Circular to Financial Brokerage Companies to Comply with Instructions to Segregate Financial Broker’s Moneys from his Client’s Moneys.

The Jordan Securities Commission JSC stressed in a circular issued to Financial Brokerage Companies to comply with the Instructions to Segregate Financial Broker’s Moneys from his Client’s Moneys enforced on March 4.2014 and to file with the Commission the following:

1. A monthly report conforming between creditor client bank account balance and client money bank account balance, at maximum on the fifth working day at the start of each month. The report shall be signed by the General Manager and the Compliance Officer as is stipulated in the provisions of Article (4) of the Instructions to Segregate Financial Broker’s Moneys from his Client’s Moneys:

A. “The Financial Broker shall conduct a daily review - at the end of each working day - to calculate client bank account balance.

B. The Financial Broker shall conform periodically the total client bank account balance and client money bank account balance in the records of the Financial Broker. He shall provide the Commission with a monthly report signed by the General Manager and the Compliance Officer clarifying the conformity result”.

2. Banks accounts data including granted authorities as is stipulated in the provisions of Article (5) of the Instructions to Segregate Financial Broker’s Moneys from his Client’s Moneys:

“The Financial Broker shall file with the Commission or who it authorizes the following:

1. Names of authorized signatories to withdraw from the bank account balance of the Financial Broker moneys and of the client moneys. The authorities of each one and any occurring amendments immediately.

2. All information of accounts opened at banks and any amendments on them, including numbers and types of accounts and names of banks of each account to client’s moneys and Financial Broker’s moneys”.