Regulatory Alerts2015-08-13
Added · Updated
Special Purpose Company Regulation No. 44 of 2014
The Jordan Securities Commission establishes requirements for special purpose companies, mandating their classification as private shareholding companies with a head office within the Kingdom. The regulation imposes obligations on these entities to maintain specific records, disclose changes in contact details and management within one month, and display 'special purpose' on all publications. It requires asset transfers for Islamic finance Sukuk to be restricted from disposal unless approved by the Board for specific events such as rejection of the prospectus or final redemption. Furthermore, the regulation sets eligibility criteria for directors, mandates semi-annual audited reports, and authorizes the Controller to dissolve the board of directors and form an interim administration committee in cases of financial difficulty, abuse of power, or failure to perform legal duties.
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