Securities: MOU with Egypt aims to enhance regulatory frameworks for financial markets

Baghdad - INA

The Securities Commission confirmed, today, Thursday, that the Egyptian Memorandum of Understanding aims to exchange expertise and information and enhance regulatory frameworks for financial markets.

The Commission stated in a statement received by the Iraqi News Agency (INA), that "under the patronage of Prime Minister Mohammed Shia al-Sudani, and in the government palace, the Iraqi Securities Commission signed a memorandum of understanding with the Egyptian Financial Supervisory Authority, within the framework of enhancing joint cooperation between the Republic of Iraq and the Arab Republic of Egypt in the field of regulation and supervision of financial markets."

It added that "this memorandum aims to exchange expertise and information between the two sides, and enhance regulatory frameworks for financial markets in both countries, which contributes to achieving the highest levels of transparency and efficiency in accordance with international best practices."

The Commission explained that "the memorandum of understanding included several main axes, including:

1. Strengthening the regulatory frameworks for trading securities, to ensure a fair and safe investment environment.

2. Training and exchange of expertise by providing technical assistance to support institutional and technical capacity building.

3. Combating illegal practices such as insider trading and market manipulation.

4. Supervising and monitoring financial markets to ensure their compliance with laws and regulations.

5. Enhancing cooperation in the fields of investigation and information to ensure adherence to professional and ethical standards."

The Commission also explained that "signing this memorandum comes within the framework of ongoing efforts to develop financial markets in Iraq and Egypt, and enhance their competitiveness at the regional and international levels, in order to achieve the common goals of both sides in driving economic growth and enhancing sustainable investment opportunities."