Journal of Research and Development in Comparative Law

Journal of Research and Development in Comparative Law

Identification of Supervisory Bodies of Iranian Securities Market by a Study of Possibility or Impossibility of Interference of the Competition Council in this Market with a Comparative Study in American law

Document Type : scientific research paper

Authors
1 Professor of Shahid Beheshti University, Tehran, Iran
2 PhD graduate of Shahid Beheshti University and Judge of Justice, Tehran, Iran
Abstract
In order to achieve an advanced market where consumer rights are protected in the best way, regardless of the need to pass progressive and dynamic regulations and guarantee criminal, legal and disciplinary enforcements, the presence of strong supervisors is necessary. In addition to monitoring the activities of the players in that market and trying to implement the laws and regulations and deal with the violators, it supports the rights of the weak segment, who are weak in terms of economic and informational power, i.e. consumers. The stock market is no exception to this and the most important task of its supervisory bodies, which are the Supreme Council of the Stock Exchange and the Stock Exchange Organization, is to protect the rights of investors, especially small investors or consumers of this market. Due to its importance, this issue has been noticed by all advanced countries and it has been mentioned along with investors, publishers and intermediaries, as the four basic and important pillars of the above market, but the models of this supervision are different. In some countries, such as Australia, Austria, Finland, Germany, Iceland, Japan, Mexico, South Korea, Hungary, and Sweden, there is an institution that oversees all financial markets, which is called the integrated or unified model, and on the other hand, others such as England, France, Switzerland and the United States of America have appointed a supervisor for each of the financial markets, which is referred to as the institutional method. Our country follows the recent model and each of its capital, money and insurance markets has special supervisors, and according to Article 3 of the Unorganized Money Market Regulation Law approved in 1383 and also Article 18 of the Monetary and Banking Law of the country approved in 1351, the supervision of the money market with The Central Bank and the Money and Credit Council supervise the insurance with the Central Insurance of Iran based on Article 1 of the Law on the Establishment of the Central Insurance of Iran and Insurance, approved in 1350, and the supervision of the capital market, as stated, with the Supreme Council and the Securities and Exchange Organization. May the description of their structure and duties be found in articles 2 to 7 of the Securities Market Law approved in 2014, and according to Article 3 of the Securities Market Law approved in 2014, the council is the highest pillar of the securities market, which can be compared to the Securities Exchange Commission (SEC). mentioned in the United States of America that all the activities of stock exchanges and trading of all types of securities must be under its supervision, and it was created according to Section 4 of the Securities Exchange Act of 1934. In our country, unlike today, during the rule of the former regulations, i.e. the Law on the Establishment of the Stock Exchange approved in 1345, there was a single pillar supervision and only the Stock Exchange Council was in charge of this matter. Article 3 of the Securities Market Law approved in 2014 enumerates the members of the Supreme Council of the Stock Exchange, which is 12 members and consists of representatives of the executive branch, the judiciary and the private sector, which is responsible for approving the macro policies of the securities market. Article 5 of the same law also called the stock exchange organization a non-governmental public institution with an independent legal and financial personality and with a board of directors consisting of five members from among trustworthy people with good reputation and experience in the financial field, exclusively from non-governmental sector experts who Their salaries and benefits are paid and administered from the organization's budget with the approval of the Supreme Council of the Stock Exchange (Articles 6 and 13 and Clause 11 of Article 4 of the Market Law). The chairman of the board of directors of the organization, who is the head and the highest executive officer, is appointed from among the members of the board of directors upon the proposal of the members and the approval of the council (Article 9 of the Market Law). Article 7 of the market law also describes the duties and powers of the organization's board of directors. Needless to say, since the supervision of the stock exchanges is usually carried out by specialized supervisory institutions, in recent years after the global financial crisis, the discussion of intensifying the supervision of the stock exchanges and the government's involvement or lack of it has been raised, and there is a consensus in this regard. does not have. The important question is; The Competition Council, which by approving the law amending the articles of the Law of the Fourth Program of Economic, Social and Cultural Development of the Islamic Republic of Iran and implementing the general policies of the forty-fourth (44) article of the Constitution approved on 3/25/1387 and in its ninth chapter under the title "facilitating competition and Prohibition of monopoly" officially and specifically as a type of single administrative institution model overseeing the performance of companies and competition in the market and with the combination mentioned in Article 53 of that law with the aim of facilitating competition and prohibiting monopoly and preventing disruptions in competition or removing obstacles It is on the way to form a competitive situation and is considered as the only authority to deal with anti-competitive procedures, does it have the right to interfere in the stock market of our country despite the presence of supervisors such as the Council and the Stock Exchange Organization? through comparative study; We will try to clarify the above issues. Regarding the last question, it seems that it is difficult to accept it according to paragraph "c" of article 36 of the law on permanent orders of the country's development programs approved in 2015.
Keywords

Subjects


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