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2026-09-17

Added 2026-09-17

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

This regulation establishes a specific trading platform for shares of listed joint-stock companies that fail to disclose annual or quarterly financial data. It mandates a 5% price fluctuation limit, prohibits pre-opening sessions, and requires the Securities Commission to suspend trading for ten working days before transferring non-compliant companies to this platform. Companies remain on the platform for one year, after which they are suspended if disclosure requirements are not met, and the Commission retains the authority to take legal action under Legislative Decree No. 74 of 2004 for intentional non-disclosure.

Iraq

Iraqi Securities Commission

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Securities Commission

Regulatory Regulation No. (23) for the Trading Platform of Shares of Companies Not Disclosing 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.
The platform's operating mechanism shall follow the technical procedures approved on the X-Stream electronic trading system for trading shares of shareholders deposited in the database on the Equator system, in accordance with the prevailing trading instructions and rules in the market.

Companies whose shares are traded on the platform are subject to the Securities Law, instructions, regulations, and orders issued by the Commission and the Market pursuant thereto.
The trading of shares of these companies is not subject to a pre-opening price or session.
The price change limits on this platform shall be a percentage of (5%) increase or decrease from the last traded price of the share.
The Securities Commission shall suspend the trading of companies that do not disclose annual or quarterly data for each year for a period of ten working days. If they fail to comply with submitting the required disclosures, they shall be transferred to the Market Platform for Undisclosed Companies.
Mechanism for transferring companies to and from the Market Platform - Disclosure Deficiency:
a. Companies suspended due to a lack of or failure to submit disclosure shall be transferred to this platform upon request by the Board of Governors and approval by the Securities Commission. b. Companies shall be returned to the Main Market or the Second Market by a decision of the Commission after their financial data is received.
The duration for a company to remain on this platform is one (1) year from the date of the decision referring it to the platform. If it fails to comply with submitting the required disclosures, it shall be suspended from trading until it fulfills the financial disclosure requirements*.
The Commission may take the legal measures stipulated in Legislative Decree No. 74 of 2004 against joint-stock companies for intentionally failing to submit the required annual or quarterly financial disclosure in accordance with Regulatory Regulation No. (8).

Faisal Al-Haimas
Chairman of the Securities Commission

Paragraph (8) was amended by the Commission's Board at its eighth session held on 2026/8/3.

Regulatory Regulations of the Securities Commission

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Source: Iraqi Securities Commission — original document

Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works