Region

Jurisdiction

Regulator

2024-01-02

Regulatory Bylaw No. 23 for the Trading Platform of Shares of Companies Not Disclosing Financial Data

The Securities and Commodities Authority issued Bylaw No. 23 to regulate the Stream-X platform for trading shares of listed companies that fail to disclose annual or quarterly financial statements. The bylaw mandates that such companies be suspended from the main market and transferred to this specialized platform for up to one year, with potential further transfer to the OTC market if disclosures remain outstanding. It establishes specific trading rules, including a 5% price fluctuation limit, and outlines the legal measures and procedures for transferring companies back to the main market upon compliance or removing them for continued non-disclosure.

Iraq

Iraqi Securities Commission

Regulatory Bylaws of the Securities and Commodities Authority 2022 Regulatory Bylaw No. (23) for the Trading Platform of Shares of Companies Not Disclosing Their Financial Data

Definition of the Platform: A platform for trading shares of listed joint-stock companies that do not disclose their annual or quarterly financial data, operating under the Stream-X electronic trading system.
The platform's trading mechanisms shall be in accordance with the technical procedures for trading shareholders' shares deposited in the Equator database system, according to the prevailing informatics and trading rules in the market.
Companies whose shares are traded on the platform are subject to the Securities and Commodities Law, the regulations and orders issued by the Authority and the Market based on it.
The trading of shares of these companies is not subject to price limits or pre-opening sessions.
The price fluctuation limits in this platform are set at 5% increase or decrease from the last traded price of the share.
The Securities and Commodities Authority shall suspend companies that do not disclose annual or quarterly data from the current year by suspending their trading for a period of thirteen days. In the event that they fail to submit the required disclosures, they shall be transferred to the Market's platform for non-disclosing companies (Comp Undisclosed).
Mechanism for transferring companies to and from the Market platform - due to lack of disclosure. a. Companies suspended due to lack of or failure to submit disclosures shall be transferred to this platform upon request by the Supervisory Board and with the approval of the Securities and Commodities Authority. b. Companies shall be returned to the Main Market or the Secondary Market by decision of the Authority after their financial data is submitted.
The duration of a company's stay on this platform is only one year, starting from the date of the decision to transfer it to the platform. In the event that they fail to submit the required disclosures, they shall be delisted and transferred to the (OTC) platform.
The Authority shall take the legal measures stipulated in Legislative Decree No. 74 of the year 2004 regarding joint-stock companies for intentionally failing to submit the required annual or quarterly disclosures in accordance with Regulatory Bylaw No. (8).