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And the texts of the Iraqi banking law materials

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rocky
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And the texts of the Iraqi banking law materials

Post by rocky on Wed Oct 11, 2017 5:33 pm

And the texts of the Iraqi banking law materials





Kazim Radi owner

10/11/2017 09:11:07

Iraqi Banking Law


Part I - General Provisions

Article 1

Definition of Terms

For the purposes of this law , the following expressions have the meanings indicated below: -

means the word "administrative" With respect to the local bank, any person who is a member of the board of directors, the Director of the Commissioner or a member of the Audit Committee of the Bank and with respect to the Bank 's foreign appointed director of the branch of the bank.

It means the word "company is a subsidiary company" by a bank and any other control company Tgha company that controls the bank and any other specific company based on the criteria set out in the regulations by the Central Bank of Iraq.

The term "commissioner" responsible for the daily operations of the bank management people manager.

It means the word "bank" a person holding a license or permit under this law to direct banking business , including the state - owned facility in accordance with the Government Companies Law No. 22 of 1977 , amended.

The term "bank holding company" company that owns a bank or controls the bank.

The term "banking activities , " the activities listed in Article 27.

The term "banking business" business receipt of cash deposits or other money payable from the public for the purpose of depositing credits or investments in their own account.

Means the word "branch" place of work is a subordinate part of the bank legally take place in which all or some of the banking activities and for the purposes of this law treats all local branch offices of the foreign bank as an office for one branch may correspondence guidance from the Central Bank of any branch office of this kind to office branch , which is determined by the foreign bank of the Central Bank of Iraq for this purpose or to the branch office chosen by the Central Bank of Iraq in the case of not being notified of a branch office appointed by the foreign bank.

The term "interim bank , " the bank , which is under paragraph 6 of Article 61.

The term "CBI" Central Bank of Iraq.

"Control" is present to control another company if the person.

- owned or controlled directly or indirectly or through one person and more or his voting power and 25% more than the company 's voting shares.

B - have the authority to choose the majority of directors of the company or.

C - exercises effective control and as determined by the Central Bank of Iraq.

Means the word "credit" any disbursement or commitment regardless amount of cash in exchange for the right to payment of the amount disbursed and outstanding and interest payment or any other fees that amount, whether guaranteed or not guaranteed and any extension of the date of debt maturity and issued me within and any purchase of a security for a debt and other right to pay the amount to ensure the payment of interest , either directly or at a purchase price discount.

The term "financial paper debt" any debt instrument negotiable and any other instrument equivalent to the debt instrument of this Wi - negotiable instrument granted the right to possession of other debt securities kiss trading by subscription and exchange may be securities debt negotiable in the form of a certificate or may have be under a notebook.

Means the word "deposit" amount of cash paid to a person, whether installed in enrollment or no record of the person recipient of the amount of conditions requiring the payment of the deposit or transferred to another account interest rate , or at a premium or without interest or bonus. Either on demand or at a time or conditions agreed upon by the applicant and the person or agreed upon on their behalf.

The term "branch manager" appointed director of a person shall be notified of the Central Bank of Iraq on the basis of paragraph 1 and subparagraph d of article 6 , he is responsible for the operations of the foreign bank in Iraq.

Means "dinars , " the Iraqi dinar.

Means: a local "when used to describe a legal person means a legal person head office is located and Iraq , when used in the description of office means an office place of work in Iraq is located.

The term "fit and proper person" person is honest and trustworthy and make his qualifications and professional background, experience or financial position or interests in the business sector is not eligible in the Rye Iraqi Central Bank to become the owner or administrative trustee or guardian of a judicial bank is not considered a person is valid and fit if was: -

1 - has been found guilty of a criminal court offense rule or he could be sentenced to imprisonment for a term of one year or more without the option to raise fine what the motive was not such a provision , or it could be the result of his views or activities or religious their views or political.

2 - has been declared bankrupt by a judicial body during the past seven years.

