Regulatory Bylaw No. 2: Trading Suspension and Resumption Timetables for Listed Company Shares

Regulatory Bylaws of the Capital Markets Authority for the Year 2022 Regulatory Bylaw No. (2): Timetables for Suspension and Resumption of Trading of Listed Companies' Shares

Article (1) The trading of shares of a listed company in the market shall be suspended three working days prior to the date of the General Assembly meeting, provided that the company notifies the Authority, the Market, and the Depository Center of a period of no less than two weeks.

Article (2) The trading of shares of a company whose shares were suspended due to a General Assembly meeting shall resume immediately after the conclusion of the meeting, in the event that the General Assembly does not take any decision to change the company's capital.

Article (3) The trading of shares of a company that was suspended due to a General Assembly meeting that included a decision to capitalize profits and reserves only shall resume as follows: a. The company's existing shares shall resume trading in the Iraq Securities Market immediately after the General Assembly meeting. b. The additional shares resulting from the increase shall be listed within a period not exceeding six weeks from the date of the General Assembly meeting.

Article (4) * The trading of shares of a company whose shares were suspended due to a General Assembly meeting that included a decision to increase the company's capital pursuant to Article (55/First) or decrease capital pursuant to Article (59/First) of the prevailing Companies Law shall resume as follows: a. The company's existing shares shall resume trading in the market immediately after the General Assembly meeting. b. The addition of shares from the increase or the cancellation of shares from the decrease shall occur after the Companies Registration Directorate certifies the capital increase or decrease, provided that the company follows up on the certification within a period not exceeding four months from the date of the General Assembly meeting.

Article (5) * First: Cases of Merger of Listed Joint Stock Companies: a. The trading of shares of the listed company prior to the merger shall resume immediately after the joint General Assembly meeting, when the listed company merges with another non-listed company and the non-listed company loses its legal personality in favor of the listed company. b. The suspension of trading of the listed company's shares shall continue after the joint General Assembly meeting when the listed company merges with a non-listed company and the listed company loses its legal personality in favor of the non-listed company, until the procedures of the Companies Registration Directorate are completed, taking into account what is stipulated in Regulatory Bylaw No. (3), Article No. (7/d). c. The suspension of the listed company's shares shall continue after the joint General Assembly meeting when two listed companies merge and a new legal personality (a new company) is formed, until the procedures of the Companies Registration Directorate are completed, taking into account what is stipulated in Regulatory Bylaw No. (3), Article No. (7/d).

Regulatory Bylaws of the Capital Markets Authority for the Year 2022 Second: Adding the increased shares (resulting from the merger) to trading under Paragraph (First/a) after the Companies Registration Directorate certifies the completion of merger procedures and the issuance of the minutes of the joint General Assembly meeting and the new contract, provided that the company follows up on the certification within a period not exceeding four months from the date of the General Assembly meeting.

Article (6) * a. The company is obliged, pursuant to Articles (2/3/a, 4/a, 5/First/a) above, to submit a request to the Market to resume trading of its shares, accompanied by the minutes of the General Assembly meeting. The Market must verify the accuracy of the paragraphs and resolutions of the meeting before allowing the resumption of trading of the company's shares, and shall publish the minutes on the Market's notice board and electronic website, and shall oblige the broker to notify investors of the capital reduction decision. b. The company shall submit a request to the Securities Market to list the additional shares resulting from its capital increase, merger, or cancellation of shares in the case of reduction, within five working days from the date of the completion of the increase, merger, or reduction procedures and the certification by the Companies Registration Directorate in all of the Articles (3/b, 4/b, 5, Second). The Market shall verify this, taking into account the publication of the Companies Registration Directorate's procedures on the Market's notice board and electronic website.

Article (7) The company has the right, within the timeframes specified in paragraphs (3/b, 4/b, 5/Second), to submit a request to the Capital Markets Authority to modify the period stated in the paragraphs above, if there is a justification for the company that the Authority is convinced by.

Article (8) The company and its officials shall be subject to the penalties stipulated in the prevailing Capital Markets Law in the event of violation of these bylaws.

Articles (4, 6, 7) were amended and Article (5) was added to the above bylaws by the Authority's Council in its session held on 17/1/2022, and the Authority's Council Decision No. 1311 was issued on 24/1/2022.