التنظيم القانوني لسوق الأوراق المالية الموازي (دراسة مقارنة)

The legal system of the parallel stock market (A Comparative Study)

Securities markets are divided into many different sections, starting with the first market, which is called the regular market, which is the basic market that is regulated by court texts and represents the most important types of these markets, and then comes the second market, which is called the parallel market, as this market is ranked The second is in terms of its importance and its impact on national development and commercial companies, as this market is distinguished from other financial markets in that the conditions for listing in this market are somewhat easier compared to the regular market, in addition to the fact that dealing in the second market is carried out by unlisted companies or Not restricted in the regular market, and the philosophy of this matter is to set and distinguish companies operating in the regular market from those operating in the second market, in addition to the permissibility of moving companies from the parallel market to the regular market in some cases and as we will show in this study.
Therefore, the problematic of the subject is the statement of the legal value of the second market and the adequacy of the legal texts in the knowledge of the provisions of this market, as we will first stand on the definition of this market and its importance at various levels. They form the backbone of dealing in it, and the second element is the technical element, which is electronic means, the most important of which is the Internet. When we look into the provisions of this market, we find that the laws and instructions that regulate its provisions have explicitly referred to the conditions for listing securities in this market, as well as the permissibility of transferring or ascending Companies from the parallel market to the regular market in some cases, and also authorized the departure of companies from the parallel market if a case of this decline is achieved.
In the conclusions, we reached a number of results and proposals, one of the most important results that we reached is our proposal for a definition of the parallel market as (it is the type of financial market in which deals and contracts are made outside the organized market through companies that are not registered in the regular market or companies that are not available It contains the conditions for listing, which is characterized by easy listing conditions), and one of the most important proposals that we called for is, given the parallel market’s connection with the regular market in some matters, we call on the Iraqi legislator, when regulating the parallel market by law, to bring as close as possible between these two markets in terms of the benefit that these markets achieve. Markets within the scope of national development, in other words, the need to adopt the same mechanisms that achieve the purpose of establishing capital markets in general, and the parallel market in particular.