The Accession of the Iranian Capital Market Supervisor to International Organizations and the Issue of Compliance with the Constitution

Document Type : Original Article

Authors

1 Ph.D. in Private Law, Faculty of Law, Mofid University- The Department of Codification, Expurgation and Compliance of the Capital Market Laws and Regulations.Tehran. Iran

2 Graduate in MA of Diplomacy and International Organization, School of International Relations, Ministry of Foreign Affairs, Tehran. Iran

Abstract

One of the issues that can be analyzed regarding the powers and duties of the higher authority of the capital market from the perspective of constitutional interpretation is the commitment to Article 77 and Article 125 of the Constitution of the Islamic Republic concerning treaties, contracts, and international agreements related to the capital market. Clause 21 of Article 7 of the Securities Market Law includes cooperation and participation with international bodies and joining relevant regional and global organizations as part of the duties and powers of the board of the Securities and Exchange Organization. From the standpoint of compliance with the Constitution, a question arises: does this regulation align with constitutional interpretations, and does referring this matter to a non-governmental public entity negate the commitments of the Iranian government in the international arena? As a general conclusion regarding this issue, although the ordinary legislator's approach in the hierarchy of norms and principles of international treaties can be criticized and addressed, if the Securities Organization engages in the conclusion of a memorandum of understanding or a contract (private), it is fundamentally exempt from the formalities stipulated by the Constitution, unless it pertains to significant matters and treaties considered essential in the public domain of the stock exchange and securities market or is related to Iran's commitment to a treaty or contract, in which case it would be subject to the relevant principles and regulations regarding the formulation and conclusion of international agreements.

Keywords

Main Subjects

References

Books
Beigzadeh, E. (1400). The Law of International Organizations, 7th edition, Tehran: Majd. (in Persian)
constitutional Council Institute Research (1397). The Constitution of the Islamic Republic of Iran with the interpretative opinions of the Guardian Council, Tehran: Conistitutional Council Institute Research. (in Persian)
Falsafi, H. (1398). International Law of Treaties, 6th edition, Tehran: Farhang Nashr No. (in Persian)
Hashemi, S M. (2019). Fundamental Rights of the Islamic Republic of Iran, Vol. 2, Twenty-ninth Edition, Tehran: Mizan. (in Persian)
Katouzian, N. (2006). Philosophy of Law, Vol. 2, Third Edition, Tehran: Publication Joint Stock Company. (in Persian)
Piri, F. (1400). Law of Stock Exchanges and Securities with Emphasis on the Law of the Securities Market, Tehran: Jangal. (in Persian)
Qalandari, AH; Mirzaei M and Dadgostar, S MR. (1403). Fundamentals of Regulatory Networks, Necessities, Functions and Tools, Tehran: Center for Strategic Studies in Cooperation with the Sharif Governance and Policy ThinkTank. (in Persian)
Qazi Shariatpanahi, S A. (1400). Fundamental Rights and Political Institutions, 16th edition, Tehran: Mizan. (in Persian)
Soltani, M. (1396). The Law of Capital Market, 4th edition, Tehran: Samt. (in Persian)
Zamani, S Gh. (1399). Law of International Organizations, Vol. 1, 3rd edition, Tehran: Shahr Danesh. (in Persian)
Ziaei Bigdeli, MR. (1398). Public International Law, 65th edition, Tehran: Ganj Danesh. (in Persian)
Articles
Bagheri, M (2007). Conflict of Laws, Economic Regulations and Corrective/Distributive Justice, Volume 28, University of Pennsylvania, Journal of International Law, vol 28, 113-151.
Bagheri, M & Ghanbari, H. (2010). IAEA legal problems resulting from the latest investment and Gas Markets National laws, Public Law Research, V. 12, Issue 29, 25-64. (in Persian)
Bagheri, M & Sadeghi, M & Mozaffari M. (2017). Regulating the international Markets of the Exchange: From Regulation of Securities Transactions to Legal Regulation of Accounting Standards, Journal of Securities Exchange. V. 9, Issue 36, 117-138. (in Persian)
Diaconu, P (2007). Harmonization of the International Accounting System, Available at: http://dx.doi.org/10.2139/ssrn.957029
Hillman, W. Robert. (1992). Cross -Border Investment, Conflict of Laws, and the Privatization of Securities Law, vol. 55, Law and Contemporary Problems, 331 -355.
Lakmal, D. (2014). Impact of International Accounting Harmonization, Available at SSRN: https://ssrn.com/abstract=2387327
Mashhadizadeh, A, Ghodratnama shabestari, A. (2024). Central Bank: an Independent Company or a Sovereign Organ (with an emphasis on the judgment of the International Court of Justice issued on March 30, 2023), International Law Review, V. 41, Issue 73, 31-44. (in Persian)
Moradkhani, F. (2021). Informal constitutional change (Foundations, Cases and Approaches), Legal Research Quarterly, V. 24, Issue 93, 273-302. (in Persian)
Sadeghi, M & Ebrahimi, S N. (2017). Rule of conflict resolution in determining the applicable law on securities, Comparative law Research Quarterly, V. 21 (3), 125-154. (in Persian)
Sadeghi, M. (2024). Legal aspects of Securities and Exchange organization's permission from the Attorney General of the country based on Article 16 of the Law for Development of New Financial Instruments and Institutions, Journal of Financial and Economic Law Research. V. 1, No. 1, 139-168. (in Persian)
Soltani, S N. (2022). An article of constitution two economic system; principle 44 of the constitution an example of informal constitutional change, Encyclopedia of Economic Law Journal, V. 28, Issue 20, 249-270. (in Persian)

Files

History

  • Receive Date: 24 August 2024
  • Revise Date: 18 December 2024
  • Accept Date: 04 February 2025

Share

How to cite

Statistics