Iraq Securities Commission Regulations No. 23 (2022) for the Trading Platform of Shares of Non-Disclosing Joint Stock Companies

Regulations of the Iraq Securities Commission
2022
Regulation No. (23) for the Trading Platform of Shares of Non-Disclosing Joint Stock Companies

1. Definition of the Platform: A platform for trading shares of joint stock companies listed that do not disclose their annual or quarterly financial statements, operating on the Stream-X electronic trading systems.

2. The platform's mechanism shall be according to the technical procedures for trading shares of shareholders deposited in the data base on the Equator system, according to prevailing informatics and trading rules in the market.

3. Companies whose shares are traded on the platform are subject to the Capital Markets Law, informatics, and the regulations and orders issued by the Commission and the market.

4. The trading of shares of these companies is not subject to price limits or pre-opening sessions.

5. The price change limits in this platform are set at 5% increase or decrease from the last traded price of the share.

6. The Iraq Securities Commission shall suspend companies that do not disclose annual or quarterly statements from trading for a period of fifteen days. If they fail to submit the required disclosures, they will be transferred to the market platform for non-disclosing companies (Undisclosed).

7. 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 disclosure are transferred to this platform upon request from the Supervisory Board and with the approval of the Iraq Securities Commission. b. Companies are returned to the regulatory market or the secondary market by a decision of the Commission after their financial statements are received.

8. The duration of a company's stay on this platform is only one year from the date of the decision to transfer it to the platform. If they fail to submit the required disclosures, they will be delisted and transferred to the (OTC) platform.

9. The Commission shall take legal measures stipulated in Law No. 74 of 2004 regarding joint stock companies for intentionally failing to submit the required annual or quarterly financial statements according to Regulation No. (8).