Mechanism of Disclosure of Confidential Information in the Stock Exchange and Transactions Based on it ؛Implementation of Iranian Law, Common Law and Islamic Jurisprudence

Eftekhari Sulaa, Mahdi; Pahlavanzadeh, Abbas; Hamed Tavasoli, Soodeh

doi:10.22034/ejs.2026.462427.1836

Mechanism of Disclosure of Confidential Information in the Stock Exchange and Transactions Based on it ؛Implementation of Iranian Law, Common Law and Islamic Jurisprudence

Document Type : research

Authors

Mahdi Eftekhari Sulaa ¹

Abbas Pahlavanzadeh ²

Soodeh Hamed Tavasoli ¹

¹ Department of Law, Ka.C., Islamic Azad University, Karaj, Iran.

² Department of Law, Ka.C, Islamic Azad University, Karaj, Iran

10.22034/ejs.2026.462427.1836

Abstract

Background and Aims: confidential information, if disclosed, affects the price or the decision of investors to buy and sell securities. Accordingly, the purpose of this article is to investigate the mechanism of disclosure of confidential information in the stock market and transactions based on it; The application of Iranian law is common law and Islamic jurisprudence.

Materials and methods: This article is descriptive and analytical. Materials and data are also qualitative and data collection was used in collecting materials and data.

Ethical considerations: In this article, the originality of the texts, honesty and trustworthiness are observed.

Findings: Unauthorized disclosure of confidential information in stock market transactions can impose responsibility on the perpetrator, although in common law, not being intentional and not conducting a transaction based on unauthorized published information is one of the factors that relieves responsibility, but with this description, the protection of confidential information , it has been emphasized in the common law, it is prohibited in Iranian law in other cases, except for the cases listed by the legislator, according to paragraph 1 of article 84.

Conclusion: The most suitable mechanism for disclosing confidential information is the rules governing the stock exchange and is supported by the legislator, although in the common law legal system, a transaction based on confidential information does not invalidate the transaction and only its legal consequences on the perpetrator. It will be consistent, but in Iran's legal system.

Keywords

confidential information

stock market

civil liability

information disclosure

common law

Subjects