Islamic Law

Islamic Law

Review of the law governing intermediary securities in the legal systems of Iran, United Kingdom and the United States

Document Type : Original Article

Authors
Jaber Esmaeilzadeh 1
Nejad Ali Almasi 2
rabia eskini 3
Ali Akbar Izadi Fard 4
1 Department of private law , Zanjan Branch, Islamic azad university,Zanjan.Iran
2 Department of private law.Zanjan Branch.Islamic Azad University.Zanjan.Iran
3 Prof. of private Low, Law Institute of the nuclear Energy Organization of Iran
4 Professor of Fiqh and Fundamentals of Islamic Law, Faculty of Theology and Islamic Studies, Mazandaran University
10.22034/ilaw.2024.713258
Abstract
The increasing development of securities has created new issues in this field. One of these issues is the emergence of intermediary securities. Unlike direct securities, these securities are not directly invested by the investor in the issuer's contract. In this method, the intermediary person buys the securities of the issuer and confiscates it, and transfers the rights arising from these confiscated securities to the investor. Although Iran, unlike countries such as the United States and United Kingdom, has not formally provided for these securities in its laws, but in Iran, according to Islamic law, securities are provided under the title of sukuk securities, which are very similar to intermediary securities. . The increasing development of intermediate securities and the global nature of these securities and risks such as the issuer's bankruptcy, double the need to review the law governing these securities. In the United Kingdom, due to the lack of clear rights arising from intermediate securities and the impossibility of determining the location of the property to determine the law governing securities (including intermediate securities), the law is valid if the said securities are registered in that country. In the United States, the law will be enforced if the parties to the contract govern their contract, but if the parties do not agree, the jurisdiction of the mediator will be competent. The jurisdiction of a securities broker is also the area in which the office of the CEO of a securities broker is located. Unfortunately, there is no specific provision in Iranian law regarding the conflict of laws on securities. Therefore, the Iranian legislature tends to impose its national laws on foreign persons in the field of conflict of securities laws, especially intermediate securities.
Keywords
Intermediary Securities
Sukuk
Issuer
Indirect Ownership
Law Governing

