ة The economic challenges encountered by the private sector are the result of inherited and multiplied difficulties. Due to the challenges the Iraqi private sector has to face in the short and long term, the need to establish a Securities Commission was acknowledged. Such Commission was meant to support the significant changes that took place in Iraq’s economy in order to improve the economic situation, including the living standards and employment opportunities, through gradual transformation from non-transparent central economy to free market economy. The Iraqi Securities Commission (ISC) was established pursuant to the Coalition Provisional Authority (CPA) Order no. 74 of 2004 interim law on securities markets, as amended. The Commission is a governmental independent body with legal personality and is comprised of five commissioners including the Chair. The Chair and his deputy (the Vice Chair) work full time, while the other three members may work part time. The Commission has to submit its reports to the head of the executive authority; its records and accounts are audited by the Board of Supreme Audit and by the Commission of Integrity.
The Commission’s budget is determined annually as part of the overall budget process of the Government of Iraq.