legal analysis of competent authority enactment of the rules and regulations of iran energy exchange

iran energy exchange was established with the approval of exchange supreme council in june 2011, and started its activities in the early june, 2012. studying and investigating the rules and regulations of iran energy exchange, some interferences and disorders can be observed in the competency as well as multiplicity of the enactment authority. most of the energy exchange rules have been enacted by board of directors of exchange and some by exchange supreme council. attending to the principle of “legislative authority competency” and also “the law governing the securities market” ,which is the governing law of the all exchanges in country, there exist some serious doubts about the competency of exchange supreme council in  legislating and enacting the intricate and technical guidelines including “ guidelines for goods transactions and based-on-goods securities in energy exchange”.