Comparative Law Researches

Comparative Law Researches

Analysis of The Concept, Function and Effectiveness of Indirect Gatekeepers in Capital Market (A comparative study in Iranian and American law)

Document Type : Original Research

Authors
fateme hamidian 1
Mohamad Isaee tafreshi 2
Tayebeh Saheb 3
1 Ph.D. Student, private law, Faculty of Law, Tarbiat Modares University, Iran, Tehran
2 Professor, Private Law, Faculty of Law, Tarbiat Modares University, Tehran, Iran
3 Assistant Professor, Intellectual Property Law, Faculty of Law, Tarbiat Modares
Abstract
The flow of accurate and reliable information is critical to enhance market transparency and efficiency as well as investor protection. However, it is not possible to achieve this merely by requiring the executives to report financial information, and corporate governance should inevitably devise a mechanism to monitor the accuracy of the information contained in financial reports. Therefore, along with the internal control process, parties, known as gatekeepers, have been designed outside the issuer’s organizational structure to evaluate the accuracy of the information disclosed.. In the capital market, there are some gatekeepers who do not perform gatekeepingfunctions, as a matter of principle, but implicitly verify the accuracy of the issuer’s financial information and provide the basis for investors to have confidence and make informed decisions only while performing their primary duty. These parties are therefore referred to as indirect gatekeepers. Securities analysts, equity underwriters, attorneys and legal advisors are among this group of gatekeepers. This article has attempted to examine the concept, function, and effectiveness of examples of these types of gatekeepers in Iranian and American law. For this purpose, information was collected in the Documentary and library form and then evaluated in a comparative method. The results of the analysis show that because these persons inherently are not gatekeepers, they naturally encounter conflicting situations when performing their primary duties and gatekeeping functions, which weakens their effectiveness in achieving gatekeeping objectives. As a result, requiring certification based on the explicit assurance of the accuracy of the information is one of the most important suggestions that have been made to improve their efficiency and effectiveness. However, in order to better ensure the quality of financial information, the capital market should use, in addition to indirect gatekeepers, other professional persons created in principle to perform gatekeeping functions in the market, known as direct gatekeepers.


Keywords
Gatekeepers
Securities analysts
equity underwriters
Information intermediaries
attorneys and legal advisors

Subjects

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5. شمس‌اللهی، محسن، حقوق اوراق بهادار، قواعد حقوقی حاکم بر افشای اطلاعات در بازار اوراق بهادار، تهران، نشر میزان، 1399.
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ج) قوانین و مقررات
8. آیین‌نامه اجرایی قانون بازار مصوب 3/4/1384 هیأت وزیران؛
9. آیین‌نامه نحوه تأسیس و اداره مؤسسات اعتباری غیردولتی، مصوب 28/10/1393 هیأت وزیران؛
10. دستورالعمل استفاده از خدمات مشاور عرضه، مصوب 15/4/1387 هیأت مدیره سازمان بورس؛
11. دستورالعمل پذیرش، عرضه و نقل و انتقال اوراق بهادار در فرابورس ایران (شرکت سهامی عام)، مصوب 25/10/1388 هیأت مدیره سازمان بورس؛
12. دستورالعمل پذیره‌نویسی و عرضه اولیه اوراق بهادار در بورس اوراق بهادار تهران و فرابورس ایران مصوب 14/10/1395 هیأت مدیره سازمان بورس؛
13. دستورالعمل تأسیس و فعالیت سبدگردان، مصوب 29/8/1389 هیأت مدیره سازمان بورس؛
14. دستورالعمل تأسیس و فعالیت مشاور سرمایه گذاری، مصوب 4/3/1389 هیأت مدیره سازمان بورس؛
15. دستورالعمل ثبت و عرضه عمومی اوراق بهادار مصوب 25/10/ 1385 شورای عالی بورس؛
16. دستورالعمل حاکمیت شرکتی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران و فرابورس ایران، مصوب 18/7/1401 هیأت مدیره سازمان بورس؛
17. دستورالعمل صدور مجوز تأسیس و فعالیت کارگزاری، مصوب 10/3/1400 هیأت مدیره سازمان بورس؛
18. دستورالعمل کنترل‌های داخلی ناشران پذیرفته‌شده در بورس اوراق بهادار تهران و فرابورس ایران، مصوب 16/2/1391 هیأت مدیره سازمان بورس؛
19. دستورالعمل مشاور پذیرش (اصلاحی)، مصوب 9/11/1387 هیأت مدیره سازمان بورس؛
20. دستورالعمل مؤسسات حسابرسی معتمد سازمان بورس و اوراق بهادار مصوب 8/5/1386 شورای عالی سازمان بورس؛
21. ضوابط فعالیت‌ شرکت‌های تأمین سرمایه مصوب 15/5/1386 شورای عالی بورس؛
22. قانون بازار اوراق بهادار مصوب 1/9/1384؛
23. مصوبه مورخ 11/3/1394 هیأت مدیره سازمان بورس.
5-2. انگلیسی
A) Books
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B) Articles
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C) Acts and Rules
44. Fair Disclosure, Regulation FD
45. FINRA Rules- 2241. Research Analysts and Research Reports
46. Investment Adviser Act of 1940
47. Regulation Analyst Certification(AC)
48. Sarbanes-Oxley Act of 2002
49. Securities Act Release No. 33-8185, 68 Fed. Reg. 6296 (Jan. 29, 2003) (codified at 17 C.F.R. part. 205)
50. Securities Act of 1933
51. Internal Control- Integrated Framework, Executive summary, Committee of Sponsoring Organizations of the Treadway Commission (COSO), 2013.
52. Management's Report on Internal Control over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, 2003.
53. NYSE Rule-Communications with the Public (Rules 471-474B)
D) Case
54. Billings v, Credit Suisse First Boston Ltd., 426 F.3d 130, 139 (2d Cir. 2005), At: cite case