Legal Environment

Investment Advisories act in Iran’s capital market based on specific rules and regulations, including the following ones:

• Commercial Code;
• Securities Market Act of the Islamic Republic of Iran;
• The Law for Development of New Financial Instruments and Institutions in order to facilitate implementation of the constitutions article 44’s policies;
• Anti-Money Laundering Low;
• Social security, direct tax and value added tax rules;

The following directives should be also followed by Investment Advisories in order to provide their services:

• Investment advisories establishment and performance;
• Financial institution recognition in capital market;
• SEO’s typical articles of association;
• Financial institution directors’ professional competency confirmation;
• Financial institution’ capital adequacy;
• Non-brokerage financial institution’ disciplinary directive;
• Recording, relating and reporting directive of documents and information by people under supervision.