The Owner's Refusal in Unauthorized Transactions of Securities and its Consequences

Today، Performing unauthorized transactions of securities by brokers are among the current problems of investors in the capital market. From the legal point of view، unauthorized transactions of securities have many distinctions from other transactions. For example، in order to find the “acceptance” of the owner there are many different and questionable signs which are really distinguished from other transactions. So، the criterion for distinguishing the rejection or acceptance in unauthorized transaction of securities is different from other traditional transactions. However، in the case that the owner refused the transaction decisively، regarding the quickness of the transactions and impossibility of changing the system، there is no way to take back the shares from the true party. Therefore، we should find a suitable way for full compensation of owner that would be agree with legal rules and principles and also would be sufficient for the investors of capital market.