Subjects

1.       ابراهیمی سرو علیا، محمدحسن: «بررسی تحلیلی فرصت‌ها و تهدیدات جهانی‌شدن بر بورس اوراق بهادار ایران»، چشم‌انداز مدیریت مالی و حسابداری؛ ش1، بهار 1390، ص131ـ150.
2.       احمدی حاجی‌آبادی، روح‌الله؛ «بررسی فقهی ـ نظری اوراق بهادار اسلامی (صکوک)»، مجله راهبرد؛ ش12، زمستان 1386، ص95ـ112.
3.       باقری، محمود و نفیسه شوشی‌نسب؛ «مالکیت مستقیم و غیرمستقیم اوراق بهادار»، مطالعات حقوق تطبیقی؛ ش2، پاییز و زمستان 1392، ص81ـ96.
4.       تفرشی، عیسی؛ مباحثی تحلیلی از حقوق شرکت‌های تجاری؛ ج1، چ3، تهران: دانشگاه تربیت مدرس، 1400.
5.       توحیدی، محمد و رضا یارمحمدی؛ «نوع شناسایی و طبقه‌بندی اوراق بهادار اسلامی (صکوک) ازمنظر معیارهای گوناگون»، فصلنامه علمی اقتصاد و بانکداری؛ ش28، پاییز 1398، ص41ـ96.
6.       سلجوقی، محمود؛ حقوق بین‌الملل خصوصی؛ ج2، چ5، تهران: میزان، 1387.
7.       فهیمی، عزیزالله و همکاران؛ «بررسی قانون حاکم بر انتشار صکوک بین‌المللی در جهان و الزامات بسترسازی حقوقی در بازار سرمایه ایران»، دوفصلنامه علمی جستارهای اقتصادی ایران؛ ش31، بهار و تابستان 1398، ص297ـ322.
8.       الماسی، نجادعلی؛ حقوق بین‌الملل خصوصی؛ چ8، تهران: میزان، 1388.
9.       مافی، همایون و محمدحسین تقی‌پور؛ «قانون قابل اعمال بر تعهدات قراردادی در حقوق اتحادیه اروپا و امریکا»، فصلنامه پژوهش حقوق خصوصی؛ ش13، زمستان 1394، ص147ـ179.
10.  موسویان، سیدعباس و همکاران؛ «اوراق بهادار (صکوک) بانکی؛ تبدیل تسهیلات بانکی به اوراق بهادار در بانکداری بدون ربا»، دوفصلنامه تحقیقات مالی ـ اسلامی؛ ش1، پاییز و زمستان 1390، ص117ـ150.
11.  موسویان، سیدعباس؛ بازار سرمایه اسلامی 1؛ تهران: سازمان انتشارات پژوهشگاه فرهنگ و اندیشه اسلامی، 1398.
12.  نبی فیضی چکاب، غلام و همکاران؛ «بررسی موانع و کاستی‌های تأمین مالی خارجی در حقوق ایران»، پژوهش‌های بازرگانی؛ ش11، تابستان 1394، ص149ـ178
13.    Francisco J. Garcimartin Alferez , The Unidroit Project on Intermediated Securities: Direct and Indirect Holding Systems , Universidad Rey Juan Carlos of Madrid.
14.    Georgios P. Kouretas , Shareholding in EU: Is indirect holding approach appropriate in achieving financial integration? Department of Business Administration Athens University of Economics and Business GR-10434 Athens Greece and Christina I. Tarnanidou Department of Business Administration Athens University of Economics and Business GR-10434. , 2012.
15.    JA Burke. John and Anatoly. Ostrovskiy: “The intermediated securities system: Brussels I breakdown”. The European Legal Forum. NO. 5. 2007.
16.    Johansson. Erica: “Property Rights in Investment Securities and the Doctrine of Specificity”. Berlin: Springer, (2009).
17.    Hubert de Vauplane , Directeur Juridiqueet Conformite, Company Law and the Geneva Convention: Point of Contention , Group General Counsel , Credit Agricole , 2010.
18.    Khan. Salman Syed Ali: “The Role of IDB in Islamic Capital Market Development” In Mohamed Ariff, Munawar Iqbal, Shamsher Mohamad (Eds. ) The Islamic Debt Market for Sukuk Securities. The Theory and Practice of Profit Sharing Investment. Cheltenham: Edward Elgar (Foundations of Islamic Finance) , 2012.
19.    Law Commission: “Intermediated securities: who owns your shares?”, 2020.
20.    Micheler. Eva: “The Legal Nature of Securities, Inspirations from Comparative Law”, 2009. Electronic copy available at: http: //ssrn. com/abstract=1481427.
21.    Moffatt. Paula: “The standardisation of conflicts of laws rules for intermediated securities within the EU: Holy Grail or red herring?”. Centre for Business and Insolvency Law Nottingham Law School. Nottingham Trent University,2018.
22.    Mooney. Charles. W: “THE UNIDROIT GENEVA SECURITIES CONVENTION AND ITS INSOLVENCY ISSUES Core Issues under the UNIDROIT (Geneva) Convention on Intermediated Securities: Views from the United States and Japan. University of Pennsylvania, 2010.
23.    Oseni. Umar A. Hassan M. Kabir: “Regulating the governing law clauses in Sukuk transactions”. In J Bank Regul. Vol. 16. No. 3. 2015. DOI: 10. 1057/jbr. 2014.
24.    Rühl. Giesela: “Party Autonomy in the Private International Law ofContracts: Transatlantic Convergence and Eeconomic Eficiency”. Law ResearchInstitute Research Paper Series. CLPE Research Paper. Vol. 03 No. 1. 2007.
25.    Thévenoz. Luc: "Who Holds) Intermediated (Securities? Shareholders, account holders, and nominees". Uniform Law Review. 2010.
26.    Ungerer. Johannes: “Consequences of Brexit for European Private International Law”. European Papers www. europeanpapers. eu ISSN 2499-8249, Vol. 4. No 1. 2019.
Islamic Law
Volume 22, Issue 87
Autumn 2026
Pages 205-230