ISX completes drafting of bill; There is a need to develop securities market, .......
ISX completes drafting of bill; There is a need to develop securities market, strengthen stock, and enter world market
Posted: June 27, 2012 in Iraqi Dinar/Politics
Tags: Abdul Razzaq, Baghdad, House of Al-Sabah, Iraq, Iraq Stock Exchange, Saadi, Security (finance), Shura Council
Law of the Securities is expected the government vote
BAGHDAD – Al Sabah
Securities Commission announced that it has completed the drafting of the bill is awaiting presentation to the Council of Ministers. Criticized the parliamentary finance committee, the delay in passing a law to organize the work of the Iraqi market for securities.
The executive director of the Iraq market for securities Abdul Razzaq al-Saadi’s (Center Brief for the Iraqi Media Network) “The Securities Commission has completed drafting a bill to regulate its work and sent to the Shura Council and approved by the Shura Council and sent again to the Council of Ministers and is now awaiting a vote and send it to the House of Representatives for the purpose of legislation. “
“The bill drafted by foreign experts took part consists of 85 material include all the needs of the development of securities market and strengthen the stock.”
And started the Iraq Stock Exchange preparations preliminary to gain membership in the global market for securities, also announced the initiation of electronic filing of corporate foreign investment and local, rather than filing paperwork.
The Stock Exchange of Iraq has started operation in 2004, and shifted from manual trading to the use of screens handle electronic in 2009 and open for trading two hours a day five days a week.
The banking sector is the largest in the stock market, which also includes the shares of industrial companies and insurance companies, hotels and agricultural companies.