الشكل القانوني المطلوب إتخاذه للبورصة في العراق وبعض الدول العربية

Abstract

­The stock exchange is a market in the form of a specific legal entity, whether it is linked to the government of a country and takes the form of a public institution in it, or it is separate from it and takes the form of a joint-stock company, and in this market, only commodities consisting of like-minded things such as oil, gas, cotton, dates, grains or other crops may be sold, or financial instruments in the broadest sense issued by their issuers and consisting of: (1) Shares of joint stock companies listed in the market (2) Convertible indebtedness bonds or other indebtedness documents belonging to the issuer (3) Notes and bonds issued by Iraqi or foreign official institutions according to the conditions and restrictions set by the securities commission (4) Units issued by investment funds (5) recognized financial derivatives such as purchase or sale option contracts or incoming transactions on futures contracts (6) Any other paper that the securities regulator may deal with in one of the Iraqi markets. Capital markets are generally subject to the control of government regulatory authorities, and commodities and financial instruments traded therein, whether national or foreign, are subject to the control of the same regulatory authority, which is the body known to us in Iraq as (Iraqi Securities Commission). Therefore, the producers of these commodities in the aforementioned sense do not sell their commodities except in the stock exchange that they trust, and they are not satisfied with the listing of their companies or commercial entities in others, or in other than the stock exchanges elected by them, just as the stock exchange itself pleads with its economic capabilities and legal tools to attract producers of commodities or issuers of papers wishing to deal in their mentioned commodities. Therefore, the stock exchange must have a legal form that deals with it and through it with those you wish to deal with. For this reason, the stock exchange is either a public law person taking the form of a public corporation or a public company, or it is a private law person such as private joint stock companies or non-profit associations, or it is a circuit between them in the form of a mixed joint stock company. The stock exchange can also take the form of a holding company in some cases that we will stop at in this research. However, the stock exchange cannot take the form of a subsidiary company. This is because, in the implementation of its policies, it is subject to the policies of the holding company, which may lead it to gamble with the money of the companies and commercial entities listed therein.