امیرحسین رضافر

The history of the Central Bank in issuing securities, especially partnership bonds, began in the 1990s with the approval of development program laws. According to Article 4 of the Law on the Procedure for Issuing Cooperative Bonds, the Central Bank was in a way the custodian of the license for issuing cooperative bonds, which was subsequently transferred to the Securities and Exchange Organization with the approval of the Securities Market Law. However, Article 27 of this law exempted the Central Bank's cooperative bonds from registration with the Stock Exchange Organization. In addition, Article 91 of the Third Development Plan Law issued the first legal license for the issuance of cooperative bonds by the Central Bank for the purpose of liquidity management. The main issue of the present study is the ambiguity in the current authority of the Central Bank in issuing securities after the approval of the new Central Bank Act; Part Three, Clause "B" of Article 4 of this law granted the Central Bank the authority to "design and issue various types of financial securities," but the conflict of this authority with the requirements of the Securities Market Law has created legal challenges. Based on research conducted with library resources and using a descriptive-analytical method, the findings show that the Central Bank is exempt from registration with the Stock Exchange Organization only when issuing participation bonds, and the issuance of other securities requires compliance with the processes stipulated in the Securities Market Law.