Regulatory Alerts2023-12-13
Regulation No. 22 of 2023 for Opening Branches of the Iraq Stock Exchange
The Iraqi Securities Commission issued Regulation No. 22 of 2023 to authorize the Iraq Stock Exchange to establish branches across Iraq, including the Kurdistan Region, structured as wholly-owned limited liability companies with a minimum capital of 25 million Iraqi Dinars. The regulation mandates that these branches perform supervisory and inspection duties over licensed brokerage firms, process listing applications, and maintain dedicated departments for depository services and anti-money laundering compliance. Licensing is subject to strict eligibility criteria for the managing director and requires formal approval from the Commission, which must rule on applications within ten working days.
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