Article (1)	These Instructions shall be known as the (Mutual Fund Instructions) and shall come into force as of 1/5/1999.
Article (2)	The terms and expressions used in these Instructions shall have the meanings ascribed thereto hereunder unless otherwise indicated by context: The Law: The Securities Law in force. The Commission: The Jordan Securities Commission. The Board: The Board of Commissioners of the Commission. The Chairman: The Chairman of the Board. The Bourse: Amman Bourse/The Stock Exchange The Project: Any Mutual Fund Project as specified in Article (3) of these Instructions. The Fund: Any Investment Fund registered in accordance with the provisions of these Instructions. The Company: Any Mutual Fund Company as specified in the Companies Law The Investment Company: Any Investment Company as specified in the Law. The Investment Manager: Any financial services company licensed to practice investment management activities in accordance with the Law. The Investment Trustee: Any financial services company licensed to practice investment trusteeship activities in accordance with the Law. Terms and expressions not defined in these Instructions shall have the meanings ascribed thereto in the Law unless otherwise indicated by context.
Article (3)	The Mutual Fund project is an investment activity whereby money is raised from the public to be invested in securities on a collective basis that diversifies risk. A Mutual Fund can take one of the following forms:  Variable-Capital Fund (Open-End Fund). Fixed-Capital Fund (Closed-End Fund). Variable-Capital Company. Fixed-Capital Company.
Article (4)	The Board shall assume the following authorities in addition to any authorities stipulated in the Law or the regulations and instructions issued pursuant thereto: Approving the registration of the fund and regulating the activities of the project. Approving and revoking the registration of non-Jordanian investment projects, or suspending their activities in accordance with these Instructions. Suspending the activities of funds which are not registered in accordance with the Law and these Instructions or funds which are not authorized to operate, and taking the necessary measures to compel such funds to rectify their position or be liquidated.  Taking the necessary measures to prevent or cease any violations of the Law, and the regulations and instructions issued pursuant thereto including ordering liquidation of the fund. Requiring the investment manager or the investment trustee of any project to submit guarantees and sureties deemed necessary for the protection of the investors' rights at risk.
Article (5)	The investment fund is an investment tool by which the investment manager, under the supervision and monitoring of the investment trustee, manages and invests funds of others on a contractual basis. The fund shall be established by an investment manager. An application to establish the fund shall be submitted to the Commission in writing in accordance with these Instructions.
Article (6)	The objectives of the company shall be limited to investing its funds and the funds of others in the various types of securities. The company shall be registered with the Controller of Companies. The company's investments shall be managed by an investment manager under the supervision and monitoring of an investment trustee who are both contracted with by the company's Board of Directors.
Article (7)	The fund's minimum capital requirement shall be five hundred thousand Jordanian Dinars or its equivalent in other currencies. The minimum capital requirement of the closed-end fund upon registration shall be than five hundred thousand Jordanian Dinars or its equivalent in other currencies.
Article (8)	An application to establish the fund shall be submitted to the Commission in writing by the investment manager on the standard form prepared for this purpose with the following attached therewith: The investment fund's charter signed by the investment manager and the investment trustee. The following data and information relating to the investment manager and the investment trustee: 1. A brief description of the background and activities of each.  2. Investment funds managed or monitored by him in the past and at present.  3. The securities owned by each.  4. The names and positions of senior executive managers at each.  5. The names and resumes of the certified natural persons who will carry out the fund's investment management activities and the persons who will carry out the fund's investment trusteeship activities.  6. The audited annual and mid-annual financial data for the last two fiscal years or the annual and mid-annual financial data since the establishment of the company up to the date of submitting the application.  Any additional information required by the Commission.
Article (9)	The Board shall issue a decision approving or rejecting the fund's establishment application within thirty days as of the date of submitting the application. The rejection decision shall be justified.
Article (10)	The fund's charter shall include the following:  The fund's name.  The fund's term.  The fund's type.  The fund's objective.  The capital of the closed-end fund or the minimum capital of the open-end fund.  The value of the investment unit upon establishment.  A clear and accurate statement of the fund's investment policy.  The criteria for diversification of the fund's investments.  The fund's management policy and decision-making methods. The names of the investment manager and the investment trustee, the number and date of their registration with the Commission, their resumes, and the fees, remuneration and commissions which each of them will receive from the fund and the basis of calculating such and due dates thereof.  The fund's profits distribution policy.  The basis for calculating the fund's net assets.  The dates of calculating and announcing the value of the investment unit of the open-end fund provided that such shall be done at least twice a month.  The method of calculating the purchase price and the redemption price of the investment unit of the open-end fund.  The periodical dates and procedures for issuing and redeeming the fund's investment unit.  The nature and periodicity of information to be announced by the fund.  Conditions for the voluntary liquidation of the fund and procedures thereof.