Receiving Brokers on May 29.2013

Within Jordan Securities Commission’s (JSC’s) continuous cooperation & consultation with Financial Services Companies (FSCs) in issues relevant to the capital market, the Commission held a meeting in its headquarter with these companies representatives, to discuss the Instructions to Trading of Members of the Boards of Directors or Boards of Executives of Financial Brokerage Companies (FBCs).

Chairman of the (JSC) HE Mr Mohammed Saleh Hourani, stated that the aim of the meeting is to further review these Instructions, explain its articles & respond to companies inquiries, as well as, to clarify in detail the implementation procedures & how to avoid any ambiguities.

These Instructions include specifications & standards to regulate the dealings of Members of the Boards of Directors of Financial Services Companies, their employees & persons concerned in securities, to avoid any wrongdoings or violations that may negatively affect the financial status of (FBCs) & dealers in securities in these companies.

Mr Hourani indicated that the (JSC) is preparing Instructions to Deal with non Operating Accounts Receivables & Accruals to FBCs on their Dealers & is preparing Procedures to Deal with Account Receivables including how to calculate allowances for doubtful accounts & divide these over several years to assist (FBCs) to reorganize their financial status to cope with the requirements of the Instructions to Capital Adequacy issued by the Commission.

These Instructions will be discussed with (FSCs) & their opinions & suggestions will be taken into account prior to finalizing these Instructions.