3 - has stripped him competent authority of the civil practice of a profession or stopped him from practicing on the basis of personal misconduct and does not have his views relationship or her opinions or activities or political activities or

4 - judicial body , it has announced that he is not fit to run a company or issued a competent authority an order that is not fit to run the company.

The term "high - level employee , " a person other than the administrative who holds the title or regardless of the title, take one tasks or more of the following positions at a local bank or in the case of foreign bank Bank branch in Iraq: Chairman of the Board, General Manager, General Manager, Chairman , Chairman of the section Executive, Chief operating Department, Head of the Finance Department, the head of the Department of lending, or head of the investment department. It also includes a "high - level bank employee" any other person required to the Central Bank of Iraq 's compliance with the requirements set out in paragraph 4 of Article 18 of this Law.

Means the word "list" list of banks in the register of banks published by the Central Bank of Iraq.

It means the word "foreigner" when used to describe a legal person or juridical person office or an office is not a legal person locally or local offices.

Means the word "person" is a natural person or legal entity , or both.

The term "possession qualified" possession directly or indirectly , by a person who works individually or a group or in concert with a person or other people in the project represent 10% or more of the capital or voting rights or allow to exercise its influence over the project , which is located by the administration tenure and as determined by the Central Bank of Iraq.

The term "relevant person" in relation to the bank assigns it.

1 - any director of the bank

2 - any person who has to do with either the manager is very close to the second degree relationship or close relative , including the adoption or child care manager or any other person living in a house manager.

3 - Any person who has qualified in the possession of the bank in which the project has such a person or director of the bank and any acquisition of a qualified manager for such a person or project.

4 - is not subject to any project to integrate in the preparation of the financial statements of the bank, in which the bank has possession and any qualified manager for such a project.

The term "representative office" work place is a subordinate part of the legal terms of the Bank , where the activities are providing specific information and functional relationships and mutual which may not be receiving any deposits or other repayable funds from the public.

The term "subsidiary" means any legal person another person or group of persons acting in concert is equivalent to 50% or more of the voting shares of such legal person or possession of a qualified offer for this other person or group of people to exercise effective control over the management or policies have a legal entity which has no tenure.

The term "court or a court of financial services" Court of financial services established by the Iraqi Central Bank Law.

Article 2

organizational purposes

1 - The main organizational purpose of this law is to maintain confidence in the banking system and include other regulatory purposes , promote public understanding of the banking system to provide appropriate information and maintain adequate protection for depositors and helping to reduce financial crimes , including fraud, money laundering and terrorism financing degree .

2 - Iraqi Central Bank performs its functions in a manner consistent organizational goals and considers the Central Bank of Iraq is best for the purposes of achieving those goals do not enjoy the measures taken by any government institution except the Central Bank of Iraq, which affect the issues fall within its validity. EBay power of legal enforcement.

Article 3

Prohibitions

1 - is not entitled to any person in Iraq banking practice without obtaining a license or permit issued by the Central Bank of Iraq except the person who has been exempted by the Central Bank on the basis of paragraph 3 and paragraph 6 , and except as otherwise provided in this law are not entitled to any a person to exercise the business receipt of deposits or other funds are paid from the public without obtaining a license or permit issued by the Central Bank of Iraq.

2 - excluded the following people from the terms of this law: -

A - people who fund credits Aodonha funded exclusively from the most top of financial non - repayable and the proceeds of the credits they receive from financial institutions or securities debt and issued in the capital markets.

B - people who get in exchange for the issuance of corporate bonds or corporate debt securities on the money payable from the public and the use of such funds only for the purposes of making investments on their own.

3 - people who are excluded by the Iraqi Central Bank of the conditions of this law by virtue of the nature or size of their do not engage in banking business volume required by the business organizer project , provided that these are exceptions granted by the Central Bank of conditional or time - bound or may be partial and define certain provisions of this the law applicable to the person who gets this exception.

