Iraq Warns Against Unlicensed Foreign Brokerage Firms

The Iraqi Securities Commission (ISC) has received reports that some electronic payment companies are collaborating with foreign brokerage firms to attract Iraqi investors and traders into trading foreign stocks outside Iraq's financial markets.

It warns that these brokerage firms are unlicensed and unauthorized to conduct such activities.

"We warn investors (individuals and companies) against being drawn into such calls because they are illegal. The Commission will take appropriate legal measures in cooperation with the Central Bank of Iraq (CBI) against companies, whether Iraqi or foreign, that violate these regulations."