The Parliament endorsed the Bill on Deoligarchization in I reading with 80 to 9 votes.

The document has been elaborated in compliance with EC’s 12 recommendations proposed for Georgia.

The following matters are governed by the proposed law: The definition of the term "oligarch"; the issues of identifying someone as an oligarch and having them entered into the appropriate register; the issues of having someone removed from the register of oligarchs and the production of that register; the legal repercussions of doing so; the issues of certain people having to fill out declarations regarding their contact with the oligarch and their representative.

According to the document, an oligarch is a natural person who simultaneously satisfies at least three of the following conditions in order to have significant economic and political influence in public life: participates in political life; has a significant influence on mass media; is an ultimate beneficiary of the entrepreneurial legal entity, which occupies a dominant position in the market and which maintains or exercises this position for 1 year; the confirmed amount of his assets and those of entrepreneurial legal entities where he is a beneficiary, as of January 1 of the relevant year, exceeds 1,000,000 times the subsistence minimum established for able-bodied persons.

The Parliament of Georgia makes a decision on recognition of a person with significant economic and political weight in public life (oligarch).