n Comparative and International Law Journal of Southern Africa - A practitioner's guide to the Jordanian securities law
|Article Title||A practitioner's guide to the Jordanian securities law|
|© Publisher:||Institute of Foreign and Comparative Law|
|Journal||Comparative and International Law Journal of Southern Africa|
|Author||Bashar H. Malkawi|
|Publication Date||Mar 2009|
|Pages||36 - 72|
The article examines the securities law of Jordan and explores the key issues in depth. As the Jordanian capital market becomes increasingly complex with the introduction of sophisticated financial instruments, the regulator risks being marginalised unless it adapts to these changes. There is still much to be done in order to create an appropriate regulatory scheme. For instance, the powers of the JSC in the enforcement area are less specific. The JSC should include an enforcement division responsible for market surveillance. While the law defined the materiality concept, it is still vague. Jordan needs to define specifically, rather than in general terms, manipulative and fraudulent practices. The Jordanian Securities Law should provide details as to the elements of insider trading violation and market manipulations. The present regulatory regime in Jordan needs further re-structuring. The process may take some time, but the legislations reviewed in this article demonstrate that Jordan took the first step in the right direction.
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