Law Regulating Dealings in Foreign Stock Markets No. 1 of
The Law Regulating Dealings in Foreign Stock Markets has now
been issued, replacing the temporary law No. 50 of 2008. The law is
comprised of eight Articles, and mainly states the following:
Article 3 of the law stipulates that engaging in the business of
dealing in foreign stock markets and brokering for the account of
others are activities solely reserved to be undertaken by Banks
(the company licensed to practise banking activities pursuant to
the provisions of the Banking Law) and Financial Services Companies
(any legal person engaged in the business of performing services as
a Financial Broker, Dealer, Investment Trustee, Investment Manager,
Financial Adviser, Underwriter, or any combination of these
functions, or any other service specified by the Commission
pursuant to this Law and the regulations, instructions and
decisions issued pursuant thereto)- and that it is prohibited
for any person other than a Bank or Financial Services Company to
undertake, for the account of others or on behalf of another, any
activity directly or indirectly connected to dealing in any foreign
stock market or brokering therein. It further prohibits any person
from promoting or advertising by any means that the person engages
in dealing and brokering for the account of others in a foreign
stock market, whether directly or indirectly.
Article 4 of the law outlines the punishments imposed on any
person who violates the provisions of Article 3 of this law
(namely, imprisonment for a period not less than one year and a
fine of not less than JOD5,000 and not exceeding JOD100,000). It
further states that any contracts and agreements executed by any
person contrary to the provisions of Article 3 of this law shall
not be considered valid, and the violator shall be obliged to
return any monies received from a third party. The Article then
highlights that, without prejudice to the liability of joint
partners, if the violator is a company, then its chairman, and the
members of its board of directors or management committee or
general manager, as the case may be, shall be jointly and severally
liable to return the received monies to third parties.
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