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Transparent governance rules capable of attracting savings and investment
4/25/2016 0:00
[rtl]BAGHDAD - Mostafa Hashemi
Chairman of the Board of Governors, said in the Iraq Stock Exchange Thaer Adnan Hashim: The development of the capital market in Iraq is important and highlights its importance in the development of the business sector and increase the rate of GDP, and the transition to a market economy and developing the role of the private sector in the development Alaguetsadah.oodhav in a speech during the workshop, organized by the Iraq Stock Exchange in the presence of representatives of sectoral agencies, including the Central Bank and attended by «morning» that the most important thing the board of Governors is trying to work on it with the economic institutions is three goals, the first is to cooperate with the economic and institutional investors for the national investment attraction and foreign in the construction of the new joint-stock companies, and the development of existing ones through the stock attractive through flexibility and sedate the rules and regulations for attracting Astosmar.utaba the second goal is to develop trading systems and systems to protect data and information continually as well as work on the trading launch remotely to investors, and the third goal is to encourage companies to contribute to improving their performance according to the standards of efficiency.
Capital market , in turn , Executive Director of the Iraqi market for securities , Taha Ahmed Abdul Salam , made several proposals for the development of the capital market and attract investment. He pointed Abdul Salam to the need for the issuance of capital market law in Iraq, which completed its draft since 2008 by the Capital Market experts inArabic and English, calling for diversification of financial instruments in the investment ,especially bonds, bond issuance and portfolio management instructions. He stressed the importance of not relying on the capital increase as a funding source , especially in thebanking companies, and a commitment to study the economic feasibility when increasing capital for companies that really need to increase their capital and urged banks to provide Hafiz service «Secretary» for investors in the Iraq stock Exchange. He called Abdul Salam to issue the rules of corporate governance of listed stock market companies based on the principles of disclosure and transparency, along with the establishment ofthe deposit Insurance Corporation to attract national savings deposit and investment in projects. pointing to the need to issue the rules of the securities included foreign companies institution abroad and the rules of the shares branches of these companies toinclude and be part of the conditions to obtain contracts for the implementation ofprojects in Alarac.oakhtaatm Abdul Salam his speech by showing the importance ofdeveloping the rules of the public offering (IPO) in the companies Act when the new company marketing the shares or existing companies when increasing their capital depending on the market value or fair value and not on the basis of the nominal value.responsibility sectoral bodies for his part , called on the director of market systems department at JSC Ali Abdel Sayed body and the Iraqi market for securities to do a turn leading the desired , adding that the central bank 's decision to increase the minimum capital of banks funds to 250 billion dinars since 2011 negatively affected the stock prices and the performance of companies, shareholders and investors , local Alojanb.oachttemt workshop organized by the Iraq stock Exchange its business byissuing 11 recommendations that will contribute to raise the profile of trading and indirect investment in Alborsh.onst recommendations on the need for increases in banks' capital and limit the approval of the increase by the Securities Commission as is the case in neighboring countries, as well as requiring companies that profit distribute at least 50 percent of net distributable profits in cash on investors. recommendations of the workshop and emphasized the recommendations of activating the role of corporate governance by all the relevant authorities listed companies and save small investors 'rights, and the importance of activating the supervisory role of the market and not to be the recipient of irregularities but the initiator of the disclosed and do not let happen again, as well as greater transparency for the market indices to reflect the real situation on the size of the sharp decline in prices and accurately to index the daily market. the recommendations called to stop working to allow brokerage firms to invest 65 percent of its capital in the Iraq Stock Exchange and to identify the role of mediator operations buying and selling to investors exclusively, and the granting of financial investment companies to publicly traded or purses shares run directly by giving them a limited circulation of leave as a reasonable and acceptable license fee. and showed theimportance of reviewing the ratio of the foreign investor 's contribution in listed companies and that does not stay open without any limitation as is the case in themoney markets of neighboring countries, stressing at the same time the need tomodifying the companies Act, allowing companies to buy its shares listed on the market and covered by the accumulated surplus or funding them and then sell when conditions improve knowing that it exists in several countries. it showed that this method contribute to raise prices and give confidence to investors and absorption quotient of inflation in some of the capital companies. She stressed the need to reconsider all the decisions and instructions , including the Securities Act to be consistent with the concept of thestock market or the stock market.[/rtl]
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