclusions expressed in the materials on these sites are those of the various authors of the work and are not necessarily those of the EBRD. 

4.3. The content as presented on these sites may vary depending upon your browser functionality and limitations. The EBRD accepts no liability if you cannot view any part or component of the sites. 

4.4. The EBRD reserves the right to change or remove any material on the sites, including but not limited to revising and/or deleting features or other information without prior notice. 

4.5. The sites may contain hyperlinks or references to external third-party websites. Any such hyperlink or reference is provided for your convenience only. The EBRD has no control over such third-party websites and accepts no responsibility in relation to any content, material, or information contained on these websites. 

4.6. You may link to the sites without seeking the permission of the EBRD. However, such links must clearly identify the EBRD as the source of information displayed on the sites and preserve the integrity of the sites without alteration. The EBRD reserves the right to refuse permission to link to the sites and may demand, at any time, that you cease linking to the sites. 

4.7. These Sites may contain advice, opinions and statements of various information or content providers. The EBRD does not warrant or endorse the accuracy or reliability of any advice, opinion, statement, or other information provided by any information or content provider, or any user of these sites, or other person or entity. Reliance upon any such opinion, advice, statement, or other information shall also be at your own risk. 

4.8. Nothing in these sites or any materials should be construed, implicitly or explicitly, as containing any investment recommendation or advice, or as constituting an offer or invitation to purchase or sell securities by or on behalf of the EBRD. 

4.9. The EBRD reserves the right, in its sole discretion and for any reason and without notice, to alter, amend, limit, suspend, or discontinue the Sites or any materials in any respect; and deny any user's access to the Sites or any portion thereof. The EBRD shall have no obligation to take the needs of any user into consideration in connection therewith.

5.1. The Sites are provided on an "as is" and "as available" basis without warranty, condition, or commitment of any kind, whether express or implied. The EBRD makes no representation, warranty, or commitment in relation to the provision of the sites, including those as to the availability, completeness, accuracy, and up-to-datedness of any material provided through the sites. 

5.2. To the maximum extent permitted by applicable law, the EBRD disclaims and excludes all liability (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) arising from any inaccuracy, failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, alteration of, or use of any of the Materials on the Sites. Under no circumstances shall EBRD be liable to You for any loss or damage suffered (both direct and indirect losses) arising from your use of the Sites.

6.1. Where available and insofar as you choose to open an account on the Site ("Account"), and you are provided with a user account ID, password, or any other piece of information as part of our security procedures in relation to such an account, you must treat such information as confidential. You must not disclose it to any third party. 

6.2. We have the right to disable any user ID or password, whether chosen by you or allocated by us, at any time, if, in our reasonable opinion, you have failed to comply with any of the provisions of these terms and conditions. 

6.3. If you suspect or know that someone other than you knows your User ID or password, please contact us as soon as possible at or 

7.1. While using the sites, you may not: 

a. post or transmit any unlawful, fraudulent, libellous, defamatory, obscene, pornographic, profane, threatening, abusive, hateful, offensive, derogatory, or otherwise objectionable information of any kind, including, without limitation, transmissions constituting or encouraging conduct that would constitute a criminal offense, give rise to civil liability, violate any applicable law or regulation, or harm the EBRD's goodwill and reputation. 

b. post or transmit any advertisements, solicitations, chain letters, pyramid schemes, investment opportunities or commercial schemes of any kind or other unsolicited commercial communication.

c. post or transmit any software or material containing a "virus," "trojan horse," "worm," "data bomb," "logic bomb," or other similar component.

d. copy, modify, licence, create derivative works from, transfer, post, publish, republish, transmit, retransmit, reproduce, distribute or in any way exploit or use:

(i) materials obtained for commercial purposes through the Sites; or

(ii) materials obtained through the Site, or any derivative work of such materials, that are subject to a third party's copyright or other intellectual property rights. If you wish to copy, modify, license, transfer, post, publish, republish, transmit, retransmit, reproduce, distribute or in any way exploit or use such materials, or any derivative work of such materials, you must first obtain the necessary permission from the owner.

7.2. You agree not to affect, restrict, limit or inhibit any other person from using the Site.

7.3. You agree to defend, indemnify, and hold harmless the EBRD from any and all claims, actions, proceedings, losses, damages, liabilities, costs, and expenses, including reasonable legal fees, arising in any way from your use of the Site or any violation of these Terms and Conditions by you or, where applicable, any users of your registered account.

8.1. If the Site contains bulletin boards, chat rooms, or other message or communication facilities (collectively, the "Forums"), you agree to use the Forums only to send and receive messages and material that are proper and related to the particular Forum. As an example, and not as a limitation, you agree not to do any of the following when using a forum: 

a. defame, abuse, harass, threaten, or otherwise infringe on the legal rights (such as privacy and publicity rights) of others; 

b. publish, post, distribute, or disseminate any defamatory, libelous, infringing, obscene, indecent, or illegal material or information; 

c. upload or attach files containing software or other material protected by intellectual property laws (or by privacy or publicity rights) unless you own or control the rights to such material or have obtained all necessary consents; 

d. upload or attach files that contain viruses, corrupted files, or any other similar software or programs that may damage the operation of another's computer;

e. remove any author attributions, legal notices, or proprietary designations or labels from any uploaded materials; 

f. falsify the origin or source of software or materials contained in an uploaded file; 

g. advertise or offer to sell any goods or services, or conduct or forward surveys, contests, or chain letters; 

h. download any file posted by another forum user that you know, or should reasonably know, cannot be legally distributed in this manner; 

i. upload, write, distribute or otherwise disclose any personal data. 

