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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Chairman of the Securities Commission, Faisal Al-Haimus: Forex and trading in oil, commodities and i

    Rocky
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    Chairman of the Securities Commission, Faisal Al-Haimus: Forex and trading in oil, commodities and i Empty Chairman of the Securities Commission, Faisal Al-Haimus: Forex and trading in oil, commodities and i

    Post by Rocky Mon 12 Jun 2023, 8:06 am

    Chairman of the Securities Commission, Faisal Al-Haimus: Forex and trading in oil, commodities and international companies are prohibited in Iraq

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    Faisal Al-Haimus. "Economy News"



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    Economy News - Baghdad
     
     
    The Chairman of the Securities Commission, Faisal Al-Haimus, revealed that the next two months will witness the arrival of the Securities Law to the House of Representatives, while he indicated that there are procedures to activate the Iraqi stock market during the next stage, and added that the Commission is fully prepared to privatize publicly owned companies after creating the environment. investment for that.
     Al-Haimus renewed his warning to citizens against dealing with companies and entities inside Iraq that claim to deal with international stock exchanges because they do not have licenses. The following is the text of the interview:
    * Where did you get in the securities law?
    _ Last week we held a meeting with the Iraqi Stock Exchange, and all the differences were resolved. There are simple things, part of which are regulatory regarding the work of the market itself, as well as about the things that we can support with it as a body, and we were able to reach a solution to all the differences.
    We have agreed to draft a new framework with the proposed solutions during the coming days, to submit the law to the General Secretariat of the Council of Ministers, which in turn will submit it to the State Council, and during the next two months the law will be ready to be sent to the House of Representatives, and the law will give the authority the legal support and tools to carry out its work properly. And its approval will lead to a qualitative leap in the work of the Iraq Stock Exchange.
    * How do you see the financial reality of Iraq?
    _ The volume of trading is weak, as the number of companies actually traded does not exceed 5-10 companies, while there are around 40-45 companies, part of which did not trade because there are no shares because they are all owned by large investors, and therefore there will not be a sufficient number of shares for trading, and it will be amended During the coming period of this year so that the market is active.
    * What are the latest developments in “Al-Hafiz Al-Amin”?
    _ As you know, (the trustworthy custodian) is a system and a mechanism, as well as a bank that guarantees the rights of investors, as the Authority previously licensed 4 banks, which is a sufficient number, and the banks, in turn, completed the infrastructure in addition to the training and experimentation operations, and I believe that during the next month the actual operations will begin. The presence of these banks is sufficient and they usually have very simple tasks such as voting in public bodies, receiving profits and submitting monthly reports.
    What are your procedures for combating money laundering?
    _ There is a special division for money laundering present in the commission and linked to its president, and a meeting took place with the Association of Brokers in the market in which it was proposed that every brokerage firm should have a system to prevent money laundering and terrorist financing, and several ideas were circulated in this regard.
    * How do you assess the reality of the Iraqi market for securities?
    _ The reality of the market is not appropriate, because Iraq is a country rich in material and human resources. The Iraqi market for financial papers cannot have a trading volume of up to 100 thousand dollars per day, especially since the daily trading of the markets of neighboring countries is hundreds of millions of dollars, and some of them reach amazing numbers. Our reality is not appropriate and we need to That there is a boom in the market, and such a thing can be achieved during this stage.
    * Is there a possibility to open markets for commodities inside Iraq?
    _ The intention is there, but it is better today to reform the Iraqi market for securities before opening any new market.
    * Is the Securities Commission ready for the privatization of public companies?
    _ The Commission is fully prepared for that, especially in light of the new law, but the appropriate investment environment must be created for the privatization process. The Ministry of Oil, Finance, or Banks, which brings great benefit, especially since the Prime Minister’s direction is to transform the economy from dependent on the government to dependent on the private sector, and accordingly, these operations must be started, especially since there are similar experiences that were carried out in the eighties of the last century and proved successful and transformed economies that were It relied on the public sector to the private sector, which raised many burdens, especially with regard to the issue of employment from governments to the private sector, and created a real private sector.
    * How much is the government willing to offer in terms of bonds, and are the markets ready for that?
    _ The markets are always ready, because if there is a benefit that you get from this thing, you can go to it, and if you offer bonds today with a high interest value, you will certainly find a buyer, whether inside or outside, especially since the budget suffers from a deficit that can be financed through existing banks or investors It can be put on the global markets, and in light of the high oil price, there is certainly a desire to buy bonds.
    * You are a member of the Economic Council, what are the most prominent discussions of this Council?
    _ There are steps to support the government's directions, advance its vision for investment and revitalize ineffective government sectors, and we are trying as much as we can to push the wheel forward.
    Will the government contribute to supporting the local product?
    _ The consensus that resulted in the current government being formed has brought some flexibility in the work of some joints of the state, and we hope well that the government can largely control the border crossings, and this is proposed if the budget is approved, and I expect that these agreements and the good relationship between the central government and the region will bear fruit that there will be understandings to work Common and public benefit for both sides.
    * Are there verification processes for behaviors and practices suspected of violating the market system?
    _ Certainly there is a department for monitoring market operations that inspects daily and has its own tools for auditing transactions that result in the market, and in anything outside the scope of the Securities Commission’s instructions, the department requests more information from the market, which in turn provides them with it, then in the event of seeing any violation, the commission takes legal procedures
    appropriate for that.
    Q: There are companies in Iraq that deal with the global stock exchange, why are they not granted licenses to do so?
    _ Such a dangerous matter, and we have already paid attention to it in the past stage, and we warned citizens against dealing with global stock exchanges through unlicensed companies, and today we repeat this warning, and previously a committee was formed from the Authority and representatives of the Ministry of Interior, the Central Bank, the General Secretariat of the Council of Ministers and the National Security Agency, and we met for more 15 times, and issued a group of proposals to license these companies in exchange for conditions, the most prominent of which is a letter of guarantee to return some or part of their money in case of breach of it, in addition to instructions for the investor to know his rights, and the recommendations were submitted to the General Secretariat of the Council of Ministers, but the government change prevented their implementation, and we will try these This time, we will return the issue to the General Secretariat, and at the same time we see that the National Security and the Ministry of Interior are intensifying their campaigns against these companies, and a solution must be found either by licensing these companies or the issue ends completely, because practicing these activities without a license is a crime, and we do not know when this is taken. What does the company do with the money and is it committed?Money laundering and terrorist financing system or not.


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