Challenges of conflict of laws due to the globalization of securities in the legal system of Iran, United Kingdom and international documents

Document Type : Original Article

Authors

1 PhD Student, Department of Private Law, Zanjan Branch, Islamic Azad University, Zanjan, Iran.

2 Professor, Department of Private Law, Faculty of Law and Political Science, University of Tehran, Tehran, Iran.

3 Professor, Department of Private Law, Faculty of Law, Mofid University, Qom, Iran.

4 Professor, Department of Jurisprudence and Fundamentals of Islamic Law, Faculty of Theology and Islamic Studies, University of Mazandaran, Babolsar, Iran.

Abstract

Over the decades, globalization has affected all areas of human life. One of the challenges that globalization has created is securities. On the other hand, due to the willingness of countries to intervene in economic affairs, especially the stock exchange, it has caused a dual nature of public-private. This, along with globalization, has created ambiguities in the conflict of laws related to these documents. The main question that arises is what effect has the globalization and liberalization of securities had on the legislative and judicial policies of countries? The liberalization and internationalization of securities markets, in addition to further complicating some aspects of these markets, has necessitated the development of appropriate legislative policies and strategies with these changes. Unfortunately, there is no explicit provision in Iranian law for conflict of laws in the field of securities, and it seems that the legislature has strengthened the national aspect of securities in the securities market law. After the country leaves the European Union, it is applied to determine the law governing securities. In international documents, the principle of the rule of will to determine the law governing securities is accepted if it does not conflict with public order and rules. In this article, we first examine and determine the legal nature of securities, then, we examine the various legal regimes that may prevail in an international securities agreement, and in the final chapters, using the documents. International, jurisprudence and experiences of other countries, we will clarify the strategies for determining the law governing securities transactions.

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References

 
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Journal of Comparative Law
Volume 5, Issue 2 - Serial Number 8
October 2022
Pages 29-45

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History

  • Receive Date: 08 November 2020
  • Revise Date: 02 December 2020
  • Accept Date: 16 February 2021

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