| Article (64) |
A- |
1. |
A Trading Market in Securities shall be licensed as a Financial Market in accordance with the provisions of this Law and the instructions issued by the Board in this regard. |
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2. |
An application to license a Trading Market in Securities shall be filed with the Commission, enclosed therewith its by-laws and instructions governing its activities and such other information and documents as the Board may deem necessary or appropriate for the protection of investors or in favor of the public interest. |
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B- |
A Trading Market in Securities shall not be licensed as a Financial Market unless the Board determines that such a Trading Financial Market is organized and has the capacity to enforce compliance by its members and persons associated with its members with the provisions of this Law and the regulations, instructions and decisions issued pursuant thereto, and with its own by-laws and instructions |
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C- |
The by-laws and instructions of a Trading Market in Securities shall provide for the following: |
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1. |
Charging its members, Issuers and other persons using its facilities any fees and charges to the Financial Market in a fair and reasonable manner. |
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2. |
Ensuring fairness, efficiency and transparency and preventing fraud, Deception and Prohibited Acts, fostering cooperation and coordination with entities working in the capital market and protecting investors. |
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Establishing fair principles for clients, Issuers, Financial Brokers or Dealers. |
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4. |
Imposing disciplinary sanctions upon its members and persons associated therewith for violation of the provisions of the by-laws and instructions of the Financial Market in Securities. |
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5. |
Applying equitable and fair trading procedures in the Financial Market. |
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6. |
Eliminating any unjustified or inadequate restraints on competition. |
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Establishing standards of training, experience and administrative competence for its members and persons employed by such members, and disciplinary measures against those who do not satisfy such. |
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D- |
Neither the chief executive officer nor the deputy chief executive officer of the Financial Market may be a member of the Board of Directors or of the board of executives of a Licensed Person, or a director, manager, employee or representative of a Licensed Person during their term in office. |
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E- |
The chief executive officer of the Financial Market shall be appointed by a decision of the Board of Directors of the Financial Market, subject to Board approval. The person so appointed shall not hold any other job nor be a partner, shareholder or representative of any Licensed Person. |
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| Article (65) |
A- |
The Financial Market pursuant to its issued instructions may conduct audit, investigation and inspection of its members and securities Issuers listed on the Financial Market, to ensure that they are not violating the issued by-laws and instructions conducted in a manner that would safeguard the rights of all parties |
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B- |
The information to which the Financial Market management, employees or advisors have access shall be deemed confidential, and may not be disclosed without Board approval. |
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C- |
The Financial Market may, upon justified causes, pursuant to cases provided for in its issued by-laws and instructions suspend trading in certain securities or cease the business activity of any of its members, for the period it deems appropriate, provided that the Financial Market shall promptly notify the Commission of this. |
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D- |
If the Financial Market determines that a member is in such financial or administrative difficulties and continuing its operations may jeopardize the interests of investors, creditors, other members, or the Financial Market, the Financial Market shall promptly notify the Commission of this. The Commission may also, after notice to the Financial Market, immediately suspend, limit or prohibit the member’s access to its services. |
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| Article (66) |
A- |
A Financial Broker or Dealer shall not trade in securities of a Public Issuer except through a Financial Market, unless such a security is exempt from this condition by the Board. |
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B- |
Trading on the Financial Market shall be carried out only through trading contracts between Brokers, either on behalf of clients or for their own account. The contracts shall be recorded in the Financial Market registers in accordance with the Financial Market by-laws and instructions, which shall be binding upon all trading parties. |
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C- |
The entry records of the Financial Market registers and accounts, whether written or electronic, as well as any document issued by the Financial Market pursuant thereto, shall constitute prima facie legal evidence of the trade and date stated therein unless proven otherwise. |
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| Article (67) |
The Financial Market shall specify in its issued by-laws and instructions the requirements and conditions for membership, including entering into binding agreements between the Financial Market and the Broker pursuant to which the respective rights and obligations between them are established. |
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| Article (68) |
A- |
Members of the Financial Market, Issuers of listed securities and persons using its facilities shall comply with the by-laws and instructions issued by the Financial Market. |
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B- |
A member shall sign a written commitment upon its acceptance as a member of the Financial Market pursuant to which he agrees to comply with the Financial Market’s by-laws and instructions. |
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| Article (69) |
A- |
Only securities deposited with the Center may be traded in the Financial Market, except where otherwise provided by the Board. |
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B- |
Every public shareholding company established in the Kingdom, and every Public Issuer in the Kingdom, is required to apply for listing of its outstanding securities for trading on the Financial Market. |
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C- |
No Jordanian Issuer shall list its securities on a Financial Market or trading market in securities outside the Kingdom without the Board’s prior approval. |
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D- |
The Financial Market shall specify in its by-laws and instructions the different sets of standards and conditions for securities to be admitted to trading or listing. The Financial Market may provide for a distinction between listed securities and those admitted to trading. All securities of an Issuer of the same class and type shall be admitted to trading on the same basis. |
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E- |
The by-laws and instructions of the Financial Market pertaining to the admission of securities to trading or listing shall provide that the Issuer is required to enter into agreements with both the Financial Market and the Center pursuant to which the respective rights and obligations of the Issuer and the Financial Market shall be regulated. |
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F- |
The Financial Market that wishes to list its issued securities as selflisting, shall seek the Board’s approval and comply with the conditions and requirements specified by the Board for this purpose. |
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| Article (70) |
A- |
The by-laws and instructions of the Financial Market relevant to dealing in securities and any amendments thereto shall be submitted to the Board for approval prior to their being made effective and the Board may introduce any amendments thereto. |
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B- |
The Board may request the Financial Market’s Board of Directors to introduce amendments to its by-laws and instructions relevant to dealing in securities, as it deems necessary in the public interest and for the protection of investors, and within the period specified in the request. At the end of the specified period, the Board may introduce the amendments which it deems appropriate. The amendments shall be effective as of the date set by the Board. |
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C- |
No amendment shall be introduced on the Financial Market’s Memorandum of Association or its Articles of Association relevant to dealing in securities unless is approved by the Board. |
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| Article (71) |
A- |
The Financial Market shall charge the commissions, fees and any charges provided for in its by-laws and instructions issued for this purpose. |
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B- |
The Financial Market may impose fines in accordance with provisions of its by-laws and instructions. |
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C- |
Fines imposed in accordance with the provisions of Paragraph (B) of this Article shall devolve to the Financial Market. |
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D- |
Default in the payment of dues and fees by any member or Issuer of listed securities, shall be deemed a violation of the Financial Market by-laws and instructions. The Financial Market in this case may impose penalties on any of them including fines. |
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| Article (72) |
The Board may suspend the activities of the Financial Market for a period of no more than one week, or for a longer period subject to the Prime Minister’s approval. |
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| Article (73) |
A- |
The decisions issued by the Financial Market relevant to dealing in securities appealable to the Board within fifteen days from the next day of the receipt of the notification of the Financial Market decision and the Board must decide on the appeal within fifteen days from the appeal filing date. |
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B- |
The decision issued by the Board of the appeal shall have the right to appeal before the Administrative Court within thirty days from the date of receiving the Board decision. |
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