Dinar Reporter (IQDUSD)

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The new law aims to protect investors
BAGHDAD - Hussein Star
The head of the Securities Abdulrazzaq Al-Saadi need to investor protection and the application of the principle of transparency in the work of the Commission, the market and companies working with it.
He said in an interview with "morning" during the conference convened by the Commission and attended by representatives of companies operating in the area of capital and a number of experts and concerned with this area to discuss the new law




Said: "The draft law was in conformity with the principles set by the World Organization of financial markets, law and went to identify bodies and the regulatory and administrative organization of the body and determine the mechanisms of financial, investment and operating companies working in the area of money in Iraq. The draft aimed at investor protection and market for securities Iraq of any possible hazards or crises .. The draft called on to disclose important principle of transparency via the reports issued by the body, the market and companies working with it.
He stressed We aim to form a body away from politics. He added that the draft allows freedom of action trophy in the market for companies operating in it.
He added that the adoption of its budget on central funding for public benefit, and called the draft law to that conflict resolution is in accordance with Iraqi law and corporate law .. Etc. from other law firms.
The president set the goal of the law that calls for action to encourage capital according to fair competition.
In conclusion, he said that this law will serve to support the company shares and holds data subscription and contributes to the legislation and subsequent market players to Iraq for securities through action to deal with cases of fraud, exploitation and contributes to reducing financial risks in Iraq.
Then reopen for the present and participating in the conference, Mohamed Chandler "financial expert" The draft is still vague in terms of identifying a cadre of law and ignoring the role of banks and the Central Bank in the body and senior management on the grounds that the cash based on the central bank and banks operating it, so Must be taken into consideration, said that version is still a language is incomplete and needed to define the terms of the law.
He stressed that reports annual profit realistic we have to take Bnzeralaattabar for the issuance of an annual report clearly defined and noted that their current draft calls for protecting older investors, not younger ones or even the participation of the citizen, yes, that the law allows for some companies operating in Iraq market for securities not disclosed in Some cases, this is contrary to the transparency advocated by the law, but Chandler praised the law by identifying a period of the account by providing companies operating 120 days instead of 150 days as in the old law.
With Mr. Osama Mohammed Ali "financial expert" There are some concepts used is not clear word rackets, it means people work in securities on his own, but for that particular paragraph in the third page of the law did not specify the middleman working or not.
He called for clarification of what is replaced with the term subscription offer, and added that he did not have to add a major in law and clarify the role of the potential participation in economic decision-Iraqi industry, raised the important point about the establishment of joint stock companies especially after the draft defined that the proportion of shareholders not less than 20 % But this point is not clear but not pursued by the founding shareholders and the greed that they now control the company's capital is 100%.
He called for the identification of a specific percentage does not exceed 40% and the rest invites the public to subscribe and to achieve this will protect the small investor.
Professor Ghazi we "journalist and financial expert" opinion that the use of the term "best efforts" in the second page of the draft law is not possible because the word amazement legal terminology in Iraq.
He called for the use of the word mediator allowance trading rackets and stressed that he could not use the term "legal personality" which has no place in Iraqi legislation.
Dr. Magid Image "Expert Aksadi" said the draft needed to be reconsidered in terms of language and questioned the vagueness of the definition of financial paper in Article 4, paragraph c that there are bonds issued by the Iraqi government or on behalf of, and this makes us before the problematic relationship of the Centre Region.
He praised Dr. Magid law adopting the idea of hiring pension funds because of its role in investment and active and fruitful experiments there could be cited as happened in Jordan.
Magid called for reconsidering the law firms in the light of the Iraqi draft law the General Authority for Securities Commission of the need for broader powers under that law not to mention the importance of the Iraqi capital markets.
Asked Professor Nadim Al-Salihi, when reading the draft did not know that the planned legislation and market a new law has market or association or body urged the company to be open to the public from small investors in order to entrench the concept of real savings and pointed out that there are many funds now we treasure without the benefit of remembrance and noted In the case of recruitment of these funds will come within the GNP of Iraq, said Professor Nadim played funds retirees and pointed to the experience of Britain not to give cash payments to families of martyrs, but they founded the company and shares in the company of those who had achieved profits of the task and had projects in Iraq such as the helm of Kut and building Mill house in Camp Sara.
He called for reconsidering the subscription banks, especially a farewell at the Central Bank of Iraq, and stressed that it is essential that there would be easy to dispose of the property rackets .. He called for the development of the market for securities Iraq .. He praised Iraq that race in the stock market and laws, pointing to the Stock Exchange year 1936 "Grain Exchange" Please Hashem representative of the Central Bank of Iraq said we call for commitment to company law is the law and a good catalyst for action in Iraq.
http://www.alsabaah.com/paper.php?so...page&sid=61418