مطالعه تطبیقی و تحلیل عناصر، آثار و ابعاد مالی– حقوقی پذیرش همزمان اوراق بهادار در بورس اوراق بهادار (با تمرکز بر حقوق ایران و آمریکا)

دانشنامه حقوق اقتصادی

دوره 27، شماره 18، اسفند 1399، صفحه 129-164   

نوع مقاله: علمی پژوهشی

شناسه دیجیتال (DOI): 10.22067/lowecon.2021.39476

نویسندگان

سعید محمدی اقدم^{* 1}؛ ابراهیم دیانتی نسب²

¹دانشجوی دکتری مهندسی مالی دانشگاه علامه طباطبائی (ره)

²دانش‌آموخته دکتری حقوق خصوصی دانشگاه تهران

چکیده

با توسعه ساختار و زیرساخت­های نهادی-ابزاری بازار سرمایه در سطوح داخل و بین­الملل، رقابت به‌عنوان موضوع قابل‌مطالعه در مقام نظریه و عمل مطرح گردید که از آن جمله می­توان به رقابت در پذیرش اشاره نمود. در پذیرش همزمان به‌عنوان یکی از شقوق پذیرش، ناشران، اوراق بهادار خود را به‌طور هم‌زمان در چند بورس داخل یا خارج درج و پذیرش می‌نمایند. این پژوهش در جایگاه موضوع شناسی، ابتدا جوانب مالی پدیده را بررسی و در ادامه نیز مقررات و اسناد پژوهشی را با استفاده از روش تحلیلی-تفسیری بر اساس مطابقت با ماهیت و عناصر حقوقی و مقرراتی در آمریکا و ایران از بعدهنجاری پوشش داده‌ است که به عنوان وجه نوآوری پژوهش شناخته می‌شود. پذیرش همزمان عامل بروز چالش‌هایی مانند تعدد استانداردها و مقررات شامل الزامات افشاء و حاکمیت شرکتی، اعمال اقدامات نظارتی دو بورس، اقدامات مربوط به تعلیق یا لغو پذیرش و معامله، حل­وفصل اختلافات بین بورس­ها یا سرمایه­گذاران، ایجاد ارتباطات بین ارکان بازار سرمایه کشور مبدأ و مقصد و موارد مشابه دیگر است که در خصوص حل‌وفصل آن‌ها رویکردهای مختلف ازجمله لحاظ معافیت شرایط خاص، سازگاری جایگزین، شناخت یکجانبه یا دوجانبه، امضاء تفاهم‌نامه یا فعالیت ذیل دستورالعمل‌ها و استانداردهای بین‌المللی اتخاذ شده است.
 

کلیدواژه‌ها

پذیرش همزمان فرامرزی (پذیرش متقابل) اوراق‌بهادار؛ بورس‌های اوراق بهادار؛ بازار سرمایه؛ حقوق تطبیقی؛ حقوق آمریکا؛ حقوق ایران

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