The plan to regulate the market of items included in the commodity exchange should be canceled

According to Fars news agency, Majid Eshghi, head of the Securities and Exchange Organization, requested in a letter from Mohammad Baqer Qalibaf, the speaker of the Islamic Council, that the plan to regulate the market of goods subject to the obligation to be offered in commodity exchanges be removed from the agenda of the current week of the parliament and referred to the economic commission of the parliament. and to be added to the plan to amend the securities market law with fundamental amendments and to remove ambiguity.

According to Bazar Capital (Sena) news site; In this letter, the head of the stock exchange organization stated: while thanking Visa for paying attention to capital market issues and the situation and developments and requirements related to it, considering that the plan for sustainable development and production of the steel chain with the approach of reforming market regulation policies (change of title: plan The regulation of the market of goods subject to the obligation to be offered in the commodity exchanges (registration number 253) is on the agenda of the Islamic Council for the current week. is to implement the mentioned plan to the structures and elements of the capital market, it is requested to His Highness according to his discretion according to the authority of the Chairman of the session in Article 153 of the Internal Regulations of the Islamic Council, the said plan is removed from the current week’s agenda and sent to the commission Parliament’s economic proposal should be referred and added to the plan to amend the law of the securities market with fundamental amendments and removing ambiguity.

It is worth noting that these reasons are fully explained in 11 paragraphs in this letter, as follows:

1. Considering the many ambiguities at the top of the single article, including the ambiguity in the goods subject to the single article and the goods subject to the obligation to be offered in commodity exchanges, as well as the ambiguity in the relationship between the working group and other similar authorities, such as the Market Regulation Headquarters, Competition Council, Headquarters The fight against the smuggling of goods and currency and the Supreme Council of the Stock Exchange and Securities, from various dimensions, including in terms of the scope of duties and functions or the possibility of conflict in decisions, the said plan is contrary to paragraph 19 of the general notification policies of the legislative system.

2. According to Article 18 of the Law on the Development of New Financial Instruments and Institutions, Paragraph C of Article 36 of the Law on Permanent Decrees of the Country’s Development Programs, as well as specifying “compliance with other relevant laws and regulations” in the provisions of the aforementioned plan, as well as other laws and regulations related to The headquarters of the market regulation and the headquarters of the fight against smuggling of goods and currency, as well as the Supreme Council of the Stock Exchange, the mentioned plan is ambiguous and it is contrary to paragraph 14 of the general notification policies of the legislative system.

3. Regarding the composition of the members of the working group and due to the ambiguity in the duties of the working group, it is against the principles of 60 and 138 of the constitution.

4. The method of decision-making and the holding of meetings of the working group as well as its secretariat are not mentioned in the mentioned plan.

5. According to the phrase “the goods subject to the requirement to be offered in commodity exchanges are determined by the proposal of one of the ministers who is a member of the working group and the head of the Chamber of Commerce of Industries, Mines and Agriculture of Iran.” In fact, if the chamber does not agree with the proposal of the relevant minister, the matter is dismissed and the functioning of the working group is questioned. In addition, this issue is against the principle of separation of powers and powers of the executive branch in the constitution.

6. Regarding the phrase “depositing 100% of the proceeds from duties on the export of goods subject to the obligation to be offered in commodity exchanges to the special account of the Ministry of Industry, Mines and Trade or the relevant body at the treasury of the country” and its allocation in line with the development of the value chain and exports The related product groups, along with the ambiguity in the phrase “revenues from duties”, are contrary to Article 53 of the Constitution.

7. Regarding part B of the mentioned plan, the term “goods subject to this article” is ambiguous and it is not clear whether it means the goods subject to the obligation to supply or the mobile goods mentioned at the top of the single article. The phrase “goods subject to this article” is also repeated in note two. He also mentioned “supply and sale in the commodity exchange” which seems to mean “commodity exchanges”. It should be noted that currently Iran Commodity Exchange and Iran Energy Exchange are examples of active commodity exchanges.

8. Due to the fact that in the mentioned plan, a clear and clear criterion for determining the goods subject to supply in commodity exchanges has not been determined, and on the other hand, it has not specified a method for monitoring, it seems that its generalities are contrary to Paragraph 33 of the general policies of the resistance economy should be about “transparency and streamlining of the distribution and pricing system and updating of market monitoring methods”.

9. In general, considering that according to Article 2 of the Securities Market Law approved in 2004, in order to protect the rights of investors and with the aim of organizing, maintaining and developing a transparent, fair and efficient market and monitoring the good implementation of the aforementioned law, the Supreme Council The stock exchange is formed as the highest pillar of the stock market, as well as the stock exchange organization, and based on articles 4 and 7 of the mentioned law, they are responsible for several tasks, creating a committee with a composition similar to the composition of the members of the Supreme Council of Stock Exchange and Securities. In order to continuously regulate the market of goods subject to the obligation to be offered in commodity exchanges, Bahadar will affect the regulatory structure and capital market elements and cause problems. Therefore, entrusting this issue to the Supreme Council of the Stock Exchange and Securities, which has a more comprehensive combination of people including the Minister of Economy and Finance, Wazi Samat, the Governor of the Central Bank and representatives of non-governmental sectors, is more correct in many ways. In addition, commodity exchanges are one of the types of self-regulating organizations and based on Clause 5 of Article 4 of the Securities Market Law, issuing their activity license is the responsibility of the Supreme Council of Stock Exchange and Securities, and monitoring their performance and approving their statutes is also one of the organization’s duties. stock market and securities.

10. Given that in the mentioned plan, the commodity exchanges are directly involved in the working group’s approvals, and also the working group’s decisions may affect the stock prices of the companies accepted in the Tehran Stock Exchange and the Iran OSE as producers, exporters and suppliers of goods. Therefore, any decision of the working group regarding the supply of products in commodity exchanges and the pricing decisions of inflammatory products in the market will affect the capital market as a whole. This is despite the fact that neither the head of the stock exchange organization nor commodity exchanges are members of the working group of the project.

11. Regarding Clause 4 of Part B regarding “providing the working group with the determination of the basic price framework of goods with surplus supply for supply in commodity exchanges”, the matter is contrary to Clause 23 of the general policies of the resistance economy, announced on 11/29/2016, which is transparent and Streamlining the distribution and pricing system and updating market monitoring methods” and Article 18 of the Law on the Development of New Financial Instruments and Institutions states that the government is obligated to remove the goods accepted in the stock exchange from the pricing system.

Also, in the event that the supplier has tried to offer his product domestically and there is no purchase for it, or he has to reduce his price or export it, therefore, in this case, creating any pricing restrictions, even by setting a framework, It is not justified.

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