The Role of Comparative Law in Approving the Iran's Securities Market Act: Inside information Case Study

Articles in Press

Document Type : Original Article

Authors

1 The Faculty of Law of SBU

2 دانشگاه

10.48308/jlr.2024.236335.2765

Abstract

The Iran's Securities Market Act that was approved in 2014 was the result of conducting comparative studies in such a way that in its approval, it was inspired by various regulations such as the laws of the European Union, USA, France and Islamic countries such as Turkey. Among the provisions contained in this law, which was the result of these comparative studies, is the definition of "inside information" contained in paragraph 32 of Article 1 of this law, according to which it is stipulated: “Inside information shall mean information which has not been made public, relating, directly or indirectly, to a financial instrument, its transaction or its issuer and which, if it were made public, have an effect on the prices of those financial instruments or on the decision of investors to trade related securities”. This text, with a slight change, was exactly taken from paragraph one of Article 1 of Directive No. EC/6/2003 of the European Union entitled “insider dealing and market manipulation (market abuse)”. Therefore, the possibility of interpreting Iran's law based on the former directive of the European Union will be a way forward, especially now that the subject of Inside information has been approved in detail in Regulation (EU) No 596/2014. From this latest provision for the interpretation of the securities market act, it can bring the implementation of Iranian law closer to the current laws of the world.

Keywords

Main Subjects

Legal Research Quarterly

Articles in Press, Accepted Manuscript
Available Online from 22 December 2024

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History

  • Receive Date: 19 July 2024
  • Revise Date: 30 November 2024
  • Accept Date: 22 December 2024

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