The regulatory framework of the Securities and Exchange Organization in relation to self-regulatory organizations in the capital market of the Islamic Republic of Iran
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

The regulatory framework of the Securities and Exchange Organization in relation to self-regulatory organizations in the capital market of the Islamic Republic of Iran

Document Type : Original Article

Authors
1 M.Sc. Student, Department of Financial Engineering, Imam Sadiq University, Tehran, Iran.
2 Department of Financial Management, Islamic Studies and Management, Imam Sadiq University, Tehran, Iran
Abstract
The Securities and Exchange Organization, as the supervisory body of Iran's capital market, regulates and supervises self-regulatory organizations, financial institutions and publishers. This organization operates through self-regulatory organizations including Tehran stock exchange, over-the-counter, commodity exchange, Energy exchange, central depository and settlement of funds and centers by providing a suitable and efficient trading system for the Exchange and settlement of trades. After the comparative study of the regulatory system in the capital market structure of the selected countries, this research intends to root out operational inefficiencies in the communication structure of the Iranian capital market supervisor and self-regulatory organizations through interviews with scientific and executive experts in this field. And while analyzing the existing situation in the current structure of the capital market, using the qualitative content analysis method to provide an operational framework to determine the boundaries of the decisions, powers and actions of the capital market elements in terms of policy, supervision and implementation, in order to detect and eliminate the gaps, Possible overlaps and clashes, especially in regulatory matters, have also been prevented, and while the communication between the elements, the independence of each is also maintained at an optimal level.
Keywords

