Where can we get the license to establish financial institutions? – Tejarat News

According to Tejarat News, Manouchehr Mirzaei, the director of supervision of brokers of the Stock Exchange and Securities Organization, stated that he hopes that the investment funds in the country will reach the position shown by the international models, and said: the fact is that the Stock Exchange Organization, in addition to the legal role that it plays for the development of It is foreseen, a supervisory role is also foreseen by the legislator.

He added: The development of financial institutions and financial instruments is one of the defined tasks of the stock exchange organization.

In response to the question why the licenses are not transparent, Mirzaei said: The stock exchange organization is in charge of both development and supervision. If you ask each and every colleague working in the organization who are involved in the field of issuing licenses, they will definitely tell you that if the legislator had not defined the supervisory task for the stock exchange organization, it would have been easier to think about development discussions and issuing licenses. ; But when we study the law of the market, in addition to the development role prescribed for the legislative organization, it also has a supervisory role.

The Director of Supervision of Brokers of the Stock Exchange Organization continued: In Article 29 of the Market Law, the authority is given by the legislator that the Stock Exchange Organization can impose a minimum capital requirement for the persons under its supervision, including financial institutions.

According to Mirzaei; Naturally, whenever we discuss the licensing requirements and conditions, it is natural that it is not sweet and pleasant to the taste of the potential licensing applicant. But the fact is that after the law on facilitating the issuance of business licenses came into force and the formation of the National Center for Monitoring Studies and Improving the Business Environment, the legislator has considered significant and important powers for the deregulation board, with the follow-ups that this center had. All processes, conditions and requirements related to the licensing of all financial institutions, both brokerage companies and non-brokerage financial institutions, are clearly defined and the relevant instructions are available to the public and market participants in the capital market rules and regulations database, and every applicant can By referring to these instructions and reading, make your own assessment.

Applicants can send a license request to the stock exchange organization based on their evaluation

He stated: Applicants can submit a license request to the stock exchange organization based on their evaluation. In addition to the instructions that are available in the database of capital market rules and regulations, according to the legal requirement defined in terms of facilitating the issuance of business licenses, those interested can use the worksheets related to the issuance of licenses for the establishment and activities of all financial institutions. Receive from the stock exchange organization. The conditions and requirements of each license are clear and specific in these worksheets.

Mirzaei continued: The expected standard time for issuing each license and possible costs for issuing each license are predicted in these worksheets and are now available to potential applicants on the national license portal. Therefore, both in terms of entering instructions in the database of capital market rules and regulations and in terms of entering requirements and conditions related to the issuance of licenses in the national license portal, all processes are available to all applicants in a transparent, quantitative and accurate manner.

He added: due to the entry into force of the Law on Facilitating the Issuance of Business Licenses and the duty of the legislator that all business licenses must be issued through the portal, therefore the applicants first submit their application through this portal to all the institutions in charge of issuing They have sent the license, including the stock exchange organization, and through the portal, they can see the stage of their requested licenses and have an evaluation of the process of reviewing the requested license.

There is no limit for the issuance of the activity license of the portfolio management companies

Mehdi Yarbad, the head of financial institutions providing services in the Stock Exchange Organization, said: When this responsibility was given to me, there were about 180 requests for the establishment of a financial institution, of which about 70 were related to the establishment of a portfolio manager.

Stating that there are currently 20 cases in progress and the rest have been assigned, he said: “The main problem of the administration of the affairs of service financial institutions is that the applicants for the license of financial institutions, unfortunately, have not read the instructions of the organization and are not up-to-date.” Unfortunately, resumes do not attract the attention of the organization as they should. Of course, in the matter of basket management, things have been completely improved.

He added: Currently, any applicant who wants to send a request for a license can easily calculate the points and there is no limit for issuing activity licenses for cart companies.

Yarbad, in response to the question, why the work related to the licenses for the financial institution is not outsourced? He stated: There is no queue for discussing financial institutions.

Source: Senate

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