Yasiri: strengthening the role of the private sector needs to amend some laws enacted

Yasiri: strengthening the role of the private sector needs to amend some laws enacted

06/09/2013


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Baghdad - and babysit - A member of the Finance Committee MP Abdul-Hussein al-Yasiri, the importance of involving the private sector working with the public in order to promote economic growth and to avoid the risk of crises suffered by the world.

Yasiri said in a press statement that activating the role of the private sector does not mean that it is dispensed from the public sector, but must work together and coordinate the joint between them, indicating that the systems of capitalism has failed over the last period when the reliance on the private sector without the public, because the public sector a few falls in front of the temptations of profits as opposed to the private sector.

"The activation of the role of the Iraqi private sector and its contribution to the general government sector needs to amend the Banking Act, especially Article 28, as well as amend the investment law, tax, corporate, to allow him to work well in promoting the economic development of the country" ... p / i

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Article 28 Prohibited activities

No bank shall engage in or participate as an agent, partner or co-owner in wholesale or retail trade, manufacturing, transportation, agriculture or fisheries, mining, building, re-insurance, insurance underwriting or other business activities except for activities that are authorized by Article 27. Notwithstanding the foregoing, and with the prior written approval of the CBI, a bank may temporarily carry on or participate in the carrying on of such activities to the extent necessary to obtain satisfaction of claims, provided that the CBI may require the bank to cease such activities by a date specified in the license or permit.

and Article 27 for reference:

Article 27 Banking activities

1. A bank may engage in the following activities subject to the terms and conditions of its banking license or permit:

a. receiving money deposits (in the form of demand deposits, time deposits or other types of deposit) or other repayable funds, bearing interest or not;

b. extending credits (whether secured or not by collateral or liens), including without limitation: consumer and mortgage credit; factoring, with or without recourse; financing of commercial transactions, including forfeiting (purchasing negotiable instruments at discount without recourse); and financial leasing services; subject to regulation of the CBI, a bank may charge interest on interest, and the total amount of interest it may receive shall not be limited by the principal amount of a credit;

c. buying and selling for its own account or for the account of customers (including underwriting and brokerage services) of any of the following: money market instruments (including checks, bills of exchange, promissory notes and certificates of deposit); foreign currencies and precious metals; exchange and interest rate instruments; stocks and other transferable securities; and forward contracts, swap agreements, futures, options, and other derivatives relating to currencies, stocks, bonds, precious metals or interest rates;

d. entering into contingent commitments, including guarantees and letters of credit, for its own account and for the account of customers;

e. providing clearing, settlement and transfer services for money, securities, payment orders and payment instruments (including checks, credit, debit and other payment cards, travelers’ checks; and bank drafts, wire transfers, and pre-authorized debits and credits);

f. money brokering;

g. safekeeping and administration of valuables, including securities;

h. providing trust services;

i. providing services as portfolio manager of securities or as financial adviser, agent or consultant;

j. providing financial information and credit reference services; and

k. anything that shall be incidental to the foregoing and such other activities, not prohibited by Article 28, as the CBI may by regulation authorize as banking activities.

2. The CBI may, in its discretion, and subject to such conditions as it may stipulate, require banks to conduct certain banking activities through separately capitalized subsidiaries that are wholly or majority-owned by the relevant bank.

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