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
Document Type : Original Article
Author
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.
Abstract
One of the significations of Article 16 of the Law for Development of New Financial Instruments and Institutions is the conditions of access of competent domestic or international authorities and institutions to the documents, information and reports that is needed to perform their legal duties and responsibilities. The legislature has been conditioned the access of above-mentioned persons to information by asking permission of the Securities and Exchange Organization from the Attorney General of the country (Public Prosecutor). in this terms the nature of the authorization should be considered as a ruling for public prosecuter’s assure of the beneficiaries rights of the capital market and information owners. In this article, while explaining the criteria of providing information to the applicants, we have stated the examples in this regard by examination and inference from the statutes governing laws and regulations and we analyze the conditions of access of the applicants to the information of the subject of the article according to the governing laws and regulations in a way that leads to the recognition of the legal and executive aspects of the article. The summary result of the stipulation of article 16 is necessity of two conditions to be eligible for receiving information: 1-Legal qualification of applicants who is requesting information and reports 2-The obligation of the Securities and Exchange Organization to provide the aforementioned information, documents and reports to the competent domestic or international authorities institution. Finally, if there is no duty or legal provision related to the qualification or permission of the persons to obtain information, the Securities and Exchange Organization can recognize the permission of Attorney General of the country unnecessary while consider the principle of non-disclosure of information.
Keywords
Translated sources
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