Chairman of Jordan Securities Commission Receives Chief Executive Officer of the European Bank for Reconstruction and Development

Chairman of Jordan Securities Commission (JSC) HE Mr Mohammed Saleh Hourani, members of the Board of Commissioners and the Chief Executive Officers of the Amman Stock Exchange (ASE) and the Securities Depository Center (SDC) convened with Mrs Clair Dansro the Chief Executive Officer representing Jordan, Tunis, Morocco and Canada in the Board of Directors of the European Bank for Reconstruction and Development (EBRD).

The meeting dealt with main areas such as, future cooperation between the national capital market institutions and the EBRD and how to benefit from the EBRD experiences and the European practices to develop the national capital market and to regulate legislations according to best international practices and standards. As well as, to improve the training, the professional qualification and efficiency of the national capital market institutions staff.

HE Mr Hourani said this meeting represents our efforts to have cooperation ties with involved international parties to receive specialized technical assistance to develop and to enhance the national capital market, its legislations and its regulations according to best international practices and standards as well as its efficiency, transparency and to protect investors.

Moreover, the meeting reviewed the efforts of the past two years by the Commission and the EBRD to prepare a cooperation framework of a series of meetings and workshops that the Commission and capital market institutions are effective partners, including as well as representatives from the private sector: Financial Services Companies, banks, investors and public shareholding companies, to have a clear vision on developing the Jordan Securities Market and the national economy. These gatherings and meetings aim to prepare a Draft Report indicating the situation in the national capital market and the challenges and obstacles facing it, methods to deal with them and suggested solutions. They also resulted in setting a framework for an initial Work Plan including several areas of reform and development in the market.

The meeting stressed on the importance of technical assistance the Bank may provide to the Commission and to capital market institutions in key areas they wish to be included in the Bank assistance such as developing legislations and electronic systems operating in capital market institutions among which the systems of Surveillance on Trading, Licensing, Disclosure and those of the ASE and the SDC. The Commission wishes also from the Bank to provide its experience and advice to regulate the dealing in Islamic Sukuk, Corporate Governance, to develop mechanisms for risk management, to transfer the ASE to a public shareholding company, to possibly develop a special market for small and medium enterprises and to train the staff of capital market institutions.

In her turn Mrs Dansro said the European Bank welcomes all forms of cooperation with the Jordan capital market institutions and she will discuss with concerned people in the Bank the best ways to provide technical experience and assistance to develop the Jordan Securities Market and to implement the Development Plan prepared by these institutions in cooperation with the European Bank.