Prime Minister’s Advisor: The Securities and Commodities Authority ended market chaos and contributed to regulating national investment.
The Prime Minister’s advisor for financial affairs, Mazhar Mohammed Saleh, confirmed on Thursday that the Securities Commission has ended market chaos and contributed to regulating national investment in the country. Saleh told the official news agency that “the Securities Commission has achieved significant results during its journey, most notably the establishment of an institutional market system, a necessary step towards building a sound financial market.”
He added, “The Securities Commission market was properly established through a partnership between the state and the private sector, relying on strong tools, most notably the Iraq Stock Exchange and a financial oversight body that formed a fundamental foundation for embodying the state’s philosophy in this partnership.”
He also explained that “these important results have helped fill the void and established foundations upon which we can quickly build. They have also ended the role of unregulated markets through which domestic capital was channeled abroad, weakening our ability to attract financial capital.”
He continued, “The Securities Commission is the regulatory body for the markets, and its oversight function is to ensure competition and prevent monopolies.” He noted that “the Commission has future responsibilities that align with the Iraqi economic philosophy based on partnership between the state and the private sector, enabling the government to regulate the market and maintain its competitiveness.”
Burathanews.com