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
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 long closed 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
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
MilitiaMan: Now we know that the EFSL is done today. It is likely the main conduit for the Reforms to get up and running in earnest asap.
Most of the above undisclosed stocks are trading this week and a couple that were relisted, again today were delisted for what ever reasons of non disclosure?
The point is they are gearing to go electronic. They’ll need as many as they can to be in compliance prior to going electronic but they have made good headway now.
The taxes and tariffs, customs fees, e-governance issues are all in place imo and ready for the adjustment to a new exchange rate. The EFSL having been published is likely the trigger for this trading platform to get running. The private sector is going to be a massive driver. Lets see how long it takes to see more good results.. For the matter an article 8 compliant currency.. ~ MM
Jeffrey: Tivon So the efsl has now been published. Kazemi, like you said, ” is basically running the govt” . Kazemi is for the people we have been told, so what in the world are we still waiting on? In your opinion, it’s not a seated govt and if it is you believe that won’t happen till next year, so I hope you are correct and we don’t need the seated govt. The efsl was published today and no one is going to the bank so again what are we possibly waiting for IYO?
Tivon: Jeff, if you have been paying attention I posted for the dozenth time the time table (By Al-Kazemi) you would want to hear or consider if it were to be the issue based on the Constitution where 100 Deputies signed off on reducing the USD exchange rate at the earliest legislative session which takes place next week that would make all the sense in the world on a legal basis to address the exchange rate problem that is affecting the citizens.
It’s literally in the Final Article Thread posted on June 23. He is the one that said he wants the EFSL implemented with full force to address the many areas of concern that includes Financial Stability, Services to Citizens, Reduce Poverty, Investment Projects, Citizens Entitlements, Fuel, Energy, Farmers, etc.
I don’t know how this would be accomplished without an rate change. Nobody told you that the publication on the exact same day would see a rate change. They need to be in session for that. Which takes place after the holiday.
Mazhar M. Saleh stated that the EFSL will move the wheels of the economy. The Parliament of Finance said it will help with open trade and revitalize the economy.
All of these statements did not come from me. So please do not make this about me. I can not jump start the process for Iraq. So no it’s not or was never about what I personally said. I am giving you an even better alternative by providing you with the exact statements from the actual political and financial figures (Inside Iraq) that are telling you what you would want to hear.
Not me. I acted as a guide for a path I did not chart. I am not in charge of the Monetary Reforms. The EFSL as stated (Not By Me) but by Al-Jubouri, Al-Zamili, Mazhar M. Saleh, Al-Sadr, etc that the Al-Kazemi cabinet will act as a government (Using The EFSL) to jump start the economy since there is no seated government.
That’s why the law was created to begin with. I don’t understand how am I repeating what I thought has been understood when we all sat here and witnessed the EFSL get passed, voted, and published in the Gazette without a formed GOI. Remember Maliki did not want this law passed. Now that it has he’s trying to take credit for what it will do. Go read his last statement about the USD.
Listen, if you were to get a seated government. Which I’m sure will be technocrats with a E-Goverment. I am waiting for dissolution so Al-Kazemi can be granted full authority so we don’t have to wait for the next formed government to get a rate change that Al-Kazemi will have all the power to address along with the political blocs who helped get the EFSL passed. Enjoy your day. IMO
MilitiaMan: Well done Tivon.. One minor thing that we are waiting on now is the CBI.. lol ~ MM
Lets not forget the ISX has some work to do, too. They’ll trade again tomorrow, then will be closed through to the 16th and open the next day.
So if they are to go electronic like we know from what we have been told in the past and present, they’ll need an international rate to get the platform roaring. Like the borders have.
They are talking about compliance with international standards. Lets hope that those that seem to not understand that new systems take time and that we can clearly see that there is an evolution going on to bring the new systems into synchronization that are working in parallels.
The systems will have to communicate. Fixing anyone’s frustrations, is not why we are here. Assessing the good, the bad, the indifferent, flat out right ludicrous data is not easy to do. lol So we follow along the best we can.
With many of us do is do the best we can to give and honest and supported data set. If it helps great, if not, then there is always stepping back. I for one, see no need to step back..
The roll out imo is not going to stop now that the EFSL is a law and published. ~ MM