Personal Data” means any information relating to an identified or identifiable individual.

8.2. You acknowledge that all forums are public and not private communication. Further, you acknowledge that chats, postings, conferences, e-mails, and other communications by other users are not endorsed by the EBRD, and that such communications are not subject to review, screening, or approval by the EBRD. 

8.3. You accept that the EBRD is under no obligation to monitor the use of bulletin boards, chat rooms, or other similar facilities and that the use of such facilities by users is subject to such directions or instructions as may be issued by the EBRD at any given time and at the EBRD's sole discretion. 

8.4. The EBRD reserves the right, for any reason and at its sole discretion, to edit or remove without notice any content of the forums received from users, including without limitation, e-mail and bulletin board postings.

9.1. If You submit, post or upload any content, materials, information or data (including personal data) ("Your Submissions") on or through the Site, the EBRD will retain and use Your Submissions for the purposes of the Project only. 

9.2. Your submissions will be considered non-confidential and non-proprietary. Unless otherwise clearly stated on the Site, you retain all of your ownership rights in Your Submissions, but by posting or submitting Your Submissions to the Site, you grant us a royalty-free, limited licence to use, store, and copy that content and to distribute and make it available to third parties, where and for as long as required in connection with and for the execution of the Project. 

9.3. Where a third party is claiming that any part of Your Submissions posted or uploaded by You to our Site constitutes a violation of their intellectual property rights, or of their right to privacy, we reserve the right to disclose Your identity to the third party once we have conducted an appropriate verification of their claim.

9.4. We reserve the right to remove any posting you make on the Site if, in our opinion, it is defamatory, in violation of third parties’ intellectual property rights, privacy rights, or otherwise inappropriate and/or in violation of applicable laws or any of our policies publicly available at

9.5. You are solely responsible for securing and backing up any content, materials, information, or data you submit as part of your submissions.

9.6. The list of all companies registered on the Website (company names only) ("List") will be shared with local brokerage/investment banking firms ("Firms") that express relevant interest and are licensed by the National Bank of Georgia. The list of firms with whom the list will be shared is available upon request.  

10.1. All copyright and other intellectual property rights of Materials on the sites apart from your submissions belong to or are licensed to the EBRD. Unless informed otherwise by you, the EBRD will assume that you own your submissions. In submitting your submissions on this site, you grant the EBRD a royalty-free, non-exclusive licence to use, copy, and modify your submissions to the extent required in connection with the purpose for which they are submitted.

11.1. These terms and conditions shall be construed in accordance with, and your use of the microsite shall be governed by, English law. Any non-contractual obligations arising out of or in connection with these Terms and Conditions or your use of the Microsite shall be governed by and construed in accordance with English law. 

11.2. Any dispute controversy or claim arising out of or relating to your use of the Microsite and/or to these Terms and Conditions, the breach, termination, or invalidity hereof, or any non-contractual obligations arising out of or in connection with your use of the Microsite or these Terms and Conditions which cannot be amicably settled, shall be settled by arbitration in accordance with the UNCITRAL Arbitration Rules (the "UNCITRAL Rules"). There shall be one (1) arbitrator, and the appointing authority shall be the LCIA (London Court of International Arbitration). The seat and place of arbitration shall be London, England, and the English language shall be used throughout the arbitral proceedings. You and the EBRD hereby waive any rights under the Arbitration Act 1996 or otherwise to appeal any arbitration award to, or to seek determination of a preliminary point of law by, the courts of England or elsewhere. The arbitral tribunal shall not be authorised to grant, and you agree that you shall not seek from any judicial authority, any interim measures or pre-award relief against the EBRD, any provisions of the UNCITRAL Rules notwithstanding.

12.1. The EBRD takes the protection of your personal data very seriously. Please see our Privacy Notice here:, and our Cookies Notice here:

13.1. Nothing in these Terms and Conditions shall be construed as a waiver, renunciation or modification by the EBRD of any immunities, privileges and exemptions of the EBRD accorded under the Agreement Establishing the European Bank for Reconstruction and Development, international convention or any applicable law.

13.2. The failure of the EBRD to exercise or enforce any right or provision of these Terms and Conditions shall not constitute a waiver of such right or provision. If any provision of the Terms and Conditions is found by a court of competent jurisdiction to be invalid or unenforceable, the other provisions of these Terms and Conditions shall be unaffected and remain in full force and effect.

13.3. These terms and conditions constitute the entire agreement between the EBRD and You, the user, in respect of the microsite and your submissions.