companies. In Dubai alone, Iranian expatriates are estimated to have invested up to $200 billion. Even a 10 percent repatriation of capital would have a significant impact. In 2000, the Iran Press Service reported that Iranian expatriates had invested between $200 and $400 billion in the United States, Europe, and China, but almost nothing in Iran. FIPPA provisions apply to all foreign investors, and many Iranian expatriates based in the US continue to make substantial investments in Iran. Foreign portfolio investment So far, the Tedpix index has been driven by domestic investors, including wealthy Iranians, public sector pension funds and the investment arms of state-owned banks. For the index to prosper in the long run, more foreign investors need to make significant share purchases. As at 2009, foreign portfolio investment accounts for only about 2 percent of the stock market in Iran. Foreign investors find it difficult to invest directly or indirectly, since banks cannot transfer funds, and there are no custodian banks because of sanctions. On 10 November 2018 Gottfried Leibbrandt, chief executive of SWIFT said in Belgium that some banks in Iran would be disconnected from this financial messaging service. The new by-law on foreign portfolio investment was approved by the government in June 2005, but ratified by the Council of Ministers in April, 2010. Under this new bylaw, foreign investors can participate in the TSE for the first time. Initially, however, some limitations had been imposed on foreign investors: Foreign investors may own a maximum of 10 percent of each listed company. Foreign investors may not withdraw their main capital and capital gain for the first three years of their investment. Repatriation is possible, after one year under the current regulations. With the new law, Iran has increased the ceiling on foreign participation to 20% and foreign investors can now invest in the capital market, trade shares (including OTC) and: for small-scale (foreign) investors, take out their money at any time; for large-scale investors which possess 10 percent of the agency's value or 10 percent of the management position, can take their capital out of the country after two years upon receiving permission from the government. this new law does not explicitly protect against control and manipulation through foreign pool of money (e.g. through funds located offshore or foreign agents based in Iran.) FOREX Since April 2010, foreign investors have been able to open foreign-currency accounts at