Tag Archives | ISC

ISX Clarifies Custody Situation

By Mark DeWeaver. On March 3, the ISX posted the following notification on its website: “No institution or competent body has requested a license to act as custodian pursuant to Decree No. 17 of 2012. “Therefore, the Depository Centre remains the sole body conducting the transfer of securities from the account of the investor [registered] […]

ISC Takes Aim at Insiders

Earlier this month, the Iraq Securities Commission (ISC) announced that it would be moving against violations of its Regulation 16, which covers insider trading. Effective July 1, the Commission threatened to bar violators from trading and to cancel their trades. Regulation 16 defines insiders as including members of a company’s board of directors and their […]

ISX teaches lesson in patience

So far this year Iraqi stocks have been surprisingly oblivious to three very bullish developments. The Iraq Securities Commission has finally issued its instruction on custodian bank licenses. (See this post for more on custodian banks.) The European Central Bank (ECB) is running its printing presses at maximum capacity. And earnings are up sharply at […]

Foreigners Invest in Iraq’s Bourse, Expect Boom

According to a report from Reuters, with better regulation and the expected listing of the country’s three main mobile phone firms, foreign investors are increasingly choosing Iraq’s stock market as a lucrative investment. Iraq’s bourse is still tiny in comparison with other regional or international stock markets, but a drop in violence since the peak […]

ISC Rule Change Gets E for Effort

At the end of last month, the Iraq Securities Commission (ISC) announced new rules on stock suspensions. Effective September 1, trading is to recommence no more than four months after general assembly meetings when rights issues are announced and immediately otherwise. Pre-general assembly suspensions are limited to one week. This new schedule is a big […]