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FINANCIAL LAW CONSTITUTES INFRASTRUCTURE OF IRAN’S FINANCIAL SYSTEM DEVELOPMENT

The chairman of the Board of Directors at Central Securities Depository of Iran says lack of legal infrastructure deprives the supervisory body of essential power to manage.

CSDI Chairman of the Board of Directors, Hossein Fahimi, says developing a sound legal system to support financial markets requires features such as the authority to set regulations and strongly supervise the supervisory institutions.

 

Addressing a national congress on “Law and Financial Market,” Fahimi affirmed that a successful financial system becomes a reality, once it shapes in accordance with the economic capabilities of the community.

 

Fahimi said concerns and ambiguity would undoubtedly turn into a thing of the past only if the financial system develops into a reliable sphere to guarantee stability, calm, transparency and progress. The CSDI Chairman further criticized lack of proper legal infrastructure as the reason why the supervisory bodies fail to effectively manage to deter and prevent violations.

 

He expressed hope that convergence among legal experts as well as those in the financial industry could come up with a common response to address and see into the cause of the ineffectiveness of a legal system governing the financial market.

 

Fahimi then referred to the ill outcome of the unlawful unilateral sanctions imposed on Iran by the West over the past decade and said: “The nuclear sanctions imposed on Iran’s financial system have been unprecedented in world history.”

 

The CSDI Chairman concluded that hopefully Iran and the faithful to the Islamic Republic managed to turn the threats into opportunities to improve the indigenous knowhow to rise up and stand forth.

Release Date: 6/6/2017


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