4 - the one may not use the word "bank" or the word "bank" derivatives in any language with respect to any business or products or services without a license or permit issued by the Central Bank of Iraq if if such use is provided for or recognized by law or agreement international only if the Notes from the context in which it uses the word "bank" that it is not related to banking activities nor representative offices may use the word "bank" in their name , except in cases where the word "bank" constitute an integral part of the foreign bank , which belongs to him name the requirement that the representative office added the words in these cases offices.

5 - be the central bank 's authority to enter the offices of any person checking accounts and books and his documents and records other as decided the Central Bank of Iraq that there are reasonable grounds to suspect that this person exercises activities not in line with the preceding provisions of this Article , and the officials of the application of this law as soon as they receive a request from the Central Bank Iraq and the use of force when necessary to help the Iraqi Central Bank to enter places of this person and checking accounts or other books and records.

6 - is allowed to exercise activities related to small and micro - enterprises or other similar programs by other institutions other than banks and also authorizes entities exercising governmental authority , and those activities are excluded from the requirements of this law. The such entities exercising governmental authority to raise periodic reports to the Central Bank of Iraq regarding their programs and donor access to credit that have been excluded.

Section 2 - Licensing

Article 4

licenses or licenses

1 - requires the establishment of a bank in Iraq , including the secondary branches that return most or full ownership of a foreign bank or a bank holding company issuing pre - banking license from the Central Bank of Iraq. It requires the establishment of a branch or representative office of a foreign bank in the Iraq issue prior authorization from the Central Bank of Iraq. It requires that the secondary branch of the foreign bank maintains 500 billion dinars from the capital, do not impose restrictions on the area that capital investment will be in it.

2 - gives a license or license granted under this law in writing for the indefinite period of time and may not be converted, and determines the license or the license or annexes terms and conditions issued which is to comply with all the requirements for the issuance of permit or license requirement permanently applies to all persons licensed unless amended by Central Bank of Iraq after that.

3 - may issue licenses only to companies that have established a corporate body and on the basis of Iraqi law and registered accordingly. Ownership may return the majority , or each instance of these secondary branches to a foreign bank or a bank holding company, and in the case of the secondary branch are only issuing a license if the parent bank subject to a comprehensive and unified control by regulatory authorities in the country where the head office of the bank parent is located.

4 - issued licenses for the branches of foreign banks only subject to a comprehensive unified control and established by the regulatory authority in the country where the head office of the foreign bank is located.

5 - treated subsidiaries and branches of banks that are owned partially or totally foreign to the people of Iraq under the laws in a way not less than the level at which local banks are treated unless the law provides otherwise companies.

6 - A person owning foreign shares of a local bank in an existing or new and is subject to the requirements specified in this law and regulations in force.

7 - No person shall be entitled to foreign possession or possession of a qualified local bank administration unless that person foreign banks subject to comprehensive consolidated supervision by the regulatory authority in the country where the head office of the foreign bank is located or development bank multilateral.

8 - the right of foreigners to own banks or shares in banks only if they were banks subject to consolidated supervision by the supervisory authority in another country.

Article 5

License Application

1 - Applications for licenses to the Central Bank of Iraq in writing. Tracking applications form and details determined by the Central Bank of Iraq Systems enhanced documents determined by those regulations.

2 - includes the application submitted by the Foundation Company as an entity legal and based on the laws of Iraq documents the following information: -

A - accredited by the instrument by which the formation of the company submitted the application to the side of the Memorandum of Association or a copy of its articles of association that found and the address of its head office.

B - amounts authorized capital and subscribed to the company of the applicant , including the amounts paid.

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Re: And the texts of the Iraqi banking law materials

Post by rocky on Wed Oct 11, 2017 5:37 pm

C - all administrative name, nationality and permanent place of residence and his or her career , along with a statement detailing the qualifications and professional experience and mentions three people at least can go back to them for each administrator.

