The Regulations Governing
in the Exchanges and OTC Markets
Upon the recommendation No. 22159 of the Ministry of Economic Affairs and Finance
on April 11. 2010, and by virtue of the paragraph 3 of aricle 4 of the Securies Market
Law of I.R.I ratified in 2005, the Council of Ministers approved "The Regulations
Governing the Foreign Investment in the Exchanges and OTC Markets" on April 18.
2010. as drafted below:
Arcle 1: the following define ons shall apply for the purposes of the terms and
phrases used herein:
1. Securities Market Law means the Securities Market Law of I.R.I ratified in 2005.
2. Council means the Securities and Exchange High Council.
3. Exchange means the Stock Exchange as licensed by the Council.
4. OTC Market means the OTC market which has been licensed by the Council.
5. Organization means the Securities and Exchange Organization subject of article
5 of the Securiies Market Law.
6. Foreigner/ Foreign Entity: each of the following persons is considered to be a
foreigner/ foreign entity:
a. a natural person who does not enjoy the Iranian citizenship.
b. any legal entity that has been registered in a country other than Iran.
c. any legal entity that has been registered in Iran whereby the total
shares of the persons stated in subparagraphs (a) and (b) above in the
capital of such entity shall exceed fi