22 Feb 2022

The Faculty of Law, University of Karbala, discussed the master’s thesis entitled “The Legal Regulation of the Parallel Stock Market – A Comparative Study”. The message was submitted by the student Maha Amer Theban.
The thesis aimed at explaining the legislative shortcomings in the Iraqi legal system with regard to the parallel stock market, where the importance of this market in practical terms is highlighted as it is considered the trading market where shares and bonds that are issued for the first time are traded in the initial issue market in addition to its prominent role in paying The wheel of economic development, as the parallel stock market is the main nerve for the development of the economy in the country, so it is necessary to address the legislative shortcomings that it suffers in order to trade in it to the fullest extent, and this is what the message aimed at.
The study also showed that the parallel stock market is generally divided into the organized market, which is called the stock exchange, in which shares, bonds, and financial derivatives are traded in an organized manner and a specific place and is subject to the supervision of the Iraqi Securities Commission. It is not regulated by the authority.
The researcher reached a number of findings and recommendations, the most important of which is that the Iraqi legislator mentioned the second or parallel market in the temporary Iraqi stock market law No. 74 of 2004, but he did not intend to explain its provisions in detail, as well as the matter in the updated instructions for 2015, so we recommend the Iraqi legislator the need to legislate a law Special to the parallel stock market, which includes detailed provisions, similar to the other laws under comparison.

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