D - the name of each owner to acquire qualified nationality, place of residence and his or her career. Including the final beneficiary of such eligible tenure , along with my name at least two people can go back to them and attest to the safety of its financial position and in the event that the owner of possession eligible is a corporate body attached to three copies of the latest balance sheets annual review, as well as profit and loss account when applying it.

E - the list of shareholders and end users of the shares in which the name, title and possession of the relevant stocks mentioned , along with a copy of the shareholders record in the case of registered shares.

And - affidavit written for each administrative and owner to acquire eligible , including the ultimate beneficial owner of eligible possession be duly signed by the individual, stating that any condemnation of crimes or involvement in the past or present , in administrative or in another project is subject to any of them to suit reconstruction or request personal bankruptcy that found the Central Bank of Iraq and identifies the consolidated text of this benefit.

G - Action Plan which sets the goals of the business and the types of activities anticipated for the proposed bank , including a description of its organizational structure and systems controls the interior , including the appropriate procedures to combat money laundering and the financing of terrorism , along with the expected balance sheets and profit and loss accounts and statements of cash audit for the next three financial years.

H - revealed by the auditor shows his desire to take over the external audit function under Article 46.

- the applicant and each owner to acquire qualified as the ultimate beneficiary owner of such possession deified provide a list of projects for which contributions submitted by a specific application which has the size of those contributions and addresses recorded for those projects.

The main center of the work site - and anywhere else inside or outside of Iraq , the company intends to exercise the banking business.

K - Proof of payment of medical fees.

For - any other information required by the Central Bank of Iraq regarding the demand.

M - a statement in the event that the company requesting a foreign bank company or a bank holding company with foreign states that foreign regulatory authority responsible for the prudential supervision of the company applicant in the country of establishment of the foreign bank or holding company bank has no objection to what is planned to set up operations in Iraq and that it exercises control over the unified company applicant.

N - a statement in the event that the company requesting a foreign bank company or a holding bank foreign company stating that the foreign regulatory authority responsible for the prudential supervision of the company applicant in the country of establishment of the foreign bank or holding company bank has no objection to what is planned to set up operations in Iraq and that it exercises control over the unified company applicant.

3 - In the case of companies that have not founded yet, according to the laws of Iraq represent the procedures for obtaining a license to practice banking business of two phases the first two start providing first request of the founders of the company to obtain a license to engage in banking and second start offering the company a final application for a license to engage in banking after it was founded and registered in the commercial register. And it enhances the initial demand of the information and supporting documents and built - in paragraph 2 , provided that certain documents may be submitted in the form of a draft with the approval of the Central Bank of Iraq on it. When the Central Bank of Iraq to decide after receiving an initial application for a license to engage in banking business after his meeting with the founders of the company and the bank are yet Baladarien that initial demand is acceptable, as well as supporting documents. The Central Bank of Iraq to notify applicants that their request for the first Mostofi and asked them to start the second phase by submitting the final application for a license to engage in banking business.

Article 6


Permit Branch

1 - The Central Bank of Iraq to grant a permit that opens in Iraq , a branch of a foreign bank licensed to engage in banking business in the country of its composition. It is granted permission to branches of foreign banks to exercise any activities of banks are authorized by, a subject to the terms and conditions for the granting of bank Tsarahihm. Applications for permits to the Central Bank of Iraq in writing and determined by the Central Bank of Iraq systems form and details of the applications that are enhanced determined by the Central Bank regulations which include the following: -

a - information and documents set out in Article 5 , paragraph 2, subparagraphs a very Fiqrhz and i of the foreign bank a provider of application except paragraph 2, subparagraph c and d, which apply only to senior administrators of the main center of the foreign branch.

B - information and documents set out in paragraph 2 and paragraphs h - i - k of Article 5 concerning the operations of the proposed branch.

C - Certificate of appointment specifies the name of the Director of the concerned bank branch and permanent place of residence, nationality and his or her career as an officer of the bank in Iraq responsible for the performance of the functions of the bank , along with a statement detailing the qualifications and professional experience and includes the names of three people can refer to them.

