Tlar & Members News With Discussion & Comments - Thoughts & Opinions
G-Lin 01 March 2015 19:19 Baghdad (AIN) –The Parliamentary Economy Committee Discussed With The Head Of The Iraqi Securities Commission Activating The Commission's Law
A statement by the parliament received by AIN "The Committee headed by MP, Jawad al-Bolani, met with the ISC's head where they discussed activating the law of the ISC."
tlar Here is the commissions law for those interested.
The continuous development requires interactions of human life in applying the ethical practices of community and professional behavior. hence laws, rules and regulations are established to Facilitate these reactions.
Within this framework, the Code of Ethics which is called (pledge of honor) related to Brokerage firms of securities based on the general law of the state and the enforce laws that regulate capital markets work and securities trading, Which embodies the commitment of the activities which are related to brokerage firms for securities of its performance and the highest ethical standards.
The pledge of honor targets to preserve their position and dignity of job, also it seeks to raise the level of performance of the profession and upgrade their workers.
It's expected that all members of boards of director, the executive managements and employers will adhere with maximum standards of code of conduct and preserve on high moral standards whether in their jobs or their personal life.
It has decided to issue these standards:
The following words and phrases have these meanings:
Commission: Iraq Securities Commission.
Exchange: Iraq Stock Exchange licensed by the Commission.
Association: Securities Brokers Association in Iraq.
Member: Securities Brokerage Companies licensed by the Commission.
These standards apply on:
Brokerage Companies work at Exchanges licensed by the Commission.
Brokers and their agents and employees.
Obligations of member towards Exchange
Member should obligates to Iraq securities Commission Law and regulations issued by it, including rules of dealing and trading mentioned in securities trading system, Exchange rules and any amendment made on it.
Not to do any work that would harm the reputation of the Exchange and its member's dealers.
The direct report about any work or activity which is illegal or contrary to regulations and instructions in securities dealing and would be made by one of the workers in these companies to the Exchange directly.
The company is committed to open its books and records for Auditing by the Exchange and provide them with copies of the records and securities related to the company's activity, if asked to do so.
Keeping records and documents mentioned in the Law included records and documents related to dealings that executed by the member in the Exchange.
Not to get any brokerage which exceed the decided limits according to regulations of ISX.
The company is responsible on the workers' violations for laws and regulations of ISX.
It shall be prohibited for any member to give a direct or indirect guarantee to the investor against loses which may be made by trading, or agree with him about ratio of profits.
The member shall execute ISX transactions, in line with sound trading. In particular, the member shall pledge to refrain from doing the following:
Wash, sham and unreal transactions which cover trading meant to mislead the dealers into believing that there is an active securities market.
Any behavior or work intended to provide misleading and incorrect data, declarations or information, or to spread rumors in relation to a rise or a fall in the prices of securities.
Defaming or degrading any other member.
Using securities registered in the name of investors to achieve a private interest.
Moving investors' portfolios just to obtain commissions.
Conducting any transactions that run counter to the correct practices of ISX, or which are incompatible with the principles of a fair and transparent market.
Publish or assist in publishing sham or misleading news, also news relating to change securities price in order to effect on its prices and dealings.
Introduce inaccurate or misleading information, or consultations to the investors leads to their dealings significantly or unjustified to achieve a private interest or just to obtain commissions.
Obligations of member towards investors
Member can't act with investor's securities except after make agreement according to the executed regulations, the following being the minimum:
The name and address of the investor.
A statement of the services to be rendered by the member to the investor.
A statement of the commissions to be received by the member in return for its services according to the agreement.
It shall be prohibited for any member to:
Introduce financial facilities to the investors to buy securities except according to the issued regulations.
Execute many of buy and sell procedures for the account of investors without written authorization.
Inform the investor about details of operations carried out for him immediately or according to the signed agreement between them, and provide him a detailed account disclosure.
Keep confidentiality at work
Workers should oblige to do the following:
Keep confidentiality of information and activities related to ISX or use them for their own or for any third party's benefit.
Keep the confidential documents in a safe place when not used, so as to ensure that no one has access to them.
