Jordan Securities Commission Registers New Securities 05/05/2011

On May 5.2011 Jordan Securities Commission (JSC) represented by its Board of Commissioners & chaired by Dr. Bassam Saket, decided to approve new securities registration. Provisions of Article (5) of the Securities Law No. 76 for the year 2002 stipulate that: ‘Every Issuer in the Kingdom shall submit to the Commission an application for registering securities therewith in accordance with the Instructions issued by the Board’. By virtue of this Article every issuer of securities is obliged to submit to the (JSC) an application to register these securities & to have (JSC) prior approval.
The Board of Commissioners approved the following:
1. Registration of the 10th issuance of Jordanian Treasury bills for the year 2011 at a maturity date on September 29.2011, at a value of JD (43) million & addressing the Securities Depository Center (SDC) to register them.
2. Registration of the 11th issuance of Jordanian Treasury bills for the year 2011 at a maturity date on March 31.2012, at a value of JD (37) million & addressing the Securities Depository Center (SDC) to register them.
3. Registration of the 12th issuance of Jordanian Treasury bills for the year 2011 at a maturity date on October 5.2011, at a value of JD (67.5) million & addressing the Securities Depository Center (SDC) to register them.
4. Registration of the 13th issuance of Jordanian Treasury bills for the year 2011 at a maturity date on April 18.2012, at a value of JD (56) million & addressing the Securities Depository Center (SDC) to register them.
5. Registration of the 14th issuance of Jordanian Treasury bonds for the year 2011 at a maturity date on March 27.2014, at a value of JD (21) million & addressing the Securities Depository Center (SDC) to register them.
6. Registration of the 15th issuance of Jordanian Treasury bonds for the year 2011 at a maturity date on April 12.2013, at a value of JD (75) million & addressing the Securities Depository Center (SDC) to register them.
7. Approve registration of capital increase in shares of Jordan Duty Free Shops Company of (2.5) million shares by capitalizing JD (2.5) million of retained earnings on December 31st .2010. Distribute these shares as free shares to shareholders; each shareholder according to his contribution in the capital, in condition that fees are settled as deemed proper.
8. Approve registration of capital increase in shares of Arab Orient Insurance Company of (2.5) million shares by capitalizing JD (2.5) million. Distribute these shares as free shares to shareholders; each shareholder according to his contribution in the capital, in condition that fees are settled as deemed proper.
The Board approved to accredit the following new natural persons to undertake financial services businesses by virtue of the provisions of Articles (47) & (48) of the Securities Law No. 76 for the year 2002 & of the Instructions of Financial Services Licensing & Registration for the year 2005. These Instructions oblige these persons to have a license from the (JSC) to undertake such services:
Number Name Type of Accreditation Company
1 Hazem Victor Qipty Investment Management, Investment Trusteeship, Financial Consultations & Issuance Management Jordan Ahli Bank
2 Murad Adel Hijazin Investment Trusteeship Jordan Ahli Bank
3 Hazem Ali Al-Jabaly Financial Brokerage Al Arabi Investment Group
The above stated Instructions stipulate that licensee should pay the (JSC) the required fees. (JSC) also stipulates a number of terms that must be fulfilled by the applicant, to be granted an accreditation for a natural person, mainly the following:
• Be competent, of good reputation & manners.
• Holder of a Bachelor Degree.
• Successfully pass examinations held by the (JSC).
• Participated in courses approved by the (JSC) for acquiring the required registration.