Regulatory Alerts2023-02-15
Instructions and Regulations for Licensing Five Securities Brokerage Companies
The Iraqi Securities Commission issued updated 2022 instructions establishing strict licensing criteria for exactly five securities brokerage companies to operate in the Iraqi Securities Market. The regulations mandate that applicants be Iraqi entities meeting minimum capital requirements, possessing qualified management, and demonstrating technical competence with a 90% pass rate in market exams. Furthermore, the rules prohibit dual brokerage ownership, restrict operations to the local market, and require regulatory approval for mergers, liquidation, or any changes to the authorized list of five firms.
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