Regulatory Alerts2023-02-14
Regulatory Bylaw No. 7: Opening Branches for Financial Brokerage Companies
The Iraqi Securities Commission issued Regulatory Bylaw No. 7 in 2022 to establish the legal framework for financial brokerage companies to open branches domestically and internationally. The regulation mandates specific eligibility criteria, including a minimum capital increase of 50 million Iraqi dinars per branch and a guarantee letter increase of 20 million dinars, alongside strict operational and compliance requirements. It further outlines the responsibilities of branch management, reporting obligations, and the Commission's authority to evaluate performance and close branches that fail to meet regulatory standards.
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