The three-day official study visit of the representatives of the Jordanian Securities Commission to the Financial Supervision Commission was carried out under the TAIEX Instrument (Technical Assistance and Information Exchange Instrument) managed by the Directorate-General Enlargement of the European Commission.
The Jordanian institution was established in 1997 as an autonomous administrative body which oversees the capital market in the Kingdom of Jordan. The mission and goals of the Jordanian Securities Commission as well as those of the Financial Supervision Commission of Bulgaria are the creation and maintenance of an effective, fair and transparent capital market. Its main tasks are the protection of the interests of investors, the protection of the capital market from different types of risks, strengthening the confidence in the market, the improvement of local legislation and the Commission’s activities. The supervised entities of the Jordanian Commission are the Amman Stock Exchange, the Securities Depository, mutual funds and investment firms. In 2008, the Securities Commission of Jordan adopted the multilateral Memorandum of Understanding of IOSCO.
Bearing this in mind, the cooperation between the two institutions has solid foundations and the experience of the FSC as an institution within an EU Member-State is extremely important and useful for the Jordanian experts.
During their visit, the guests got acquainted with the experience of our supervisory authority regarding its practice of separating of accounts, content of contracts with customers, separation of client assets in the event of bankruptcy, bank settlement of accounts and the control exercised by the FSC. The Jordanian experts were informed of the relations with investment intermediaries, as well as with the types of statements that they provide the FSC when they have to perform the separation of accounts. The guests were presented with case studies on the topics discussed. This study visit has enabled not only the representatives of the Jordanian Securities Commission, but also their Bulgarian counterparts, to discuss new perspectives, to identify best practices and to be better prepared for the challenges that arise in the global financial world.
The Bulgarian Financial Supervision Commission has gained considerable experience in European projects which deal with training and strengthening the administrative capacity of countries on the Balkans (Bosnia and Herzegovina, and Montenegro), but had not yet had the opportunity to meet colleagues from the Kingdom of Jordan. Hence, this visit was seen as an opportunity to expand our international contacts in the Middle East.