We have started the steps of global openness to strengthen the local stock market

12/8/2018 12:00 am

Baghdad / Hussein Thugb
The movement of shares in different global economies signals the effectiveness of the economy and growth levels that occur in all sectors of production and service. The role of the Securities Commission to confirm that the Iraqi stock market to a new stage of international openness, and to enhance the reality of the Iraqi stock market.
Chairman of the Securities Commission d. "The stock market is an important pillar in all global economies, as there can be no further development of the development of these pillars," he said, noting that "the role of the Commission complies with the control of these shares, especially that the level of high control leads to more transparency In dealing, which strengthens investor confidence to enter the stock market. "


Supervisory role
"The process of investors entering the market leads to the development of the stock market on the one hand and the creation of large returns for investors on the other hand, and thus become the Iraqi market is a local, regional and international attraction for these investments, and leads to the establishment of new joint stock companies, The supervisory role leads to enhanced investor confidence in the stock exchange. "
"Investment in the stock market means attracting new capital that will lead to new job creation and effective competition in a growing and promising economy," he said. "There are plenty of investment opportunities that are unexploited opportunities."


contribution companies
Al-Saadi pointed to "providing positive opportunities for citizens' savings by employing them in the stock market to achieve an acceptable financial return. These savings are collected in joint stock companies and become large amounts that are employed in large industries and are used to serve the national economy. "He said.
He urged "the need to work to spread the culture of the stock market in Iraqi society and to show the benefit achieved, especially as the country is ahead of a broad movement of work in all sectors, where requires large population growth in Iraq projects parallel to this growth, so the future work is large and requires many joint stock companies In more than one sector. "
 
sustainable development
He pointed to "the importance of investing cash mass in homes in the stock market to be an active supporter in the process of sustainable development sought by Iraq in the coming period."
He said: "The dissemination of investment culture requires the concerted efforts of several bodies, most notably the Securities Commission as a regulatory body stands at a distance from everyone to preserve the rights of all parties involved in the market, and this strengthens the local stock market, To invest in its shares and raise the value of its trades. "


new law
"We are still working under Law No. 74 of 2004, which was approved by the civil governor Bremer, and that this law contains paragraphs that can be described as defects that need a long time to explain."
He pointed out that "obstacles to the work of the Commission is the absence of a modern law commensurate with the global laws, so the Commission worked to prepare the law for them, was completed 85 percent of it, and in the latest discussions, where we reached advanced stages, and during the six months will be completed and sent to the House of Representatives, "This law allows the development of securities and adopts new regulations, the most important of which is corporate governance, which is the most important pillars to attract foreign investors or local, and therefore we are working on the issuance of special regulations that strengthen the financial market within the framework of the new law."


He stressed "the activation of Iraq's participation in the Union of the Arab Securities Commission, as we began the steps to join the International Securities Commission Union, and during the coming period will be signing accession to this body, before the end of this year."


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