Take the necessary procedures and precautions to ensure the safety of trading at ISX and to protect it especially from the following:
First: to protect their data that enables them to enter into the systems.
Second: not to allow unauthorized persons to use the systems.
Third: not to use any Stock Exchange software or hardware before the specialist ensures their safety.
Fourth: As soon as it comes to their knowledge, inform the concerned employee in the Information Technology Department of an violation of software or related material copyrights in the Stock Exchange, as well as or any misuse of the Stock Exchange's systems or of any possibility of having a software that might affect the data stored on the hardware.
Custody investors' interests
The Member shall make the effort and care enough to do the following:
First: Knowledge of the details and characteristics of each investor, trading account or sell or buy order.
Second: confirm orders acceptance of their investors properly.
Third: give priority for sell or buy orders according to its receiving sequence, and refrain from favoring the interests of the investor on another.
Fourth: not to use money or securities of investors for member purposes or another investors.
Fifth: preference of investors' interests on their personal interests, and taking the necessary procedures to protect their interests and the credibility of dealing in securities.
It is not permitted for the member or his workers to accept any gift or donation whatsoever directly or indirectly as encourage or reward from their investors.
If the member has an interest in the process that will be carried out to the investor's account and could lead to a conflict of interest, so it prohibits for him to carry it out only in accordance with the issued regulations.
Member should oblige towards the investor to do the following:
Check personal, recipe and eligibility of investors and their agents to dealing and dispose buy or sell orders, and verify the signatures contained in these commands.
Taking into account the rights of investors towards their accounts and especially with respect to any returns in accordance with the agreement with them.
Complete separation between their accounts and investors' accounts and not to use any investor accounts to cover the expense of another investor and retain the supporting documents of the previous procedures to ensure that verify the integrity of the application and made available to ISX and the Commission upon request
Notify investors of any material information is disclosed on ISX be related to buying and selling orders its own.
It shall be Prohibited the member and his employees to take advantage of inside information in any way when dealing in securities for their own or for another before the disclosure.
Member should oblige to the procedures related to the disclosure on dealing the aware persons according to the issued regulations.
It is not permitted for the member or his workers to exploit an order or group of orders issued by an investor or group of investors and these commands will move the price of securities of doing trade in the same direction before they are implemented in order to achieve self benefit or for others.
It also prohibits done by agreement or directing others to move in the same direction of these commands before they are implemented.
Member should take the procedures related to anti-money laundry and do the following as minimum:
Definition the identity of the investor or his agent and his activity, and verified it before and during his dealings.
Review the investor's data periodically and update it.
In case of doubt the accuracy and adequacy of the data that have been obtained regarding definition the identity of the investor or his agent, he must not open an account or make a contract.
Not to deal with faceless people or people with moot or fictitious names or the fictitious companies.
It is not permitted to receive or pay cash sums from non-Iraqis investor or his agent and that are made through authorized banks and by Iraqi dinar.
Inform money laundering unit at Central Bank of Iraq in the event of suspected process linked to money laundering or financing the terrorist, regardless of the value of the process.
Members and employees should comply with the standards of code of conduct (reign of Honor), this will be subject the violator under penalty of professional responsibility and disciplinary.
hi-five If they are discussing activating this law, then they must be very close to NEEDING it.
Preacher Man Keywords: Delete The Zeros Existing Project And We Have Given The Green Light For Its Implementation
Preacher Man Did he say Trillions to BBBBBillions.. Fits right into Economic Development.
jackbauer32960 THAT sounds a lil more promising! but is it a float, a RV or RI ????
Phillyman Governor Of The Central Bank On The Keywords
Central Bank Gives The Green Light To Implement "The Deletion Of Zeros," Asserts: We Need Two Years To Complete
mally Good morning guys. Great news that something is happening. Gotta love Iraqi news. This seemingly big story and press conference and they fill the short article with something they said in May of 12 and Sept of 11. Hopefully more details are on the way soon.
