The third amendment to the Central Bank Law includes the establishment of the Banking Court


Central Bank of Iraq

Banks

Economy News – Baghdad:

The House of Representatives is currently working on a third amendment to the law of the Central Bank of Iraq, including the change of 8 articles in the law.

The House of Representatives read the third amendment to the law of the Central Bank of Iraq one reading at its previous session.

The amendment aims to form a court called the Banking Business Court, which will be headed by a judge and two judges.

The Banking Business Court will also consider an action to cancel or amend the order or decision to impose administrative penalties and claims related to the custody, rehabilitation, liquidation and judicial custody of banks, and the determination of guardianship, guardian, liquidator, judicial guard and rehabilitation procedures shall be subject to court supervision.

In amended article 67, it recommends that orders and decisions issued by the Central Bank remain in force unless a court order to suspend executive proceedings or issue a cancellation or amendment order.

However, article 68 confirms that the orders issued by the court shall be subject to appeal by way of grievance within three days of being notified or considered as an amount before the court.The decision issued by the court shall be subject to appeal before the competent court of appeal as discriminatory within seven days from the date of notification or as an amount.

In article 70, the provisions of the Code of Civil Procedure and the Evidence Act are in force when there is no provision in this Act.

Click here to read the Third Amendment to the Central Bank Law 

http://economy-news.net/content.php?id=18250

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