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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010SECURITIES AND EXCHANGE BROKERS ASSOCIATION OF IRAN (SEBA)AFFILIATE MEMBERHossein Khezli KharaziGeneral SecretaryThe Securities and Exchange BrokersAssociation was registered in April 2007,and subsequently received its operationlicense from the Securities and ExchangeOrganization.History and DevelopmentThe Securities and Exchange BrokersAssociation was registered in April 2007, andsubsequently received its operation license fromthe Securities and Exchange Organization.SEBA's organizational chart includes generalassembly, association's council, executivecommittee and auditor/inspector.The association is a non-governmental, not forprofit entity, which represents Tehran StockExchange's members.Objectives1. Assisting the development of a fair,competitive and effective marketplace forsecurities trading in Iran.2. Raising SEBA members' credibility amonginvestors.3. Increasing members' technical knowledge.4. Improving services and adjusting members'interrelations.Main Activities1. Proposing regulations, and admitting,suspending, as well as annulling memberships.2. Monitoring members' performances andassessing their activities.3. Evaluating members' businessannouncements, in order to prevent anydefective and fraudulent informationdissemination.4. Ratification of professional and disciplinarycodes and standards for SEBA's members.5. Helping brokers, dealers and market makers'reconcile their disputes.6. Facilitating the development of the constantsystematic and technical training for themembers to increase knowledge and servicequality.7. Performing research studies and publishingmagazines and books on the same topics.8. Holding conferences and training courses forthe members and public.Outlook 20101. Pursuing the bank credits taskforce meetingsto fund the brokerage industry.2. Ongoing monitoring of the brokerage firms'operational risks and designing risk-reductionstrategies.3. Holding at least two virtual courses andmaintaining the common training courses.4. Upholding the professional work groups'studies and activities for brokers rating, issuingcertificates, trade and post-trade solutions,commodities Exchange and export ringdevelopment, absorbing foreign investment, andraising professional ethical codes.5. Boosting SEBA's relations with internationalcapital markets' entities, as well as news andinformation broadcasting agencies.6. Providing a comprehensive insurancepackage for the Iranian brokerage industry.7. Attaching with social responsibilities activitiesand commitments.* Please refer to page 148 for the Iran country report.CONTACT INFORMATIONContact Name Mr. Amir Yousefianpour E-mail yousefianpour@seba.ir Website www.seba.irAddress Second floor, # 17, Sibouyeh intersection, Shahid Qandi street, Sohrevardi avenue, TehranPhone 0098 21 88524145-6 Fax 0098 21 88525988PAGE 172
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010SECURITIES DEPOSITORY CENTER (SDC) OF JORDANAFFILIATE MEMBERSamir JaradatChief Executive OfficerThe Securities Depository Center has madea qualitative leap in the Jordan CapitalMarket by establishing a national center forregistry, depository and clearing andsettlement of securities.As part of Jordan’s vision towards establishinga progressive economy and a dynamicinvestment environment, the SecuritiesDepository Center (SDC) was established as apublic utility institution and began operating in1999. Ever since the SDC became the soleentity empowered the responsibilities ofregistering, depositing, transferring ownership,safekeeping, and clearing and settlement ofsecurities.Accordingly, the SDC built Securities CentralOperation Registry Processing and InformationOnline (SCORPIO)® system in order toprovide various services to investors, itsmembers including public shareholdingcompanies, public issuers, brokers andcustodians such services include investoridentification and account set up, statement ofownership balance, statements of account,pledging, freezing, online account viewingThe SDC plays a vital role in supportingtransparency through an initiative known as“Data For All, Not Just For Sale”, from thisinitiative the SDC provides various servicesthrough its website such as the online accountviewing, statistical data, members’ area andan electronic initial public offering (e-IPO).Role of the DepositoryThe Securities Depository Center of Jordan is apublic utility institution established in theHashemite Kingdom of Jordan by virtue of theSecurities Law. The SDC commenced operationin May 1999 and is the only entity in Jordan thatis legally empowered to oversee the registrationof securities, deposit of securities, transfer ofownership, safekeeping of securities andclearing and settlement of securitiestransactions.The SDC is one of the most importantinstitutions in Jordan’s capital market as it holdsthe ownership register of all public shareholdingcompanies where ownership registration is inthe beneficial owner name where nominee &street names does not apply.As a key component in the modernization of thecapital market, the SDC implemented a deliveryversus-payment(DVP) settlement protocol. DVP,a globally recommended settlementmethodology that ensures the simultaneousdelivery of securities against final payment offunds. The ownership is transferred on T+2 andbackdated to T, these transfers are final andirrevocable, and financial settlements arecurrently conducted via the Central Bank ofJordan’s Real Time Gross Settlement System(RTGS-JO) which is a central real time, grossfinal & irrevocable electronic settlement system,using SWIFT instructions to effect transfers withimmediate value.It is worth mentioning that the Tight couplingenvironment set in March 2009 in the JordanianCapital Market, introducing linkage between theSDC & the ASE that in turn, organize tradingand reduce risks related to trade's transactionsthat in turn positively reflects on clearing andsettlement process at the SDC and reduce risksin the Jordan Capital Market.* Please refer to page 48 for the Jordan country report.The SDC also developed the “Securities CentralOperation Registry Processing & InformationOnline (SCORPIO)” system. SCORPIO, an SDCdesignedand implemented system, is bilingualand it provides a complete solution for theregistration, deposit and clearing andsettlement.The SDC offers different services to investors insecurities including pledging services, providinginvestors with statements of their securitiesbalances that show the securities owned bythem and their distributions among members; inaddition to providing investors with the ability tofreeze their securities in the central registry.There are no restrictions on the remittance ofinvestment funds into or out of Jordan, allincome & capital gained from investment inJordan are exempted from tax; this includescash & stock dividends. However, (5%) appliesto interest gained from credit balances.Participation CriteriaThe SDC's members are public shareholdingcompanies, public issuers, brokers, custodiansand any other entity determine by the Board ofCommission of JSC.Eligible PledgeePledgees are not considered members in thatcapacity yet. however, it is within the SDC'sPlans as soon as the legal framework for it isapproved.IssuersMembership is obligatory for publicshareholding companies by virtue of theSecurities Law.Size of Guarantee FundJOD 25.8 million (US$ 36.4 million) as of 31December, 2009.Does the SDC act as a centralcounter partyNoMemberships in other InternationalOrganizationsThe International Organization of SecuritiesCommissions (IOSCO)Association of National Numbering Agencies(ANNA)Africa & Middle East Depositories Association(AMEDA)Federation of Euro-Stock Exchanges (<strong>FEAS</strong>)Union of Arab Stock Exchanges (UASE)Central Securities Depositories (CSD10)Association of Global Custodian (AGC)Thomas Murray (TM)Legal StatusPublic utility institutionType of Commercial EntityNot for profitRegulated byJordan Securities CommissionForm of SecuritiesDematerialized no physical certificates beingissued in JordanForm of SettlementBook EntrySettlement CycleT+2Turnaround TradesAllowed provided the same broker in the samesettlement cycleNumbering• ISIN CODES complying with the InternationalStandard ISO-6166• CFI Code complying with the InternationalStandard ISO-10962CONTACT INFORMATIONContact Name Mr. Samir Jaradat E-mail ceo@sdc.com.jo Website www.sdc.com.joAddress The Securities Depository Center (SDC) 2nd Floor - Capital Market Building, Al-Mansour Bin Abi Amer StreetAl-Abdali Area, Al-Madina Al-Riyadiya District, Amman, The Hashemite Kingdom of JordanP.O.B. (212465) Amman 11121 JordanPAGE 173
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