By John Lee.
The Iraq Securities Commission (ISC) has issued a circular to all brokerage companies requiring the adoption of a new risk-based supervisory guide covering the institutional framework and core elements of risk-based oversight and supervision.
It says the measure is in line with recommendations from the Financial Action Task Force (FATF) and forms part of efforts to update the mutual evaluation process and address weaknesses in the securities sector, with the aim of strengthening compliance and supervisory procedures within financial brokerage firms.
The ISC has called on companies to review the guide and take the necessary steps to implement it. Inspection teams will monitor compliance with the instructions it contains.
Click here to download the guide from the ISC website.
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(Source: Iraq Securities Commission)
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