نقش حقوق تطبیقی در تصویب قانون بازار اوراق بهادار 1384: مطالعه موردی اطلاعات نهانی

قانون بازار اوراق بهادار جمهو ری اسلامی ایران (مصوب 1384 ) حاصل انجام مطالعات تطبیقی بود؛ به نحوی که متن آن کاملاً تحت تاثیر و به نوعی حاوی نسخه بردار ی از « قانون الگوی بازار اوراق بهادار » بوده است که در سال 1380 از سوی مجمع بین المجالس « اتحادیه کشورهای مستقل هم سود » تصویب شده بود. باوجود این ، مطالعۀ متن مذاکرات نحوۀ تنظیم قانون بازار اوراق بهادار ایران نشان از آن است که در تعریف «اطلاعات نهانی» مندرج در بند سی و دو ماده 1 این قانون، استفاده از متن بندی ک ماده 1 دستورالعمل شماره ec/6/2003 اتحادی ۀاروپ ا با عنو ا ن » معاملات مت ک ی بر اطلاعات نهانی و دستکاری بازار سرمایه « جایگزین استفاده از بند یک ماده 32 قانون الگوی بازار اوراق بهادار بود. به موجب بند سی و دو ماده 1 قانون بازار اوراق بهادار ایران 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 تاثیر 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 موخر برای تفسیر قانون بازار اوراق بهادار، می‌تواند نحوه اجرای قانون ایران را به مقررات روز دنیا، نزدیک نماید.

the role of comparative law in approving iran’s securities market act of 2005: a case study on inside information

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.