D - written testimony for each administrative section based on paragraph 2 , sub-paragraph of Article 5.

E - statement that the foreign regulatory authority responsible for the prudential supervision of the foreign bank in the country of its composition has no objection to the proposed establishment of a branch in Iraq and practiced a comprehensive and unified control of the applicant bank.

And - pledged under the section of the demand issued by the center 's main provider and through the employee 's highest which is supported by the adoption of appropriate board of directors stating that it will provide at the request of the Central Bank of Iraq and the currency in which determined by the Central Bank of Iraq funds needed place to cover all liabilities obligations borne the applicant in the exercise of banking activities authorized under the permit.

2 - the main branch may be notified after the Central Bank of Iraq in advance to open an additional branch offices in Iraq , a condition set one branch as a branch of a major foreign bank in which Iraq can conduct any operation.

Article 7

Request for authorization for representation office

1 - The Iraqi Central Bank may be granted permission to open an office and one or more representation in the foreign bank with the condition that this foreign bank license to engage in banking business in the country composition. The limited representation of activities to provide information and carry out the functions of liaison offices. Shall not exercise its banking business or any similar activities or receiving deposits or other repayable funds from the public in Iraq.

2 - Applications for permits for representative offices to the Central Bank of Iraq in writing. And determine the regulations of the Central Bank of Iraq and the details of the form of applications that are enhanced by the necessary documents for the purposes of the permit applications.

For 8 to

grant a license or permit

1 - within two months of an initial application for a license or permit the exercise of the banking business , the Central Bank of Iraq to notify the applicant whether the application meets the date. Within six months from the date this notice is the application meets the Iraqi Central Bank approves or rejects the request and sends to applicants a copy of the decision.

2 - decided by the Central Bank of Iraq in the final applications submitted on the basis of paragraph 3 of Article 5 within two months of submission.

3 - The Central Bank of Iraq and in exceptional cases , deadlines in paragraphs 1 and 2 shall notify the condition that the applicant 's reasons for the delay comes before the deadline.

4 - being the Central Bank of Iraq before agreeing to the request for a license or a license to exercise banking business, check operations financial, criminal, personal and professional on owners of tenure eligible in the bank and administrators in the proposed bank , which is the application is pending pending, and to this end, provide banks and other financial institutions subject to the supervision of the Central Bank of Iraq and the tax authorities and national and local law enforcement authorities any information required by the Central Bank of Iraq , including, and the Central Bank of Iraq to communicate with any government department or local or ministry , including any government ministry or da Rh is responsible for the application of the law to request information that or related application for a license or a bank license. The Central Bank of Iraq secured direct contact with the foreign regulatory authority concerned to verify the data submitted to the bank on the basis of paragraph 2 and subparagraph of Article 5 or paragraph 1 and subparagraph e of Article 6 health.

5 - refuse applications for a license or license to practice banking business in the absence of conviction of the Iraqi Central Bank not to meet such requests or the conditions specified in this law and for issuing a license or vacation. The Central Bank of Iraq to publish any standardized regulations are working out when evaluating applications for a license or license to practice banking business.

6 - The Central Bank of Iraq to grant a license or vacation with the conviction regarding: -

a - validity of the documents submitted on the basis of Article 5 or Article 6 , according to the applicability of any of them.

B - the financial situation of the applicant and its history.

C - Managing the applicant 's personal and professional experience as people fit and good.

D - the identity and personality of the owners as people are good and decent people who own private holdings are eligible.

E - the adequacy of the demand of the staff and resources, financial and operational structure of the capitalist provider to cover all obligations and liabilities incurred in the exercise of the proposed banking activities which Stjaz under the license or license.

And - the safety of the proposed operations.

G - the validity of the action plan.

H - the applicant 's intention to maintain a physical presence in his fixed address in Iraq.

