Jordan Securities Commission Holds a Workshop on the Instructions of Disclosure & Preparing Annual Reports on March 6.2013

On Wednesday March 6.2013, Jordan Securities Commission (JSC) held a workshop at it’s headquarter to all (266) Public Shareholding Companies (PSC) listed in the Amman Stock Exchange (ASE) concerning the “Instructions of Disclosure & Preparing Annual Reports to (PSC)”. The aim of this “Workshop” is to spread awareness & the culture of investing in the securities market among all concerned parties. As well as, to stress the importance of disclosure & transparency to all listed companies in the (ASE).

The “Workshop” will emphasize the importance of the Instructions of Disclosure to (PSC) in the capital market & the exchange of ideas & suggestions with these companies’ representatives.

At the beginning of the “Workshop”, the Chairman of the Commission H.E Mr. Mohammed Saleh Hourani greeted the participants & highlighted the essence of this meeting i.e., the importance of companies to disclose & to be transparent & how to increase the trust of investors in the national capital market. Furthermore, H.E Mr. Hourani highlighted the importance of continued coordination & cooperation between the Commission & companies & the exchange of opinions & suggestions.

H.E Mr. Hourani stressed also the Commission’s strong belief to improve all its procedures & mechanisms, to cope with recent international developments to have an effective Electronic Disclosure System that allows all (PSC) subject to the Commission’s monitoring to provide it with disclosed data via Electronic Forms received & promptly disseminated to investors.    

H.E Mr. Hourani elaborated, that the Commission has published several “Draft Projects of Instructions” to the public & concerned parties to observe their opinions & suggestions to be taken into consideration prior to finalizing them. The aim of these “Draft Projects, is to enhance the performance & efficiency of the capital market. These included the following:

1) The “Instructions of Central Risks System”.
2) The “Instructions of Licensing Financial Services Companies”.
3) The “Instruction of Marketing Agreements to Financial Services Companies”.
4) The “Instructions of Trading Members of the Board of Directors of Financial Brokerage Companies & Related Parties”.
5) The “Instructions of Margin Finance”.
6) The “Instructions to Suspend the Licenses of Financial Services Companies upon Request”.

On the other hand, Member of the Board of Commissioners Dr. Ezz Al-Deen Kanakeriah emphasized the importance of having an efficient Disclosure System, so that companies comply with a professional Codes of Good Conduct, Accountability, Disclosure & Transparency. A Disclosure System that enhances the trust in the national economy & the capital market. Dr. Kanakeriah stressed also that, to regulate markets we must protect investors & their rights to enable them to obtain information clearly, swiftly & correctly.   

Attendees of the “Workshop” dealt with proper methods to be used when preparing Annual Reports, major mistakes made in previous years Annual Reports & how to avoid this in the future. Moreover, they dealt with Periodic Data & Reports used as the main reference to any investment decision in the market & preparing these to cope with the Securities Law & the Instructions of Disclosure. The “Workshop” concluded with a general overview of the Instructions of Disclosure & Principles of Preparing Periodic Reports of Companies.  



Photo of: H.E Mr. Mohammed Saleh Hourani during the workshop