Regulatory Alerts2024-10-27
Regulation No. 24 for Clearing and Settlement (T+2) for the Year 2024
The Iraqi Securities and Exchange Commission issued Regulation No. 24 for 2024 to establish the operational framework for clearing and settlement on the Iraq Stock Exchange, mandating a T+2 settlement cycle for all executed trades. The regulation defines the roles and financial obligations of brokers and custodians, requiring them to maintain sufficient liquidity and settlement accounts to ensure timely transfer of ownership and funds. It outlines strict procedures for handling failed trades, including the imposition of penalties, suspension of trading privileges, and the use of guarantee funds to cover shortfalls.
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