The Jordan Securities Commission confirms its previous warnings regarding the risks of dealing with companies that are not licensed to deal in foreign exchange

The Jordan Securities Commission renewed its warnings against dealing with unlicensed companies claiming to operate in the field of global stock exchange and deluding citizens of the possibility of obtaining guaranteed profits.
This stems from the JSC's keenness to protect investors as a preventive measure that protects them from falling victim to any illegal practices, and to activate the Law No. 1 of 2017, which limited the practice of dealing in foreign exchanges or mediating activities for the benefit of others to financial services companies and Banks licensed by the JSC, in addition to raising awareness of the provisions of the instructions issued by them and the provisions of the law that stipulates penalties for those who engage in dealing in foreign stock exchanges or mediate in them for the benefit of others without a license represented by imprisonment and a fine of up to one hundred thousand dinars.
The JSC once again calls on all citizens to be careful and take precautions when investing in these markets or from falling victim to illusions from unlicensed people. The JSC expresses its readiness and welcomes to receive auditors to inquire about any information about these companies or persons. It is possible to view the list of companies licensed to deal in foreign stock exchanges by visiting the website www.jsc.gov.jo and from there to the services page and from there to the licensing and a list of (authorized to deal) appears. on foreign stock exchanges).
In order to protect the investor from fraud, the JSC had issued instructions to regulate and control dealings in foreign exchanges in light of the issuance of the law regulating dealings in foreign exchanges for the year 2017, whereby the instructions were determined the conditions that must be met by companies and individuals who wish to provide financial services related to dealing in foreign exchanges, It also specified the duties of the licensed company towards its clients, and what should be included in the agreement between the company and its clients. The JSC also obligated companies to provide their clients with a brochure when signing the agreement, which includes informing the investor of the nature of investment in foreign stock exchanges, its risks, and the need to ensure that ownership is registered.
The JSC has also notified the competent authorities such as the Ministry of Interior, the Ministry of Tourism and Antiquities, and the Audio-Visual Media JSC, of the necessity to address the authorities subject to its control, such as hotels, public places, websites, production and advertising establishments, etc., to cooperate with the JSC, not to allow entities not licensed by the JSC to hold contracts. Promotional events and advertisements, their production, broadcast, distribution and presentation on dealing in foreign stock exchanges, and limiting this to companies licensed by the JSC only. A list of licensed companies is constantly updated on the JSC's website and its social media pages.