Asadi, H, Mahdavipour, A. & Rezvani, s. (2019). The concept and position of economic regulation with an emphasis on responding to stock market crimes. Two quarterly scientific journal of Islamic law research. Page 473-489. (In Persian)
Amiri, H, Mobini Dehkordi, M. Kamalian, A. & karnameh Haqiq, M. (2021). Evaluating the effects of regulation of the Iran Commodity Exchange on commodity price fluctuations. Economic Research Quarterly (Sustainable Growth and Development), Year 21, Number 1. Pages 181-209. (In Persian)
Ansari, A, Esayi Tafarshi, M & Hosseini, M. (2012). Analysis of the legal structure of self-regulating institutions in Iran's capital market with a comparative study in the American legal system. Financial research. Volume 15, Number 2. (In Persian).
Baldwin, R; Cave, M; & Lodge, M. (2012). Understanding regulation: theory, strategy, and practice. Oxford University Press on Demand.
Capital markets regulatory outlook. (2023). CENTER foR REGULATORY STRATEGY AMERICAS
Center for regulatory strategy Americas, (2023). Capital markets regulatory outlook.
Corbin, J; & Strauss, A. (2007). Basics of qualitative research: Techniques and procedures for developing grounded theory. Thousand Oaks, CA: Sage Publications.
Council for Innovative Research .(2013). Self Regulatory Organizations in Indian Microfinance Sector. Peer Review Research Publishing System.Journal: International Journal of Management & Information Technology.
Darivandi Shushtri, Z. (2015). The legal structure of the stock exchange company and the limits of market supervision, Tehran University master's thesis. (In Persian)
Del Brio, E. B.; de Miguel, A; & Tobar, J. E. (2010). The impact of the stock market regulation on the level of market efficiency: Comparison between Spain and UK. Revista Española de Financiación y Contabilidad, 39(146): 321-342.
De Luna Martinez J. and Rose T. A. (2003), "International Survey of Integrated. Financial Sector Supervision", World Bank Policy Research Working Paper 3096.
Demeaestri, Edgardo; Federico, Guerrero. (2000). what are the perils of separating banking regulation from the central bank's orbit in Latin America and the Caribbean? Journal of financial regulation and compliance: an international journal.
Fahimi, H. (2014). The mechanism of Iran's capital market supervisory body in dealing with anomalies, Tehran University master's thesis. (In Persian)
Grand, J. (1991). The theory of government failure. British Journal of Political Science, 21(04): 423-442.
Guray Kucukkocaoglu. (2012). Turkish capital market regulation. Başkent University, Faculty of Economics and Administrative Sciences, Management Department B219, Bağlıca Kampüsü.
Hamedi, M & Farhanian, M. (2015). Regulation and supervision in financial markets, Nawa Madrasah, Stock Exchange Organization. Islamic research, development and studies center. (In Persian).
Hamedi, M. (2016). Changing the structure of stock exchanges, ownership structure and surrounding issues. Islamic research, development and studies center. (In Persian).
Hsieh, Hsiu-Fang; & Shannon, Sarah E. (2005). Three approaches to qualitative content analysis. Qualitative health research, 15(9), 1277– 1288.
IMF Country Report No. 11/274 (2011), Germany: Financial Sector Assessment Program—Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulations.
IMF Country Report No. 15/91 (2015), United States: Detailed Assessment of Implementation of the IOSCO Objectives and Principles of Securities Regulation.
Javanmardi, M & Elham, G. (2023). The basic of justifying regulation in capital market violations. Stock Exchange Quarterly, Year 16, Number 62, pp. 319-348. (In Persian).
Karimi Nik, M. (2021). The challenges of implementing self-regulation principles in the capital market dispute resolution system, master's thesis of Allameh Tabatabai University. (In Persian)
Koh Yong, Guan. (2002). Regulatory approaches in global capital markets, the MAS Capital Markets Seminar 2002, Singapore.
La Porta, R.; Lopez-de-Silanes, F.; Shleifer, A; & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1): 3-27.
Marc Labonte .(2023). Who Regulates Whom? An Overview of the U.S.Financial Regulatory Framework. Congressional Research Service.
Manzoor, D, & Hosseinzadeh Yazdi, S. (2020). Regulation and regulation of the financial system in Iran: a comparative evaluation. Quarterly Journal of Monetary and Banking Research. Thirteenth year, number 4. (In Persian).
Mohammadi, A & Mirzaei, F. (2016). Legal review of the role of self-regulatory organizations in Iran's capital market. The third national conference on modern researches in law and social sciences. (In Persian).
Moulai, Ayat; Ali Mohammadian, Alireza. (1402). the challenges of the relationship between the Challenges Relationship between “Government” and “Securities & Exchange Organization”; Emphasizing High Exchange Council. Stock Exchange Quarterly, year 16, number 63. (In Persian).
Momeni, F, Ghasemi, A, Shokohi, M & Azimzadeh Arani, M. (2016). Comparative analysis of regulatory economics with regard to the issue of competition rights from the perspective of Islamic economics and conventional economics. Biquarterly scientific-research journal of Islamic economic studies, 9th year, first issue: 149-176. (In Persian).
Momini Rad, A, Aliabadi, Kh, Fardanesh, H & Mazini, Nasser. (2012). Qualitative content analysis in research: nature, stages and validity of results. Educational Measurement Quarterly No. 14. Forth year. (In Persian).
Monzavi, T. (2022). Supervision of self-regulatory organizations in selected countries. Islamic research, development and studies center. (In Persian).
Najafi, R, Madnachi, M, Fallah Shams, M & Saidi, A. (2020). A comparative study of the structure and pattern of supervision of financial institutions in the capital market of Iran and selected countries. Quarterly scientific research journal of investment knowledge. Ninth year Number 36. (In Persian).
Rahbar, N. (2016). Maintaining the independence of the stock market and securities system of the Islamic Republic of Iran. Comparative Law Studies, Volume 8, Number 1. (In Persian).
Rana Singh (2009), Securities market, Published in Economy & Finance, Business.
Report of Capital Markets Modernization Taskforce, January 2021.
Reports of Majlis Research Center. (2018). Regulatory financial system and its relationship with the governance system. Public finance studies and management development. (In Persian)
Schmulow, Andrew D. (2015), "Approaches to Financial System Regulation: An International Comparative Survey", Working Paper, Centre for International Finance and Regulation, SSRN Electronic Journal, accessible at: http://clarityprc.com/category/papers/ssrn/
Supervisory framework for markets, May 1999, the Technical Committee of the International Organization of Securities Commissions
The Group of Thirty. (2008), The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace, Washington, D.C. accessible at: https://group30.org/images/uploads/publications/G30_StructureFina ncialSupervision2008.pdf
www.bursamalaysia.com.