سامانه مدیریت نشریات علمی دانشگاه شهید بهشتی

نیکبخت, حمیدرضا, پیری, فرهاد. (1404). نقش حقوق تطبیقی در تصویب قانون بازار اوراق بهادار: مطالعه موردی اطلاعات نهانی. , 28(2), 19-33. doi: 10.48308/jlr.2024.236335.2765
حمیدرضا نیکبخت; فرهاد پیری. "نقش حقوق تطبیقی در تصویب قانون بازار اوراق بهادار: مطالعه موردی اطلاعات نهانی". , 28, 2, 1404, 19-33. doi: 10.48308/jlr.2024.236335.2765
نیکبخت, حمیدرضا, پیری, فرهاد. (1404). 'نقش حقوق تطبیقی در تصویب قانون بازار اوراق بهادار: مطالعه موردی اطلاعات نهانی', , 28(2), pp. 19-33. doi: 10.48308/jlr.2024.236335.2765
نیکبخت, حمیدرضا, پیری, فرهاد. نقش حقوق تطبیقی در تصویب قانون بازار اوراق بهادار: مطالعه موردی اطلاعات نهانی. , 1404; 28(2): 19-33. doi: 10.48308/jlr.2024.236335.2765

نقش حقوق تطبیقی در تصویب قانون بازار اوراق بهادار: مطالعه موردی اطلاعات نهانی

فصلنامه تحقیقات حقوقی
مقاله 2، دوره 28، شماره 2 - شماره پیاپی 110، 1404، صفحه 19-33    اصل مقاله (725.01 K)
نوع مقاله: مقاله پژوهشی
شناسه دیجیتال (DOI): 10.48308/jlr.2024.236335.2765
نویسندگان
حمیدرضا نیکبخت* 1؛ فرهاد پیری2
1استاد، دانشکده حقوق، دانشگاه شهید بهشتی، تهران، ایران (نویسنده مسئول) hr-nikbakht@sbu.ac.ir
2دکتری، دانشکده حقوق، دانشگاه شهید بهشتی، تهران، ایران
چکیده
قانون بازار اوراق بهادار که در سال 1384 به تصویب رسید حاصل انجام مطالعات تطبیقی بود به نحوی که در تصویب آن، از مقررات مختلفی مانند مقررات اتحادیه اروپا، آمریکا، فرانسه و کشورهای اسلامی همچون ترکیه الهام گرفته شد. از جمله مقررات مندرج در این قانون که حاصل این مطالعات تطبیقی بود تعریف «اطلاعات نهانی» مندرج در بند سی و دو ماده 1 این قانون است که به موجب آن، مقرر شده است: «اطلاعات نهانی، هرگونه اطلاعات افشاء نشده برای عموم {است} که به طور مستقیم و یا غیرمستقیم به اوراق بهادار، معاملات یا ناشر آن مربوط می‌شود و در صورت انتشار بر قیمت و یا تصمیم سرمایه‌گذاران برای معامله اوراق بهادار مربوط تأثیر می‌گذارد». این متن، با یک تغییر جزئی، عیناً برگرفته از بند یک ماده 1 دستورالعمل شماره EC/6/2003 اتحادیه اروپا با عنوان «معاملات متکی بر اطلاعات نهانی و دستکاری بازار سرمایه» بوده است. از این رو، امکان تفسیر قانون ایران بر اساس مقررات سابق اتحادیه اروپا، راهگشا خواهد بود به ویژه آنکه اکنون، موضوع اطلاعات نهانی به طور مفصل در مقرره شماره 2014/596 اتحادیه اروپا با عنوان «سوء جریان بازار سرمایه» تصویب شده است و استفاده از این مقرره مؤخر برای تفسیر قانون بازار اوراق بهادار، می‌تواند نحوه اجرای قانون ایران را به مقررات روز دنیا، نزدیک نماید.
کلیدواژه‌ها
بازار اوراق بهادار؛ بازار سرمایه؛ اطلاعات نهانی؛ سوء جریان بازار؛ اتحادیه اروپا
عنوان مقاله [English]
The Role of Comparative Law in Approving Iran’s Securities Market Act of 2005: A Case Study on Inside Information
نویسندگان [English]
حمیدرضا نیکبخت1؛ Farhad Piri2
1Professor of Law, Faculty of Law, Shahid Beheshti University, Tehran, Iran Corresponding Author Email: hr-nikbakht@sbu.ac.ir
2PhD, Faculty of Law, Shahid Beheshti University, Tehran, Iran.
چکیده [English]
Abstract
The Securities Market Act of the Islamic Republic of Iran, enacted in 2005 (1384 AH), originates from extensive comparative legal research. Its foundational framework is notably influenced by, and to some extent reproduces, the “Model Law on the Securities Market” adopted in November 2001 by the Interparliamentary Assembly of the Commonwealth of Independent States (CIS). It is important to note, however, that the CIS Model Law itself was born out of comparative legal studies. Consistent with this model-driven approach, the draft Iranian Act initially defined “insider information” as: “Internal information: any information related to securities or its issuer that may affect the trading of such securities, provided that it has not been disclosed to the public.” This definition draws heavily from Article 32(1) of the CIS Model Law, which states: “Insider information is any undisclosed information concerning securities, transactions involving such securities, or the issuer and its activities, the disclosure of which could significantly influence the market price of these securities.” However, a review of the legislative history of Iran’s Securities Market Act reveals that the final definition of “insider information” in Article 