KTFA:

Samson:  The emergency support law enters into force .. Will the government challenge it?

30th June, 2022

Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced the entry into force of the Emergency Support Law, after more than fifteen days had passed since its enactment.

Saleh told (Baghdad Today), "The law stipulates that there is a group of deputies requesting the legislation of a law within the parliament that does not have a financial aspect."

He added, "The law has that aspect, but the government will not object or challenge it in the Federal Court because it needs its paragraphs and is linked to the payment of dues to ministries and citizens, such as contracts and others."

On the eighth of this month, the Iraqi parliament voted on the law on emergency support for food security as a whole, to enter its legislative recess.

The vote was attended by 273 deputies, headed by the Speaker of the Council, Muhammad al-Halbousi.

LINK

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MilitiaMan:  Interesting they tell us today that the ESFL made entry into force. One day after a publishing day for the gazette.. Banks are closed are now today.. Interesting too is there is a new platform for non reporting companies for the ISX.

Saturday is another publish day for the gazette. The list of nondisclosure stocks will increase in value at varying levels of %s. This new platform is scheduled for this Sunday.

 Not totally a huge thing in of it self or is it? They didn't mention the ISX reporting companies. If the non reporting are going to increase in value and be on the new platform, would it not be likely that the fully reporting stocks do same and interlink with the NASAQ?

Would not a similar and or superior move be warranted and on the same day? I don't know, however, with a new exchange rate to come, there is likely to be increased values for the ISX reporting companies as well. Something that would likely need to be held more close to the chest.

 I see this article as being an indicator..  Possibly a very telling one. We shall see soon enough on both angles.... imo ~ MM

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Samson:  The Iraq Stock Exchange launches a platform for trading shares of undisclosed companies

29th June, 2022

The Securities Commission and the Iraq Stock Exchange announced the launch of a platform for trading shares of undisclosed joint stock companies, while identifying the companies that can trade on the platform

The authority’s media stated, in a statement, that “the authority decided to create and launch (a platform for trading the shares of undisclosed joint stock companies) Undisclosed Comp as of Sunday’s session 3/7/2022,” noting that “the rate of change in the session will be 5%, up and down from the closing price.” The share price will be left with a 50% change from the last closing price of the share in the first trading session on the platform

He added, "Trading on this platform will be for companies that the Securities Commission had previously decided to suspend from trading due to failure to provide the required disclosures, which are: Electronic Industries Company, Light Industries Company, Al Badia Public Transport Company, Modern Construction Materials Industry Company, the Iraqi Company for Land Transport and a Bank Company. Babel, Al-Batak for Financial Investments, the Modern Company for Animal Production, the North Bank Company, the Al-Khair Financial Investment Company, the Iraqi Company for the Transport of Oil Products, and any company that the Commission decides in the future to include in trading on this platform from the listed companies

He called on the above companies to "commit to provide the minimum disclosure (a report on the company's situation from the date of submitting the last financial statements to date / lawsuits / seizure and mortgage / any material events affecting the company's activity) and the experience and mechanisms will be evaluated after three months from the start of the application and take advantage of the notes indicated on it according to an evaluation and efficiency examination form

The Securities Commission and the Iraq Stock Exchange also decided to "increase the price change percentage from 10% to 15% as of 3/7/2022 for the companies listed therein in order to activate trading in the regular trading platform

The Commission stressed that "the potential shareholder and investor - bears the responsibility of buying and selling shares on the shares listed on the undisclosed companies platform - based on his investment decisions and that the brokerage companies include a note in the purchase and sale authorization and in the investor's agreement that includes the phrase that the shareholder and investor are informed of the above and acknowledges his responsibility any risks that appear later as a result of the lack of information and data - lack of disclosure - for the companies participating in this platform

He pointed out that the procedures were "based on Legislative Order No. 74 of 2004 and the instructions and rules issued by the Securities Commission and the Iraq Stock Exchange and in order to protect the rights of shareholders in joint stock companies listed on the Iraq Stock Exchange, attract potential investors, and activate trading in securities  LINK

Samson:  Al-Kazemi's Advisor : Two main factors contributed to the failure to submit the final accounts 10 years ago

30th June, 2022

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified today, Thursday, about presenting the final accounts of the current government, indicating that there are two main factors that contributed to the failure to approve the final accounts on a regular basis 10 years ago.

Saleh said in an interview with the "National News Center", "The current government's presentation of the final accounts requires the submission of final accounts that extend from the year 2015-2020, taking into account that the year 2020 there is no general budget, which requires the submission of a draft law called the current budget, which is a legal expression. For a final account and a budget at the same time, because revenues and expenditures are already realized.”

He added that "it must be realized that the final account of the state is reflected in the operations of applying the general budget in accordance with the legal regulations, regulations and financial instructions issued, to show the financial position of the state, because of the rights it has to collect, and the obligations it has to pay, as the balance of the final account shows the increase Or the decrease in the state’s assets or assets, which is embodied by the deficit in expenditures or the surplus in revenues during one fiscal year.

He continued: The governmental final account is one of the most important financial statements that the government prepares annually, based on the provisions of Article 34 of the effective Financial Management Law No. 6 of 2019 as amended and related to the financial statement, to clarify all actual expenditures and revenues for the ended fiscal year and the resulting actual surplus. Or a real impotence.

He stressed that “the legislative authority was not able to approve the final account after the year 2012 and until the present time, a decade has passed, and the financial position of the state is still unknown, its details.

In the failure to approve the final accounts on a regular basis for ten years, the first is the difficulty of settling the accumulated government advances, which reached a very high number and may be equivalent in terms of the amount to the expenses of a full fiscal year or more and lack supporting documents at a high rate, and the second: the presence of more than one fiscal year that was not available it has a general budget law. What requires legislating a law (a status quo budget), as we noted above, which is closer to the final account, especially for the years 2014 and 2020.”

Saleh considered that “the oversight task of the House of Representatives in this regard will be a little arduous in following up on the completion of the country’s final accounts for the years 2013-2021, but it will certainly be fruitful after passing the final account for the fiscal year 2013 and enacting a budget law for the current situation for the year 2014 so that the government can refer the rest of the government accounts sequentially only previous years.”   LINK

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MilitiaMan:   When all is said and done they completed the last 10 years of accounts. They needed that to be done.. Now we look for the fruit of it all.. imo The colors will show in the ATMs.. Lets see what they show us next. ~ MM

Popete7:  Imo, thanks MM, and as you stated, things could be lining up this weekend... Middle of the year, 3 day weekend in the states, ISX new platform on the 3rd, salaries beginning to be paid electronically, and all of the talk of the ATM's as well as the NSCN... It would seem to be the perfect opportunity to make a move on this... Time will tell, and God willing... Take care, and thanks for your insight, and taking the time to share...

DinarDiva1:  Imo, thanks MM, and as you stated, things could be lining up this weekend... Middle of the year, 3 day weekend in the states, ISX new platform on the 3rd, salaries beginning to be paid electronically, and all of the talk of the ATM's as well as the NSCN... It would seem to be the perfect opportunity to make a move on this... Time will tell, and God willing... Take care, and thanks for your insight, and taking the time to share...

MilitiaMan:  You all are very welcome. I am glad to be able to be here and help where I can.. Enjoy the holiday weekend and lets see wha they do next. imo ~ MM