A panel discussion for "A Roadmap for Developing the National Capital Market"

Deputizing for the Prime Minister, Dr. Hani Al-Mulki, the Governor of the Central Bank of Jordan, Dr. Ziad Fariz, opened this morning at the headquarters of JSC, the dialogue symposium organized by the Commission under the patronage of the Prime Minister in cooperation with the European Bank for Reconstruction and Development under the slogan "a roadmap for developing the national capital market". In the presence of a number of ministers, members of the House of Representatives and notables, a number of officials, in addition to representatives of the European Commission, the European Bank for Reconstruction and Development, financial services companies, and a number of government and private sector institutions related to the securities investment sector.
In his speech delivered on his behalf by the Governor of the Central Bank, Dr. Ziad Fariz, the Prime Minister expressed his thanks and appreciation for the initiative of the Securities Commission to develop a work program to develop the capital market, that is in line with the government's endeavors to confront and address all challenges that hinder the financial market as it is a mirror that reflects the economic situation. And its connection to the developments in the national economy and the large role of the market in economic activity.
He pointed to the market's need to increase its depth by diversifying its tools and not limiting its role to dealing in shares, which calls for the need to provide the possibility of dealing with other tools, and this requires great efforts by other institutions and amendments in laws and regulations, in addition to the importance of dealing with Islamic financing instruments, which have now become A reality on the map of trading in the financial market.
On the other hand, the Chairman of JSC, Mohamed Saleh Al-Hourani, confirmed that the structural reform plans that were conducted for the financial market had begun in 1997 when the legislative and supervisory responsibility for regulating the Amman stock market was entrusted to Securities Commission. Al-Hourani added that the current operational framework efficiently covers the entire life cycle of securities, including issuance, subscription, registration, listing, trading, safe custody and ownership transfer settlements. Perhaps most importantly, all of this should be done within a safe, fair and transparent environment and at the same time electronically to ensure accuracy, security and speed. As for the regulatory and legislative framework applied to protect and encourage investment in securities, it is carried out in accordance with the best international standards issued by international institutions, such as: the principles of the International Organization of Securities Commissions, International Standards Preparing Financial Reports preparing,  International Standards of Auditing, Standards for combating money laundering, and Standards adopted in the European Union countries at governance Corporate.
Al-Hourani explained that, at the request of the authority, the applicable regulatory and legislative framework was subjected to an evaluation by experts of the World Bank and the International Monetary Fund within what is known as the Financial Sector Assessment Program (FSAP), and more than once, and the results of the evaluation reached the adequacy of the approved regulatory and legislative environment. And since development is a continuous process that does not stop at any end and in light of the challenges that require additional efforts from us, today, with the support of the Prime Minister, and in an effort by the Authority to improve the performance of not only the stock market, but also the performance of the capital market, which is jointly developed with the Commission, all relevant public sector institutions The relationship is represented by the Central Bank, banks, the Insurance Authority, the Ministry of Finance, the Ministry of Industry and Trade and other parties. We celebrate, in cooperation with the European Bank for Reconstruction and Development, the launch of this roadmap for the development of the capital market in Jordan.
The chairman revealed that the most important feature of the roadmap is that for the first time it presents comprehensive recommendations that cover all parts of the national capital market and cover all relevant national institutions. It also gave appropriate descriptions for each recommendation in terms of clarifying the impact of the recommendation in the short and medium term and its priority in implementation and determining the time you need for implementation, and in terms of its identification, the national party, which is responsible for following up on the implementation and implementation of the recommendation.