Preacher Man Governor Of The Bank: Auction Currency Is No Longer A Daily Window And Put New Mechanisms have announced the Governor of the Central Bank of Iraq on the Keywords, on Tuesday, for the development of new mechanisms for the auction currency, which "is no longer a daily window," he said, adding that a lot of hard currency being smuggled out of the country as well as for use in the operations of corruption. Followed….
hi-five Never thought they would announce it like this - -"given the green light". Does this mean we can start the countdown - - 10?
DreamWeaver LOL. Are you the optimistic--and in the case--gullible type, Hi-Five? Me, too. So, why not start the countdown as it definitely appears currency reform is in high gear. JMO.
KJWayne Well, I'm hoping that they are not talking about two more years to change the rate but are talking abot the paper work being done .
Livefree Whoo Hoo!! And WhooPow!! I LOVE THE COLOR GREEN!! Thanks PM for making my day! I'm hoping they're referring to the 2 years the LD's and the 3 zero notes will co-exist. That would give us plenty of time to exchange
KJWayne I don't want to exchange, I want to cash in !
sweed61 ” this process will be preceded by the administrative and regulatory processes. ”
“currency replacing the process needs to be approved by parliament.”
“The project needs a period of time may extend to two years or more.”
Looks like lots of time is still needed. Does this indicate an RV, RI, Float, Managed Float? Given the period of time suggested in the article, it appears to be a managed float for a period of two years.
Jackbauer PM ....Just got off the phone with DinarInc/XChange America and they will only excange via mail, per their instructions on the DinarInc.com website. Recon I'll just send 'em in, as I dont have that much to worry over.
Rockstar Just amazes me that they really keep telling us what they are doing! This is HUGE coming from the CBI folks huge!! Yes the 2 years concerns me a little but like another poster said hopefully that is the time frame to finish the project where all the notes coexist for two years! Best news for the day and week I would say!
rDiddy This is very exciting news - but what's meant by this statement? Has this already happened, or is this another task that parliament has to complete:
Rockstar rdiddy it means Parliament has to vote in and actually approve the new lower denoms as legal currency!
"The Iraqi Central Bank announced in May 2012 that the process of deleting the zeros will be transferred Iraq from a country trillions to billions, noting that the currency replacing the process needs to be approved by parliament."
I hope this is referring to the lower denoms that have already been printed. Thanks in advance for your opinions, -mrs d
Parliamentary Finance Looking Governor Of The Central Bank Cancel Zeros From Currency
Flyboy March 2, 2015 Walter BAGHDAD / Sky Press / .. the parliamentary finance committee looked, on Monday, with the central bank governor Ali Mohsen Keywords Cancel zeros from the currency. Financial said in a press statement I followed / Skat Press / she hosted a morning on the Keywords to discuss the issue of the Iraqi dinar and the abolition of zeros from the currency, as well as discuss the charges on the Director-General of the Iraqi Commercial Bank Hamdiya dry. ”
The National Alliance MP Yasser al-Hassani called on the government to prevent travel Director-General of the Iraqi Commercial Bank [ TPI ] [Hamdiya dry “because of the theft of more than two billion dollars have been converted to the Kurdistan region,” he Colh.anthy a
Schiz Thanks flyboy, never ever seen this much talk and interest in the project before :D
I'll say it again, we are watching currency reform in iraq right here, right now woop! :
Tlar It is interesting that we are seeing more references in articles and meetings with the CBI on this. I doe's give you that warm fuzzy that it is close. tlar
Revbo Auctions stopped, banks lending, 50s being removed from circulation, and Alaq is in Parliament to talk about the project. That's more movement than we have seen in ten years accomplished in two weeks. I agree with Schiz. Currency reform is in process.
DreamWeaver First time I've seen them use term "abolition" of zeros. Appears to mean the same as cancel or delete, but it's interesting they use this term which carries a stronger intention--as they are definitely enacting currency reform and no longer just talking about it.
Rockstar Agreed, I would say they are well on their way or in the process of currency reform! Nice article flyboy, once the 50's are removed I would say it's game on anytime after April 30th for a change!
Looks like they are in full force in defeating ISIS, and Mosul should also be completely rid of them by then is my guess! Just wish it wasn't another 60 days away but oh well, I would still say this is the best we have ever seen in this investment for a time to RV...