1(32) was ultimately based on, and aligned with, Article 1(1) of Directive 2003/6/EC of the European Parliament and of the Council, dated 28 January 2003, concerning insider dealing and market manipulation (market abuse), rather than paragraph 1 of Article 32 of the Model Law on the Securities Market of the Inter-Parliamentary Assembly of the Commonwealth of Independent States. Per Article 1(32) of the Securities Market Law of the Islamic Republic of Iran, “Inside information” is defined as “any information not disclosed to the public that directly or indirectly relates to securities, transactions, or their issuer and, if disclosed, would impact the price or the decision-making of investors regarding trading such securities.” With minor modifications, this provision essentially adopts the wording from Directive EC/6/2003, indicating Iran’s implicit reliance on European legal concepts and standards. Interpreting the Iranian legislation through the lens of EU regulation can provide valuable insights, especially considering that insider information is comprehensively addressed in Regulation (EU) No 596/2014 on market abuse. Leveraging this modern regulation offers a basis for aligning Iranian enforcement practices with international standards. Both Article 1(1) of Directive EC/6/2003 and Article 7(1)(a) of Regulation (EU) No 596/2014 define “insider information” as: “precise information which has not been made public, relating directly or indirectly to one or more issuers or financial instruments, and which, if made public, would likely have a significant effect on the prices of those financial instruments or relevant derivatives.” Ultimately, the capital market health is compromised by the abuse of insider information, which undermines investor confidence. The primary rationale underpinning securities regulation is the promotion of informational symmetry among market participants, enabling each investor to make informed decisions regarding the purchase or sale of securities. This objective relies on the premise that disclosed information must possess the capacity to influence security prices meaningfully. Consequently, laws pertaining to the capital market strictly prohibit the misuse of insider information. This study examines three core issues related to “inside information” through a comparative analysis of European Union law: (1) Constituent Elements of Insider Information: including “any undisclosed information of a precise nature,” “a direct or indirect relation to securities, transactions, or the issuer,” and “a significant effect on prices or investors’ decisions.” (2) The Affirmative Obligation to Disclose: encompassing “types of information requiring disclosure”—including periodic and ad hoc disclosures, “timing of disclosures,” “possibility of delay,” and “disclosure quality.” (3) Prohibition of Insider Information Abuse: addressing “types of prohibitions,” “persons subject to restrictions” (primary and secondary holders of insider information), and “the legal validity or invalidity of transactions based on insider misuse.” In conclusion, this analysis affirms that Iran’s approach of integrating foreign legal systems—particularly European Union norms—into the drafting of its Securities Market Act was largely successful. Nevertheless, effective comparative law application requires a nuanced understanding of domestic legal foundations and an avoidance of mechanical copying. This article is a clear example of practical application of comparative studies in enhancing regulation quality in capital market. Notably, where Iranian legislation did not explicitly mirror EU provisions on confidential information, corresponding directive regarding information disclosure for issuers registered with the Stock Exchange Organization—were subsequently incorporated into national instructions, therefore Iranian securities regulations are fully aligned with European documents.
کلیدواژه‌ها [English]
Iran', s Law, Capital market, Inside information, Market abuse, European Union
مراجع

