ISC agrees on non-Iraqi investment in ISX

 Date Friday, March 16^th, 2006:

 Baghdad / news agencies

 As Mr. Abdul Razaq Al-Sa’di the Chairman of the ISC – the institution that supervises the trading processes of ISX - said, the Commission allowed non-Iraqis to trade on ISX, subject to specific conditions, as a step forward towards the liberalization of investments and to support a free market economy in Iraq.

Mr. Al-Sa’di said in a statement issued last Thursday, that the information on Iraq Stock Exchange designated brokerage companies are to be disclosed on the ISX web site on equal basis for each broker. The information shall consist of: electronic address, registered capital, phone number, summary about the company, last two years trading volume, company’s budget, and name of managing director.

As he also stated, that one of the conditions of the listing process is that non-Iraqi investors must be checked by the broker. Documents such as ID card, valid passport, incorporation contract and registration license certified by the issuer and the Iraqi Embassy or the relevant Iraqi authority (for legal entities), as well as  permanent and temporary address (if any), e-mail address, phone number and three samples of signature shall be required by electronic mail followed, within 15 days time, by original copies, certified at the Iraqi Embassy in the investor’s country or at any other approved government authority.

The Chairman explained that ISX shall prepare buying and selling order forms in both Arabic and English, which shall include:  order number, time and date of the order, means by which the order was received, investor’s name, number of  shares to be traded, price (fixed or market price), order type, order validity period.