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Law And Regulation
Directives of Disclosure and Auditing and Accounting Standards
These Directives were issued under No. (1) for 1998 and published in the Official Gazette on April 16th, 1998 and came into effect on 1st of September 1998. The aims of these Directive are to maintain fair dealing in securities, enhance the trust of investors and savers and to achieve transparency in the market in line with International Standards.
The main features of these Directives are:
The specifications of reports and information required form public shareholding companies to be disclosed and filed with the Commission for the purpose of enhancing transparency.
The application of International Auditing and Accounting Standards for public shareholding companies.
The specification of the criteria that should be applied by the auditors of the accounts of parties under the supervision of the JSC.
The Directives obliged public shareholding companies to announce the preliminary results of their operations within 45 days after the end of the financial year.
To submit to the JSC annual reports and announce yearly statements within a period not exceeding 3 months after end of its fiscal year.
To announce its half yearly statement within a period not exceeding one month after the end of the mid-year.
To inform the Commission (JSC) and announce immediately any material changes.
These Directives contain chapter on insider trading. Insiders are obliged to submit to the JSC material information related to the dealings.
Disclosure and Accounting and Auditing Standards and the Conditions to be Fulfilled in Auditors of the Entities Subject to the Commission's Monitoring Instructions No. (1) for the Year
1998
Issued by the Board of Commissioners of the Securities Commission pursuant to Articles (9) and (53) of the Securities Law,
No. (23) for the Year 1997
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These Instructions shall be known as the "Disclosure and Accounting and Auditing Standards and the Conditions to be Fulfilled in Auditors of the Entities Subject to the Commission's Monitor Instructions of the year 1998," and shall come into effect as of 1/9/1998. |
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Subject to the meanings ascribed to the terms mentioned in the Securities Law, the Amman Financial Market Law, the Companies Law in force and the Regulations and Instructions issued pursuant thereto, the following terms shall have the meanings ascribed thereto hereunder unless otherwise indicated by context:
The Commission: The Jordan Securities Commission.
The Board: The Board of Commissioners of the Commission.
The Chairman: The Chairman of the Board of Commissioners.
The Market: The Amman Financial Market (The Amman Bourse).
The Person: Any natural or juridical person.
The Issuer: Any person issuing or announcing the intention to issue securities.
Affiliate: Any person who controls another person or is controlled by that other person, or who together with that person is controlled by the same person.
Control: The ability to influence effectively directly or indirectly the actions and decisions of another person.
Mother Company: Any company having financial and administrative control over other company or companies (whereby such are called affiliated companies) by owning more than 50% of its capital and/or having control over the formation of its board of directors. Such shall include holding companies.
Affiliated Company: Any company that is subject to the control of a mother company.
Sister Company: Any company shall be considered a sister of another company where such is owned or affiliated to a mother company.
Minority Rights: The apparent part of the financial statements compiled by the net of action results of, and of the assets of an affiliated company, which part that pertains to shares not owned by the mother company.
Relatives: Spouse and children.
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Chapter 1 |
Disclosure Upon Listing |
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Chapter 2 |
Disclosure of Periodical Financial Statements
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Chapter 3 |
Disclosure of Significant Matters and Important Events |
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Chapter 4 |
Disclosure relating to Financial Brokerage Companies |
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Chapter 5 |
Dealing in Securities by Insiders |
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Chapter 6 |
Accounting Standards |
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Chapter 7 |
Auditing Standards and the Requirements for for Auditors of Entities Subject to the Commission's monitoring |
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Chapter 8 |
General Provisions |
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