Examining the Legal Dimensions of Unorganized Capital Market; with an comparative attitude in US Law

Un-organized capital market has existed for a long time; however, the Organized market has emerged in recent centuries. There are a lot of discussions about the extent of monitoring and control over the Un-organized capital market, particularly the market in which investors are referring to the public. In this research, we seek to explain the concept of un-organized capital market by identifying the features of its distinction with its corresponding entity (i.e. un-organized money market). Therefore, by conducting a comparative study under the U.S. law and the comprehensive examination of the un-organized capital market’s situation in Iran, it was found that in a general sense, over the counter market is consistent with un-organized capital market, and that there have been major changes to rules and regulation in this area. Iran Fara Bourse has been established on the basis of High Council and Securities and Exchange Organization’s license as the sole over the counter in Iran, but the organized structure of this company and procedure of its transactions, which is very similar to stock exchange, have particularly led to distinguishing the Fara Bourse from the concept of OTC. This has caused  the regulation of the unorganized capital market to encounter many problems.