Styles of Financial Regulation in Iran & U.K

Subject Areas : Journal of Investment Knowledge

Hossein  Monavari ¹ (Ph.D Candidate in public Law, Department of Public & International Law, Faculty of Law & political Sciences, Science & Research Branch of Islamic Azad University, Tehran, Iran.)
Mohammad  Rasekh ² (Professor in public law, Department of Public & International Law, Faculty of Law & political Sciences, Science & Research Branch of Islamic Azad University, Tehran, Iran (Corresponding Author))

Received: 2016-10-31 Accepted : 2017-01-21 Published : 2017-07-23

Keywords: Financial Market, Money Markey, capital market, Regulation, Regulation styles, Governmental intervention in m,

Abstract :

Regulation is a relatively recent method in exercising sovereignty by a government. The first step of regulation is taken when the governmentintervenes to uphold public interests and the rights of individuals in economy. Regulation is nowa recognized theory of government.  The importanceof financial markets in economics for securing short-term and long term financial sources forproducers and the government is such that weakness or lack of regulation in the financialmarket has been recognized as the main reason for many contemporary global economiccrises. Proper analysis of the performance and objectives of regulation in financial marketsrequires a study of governmental styles of intervention and their various means ofimplementation therein. In the present paper, the Islamic Republic of Iran and the United Kingdom have been selected withrespect to their completely different starting points in their approach to regulation of financialmarkets and a comparison is drawn between the legal, political and economic contexts for theformation of financial markets and their regulation, the various relevant processes that shapethe relations between government, regulators, financial market operators and the publicinterest within the regulatory framework. The study yields that the political economy and economic setting of a state forms the basis for the regulatory style applied to financial markets. The integrated regulation of the financial market and capital in the United Kingdom and the multifactorial, mandated regulation in Iran are the result of these settings. There exists a significant need for integrated management of capital and financial markets and in Iran, which should be focused on realizing proper privatization and making financial resources available. In the UK, dynamic styles and a broad spectrum of different regulators has secured privatization and a strong financial market despite rapid alterations to laws and in the face of the crises the state has faced

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