Private Law
Mohammad Sadeghi
Abstract
The prospectus is an important document for the securities and exchange market activities that have several functions. It should be considered as a complementary document of the corporate statute and as well as one of the stock and exchange market regulations that were approved by both the stock exchanges ...
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The prospectus is an important document for the securities and exchange market activities that have several functions. It should be considered as a complementary document of the corporate statute and as well as one of the stock and exchange market regulations that were approved by both the stock exchanges organization and financial market supervisory. Financial market supervisory, Bourse, some financial institutions, issuers, and investors make the prospectus the source of numerous rights and duties that give it a special nature that is coming because of the relation between prospectus and those other organizations of the stock exchange market. In this article, the legal functions of the prospectus regarding the securities and exchange market actors will be reviewed. In the view of above, the nature of this issue, its legal status, its features and its value-added are to be mentioned. The prospectus has the joint features of the document (deed) and regulation, so it led to some effects in terms of public and private law that these rights and commitments form a variety of relations between actors. The prospectus reduces the possibility of investors being misled and harmed and covers the investor's risk and the responsibility of the investment service provider or issuers and their managers. While the prospectus can be considered as a consequence of the corporation’s statute because the type of commitment in it is an obligation and responsibility, not a debt — in a specific concept that is in the Islamic jurisprudence or contract law. Thus, it is necessary for the other features to be considered for it and to be interpreted beyond a contractual relation. First, its effect will be determined by the contents and rules governing it. Second, it has legal responsibility and liability disciplinary that the kind of these responsibilities depends on the subject and process of setting the prospectus.
Private Law
nahid safari
Abstract
One of the most important aspects of consumer protection that has received little attention is the facilitation of consumer litigation. Costs of Litigation are one of the major barriers to consumer litigation. In Iranian law, the lack of special assistance for consumers and the limitations of the general ...
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One of the most important aspects of consumer protection that has received little attention is the facilitation of consumer litigation. Costs of Litigation are one of the major barriers to consumer litigation. In Iranian law, the lack of special assistance for consumers and the limitations of the general rules of insolvency and the limited financial resources of consumer protection organizations, in practice have created obstacles for consumers to sue. In different legal systems, different mechanisms are considered in order to remove this obstacle. legal expenses insurances can be considered as one of the tools that are effective in removing this obstacle and facilitating consumer litigation by covering cost of litigation and have been considered in most legal systems. The present study in a descriptive-analytical method and through collecting data with library method, while studying these insurances in some pioneering legal systems in this field, have studied these insurances in order to facilitate consumer lawsuits. The experience of the studied legal systems confirms that these insurances, along with other assistance tools, are a good solution to facilitate consumer litigation. In the Iranian legal system, despite the predicting of these insurances in the bylaws of mandatory advocacy, with the issuance of Unanimous decision of the Supreme Court, there are currently no special provisions in this regard. However, considering the acceptance of the insurance contract and the principle of freedom of contracts, these insurances are also defensible in Iranian law and while having a deterrent effect on the inflicting of loss to consumer, can have some deterrent effect on litigation costs. Therefore, it is necessary to revive the provisions of the recent regulations and legal protections for these insurances in order to use its positive functions.
Private Law
mojtaba mohammadi; Mohammad Hadi javaherkalam
Abstract
AbstractWhen concluding an insurance contract, the insured has more information comparing to the insurer. At the other side the insurer takes the risks by relying on the materials represented by the insured. Because of this lack of balance in information, it is not enough in insurance contracts that ...
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AbstractWhen concluding an insurance contract, the insured has more information comparing to the insurer. At the other side the insurer takes the risks by relying on the materials represented by the insured. Because of this lack of balance in information, it is not enough in insurance contracts that the parties not having bad faith. This specific feature is the reason to create an important duty in insurance contracts which is named “the duty of representation”. The remedy for breach of the duty of representation in Iran Insurance Law is that when the breach of the duty is unintentional the other party has the right to rescind the contract and when the breach is intentional the contract is void. The England law through case law and recently by acting England Insurance Law 2015 is intended to adjust the remedy and limit the avoidance cases; but Iran Insurance Law acted 1316 without considering the developments of insurance industry during the century, is not trying to adjust or limit the rescission and avoidance cases. In this article some approaches are suggested to the legislator and case law to limit the rescission and avoidance cases cause of breach of the duty of representation.
