CYRILLA: Global Digital Rights Law

Banking Law No. 94 of 2004 IRAQ BANKING LAW Section 1 - General Provisions..................................................................................................5 Article 1 Definitions..................................................................................................5 Article 2 Regulatory objectives.................................................................................8 Article 3 Prohibitions ...............................................................................................8 Section 2 - Licensing .................................................................................................................9 Article 4 Licenses and permits..................................................................................9 Article 5 License application ..................................................................................10 Article 6 Permit application for a branch................................................................12 Article 7 Permit application for a representative office..........................................13 Article 8 Granting of license or permit ...................................................................13 Article 9 Additional offices .....................................................................................15 Article 10 Register of banks .....................................................................................15 Article 11 Fees ..........................................................................................................16 Article 12 Voluntary termination of operations........................................................16 Article 13 Revocation of banking license or permit .................................................16 Section 3 - Capital ...................................................................................................................17 Article 14 Minimum capital of domestic banks........................................................17 Article 15 Reserved ...................................................................................................18 Article 16 Other capital requirements.......................................................................18 Section 4 - Management of a Bank .........................................................................................18 Article 17 Board of directors ....................................................................................18 Article 18 Management .............................................................................................19 Article 19 Changes of administrators .......................................................................20 Article 20 Removal of administrators.......................................................................20 Article 21 Disclosure of personal interest.................................................................21 Article 22 Changes in ownership and acquisition of qualifying holding..................21 Article 23 Merger......................................................................................................22 Article 24 Audit Committee ......................................................................................23 Article 25 Application of certain provisions...........................................................244 Section 5 - Rules for the Conduct of Banking Activity ..........................................................24 Article 26 General banking principles ......................................................................24 Article 27 Banking activities ....................................................................................25 Article 28 Prohibited activities .................................................................................26 Article 29 Prudential requirements ...........................................................................26 Article 29A Net domestic assets required for branches of foreign banks Article 30 Large exposures .......................................................................................27