Economic Efficiency of Criminal Law Sanctions for Regulation of Securities Markets: The case of Iran

The history of legislations and statutory law securities markets in Iran represents a scattered and haphazard adoption for other jurisdictions without a proper attention to the theoretical foundations of foreign laws. This has led to incompetent and alien laws to the indigenous conditions. As such a theoretical investigation of the foundations and policies behind such laws is inevitable. As far as the securities regulations are concerned, the lack, or weakness, of the enforcement mechanisms of such laws could undermine the very advantages which such laws may contain. For this reason and in in line with the make such laws efficient and effective, there has to be some criminal law sanctions for breach of securities regulation. In this paper we are specifically examining the criminal law sanctions of the of “market manipulation” in the securities markets