Legal Study of Activities and Services Provided by Financial Institutions in the Iranian Capital Market

In the field of financial services, agent plays sometimes the role of chairman of the Fund, some other times the role of consultant and basket rotator, and some still other times, he/she may work in the field of primary or secondary market. In the contracts of basket rotating, the agent, as a representative, is according to the contract obliged to sell or purchase some securities. Such contracts are of a brokerage nature.Management in Investment Funds, like management in Commercial firms covered by the Trade Law, is, by nature, beyond responsibilities of a delegate; it is representativeness granted by the investors; for, even if his office is dissolved, he has to perform his duties as long as no new manager is appointed. Contracts concluded for consultancy for investment are covered by the Clause 3 of the Article 2 of the Trade Law and are classified as commercial contracts. If the nature of "representativeness of the issuer to register securities and obtain a permission for supply" is studied, it will be known that, unlike "the issuer's representativeness to obtain a permission to the Exchange", it is some kind of representativeness and not hiring of persons, for it is followed by a legal act.