Regulatory Alerts2023-01-15
Iraqi Depository Center Regulations on Deposit, Settlement, and Clearing
The Iraqi Securities Commission issued regulations establishing the operational framework for the Iraqi Depository Center, mandating listed companies to provide accurate shareholder registers and requiring all investors to obtain unique investor numbers and trading accounts through licensed brokers. The document outlines strict liability for brokers regarding data accuracy and investor verification, while defining procedures for depositing securities, transferring assets between depository and broker accounts, and managing settlement funds. It further details the mechanisms for net settlement calculations, error correction protocols, and the conditions under which trades may be cancelled due to technical failures.
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