Transferring the ownership of securities

jyhghThe SDC is the only entity in the Hashemite Kingdom of Jordan authorized to transfer the ownership of the deposited and traded securities on the Amman Stock Exchange (ASE), where the ownership of the deposited securities is transferred from the selling investor’s account with the selling broker to the buying investor’s account with the buying broker via book entry based on the daily file for trading received from the ASE, after completing the settlement of the securities prices for the trading contracts according to the standard of delivery against payment (DvP).

In addition, the SDC handles the process of transferring ownership of non-traded securities, as well as transfers excluded from trading, as follows:

  • Inheritance transfers.
    The Inheritance transfers take place in the event of the death of the owner of the securities, as the ownership of the securities is transferred from the inheritor's account to the eligible heirs' accounts.
  • Family transfer.
    The family transfer takes place between ascendants and descendants, between siblings or between half-siblings, and between spouses exclusively. Securities belonging to a minor may not be transferred.
  • Transfer for the Purpose of Dividing the Joint Ownership of Securities.
    Transfers are made for dividing jointly owned securities by separating the ownership of these securities and registering them in separate accounts in the names of their owners.
  • Donating securities.
    Securities are transferred in the donation process by registering them from the donor to the donee entities, provided that the donee is from the religious, charitable or social associations registered at the competent authorities.
  • Waqf of Securities Whether Charitable or Descendentiary
    Securities are transferred by the certified Waqf deed.
  • Securities contained in wills
    Securities are transferred from willer to devisee by the certified will deed.
  • Transfers that occur in accordance with the Law of Government's Acquisition of Monies that Reach Limitation
    Ownership of the securities over which the limitation period has passed is transferred and registered in the name of the Ministry of Finance. The ownership of the securities that have expired from the Ministry of Finance is also returned to their owners or their eligible heirs in the event that the Ministry of Finance decides to return the ownership of those securities.
  • Transfers in accordance with the JSC's decisions
    The ownership of the securities is transferred between the concerned persons in implementation of the decisions of the Board of Commissioners of the JSC.
  • Transfers in accordance with Decisions issued by Courts and Execution Departments.
    The ownership of the securities is transferred between the concerned persons in implementation of the decisions of the courts and execution departments that is an irrevocable decision
  • Transfers that occur between the Founders of an Issuer in accordance with the relevant Laws and/or authorities' decisions during the period of lock-up of the founding shares
    Ownership of founding securities and ownership of capital increase shares that are treated as founding shares are transferred between the founders of the public shareholding company or the concerned shareholders during the restriction period imposed on those shares.
  • Transfers in cases of owning the shares of public shareholding companies in accordance with legislations in force.
    The ownership of the shares of all shareholders of the public shareholding company wishing to sell shall be transferred and registered in the name of the purchasing company based on the provisions of Article (222/b) of the Companies Law and the approval of the JSC.

 

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