Mutual investment fund draft by-law open for suggestions

AMMAN — Jordan Securities Commission (JSC) on Monday urged investors and financial service companies to offer their views and suggestions pertaining to a recently prepared draft by-law on mutual investment funds, according to a JSC statement. 

A mutual fund is an investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.

Opinions or any remarks can be sent within a period of two weeks from its publication on the commission’s website to the following email: info@jsc.gov.jo or by fax at the following number (06-5686830), the statement said, pointing out that the commission reviewed regulations governing mutual investment funds in regional and world countries to make sure that the draft by-law is compatible with international practices. 

The bill defines the parties allowed to establish investment funds, and stipulates that the minimum capital of funds must be no less than JD2 million instead of JD500,000.