I - the practice of foreign regulatory authority related to the comprehensive control and on a consolidated basis, in the event that the applicant company or a subsidiary of a bank holding company or a foreign bank in the event that the license relating to the branch of a foreign bank.

7 - The Central Bank shall notify the applicant bank 's decision to grant the license and the license shall be published in the Official Gazette and in the absence of the official gazette for such purposes and on repeated S is then published in public bulletins with wide circulation "referred to later official bulletin." When issuing a license or license bank is added to the list contained in the register of banks.

8 - If you do not grant a license or license of the Central Bank of Iraq provides notice of the decision not to grant an enhanced description of the reasons for the grants. If demand remained not meet and does not meet the conditions of the Central Bank of Iraq within three months from the date of receipt of notice of the bank on the basis of paragraph 1 above is that the applicant has abandoned the demand. In all cases , it is not entitled to the applicant to recover the application fees paid.

9 - The banks shall notify the Central Bank of any changes occur regarding the data that was submitted with applications for licenses to the Central Bank of Iraq and should get local banks prior approval from the Central Bank of Iraq on any proposed amendments to the composition of instruments or regulations. Do not start these amendments and changes into force only after the Iraqi Central Bank approval and registration in the register of banks and the foreign banks that have a license to notify the Central Bank of Iraq any changes occurring in the composition of the instrument or regulations without undue delay.

Article 9

additional offices

may not be any bank to open a branch or representative office in Iraq or establish a subsidiary company without notifying the Central Bank of Iraq first and obtain prior approval from the Central Bank, nor may any local bank to open a branch or representative office or establish a subsidiary company outside Iraq without first obtaining prior approval from the Central Bank of Iraq. Banks are required notice of the Central Bank of Iraq , any change in the place of any branch or representative office or a subsidiary.

Article 10

Banks Record

1 - The central bank to prepare and maintain a central register of banks for the purpose of inspection by the public. And restricts the registry for each licensed bank for each branch and representative office of the foreign bank holds a license: name, address, registration number and date of issuance of the license or the license or cancel the Iraqi Central Bank for a license or license instrument of incorporation and other of the bank on legal documents, information about the administrators of the bank , including the scope of their authority by requiring bank and addresses of any local branch or representative office and overseas offices, if any.

In addition to be registered name and address of the head office of the foreign bank in the case of branch offices and representative offices of banks that belong to him. The Iraqi Central Bank publishes the full list of licenses and holders of licenses that do not show only the names and addresses of the main centers and the type of license or license granted in the official bulletin during the month of January of each year. It also published in the Official Gazette and at regular intervals of any changes to the list during the year.

2 - must show banks in all documents, authorizations and securities transactions used in the registration number allocated to it and the address of its head office.


Article 11

Fees


1- imposes the Central Bank of Iraq and gets to cover part of the expenses associated with the granting of licenses for banks and control a fee for each application of applications for a license or license to practice banking business as well as a maintenance fee once a year in which the license or license to practice banking effective. 

2 - The Central Bank of Iraq determines the fee structure in the organizational regulations and reflected in the structure of the size and nature of the work carried out by the banks. The Central Bank may take Iraq as a special regulatory costs, if any , attributable to certain banking activities.

Article 12

ending operations voluntarily

1 - may not be any bank to terminate its operations without obtaining prior approval from the Central Bank of Iraq. The liquidation of the bank may be based on a decision of its owners after obtaining the approval of the Central Bank of Iraq on the voluntary termination of its operations and submit a written request to the Iraqi Central Bank to cancel the license or his vacation.

2 - Cancellation shall not be granted unless the Iraqi Central Bank decided that the bank has fulfilled all its obligations to its depositors and its clients and staff or the settlement of these obligations in a manner acceptable to the Central Bank of Iraq.

3 - When the Iraqi Central Bank determines that the bank has fulfilled its obligations on the basis of paragraph 2 , the central bank to cancel the license or license.