منابع

کتاب

  1. پـیری، فرهاد، حقوق بورس و اوراق بهادار (با تأکید بر قانون بازار اوراق بهادار جمهوری اسلامی ایران)، تهران: جنگل، 1400.
  2. سلطانی، محمد، حقوق بازار سرمایه، ویراست دوم، تهران: سمت،1400.
  3. مرکز پژوهش‌های مجلس، نظرات و انتقادات سازمان‌ها و کارشناسان درباره لایحه بازار اوراق‌بهادار، گزارش شماره 7177، آذرماه 1383.

مقاله

  1. جنیدی، لعیا و محمد نوروزی، «شناخت ماهیت اطلاعات نهانی در بورس اوراق بهادار»، فصلنامه مطالعات حقوق خصوصی، دوره 39، شماره 2، 1388، صص 127-149.

References

Books

  1. Armour, et al. Principles of Financial Regulation. UK: Oxford University Press, 2016.
  2. Fox, M. B., Lawrence R. Glosten and Gabriel V. Rauterberg. The New Stock Market: Law, Economics, and Policy, New York: Columbia University Press, 2019.
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Articles

  1. Joneydi, La’ya and Mohammad Norouzi, “Identification of the Nature of Inside Information in Stock Exchange,” Private Law Studies Quarterly, Volume 39, Issue 2, 2010, PP 127-149. (in Persian)

Directives & Regulation

  1. Council Directive 89/592/EEC of 13 November 1989 Coordinating Regulations on Insider Dealing.
  2. Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on Insider Dealing and Market Manipulation (Market Abuse).
  3. Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the Harmonization of Transparency Requirements in Relation to Information about Issuers Whose Securities Are Admitted to Trading on a Regulated Market and Amending Directive 2001/34/EC.
  4. Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse (Market Abuse Regulation) and Repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC Text with EEA Relevance.

Cases

  1. Case C-19/11 Markus Geltl v Daimler AG [2012] ECLI:EU:C:2012: 397.
  2. Case C-384/02 Knud Grøngaard and Allan Bang [2005] ECLI:EU:C:2005: 708.
  3. Case C-391/04 Ypourgos Oikonomikon and Proïstamenos DOY Amfissas v Charilaos Georgakis [2007] ECLI:EU:C:2007: 272.
  4. Case C-45/08 Spector Photo Group NV v CBFA [2009] ECLI:EU:C:2009: 806.
  5. Case C-628/13 Jean-Bernard Lafonta v Autorité des marchés financiers [2015] ECLI:EU:C:2015: 162.

Others

  1. OICU-IOSCO, Report of the Emerging Markets Committee of the International Organization of Securities, Insider Trading: How Jurisdictions Regulate It (March 2003).
  2. The Committee of European Securities Regulation (CESR), Level 3- second set of CESR Guidance and Information on the Common Operation of the Directive to the Market, July 2007, CESR/06-562b.

Websites

  1. https://cmr.seo.ir
  2. https://codal.ir
  3. https://curia.europa.eu
  4. https://eur-lex.europa.eu
  5. https://rc.majlis.ir
آمار
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