Jordan: Review of the Jordan Securities Commission’s Regulatory Processes and Institutional Capacity



TCRS Number:


Business sector:

Local Currency and Capital Markets Development

Notice type:




PSD disclosed:

28 May 2019

Project Description

Local Currency and Capital Markets Development is one of the key strategic initiatives of the European Bank for Reconstruction and Development (EBRD or Bank). The strategic objectives agreed for the Initiative are to achieve more efficient and self-sustaining financial intermediation in the Bank’s Countries of Operation through broader use of local currency instruments and the development of local capital markets, thereby contributing to economic progress and fostering a more stable financial environment. Technical cooperation is one of the most important mechanisms used to achieve the desired transition impact.

Subsequent to the G-8 Finance Ministers' Meeting in Marseille in September 2011, the International Financial Institutions concerned jointly agreed on eight focus areas of activity under the Deauville Partnership to support countries in the Arab world engaged in transitions toward “free, democratic and tolerant societies”. The EBRD and Arab Monetary Fund were tasked with leading the module on the development of capital markets in Egypt, Jordan, Morocco, and Tunisia. It was agreed that they will provide technical assistance support in a coordinated manner, according to each institution’s mandate and expertise to help these countries deepen local capital market development.

Within this context the Jordan Securities Commission (JSC) approached EBRD, requesting the Bank’s technical assistance to prepare a 5-year Strategy and Roadmap (Roadmap) aimed at broadening and deepening Jordan’s capital markets. The Roadmap was presented to and discussed with local stakeholders during a December 2016 event in Amman organized under the patronage of H.E the Prime Minister of Jordan.

The JSC approved the Roadmap in January 2017 (available at and sent a further request to EBRD through the Ministry of Planning and International Cooperation for continued support in the phased implementation of the Roadmap. Demonstrating Jordan’s commitment to the project, HE the Prime Minister ordered the creation of a Capital Market Working Group (CMWG) in April 2017, a high level committee that will steer the implementation of the Roadmap across different stakeholders in the coming years. The CMWG brings together the Jordan Securities Commission, Amman Stock Exchange, Securities Depository Centre, Companies Controller, Financial Services Companies Association, Central Bank of Jordan, Social Security Investment Fund, and the Income and Sales Tax Department of the Ministry of Finance.

To support the CMWG in carrying out the reforms outlined in the Roadmap, the EBRD (with a generous contribution by the Government of Japan) is funding the Capital Market Development Project (Project), commenced in April 2018 and envisioned as a 3-year effort.  The Project consists of five Working Teams, one of which relates to Enhancing the Operations and Capacity of the Jordan Securities Commission (JSC).

The JSC is the State body responsible for regulating and supervising the Jordanian capital market.  By statute, it is independent in its operations, but within the Government structure reports to the Minister of Finance.  Since 2012 its employees have been governed by the civil service system.  Recently (2018) it was converted from a self-funding organization to a unit within the State budget. 

In partnership with the JSC, and with a view towards building institutional capacity and increasing efficiency and effectiveness, the Bank now intends to engage a consulting firm, or a group of firms in consortium, (Consultant) to conduct a wide-ranging review the JSC’s current functions and capacities, recommend enhancements and adjustments, and assist in their implementation. 

The overall objective of this assignment is to review the JSC’s organization, processes and capacities in order to increase efficiency and effectiveness, build staff capacity, and increase compliance with international practices.   This in turn should benefit the market overall as the regulatory scheme and its application are optimized on a cost-effective basis, observing proportionality.
The specific objectives are:

- Assessing the JSC’s compliance with applicable international standards;
- Reviewing the JSC’s regulatory processes, providing recommendations for increased effectiveness;
- Reviewing the JSC’s organization and staffing structures, providing recommendations for increased efficiency;
- Providing scenarios on potential staffing structures if the JSC was no longer required to recruit staff within the civil service system;
- Devising a staff development plan;
- Devising an IT upgrade plan;
- Constructing a Public Outreach Program; and
- Executing implementation under agreed workplans.


Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

Please note that after the appointment of the new mechanism Head in 2020, the revised Project Accountability Policy and Guidance will come into effect to guide case handling.

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