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Revised Rules for Private Bank Ownership Ratified

Revised Rules for Private Bank Ownership Ratified Revised Rules for Private Bank Ownership Ratified

Lawmakers have revised regulations for the ownership of non-governmental banks and credit institutions, which will remove ambiguities surrounding the ownership of these entities in the past. 
According to ICANA, the official news agency of the Iranian Parliament, privatized banks and credit institutions henceforth can only be set up as publicly traded companies. 
According to the measure that will replace an article of the law related to Article 44 of the Iranian Constitution, owners will be allowed to acquire shares in banks by only up to 10%, which will automatically come into force without any need for authorization from the Central Bank of Iran. 
"However, the ownership of more shares, say up to 20%, more than 20% and up to 33%, will be allowed only after getting a permit from the Central Bank of Iran through a procedure defined by the Money and Credit Council," the new regulation states. 
Another section of the law allows CBI to annul any ownership of banks exceeding 10%. 
 

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