Latest news with #JordanSecuritiesCommission
Jordan News
06-05-2025
- Business
- Jordan News
Financial Services Companies Association: The Sector is Under Strict Oversight and Trading is a Personal Responsibility
Financial Services Companies Association: The Sector is Under Strict Oversight and Trading is a Personal Responsibility The Financial Services Companies Association has expressed its rejection of what it described as an "intense and misleading media campaign" targeting the financial brokerage sector recently through certain news websites and social media platforms. اضافة اعلان In a press statement issued on May 5, the Association — the professional body representing brokerage firms licensed by the Jordan Securities Commission — stressed that some of the circulated information lacks accuracy, distorts the sector's image, and overlooks the legal and regulatory environment under which these companies operate. The statement pointed out that the financial services sector operates under a comprehensive legal framework, including the Foreign Exchange Trading Regulation Law No. 1 of 2017 and the Securities Law, in addition to the instructions issued by the Jordan Securities Commission. This ensures that companies comply with the highest standards of professionalism and transparency. The Association clarified that brokerage firms do not directly manage clients' funds but instead provide licensed trading platforms that investors use based on their individual decisions. It added that any losses resulting from trading are the responsibility of the investor, which is clearly explained in the agreements signed with the clients. The statement rejected comparisons between current brokerage firms and the fraudulent exchanges that were shut down following the events of 2008–2012, affirming that the nature of operations and regulatory oversight has completely changed, and such comparisons do not reflect the current regulatory reality. The Association called on media outlets to verify information before publishing it and urged regulatory and media entities to fulfill their responsibilities in educating the public, especially amid attempts by some parties to mislead investors or influence their decisions with inaccurate information. It also noted that it reserves its legal right to pursue anyone who spreads false information that harms the reputation of the sector or undermines the work of licensed companies and regulatory bodies.
Zawya
25-03-2025
- Business
- Zawya
Jordan: ASE requests listed companies to file annual financial statements of 2024
AMMAN: Chief Executive Officer of Amman Stock Exchange (ASE) Mazen Wathaifi said that the ASE requests listed companies to submit their audited annual financial statements reports for the period ended December 31, 2024, through the e-disclosure System XBRL, prior to the end of Sunday, April 6. Wathaifi said that the step is in line with the Jordan Securities Commission's decision to extend the legal deadline for submitting the 2024 annual reports until April 6, due to the coincidence of the annual report submission deadline with the Eid Al Fitr holiday, the ASE announced on its website. Accordingly, the ASE will suspend trading in shares of the violating company as of the first working day following the above-mentioned deadline until it provides the ASE with the required reports by virtue of Article (15/B/6) of the Listing Directives. The aim of requiring listed companies to provide the ASE with information and annual reports on timely basis is to enhance the protection of investors, transparency and disclosure in the capital market, and provide investors with the companies' information and results during the fiscal year, ASE said. The ASE circulates these reports on the ASE website under the Circulars and Disclosures/ annual reports window to be reachable for those interested. Also, the ASE will announce through media the violating companies' names that did not submit their audited annual reports within the specified period. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
24-03-2025
- Business
- Jordan Times
ASE requests listed companies to file annual financial statements of 2024
The ASE will announce through media the violating companies' names that did not submit their audited annual reports within the specified period (File photo) AMMAN — Chief Executive Officer of Amman Stock Exchange (ASE) Mazen Wathaifi said that the ASE requests listed companies to submit their audited annual financial statements reports for the period ended December 31, 2024, through the e-disclosure System XBRL, prior to the end of Sunday, April 6. Wathaifi said that the step is in line with the Jordan Securities Commission's decision to extend the legal deadline for submitting the 2024 annual reports until April 6, due to the coincidence of the annual report submission deadline with the Eid Al Fitr holiday, the ASE announced on its website. Accordingly, the ASE will suspend trading in shares of the violating company as of the first working day following the above-mentioned deadline until it provides the ASE with the required reports by virtue of Article (15/B/6) of the Listing Directives. The aim of requiring listed companies to provide the ASE with information and annual reports on timely basis is to enhance the protection of investors, transparency and disclosure in the capital market, and provide investors with the companies' information and results during the fiscal year, ASE said. The ASE circulates these reports on the ASE website under the Circulars and Disclosures/ annual reports window to be reachable for those interested. Also, the ASE will announce through media the violating companies' names that did not submit their audited annual reports within the specified period.
