Jordan Times
Monday, April 5, 2004
Jordan Securities Commission draws on US' SEC expertise
AMMAN (JT) — Bolstering its role as a regional
leader in financial market reform, the Jordan Securities Commission (JSC) is
drawing on the expertise of the United States Securities and Exchange Commission
(SEC) to further enhance its investor education and international relations
activities.
With support from the USAID-funded AMIR programme, Geraldine Walsh, deputy
director of the SEC Office of Investor Education and Assistance is in Amman for
the first of a series of visits to the Kingdom to share her institutions'
extensive experience and assist the JSC in developing a coordinated approach to
increase awareness, confidence, knowledge and investment in Jordan's capital
market locally, regionally and internationally.
"Drawing on the expertise of the SEC will be invaluable to the creation of
first-rate investor outreach programme and investment promotion campaigns that
will contribute to the ultimate success of Jordan's capital markets, securities
commission and other financial services institutions," said Bassam Saket,
executive chairman of the JSC.
Walsh has provided assistance to the securities regulatory commissions in
Malaysia, China and Hong Kong.
JSC will institute programmes designed to educate Jordan's investors and
potential investors, answer investor questions and resolve customer complaints.
These new outreach programmes will be conducted in close collaboration with the
Amman Stock Exchange (ASE) and the Securities Depository Centre (SDC) to project
a unified fair, efficient, transparent and modern capital market that enhances
domestic and foreign investment in Jordan.
"We are committed to working closely with the SEC and JSC to create a broad
well-educated investor base in Jordan which will ultimately enhance the Amman
Stock Exchange and contribute to the aggressive economic growth goals of the
country," remarked Jalil Tarif, executive manager of the Amman Stock Exchange.
SEC is the world's renowned leader in securities regulation and oversight. With
more than 70 years of experience enforcing the United States' securities laws
and regulations, the organisation is uniquely qualified to provide assistance to
the JSC in the development in investor education and investment promotion
programmes.
During the past few years, the JSC has undertaken a number of technical,
strategic and administrative initiatives designed to raise the professional
standards of Jordan's finance industry, improve the integrity of its markets and
be a major economic force in investment and employment generation.
These initiatives include adopting a new Securities Law, hosting the 2002 and
2003 SEC Regional Capital Markets Training Programme attended by more than 100
financial executives from across the Middle East region, working with the
US-based National Association of Securities Dealers (NASD) to develop an
investment adviser certification and training programme, and establishing a wide
area network (WAN) linking the JSC, Amman Stock Exchange and the Securities
Depository Centre with brokers, custodians, and all listed companies to ensure
shorter settlement periods and a more efficient market for all investors.
In recognition of Jordan's success in modernising its capital market structure,
the JSC was selected to host the International Organisation of Securities
Commissions annual meeting in May 2004. Four-hundred securities commission
officials, regulators and financial market executives from more than 100
countries will gather in Amman for the four-day conference to discuss recent
trends and developments in the world's securities industry.
The JSC was established as an autonomous public institution in 1997 to develop,
regulate and monitor Jordan's securities market and capital market institutions
and provide a sound and transparent market to protect securities holders,
investors and the public from fraud and deceptive practices.
The JSC regulates, monitors and supervises the business operations of the Amman
Stock Exchange, the Securities Depository Centre financial services companies,
public shareholding companies, investment funds and certified financial
professionals.