Circular: Material Fact Clarification on June 2014

Jordan Securities Commission

Number: 12/1/155
Date: January 12.2011

Messrs of Public Shareholding Companies,


Referring to the provisions of Article (43/D) of the Securities Law No. 76 for the year 2002 that “every Issuer must make public, & file with the Commission, any material facts upon recognizing such” & referring to the provisions of Article (8) from the Instructions to Issuing Companies Disclosure, Accounting & Auditing Standards for the year 2004 that: “The issuing Company shall notify the Commission, without delay & through any means that ensure the required swiftness, & shall promptly issue public notice of any emerging Material Fact ……”.


We would like to inform you that the Jordan Securities Commission Board of Commissioners by virtue of the provisions of Articles (8) & (12/Q) of the Securities Law No. (76) for the year 2002, decided on January 5th.2010 the following:


A. The intended meaning of the phrase “without delay & through any means that ensure the required swiftness” referred to in the provisions of Article (8) of the Instructions to Disclosure is that the company shall provide the Commission with Material Facts prior to commencing the trading session of the next working day of Material Facts occurrence.


B. The intended meaning of Item (G) of the provisions of Article (8) of the Instructions to Disclosure related to the decisions of the company’s General Assembly, is to brief the Commission on these decisions signed by one of the authorized signatories on behalf of the company & to provide the Commission with minutes accredited by the Companies General Controller within three working days of accreditation.


Therefore, issuing companies are kindly obliged to comply with the aforementioned decision.


Regards,

HE Dr Bassam Saket
Executive Chairman