Jordan Times
27-01-2025
- Business
- Jordan Times
Regulating virtual, digital assets strategic choice for state — JSC
Chairman of the Board of Commissioners of the Jordan Securities Commission Adel Benno says on Sunday that the Cabinet's decision on regulating virtual and digital assets is a strategic choice for the state, and is in line with the objectives of the National Council for Future Technology (AFP file photo) AMMAN — Chairman of the Board of Commissioners of the Jordan Securities Commission (JSC) Adel Bino on Sunday said that the Cabinet's decision on regulating virtual and digital assets is a strategic choice for the state, and is in line with the objectives of the National Council for Future Technology. During an interview on the "Sunday Economic" TV programme, he said that the JSC is mandated to develop a regulatory legislative framework in order to build a safe legislative environment for dealers in this sector. The decision came to "cryptocurrencies" and the goal at this stage is to regulate dealing with virtual currencies such as "Bitcoin and Ethereum", which are the largest tradings in the world, according to Bino. He added: "What applies to traditional securities applies to digital assets," as Al-Mamlaka TV reported. Bino stressed that trading in virtual currencies today in Jordan is prohibited through bank accounts, and through financial services companies licensed by the JSC, stressing that the ban is from the Central Bank of Jordan. He pointed out that trading in digital assets at this stage will be for investment purposes, stressing that companies that trade in virtual assets will apply transparency and disclosure requirements. He stressed that the tax rates and methods of application are left to the decision of the Income and Sales Tax Department, since they are considered as part of the income. Bino noted that the use of virtual assets as a method of payment has not worked even in the developed countries. He pointed out that each country adapts its regulatory framework to stop the risks it is trying to avoid, stressing that the legislative framework that will be worked on will be "broad" to achieve investor protection, and stressed that accounts in virtual assets will be subject to money laundering instructions. Bino said that a large number of platforms in the region were founded by young Jordanian entrepreneurs.
Ammon
26-01-2025
- Business
- Ammon
Cabinet approves framework for virtual asset regulation to boost digital economy
Ammon News - The Cabinet, chaired by Prime Minister Jafar Hassan, approved the establishment of a comprehensive regulatory framework for virtual and digital assets within one year. The initiative aims to align with global standards and foster a robust digital economy in Jordan. This decision follows directives from His Majesty King Abdullah II, supported by His Royal Highness Crown Prince Al Hussein bin Abdullah II, to advance the tasks of the National Council for Future Technology. It reflects Jordan's commitment to modernizing its financial technology sector and empowering innovative Jordanian youth to excel in the digital economy. The Jordan Securities Commission has been tasked with defining the requirements for entities engaging in virtual assets and developing the legal and technical infrastructure to license and regulate global trading platforms. A preliminary study conducted by the commission highlighted the need for a regulatory framework aligned with international standards, focusing on combating financial crimes and ensuring governance. A ministerial committee, chaired by the Minister of Digital Economy and Entrepreneurship and including key officials from the Central Bank of Jordan, the Jordan Securities Commission, the National Cybersecurity Center, and other entities, has been assigned to address challenges and oversee the regulatory process. The committee's mandate includes formulating a governance framework that fosters innovation while safeguarding investor interests. The envisioned framework aligns with the Economic Modernization Vision, prioritizing a conducive environment for advanced technologies and innovation in the financial technology sector. By regulating virtual and digital assets, Jordan seeks to enhance its competitiveness in regional and global markets, attract investments, and create opportunities for local entrepreneurs. The initiative also aims to mitigate risks such as money laundering and cyber threats, ensuring compliance with Financial Action Task Force (FATF) recommendations. Furthermore, the framework will encourage the development of innovative solutions by startups, bolstering the Kingdom's position as a regional leader in financial technology. Jordan joins global leaders such as the United Arab Emirates, Bahrain, Turkey, the United States, and Japan in adopting regulatory measures for virtual assets. This step underscores the Kingdom's vision of integrating into the global digital economy while achieving sustainable growth and advancing its FinTech capabilities. Petra
