The establishment of investment funds in banks and stimulate the capital market

4/27/2016 0:00

BAGHDAD - Mostafa Hashemi
He said director of market systems department at the Securities Commission Ali Abdel Sayed importance of expediting the establishment of the Deposit Insurance Corporation to protect depositors in the private and government banks contributing to restore the confidence of investors and savers in the national banks, as well as encouraging local banks to establish investment funds with the approval of the Central Bank.

And between Abdel Sayed need to exploit the elements of the investment environment for securities well available in Iraq of the presence of the securities market efficiently manage securities trading in a fair, efficient and orderly, as well as having a special good system depository, clearing and settlement in the Iraqi depository center, pointing to the existence of instructions relating to all regulatory and supervisory aspects of the securities markets issued under the Securities Act No. 74 of 2004.

He called Abdel Sayed during a workshop organized by the stock market earlier this week to establish a committee of the General Secretariat of the Council of Ministers and the Securities Commission and the Iraqi market for securities and central bank and those sectoral and circle recording companies to follow up and monitor the performance of the board of contributing to the executive and management companies in the commitment to implement the obligations provided for by law they are responsible for the performance of their companies.

He added that it is necessary to stand up to the measures taken by some sectoral entities that adversely affect the shares of their companies and their performance rates , which, explaining that the Central Bank is the sector's 43 companies listed in the market out of the 98 listed companies , a 23 banking firm six financial investment companies and 14 money transfer company.

He said the central decision to increase the capital of banks to 250 billion dinars effect in both stock prices and the performance of companies, shareholders and local investors and foreigners.

He that any banking company decided to increase the capital to 250 billion dinars , according to Article 55 / I of the companies Act (subscription at nominal value amounting to KD) and the company 's share price in the market of 500 fils or less (ie , less than the nominal value of the share) Is is true?

He Abdel Sayed need to be made ​​to contribute to listed companies disclosure early for annual financial statements during the period not to exceed 45 days after the end of its fiscal year, in addition to the annual and quarterly disclosure in accordance with the timing and the accounting board of directors and executive management in the event of non - compliance with the deadlines specified.