******************** Parliamentary Commission of Economy discusses the activation of the Securities Commission Act
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******************** Parliamentary Commission of Economy discusses the activation of the Securities Commission Act
Admin Sun Mar 01, 2015 8:18 am
Sunday 0.01 March / March 2015 14:55
[Baghdad-where]
Committee discussed the economy and investment representative with the head of the Securities Commission to activate the Securities Commission Act.
According to a statement to the House of Representatives received by all of Iraq [where] a copy of "The committee, headed by Jawad al-Bolani met with Chairman of the Securities Commission and his accompanying delegation were held during the meeting, which was held at the headquarters of the Committee discuss the activation of the Securities Commission Act and the most prominent problems of the Securities Market Authority".
http://www.alliraqnews.com/2014-06-14-07-34-14/169006-2015-03-01-11-33-39.html
[Baghdad-where]
Committee discussed the economy and investment representative with the head of the Securities Commission to activate the Securities Commission Act.
According to a statement to the House of Representatives received by all of Iraq [where] a copy of "The committee, headed by Jawad al-Bolani met with Chairman of the Securities Commission and his accompanying delegation were held during the meeting, which was held at the headquarters of the Committee discuss the activation of the Securities Commission Act and the most prominent problems of the Securities Market Authority".
http://www.alliraqnews.com/2014-06-14-07-34-14/169006-2015-03-01-11-33-39.html
Admin- Admin
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Join date : 2012-04-30
Location : Arizona -
Re: ******************** Parliamentary Commission of Economy discusses the activation of the Securities Commission Act
Admin Sun Mar 01, 2015 8:22 am
I believe the Article above has something to do with this>>>>>>>>>
[list=list-style-type:lower-alpha;]
[*]The broker should submit a request to the Board of Governors in Iraqi Securities includes his desire to establish a branch of his registered in Iraqi Securities attached with the decision of the General Authority includes:
[*]Submit an economic feasibly which has prepared by specialist consulting bureau accompanying with an approval from both ISC and BOG.
[*]Acceptance of the companies’ register office about opening the branch.
[*]Acceptance of the specialists in the state which the branch opening in it, accompanying with a certificated copy of the place lease approved by the related bodies.
[*]Authorize a person who pass on one of the qualified courses of an authorize manager or his acting that was organized by ISX.
[*]Appointed an internal surveillance manager devoted to surveillance branches activity and ensure peace for applying law and regulation in force at ISX.
[/list]
[list=list-style-type:lower-alpha;]
[*]Ongoing practice the trading activity for at least 1 year previous the date of application.
[*]Confirmation that the company has not been ceasing its trading activity by a decision during two years previous the date of application.
[/list]
[list=list-style-type:lower-alpha;]
[*]The authorized director of Brokerage Company shall be responsible on branch activities and shall undertake to face all legal and financial issues on any procedures or violations that have been made by the branch.
[*]Obligation of the manager of branch:
[/list]
First: prepare a qualified staff to management the branch.
Second: the manager of branch undertakes that do not act any business or another commercial action except brokerage activities and coordinates them with headquarter of the company.
Third: present a weekly report about all branch activities and it should be submit to the exchange surveillance.
[list=list-style-type:lower-alpha;]
[*]Submit a list of employees of the branch accompanied with a certificated copy of residence license and business permit concerning the branch outside Iraq to ISC and ISX and any new change.
[*]Increase the annual participation amount of the company at rate 25% for each branch.
[*]Increase maintenance amount of far trading net at rate 25% for each branch.
[*]Compliance to money laundering law, restrict treatment with investments through banks only and don’t make any settlement on the basis of direct cash.
[*]All buy and sell settlements will make by the main branch of the company according to the rules and regulations in force at ISX.
[/list]
[list=list-style-type:lower-alpha;]
[*]The written evaluation of BOG about the activity and capacity of the brokerage company who wishes to open branch and its merit limit.
[*]These regulations don’t apply on the governorate and region that ISC permit to make an exchange in it unless that exchange accepts to permit the license.
[*]The exchange can close the branch after ISC acceptance, in these two cases:
[/list]
First: If it missed one of the approved conditions of opening branch.
Second: according to the brokerage company application and if it has a justification that ISC and ISX can satisfy.
http://www.isc.gov.iq/en/node/147
Instructions No (7) amended at 2012
Opening branches for Brokerage Companies
According to section (12) article (11) of securities Law No (74) 2004, in order to encourage economic activity in Iraq and to expand trading activity of securities by opening branches inside and outside Iraq, and in order to protect investors and listed dealers in securities at ISX, ISC has Issued the following regulations:[list=list-style-type:lower-alpha;]
[*]The broker should submit a request to the Board of Governors in Iraqi Securities includes his desire to establish a branch of his registered in Iraqi Securities attached with the decision of the General Authority includes:
[*]Submit an economic feasibly which has prepared by specialist consulting bureau accompanying with an approval from both ISC and BOG.
[*]Acceptance of the companies’ register office about opening the branch.
[*]Acceptance of the specialists in the state which the branch opening in it, accompanying with a certificated copy of the place lease approved by the related bodies.
[*]Authorize a person who pass on one of the qualified courses of an authorize manager or his acting that was organized by ISX.
[*]Appointed an internal surveillance manager devoted to surveillance branches activity and ensure peace for applying law and regulation in force at ISX.
[/list]
- The capital of Brokerage Company that is interested to open branch should not less than what has been identified by instructions of equity capital which was issued by ISC, in addition to 50 million dinars for each branch.
- Boost letter of guarantee to 20 million dinars for each branch.
- Each brokerage company that submits application to open branches should meet the following requirements:
[list=list-style-type:lower-alpha;]
[*]Ongoing practice the trading activity for at least 1 year previous the date of application.
[*]Confirmation that the company has not been ceasing its trading activity by a decision during two years previous the date of application.
[/list]
- Obligations and commitments:
[list=list-style-type:lower-alpha;]
[*]The authorized director of Brokerage Company shall be responsible on branch activities and shall undertake to face all legal and financial issues on any procedures or violations that have been made by the branch.
[*]Obligation of the manager of branch:
[/list]
First: prepare a qualified staff to management the branch.
Second: the manager of branch undertakes that do not act any business or another commercial action except brokerage activities and coordinates them with headquarter of the company.
Third: present a weekly report about all branch activities and it should be submit to the exchange surveillance.
[list=list-style-type:lower-alpha;]
[*]Submit a list of employees of the branch accompanied with a certificated copy of residence license and business permit concerning the branch outside Iraq to ISC and ISX and any new change.
[*]Increase the annual participation amount of the company at rate 25% for each branch.
[*]Increase maintenance amount of far trading net at rate 25% for each branch.
[*]Compliance to money laundering law, restrict treatment with investments through banks only and don’t make any settlement on the basis of direct cash.
[*]All buy and sell settlements will make by the main branch of the company according to the rules and regulations in force at ISX.
[/list]
- General matters:
[list=list-style-type:lower-alpha;]
[*]The written evaluation of BOG about the activity and capacity of the brokerage company who wishes to open branch and its merit limit.
[*]These regulations don’t apply on the governorate and region that ISC permit to make an exchange in it unless that exchange accepts to permit the license.
[*]The exchange can close the branch after ISC acceptance, in these two cases:
[/list]
First: If it missed one of the approved conditions of opening branch.
Second: according to the brokerage company application and if it has a justification that ISC and ISX can satisfy.
http://www.isc.gov.iq/en/node/147
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