مطالعه تطبیقی و تحلیل عناصر، آثار و ابعاد مالی– حقوقی پذیرش همزمان اوراق بهادار در بورس اوراق بهادار (با تمرکز بر حقوق ایران و آمریکا)

با توسعه ساختار و زیرساخت های نهادیابزاری بازار سرمایه در سطوح داخل و بین الملل، رقابت به‌عنوان موضوع قابل‌مطالعه در مقام نظریه و عمل مطرح گردید که از آن جمله می توان به رقابت در پذیرش اشاره نمود. در پذیرش همزمان به‌عنوان یکی از شقوق پذیرش، ناشران، اوراق بهادار خود را به‌طور هم‌زمان در چند بورس داخل یا خارج درج و پذیرش می‌نمایند. این پژوهش در جایگاه موضوع شناسی، ابتدا جوانب مالی پدیده را بررسی و در ادامه نیز مقررات و اسناد پژوهشی را با استفاده از روش تحلیلیتفسیری بر اساس مطابقت با ماهیت و عناصر حقوقی و مقرراتی در آمریکا و ایران از بعدهنجاری پوشش داده‌ است که به عنوان وجه نوآوری پژوهش شناخته می‌شود. پذیرش همزمان عامل بروز چالش‌هایی مانند تعدد استانداردها و مقررات شامل الزامات افشاء و حاکمیت شرکتی، اعمال اقدامات نظارتی دو بورس، اقدامات مربوط به تعلیق یا لغو پذیرش و معامله، حل وفصل اختلافات بین بورس ها یا سرمایه گذاران، ایجاد ارتباطات بین ارکان بازار سرمایه کشور مبدا و مقصد و موارد مشابه دیگر است که در خصوص حل‌وفصل آن‌ها رویکردهای مختلف ازجمله لحاظ معافیت شرایط خاص، سازگاری جایگزین، شناخت یکجانبه یا دوجانبه، امضاء تفاهم‌نامه یا فعالیت ذیل دستورالعمل‌ها و استانداردهای بین‌المللی اتخاذ شده است.

Comparative Study and Analysis of Elements, Results and Aspects of the Financial - Legal of the Securitie’s Cross-listing in The Tehran Stock Exchange(Focusing on Islamic Republic of Iran and US law)

Extended Abstract Introduction Financial markets are the markets which conditions are changing quickly with considerable intensity compared to the other markets; therefor, policy makers have to adjust their appropriate decesions and strategies based on that circumestances with the use of accurate and multilateral cognition. Designing instruments in practice, is one of the status of the changes. This change could lead to competition during the time and the variables capture a number of possible determinants of effective competition in different formats like size, types of orders, trading infrastructures, execution procedures, acceptance and listing at the domestic or international level. More importantly, that competition among market centers appears to lead to specialization and fragmentation not convergence to a single artichecture. (Lipson, 2003) That means everything that could intensify competition like listing could be useful.   Theoretical frame work When the firm decides to fund raised, it has to pass general stages in finincing chain, include get the regulator’s license about addmision companies’ symbols, listing, initial public offering and finally secondary transactions. Each level has its own requirements and regulations. This article aimed to study and review the listing stage. Crosslisting is one of the listing types and is known as listing a security on more than one exchange and leads to increase the competition for bid and offer prices, the liquidity of the securities, the length of time in trading, (The NASDAQ Listing Rules), bonding, more fund rasing, price making, reputation.(Miao, 2012) These effects could transfere between exchanges inside or outside of the countries.   Methodology In this research, reviewing the financial aspects of the phenomenon is the first stage, then we cover the rules and documents of the research by using analyticalinterpretive method based on compliance with the nature and regulatory elements in the Iran and United sates of America. this methodology was done base on the logic of the comparative studies.   Results Discussion Practicing of the crosslisting depends on the adoption of different approaches, each of which has its own dimensions and effects. According to the first approach, regulator treat with a foreign applicant similar to a domestic company, despite of exceptions and exemptions in certain circumstances. Based on the second approach, known as subsituted compliant, based on the structural and regulatory similarity, the regulatory regime of the counterparty recognizes structural and regulatory similarity, if there is no conflict with internal regulations, it was accepeted. All in all, in this regime, some jurisdictions do not apply all local requirments to foreign intermediaries that engage in crossborder transactions with sophisticated investors from the host jurisdiction. The third approach is known as licensing transactions under a memorandum or international institutional guidelines and standards which both countries are defined and accepted. It means, some jurisdictions utilize a system of unilateral or mutual recognition to deciede whether to apply local regulations to a foreign intermediary. Based on this regime, a jurisdiction generally will not apply local requirements to a foreign intermediary if the home regulatory regime to which that intermediary is subject meets certain investor protection criteria. A mutual recognition system is similar to unilateral recognition system in that the &access& jurisdiction recognize the adequacy of a foreign intermediary’s &home& regulation. (IOSCO, 2004)   Conclusions Suggestions Crosslisting of securities has its own complexity with multilateral aspects in theroy and practice. In the Iranian capital market regulatory ragim, there is just mention the concept of crosslisting and duallisting but in practice no action was done. Regulatory institution should cover fundrasing chain by taking some steps, including define the initial public offering and secondary foreign investment transactions in the law and regulations. They sould pay attention to technicalregulatory considerations at regulatory levels, including the encouragement and protection Law, Foreign investment and related regulations, foreign investment executive regulations in stock exchanges and overthecounter markets, various offer and registration instructions, transactions and disciplinary, and various dispute resolution procedures in the regulations. Subsequently, according to the capital market reaulation of iran, lisint of foreign securities and their transactions are within the competence of the Supreme Council of the Stock Exchange. Thus, in the second phase as the executive status, this institution can choose a similarity approach to domestic companies and increase exemptions in order to facilitate fund absorbtion and trading activitybeside that, it should be noted that the application of exemptions should be done in terms of the nature of the exemptions so as not to damage the elements of the main regulations such as commercial law or capital market law. It also has to consider general and spicific of the structure of the Iranian securities market including institutions, instruments, legal systems and regulations. In this regard, the Supreme Council of the stock exchange should classify different requirements in order to be compatible with the structure of the capital market and the general and specific legal systems and select the cases that may be exempted in term of the legal system of the target market. In addition, in case of structural and regulatory similarity, exceptions or exemptions may be applied to issuers, traders / brokers or foreign investors while contracte a memorandum of cooperation. In addition, sould be behave with those exchange that are joint members of an international institution such as the World Federation of Exchnage or IOSCO according to the standards and principles of the relevant institution. Finally, in order to solve the various challenges of this phenomenon, it has to sign the Memorandum of Understanding and state all the financiallegal considerations in the clauses of the Memorandum of Understanding in terms of different norms and technical requirements. In the near future, Iran has to consider this ability in practice and adjust its regulation and structure to be in conjuction with its consideration and chractristics and it has to improve its cognition about that