Private Law
Mohammad Arian
Abstract
Fraud as an exception to the principle of independence of documentary credit from the underlying contract is one of the key challenges facing the issuing bank, which in particular has been more the center of attention in deferred payment letter of credits. In case, the proceeds of the credit are assigned ...
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Fraud as an exception to the principle of independence of documentary credit from the underlying contract is one of the key challenges facing the issuing bank, which in particular has been more the center of attention in deferred payment letter of credits. In case, the proceeds of the credit are assigned to third party by the beneficiary through the discount of the credit and it is later discovered that the beneficiary had committed fraud, so in such a case, this question arises whether in Iranian legal system, the third party assignee shall be immune from the effects of fraud committed by the beneficiary? In this regard, some believe that according to the general rule that "no one can transfer to another more rights than he has", the assignee of proceeds shall not be immune from the effects of fraud. From a comparative law perspective, there are two profoundly different approaches concerning the impact of fraud on the rights of the assignee of proceeds. According to the first approach accepted in the English legal system, an assignee of proceeds shall not be immune from fraud, even if it is considered as a bona fide holder. However, according to the second approach which is reflected in Section 109 of Article 5 of the US Uniform Commercial Code, the assignee shall be immune from fraud on condition that it is considered as a bona fide holder. In Iranian legal system, although there is no specific law in the field of documentary credits, such a person must be immune from the effects of fraud having regard to the banking practice, case law, and legal doctrine, as this is requisite for maintaining the commercial utility of letter of credit as an important financing mechanism.
Private Law
sajad askari
Abstract
The present paper seeks to examine the concept of currency in the Iranian legal system and to explain its conceptual relation to what is today known as cryptocurrency or virtual currency. Understanding this conceptual ratio will be important because if the concept of currency is to be applied to cryptocurrencies, ...
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The present paper seeks to examine the concept of currency in the Iranian legal system and to explain its conceptual relation to what is today known as cryptocurrency or virtual currency. Understanding this conceptual ratio will be important because if the concept of currency is to be applied to cryptocurrencies, cryptocurrency transactions will also be subject to legal provisions relating to unauthorized currency transactions, such as prohibition of trading without authorization from the central bank.This paper has analyzed analytically and using library resources that none of the elements of the Iranian legislature's definition of currency include "being money", "being common" and "being foreign". Does not conform to cryptocurrencies. The conceptual relationship of the two is legally a divisive one; Therefore, in the current situation, transfers of what is known as cryptocurrencies will not be subject to currency transfer laws and prohibitions. The freedom of cryptocurrency trading and the prohibition of partial currency trading are undermined by the economic unity of the two.
Private Law
bahram taghipour; Narjes Salehi
Abstract
In the capital market, there is a range of transactions between the issuer and the investor or between the securities buyer's and seller's brokers. These transactions, like other kinds of transactions in the non-regulated markets, require efficient rules and sanctions. Some of the sanctions are individually ...
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In the capital market, there is a range of transactions between the issuer and the investor or between the securities buyer's and seller's brokers. These transactions, like other kinds of transactions in the non-regulated markets, require efficient rules and sanctions. Some of the sanctions are individually restricted to the capital market transactions and have been enacted by the Securities Exchange Organization and Securities and Exchange High Counsel. Some other sanctions can be drawn out of the general rules governing contracts. It is expected that the right of retention, as a general rule governing contracts, is applicable in capital market transactions, as well. However, given the specific rules governing the securities market and the necessity of using brokers' services in this market, there are some scepticisms on the right of retention in securities transactions. This study, in a descriptive-analytic way, shows that despite the fact that the right of retention is the general rule of contracts, there are serious scepticisms regarding its application in securities transactions because of the unique nature of these transactions and the fact that these transactions are realized through brokers and central depository company. This is sometimes for the purpose of protecting investors in the context of capital market regulations but in some situations can violate both investors' and brokers' rights. Therefore, it is necessary to set up the Delivery vs. Payment (DVP) system to cover the gaps.
