In a bid to tighten up broker-client relations and improve services, the Securities Depository Center (SDC) on Thursday released instructions for registering securities and settling transactions.
“The regulations are aimed at safeguarding the interests of investors through transparency and clarity,” SDC executive director, Samir Jaradat, said of the regulations, which were approved by the Jordan Securities Commission.
“They are also aimed at developing the use of technology and upgrading the standard of services provided to investors,” Jaradat said in a press conference, adding that the new regulations would take effect as of July 15.
The regulations stipulate that each investor and dealer will be given a number to easily implement transactions.
The new rules also aim at making it easier to register stock ownership after deals and contracts are concluded.
Moreover, the regulations make it mandatory for brokers to maintain files with all the vital information about each investor, which can be easily put in place through the SDC's electronic system.
The regulations also require that each shareholding company listed on the stock market submit certain necessary information about their profits for each quarter and half year, as well as their annual results and details about board members.
The regulations come a month after the completion of the organization's electronic transaction system, which was introduced to replace a manual system. — (Jordan Times)
By Tareq Ayyoub
© 2000 Mena Report (www.menareport.com)
