Board's Decision 29/9/2011

1. Registration of the 3rd issuance of Housing & Urban Development Corporation bonds at a maturity date on August 18.2013, at a value of JD (25) million & addressing the Securities Depository Center (SDC) to register them.
2. Registration of the 9th issuance of National Electricity Company bonds, at a maturity date on August 24.2014, at a value of JD (100) million & addressing the Securities Depository Center (SDC) to register them.
3. Registration of the 17th issuance of Jordanian Treasury bills for the year 2011 at a maturity date on March 7.2012, at a value of JD (75) million & addressing the Securities Depository Center (SDC) to register them.
4. Registration of the 52th issuance of Water Authority bonds, at a maturity date on August 28.2014, at a value of JD (50) million & addressing the Securities Depository Center (SDC) to register them.
5. Registration of the 29th issuance of Jordanian Treasury bonds for the year 2011 at a maturity date on September 13.2014, at a value of JD (75) million & addressing the Securities Depository Center (SDC) to register them.
6. Registration of capital increase in shares of Siniora Food Industries Company of (3.100.417) million shares by capitalizing JD (2.437.679) million from voluntary reserves & capitalizing JD  (662.738) thousand from returned earnings. Distribute this increase to shareholders; each shareholder according to his contribution in the capital, in condition that dealing in these shares shall be prohibited until the prohibition period is over. Fees must be settled as deemed proper.
7. Grant Asia Stock Brokerage Company a license to conduct the activities of Margin Finance. The Company must not conduct any business prior to providing the (JSC) with its organizational procedures & amending its accounting systems relevant to the Instructions of Margin Finance & take (JSC) approval on these procedures.
8. By virtue of the provisions of Articles (8, 12, 19, 21/B) of the Securities Law Arab Falcon Trading Securities Company will undertake the following:
First: Pursue suspending of businesses/activities until further notice.
Second: Reject the Company request to approve what is stated in its Letter number 111/52/2011 on July 21.2011. Ensure the Company submission of an additional JD (500.000) bank guarantee for the (JSC).
Third: Emphasize on the Company to comply with what is stated in the Board of Commissioners decision on July 28.2010 including the following:
•Open a separate bank account to deposit funds of clients. The account is merely used to settle clients account payables. Its total balance must not be in anytime less than total account payables. A proof of this must be submitted to the (JSC).
•Liquidate account payables of clients on a first time bases. A proof of this must be submitted to the (JSC).
•Create allocation for doubtful debts collected to cope with account receivables uncovered by securities & take allocation for raised issues on the Company.
•(JSC) does not mind if the Company accepts additional guarantees for account receivables to preserve its rights, if this is not a substitute to correct the required allocation for bad debts or to continuously oblige the Company with the agreed upon capital adequacy ratios.
Fourth: Impose monetary fines on the Company as follows, in condition that fines are settled within two weeks of the date of notifying the Company with this decision & register violations in the Company professional record:
•JD (2500) for violating the provisions of Article (107/A) of the Securities Law.
•JD (3000) for violating the provisions of Article (56/B) of the Securities Law.
•JD (1000) for violating the Board of Commissioners decision of May 4.2010.
•JD (1000) for violating the provisions of Article (77) of the Instructions of Financial Services Licensing & Registration for the Year 2005.
Fifth: Notify the Company of violating the provisions of Articles (5 & 6) of the Instructions of Financial Services Licensing & Registration for the year 2005.
9. The Board of Commissioners decided to impose a monetary fine of JD (1500) on Mr. Marwan Al-Dawod for violating the provisions of Article (64/A) of the Instructions of Financial Services Licensing & Registration for the year 2005, in condition that fines are settled within two weeks of the date of notifying the Company with this decision & register the violation in the Company professional record.
10. By virtue of the provisions of Article (21/B) of the Securities Law, the Board of Commissioners decided the following for the International Financial Center Company:
Firstly: Impose monetary fines on the Company as follows, in condition that fines are settled within two weeks of the date of notifying the Company with this decision & register violations in the Company professional record:
• JD (5000) for issuing a manual check for a client, violating the (JSC) circular number 3/1/3864 on October 12.2005.
• JD (1000) for violating the provisions of Article (54/B) of the Instructions of Financial Services Licensing & Registration for the year 2005 relevant for not certifying the validity of clients signatures in Palestine upon verifying their identities.
• JD (1000) for violating the provisions of Article (16) of the Instructions of Financial Services Licensing & Registration for the year 2005 relevant to not obtaining written or over the phone authorizations from clients themselves in Palestine & the provisions of Article (6/A) of the Trading Directives relevant to keeping all clients authorizations in Palestine.
Secondly: Emphasize on the Company to comply with the following:
• Not to make any new marketing agreements or renew existing ones. Currently cease effective marketing agreements on conclusion date or during a period of time not exceeding six months, whichever is less.
• Create allocation for doubtful debts collected to cope with account receivables uncovered by securities, taking into account the following:
By virtue of the effective legislations & international standards, it is the Company administration responsibility to prepare financial statements. It is the Company account auditor responsibility to certify the integrity of its financial status, its business results & its adherence with the effective international standards & legislations..
By virtue of the requirements of international standards & the effective (JSC) instructions concerning this, the Company shall correct allocation for bad debts.
Thirdly: Request the Company to correct the status of Palestine clients to cope with effective legislations during one month from the notification date.