Article 13

cancel a license or vacation banking practice

1 - may not be revoked a license or vacation banking practice except by a decision of the Central Bank of Iraq is based on one or more of the following justifications: -

A - based on obtaining the license to false or fraudulent decisions or substantial irregularities Other may have occurred when applying for a license.

B - Do not use the bank to exercise banking license within twelve months from the date of entry into force or the bank stopped for a period exceeding six months from the practice of business related to acknowledging receipt of public cash deposits or other money payable or for the deposit of money or investments in its account.

C - Bank administrative management of its affairs or its improper manner and non - prudential.

D - a violation of the Bank is issued by the Central Bank of Iraq.

E - Bank acted in a way affect the financial viability or violating any laws and regulations issued by the Central Bank of Iraq or violating any condition or restriction facility license or license issued to him by the Central Bank of Iraq.

And - the involvement of the bank or foreign bank or bank holding company that is a subsidiary bank or the involvement of a subsidiary of the bank company criminal activities including fraud, money laundering or terrorist financing.

G - the loss of the bank or the holding company and bank in which the bank 's subsidiary company own any of them work permit.

H - the face of the Central Bank of Iraq obstacles in exercising control over the bank because of the bank transfer of all the affairs of his administration, operations, or its books records outside Iraq without obtaining prior written approval from the Central Bank of Iraq.

I - the face of the Central Bank of Iraq obstacles in exercising control over the bank because the bank a member of a group of companies or to the fact that the bank subsidiary of a foreign bank company or a bank holding company is not subject to any of them sufficient control.

J - be foreign regulatory authority responsible for exercising control over the bank or foreign bank or a bank holding company where the bank subsidiary was appointed as a trustee or guardian of a judicial bank and foreign bank or a bank holding company.

2 - The Iraqi Central Bank to cancel the license or license: -

a - establishment of a lawsuit bankruptcy against the bank issued by the Financial Services Court decision on the basis of Article 78 or

b - based on paragraph 3 of Article 12

3 - The decisions taken under this Article and requires cancellation of a license or vacation engage in banking decisions written and include justifications taken upon them. And sends each such decision immediately to the meaning of the bank and recorded in the register of banks and published in the official Central Bank of Iraq Gazette. The entry into force of the decision taken under this article from the time of sending it to the bank meaning unless resolution set another date for its entry into force no later than 30 days after sending the decision. It may Asivae the requirement to send this decision to a foreign bank by sending a written decision to the sub - designate or represent him directed the Office of the decision.

4 - Decisions taken under this article shall require a license to cancel or include a vacation based on paragraph 1 guardian in accordance with Article 69 for the liquidation of the bank set.

Section 3 - - Capital

Article 14

minimum capital of local banks

1 - determines the capital of the local bank of the Iraqi dinar. The Bank reserves at all times paid -up capital represents a minimum of at least 10 billion dinars , or retains an amount higher than that decided by the Central Bank of Iraq. Banks are required existing access to this capital within 18 months from the date of entry into force of this.

2 - is not permissible for any bank to declare records in his account or paid to shareholders , any percentage of profits or do any transfer of profits if they resulted from such payment or transfer reduction in its capital or reserves below the minimum levels required in accordance with this law or regulations or order Central Bank of Iraq.

3 - No bank shall distribute dividends to shareholders before extinguishing all expenses relating to the establishment and organization of the initial Bank

4 - does not impose limits on the amount of capital that can be deposited to the bank in any given calendar period.

 

http [:/] /www.uobabylon.edu.iq/uobcoleges/service_showrest.aspx?fid=7&pubid=17991
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Re: And the texts of the Iraqi banking law materials

Post by weslin3 on Wed Oct 11, 2017 6:15 pm

surprise
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Re: And the texts of the Iraqi banking law materials

Post by zimi31 on Wed Oct 11, 2017 8:43 pm

Hey Rocky...is there a condensed version for those of us with ADD...   lol!

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