9916
Long-Pending Bylaw Approved
Economy, Business And Markets

Long-Pending Bylaw Approved

A long-awaited bylaw seeking to boost supervision over the establishment and management of private credit institutions was approved after a six year delay.
The government on Saturday announced that it issued Article 44(5), proposed by the Central Bank of Iran and approved by the Money and Credit Council.
According to Article 44(5), private banks and credit institutions, financial intermediaries, and state-owned lenders that have offered their shares in the stock market, whether established before or after the ratification of the new law, are only to operate in the form of public companies or cooperatives.
The law was first approved in the parliament six years ago but never enforced by the Ahmadinejad administration.
Es’haq Jahangiri, the vice president, has now called on the ministry of economic affairs and finance, the CBI and the Management and Planning Organization to enforce the legislation.
Under the law, maximum allowable stakes have been set at 5 and 10 percent for institutional and non-institutional investors, respectively. The rule applies to both direct and indirect ownership in public companies, cooperatives, and non-governmental institutions. Any deals above the set maximum stakes shall be automatically nullified.
Officials hope the law will help shed light on illegal activities in private credit institutions.

 

Short URL : http://goo.gl/3PqCvX

You can also read ...

Big Benefits of a German ‘Iran Bank’
Since US President Donald Trump pulled out of the nuclear...
Islamic Bonds Worth $25m Issued for  Locomotive Manufacturing
Some 1.05 trillion rials ($25 million) worth of Islamic bonds...
Audi Names New Leader After CEO Arrested
Audi has tapped its top sales executive to lead the company...
Structural Reforms in Banks  to Help Ensure Fiscal Stability
The second and final day of the Conference on Monetary and...
Hyundai Elantra
After local media reported that the South Korean carmaker...
Two-Month Auto Parts Import Bill: $468m
Iran’s auto parts import bill for the first two months of the...
Kerman to Host 2 Int’l Mining Expos Next Week
The Sixth International Exhibition of Mining, Mineral...
IRIR Unveils Suburban Rail Expansion Plans
The Islamic Republic of Iran Railways plans to expand suburban...

Trending

Googleplus