Media ININ Economy We Trust
Media In /ِAmman
In January 2009, JSC took measures and penalties against 26 entities, violating a total of 13 articles of the Securities Authority Law No. 18 of 2017 and the instructions issued pursuant thereto. The procedures ranged from imposing fines or alerting.
The aim of the violations is to activate the supervisory and regulatory role of the Authority on the transactions and trades in the financial market and the entities subject to its control in order to achieve its strategic objectives of protecting investors in securities and protecting the financial market from the risks it may face. In all fields related to securities, thus enhancing confidence in the national economy and encouraging investment.
Al-Hourani said that the violations were concentrated in 6 different areas related to articles in the law or in the instructions of disclosure or trading or auditors or the financing of margin or licensing and certification of financial services, in the area of violation of the law there was a lack of compliance by some brokerage companies with the rules of professional conduct by acting honestly Loyalty to their customers and not to negatively affect competition by not complying with commission rates and service fees charged, as well as not keeping accounting records in accordance with the accepted accounting standards.
In the area of auditors’ instructions issued by the Commission, Hourani said that three companies have violated the instructions by appointing auditors who are not bound by the register of qualified auditors from the Authority.
In the area of disclosure instructions, 8 parties have violated the instructions by failing to provide the Authority or providing them with the Authority after the end of the period specified by the legislation, when information is available about the formation of a new Board of Directors of the Company or the resignation of any member of the Board of Directors, Appointing new members of the Board or nominating new representatives to the Board of Directors for the legal person or the centers and qualifications of senior management with executive authority upon appointment, resignation or vacancy of any of them.
In the field of securities trading instructions, he stressed that brokerage companies have violated the instructions by not obtaining a written or telephone authorization from their customers that allows them to dispose of the securities on their behalf.
In the area of margin financing instructions between Al Hourani, two parties have violated the instructions because the customer did not deposit the initial margin in his customer’s account either in cash or in the form of securities that are allowed to be financed on the margin or the margin of margin in margin accounts decreased from the minimum allowed.
Finally, in the field of licensing and certification instructions for financial services, 8 brokerage services companies violated the instructions and did not comply with their obligations by regulating the relationship between them and their client under a written agreement, or failing to authenticate the signatures of the customers and verify their identity or the failure to hold records and accounting books The Board of Directors, the Board of Directors or the Executive Director shall take all necessary steps to comply with the Securities Law and the regulations, instructions and decisions issued pursuant to it through internal control. And the development of internal regulations to ensure administrative and financial control.
