“Article 9” of the company law No.21of 1997 states the following:
First: The Investment Company is a duly organized entity within Iraq, primarily engaged in channeling savings into investments in financial securities, including but not limited to stocks, bonds, treasury bills, and fixed deposits.
Second: The Investment Company is classified as an intermediary financial institution pursuant to the Central Bank of Iraq Law No. 64 of 1976. The Central Bank is the designated regulatory authority responsible for overseeing the Company’s activities and exercises supervisory powers over it. A regulatory framework shall be issued for this purpose within 180 days from the date of publication of this law in the official gazette.
