Mr. Mazen Wathaifi, the Chief Executive Officer of Amman Stock Exchange (ASE) said that in line with the ASE’s efforts to achieve a greater balance between protecting investors' rights and ensuring compliance with regulatory requirements, the ASE has amended the Directives for Listing Securities and the Directives of the Over-the-Counter Market by introducing a “Restricted Trading” mechanism, which represents a significant step toward addressing the situation of suspended companies. The ASE will begin implementing it starting from 02 November 2025.
Wathaifi added that the creation of the “Restricted Trading” mechanism allows companies to resume trading of their shares after the end of suspension period specified in the directives which is three business days on the same market in which they are listed, subject to restrictions determined by the ASE’s Board of Directors. These restrictions include reducing the duration of the trading session and the price limit. This mechanism is applied in cases specified in the Directives for Listing Securities, such as the suspension of trading in a company’s shares for failing to submit its audited annual or reviewed interim financial statements to the ASE within the specified period, or if the General Assembly issues a decision not to approve the audited annual financial statements. It also applies upon a request of the Companies Controller or the state litigation attorney for the company's declaration of insolvency, and/or issuance of an insolvency decision. Additionally, it applies when a company is registered in the suspended companies register at the Companies Control Department.
He added that the major advantages of applying the “Restricted Trading” mechanism is the reduction of the suspension period of companies shares that have not submitted their audited annual or reviewed interim financial statements from 14 days to only 3 days. This contributes to minimizing the impact of suspension on market liquidity and trading continuity, while protecting investors' interests.
According to this mechanism, trading of a company's shares will resume within the same market in which they are listed and under the restrictions approved by the ASE Board of Directors, without the need to transfer them to the Over-the-Counter Market. This ensures the continuity of trading in the company's main market. Accordingly, the company’s shares will continue to be traded during and after the accommodation period, without any adjustments or flotation of their price.
The Directives of the Over-the-Counter Market were also amended by deleting certain provisions and paragraphs in light of the cessation of transferring the trading of shares of companies to the Over-the-Counter Market.
Wathaifi added that, in light of the increasing demand from investors and investment funds for information related to climate change and its disclosure in accordance with the latest international standards and practices, and to enhance the competitiveness and attractiveness of companies listed on the ASE, a new provision was added to Article (9/A) of the Directives for Listing Securities. This provision requires companies to provide the ASE with a Climate-related disclosures report prepared in accordance with the ASE’s requirements. It is noted that these requirements have been specified under the "Climate Disclosure Reporting Rules," which regulate the submission of the aforementioned report to the ASE.
According to these rules, the requirements for submitting climate-related disclosures reports will be applied in two phases to the listed companies included in the ASE20 index sample for the first quarter of 2025.
The first phase is optional, during which companies may voluntarily submit climate-related disclosures reports for their 2025 data throughout 2026. These reports may be submitted separately from the annual report within nine months from the end of the financial year.
The second phase is mandatory, where companies must submit climate-related disclosures reports for their 2026 data and onwards as part of their annual report.
The ASE, in cooperation with the International Finance Corporation (IFC), has prepared Climate – Related Disclosure Guidance, in addition to the regulatory framework and policy for climate-related disclosure. The guidance includes a set of standards and principles that help listed companies develop financial and non-financial climate-related information. During 2024 and 2025, the ASE, in cooperation with (IFC), organized several training workshops for representatives of the companies included in the ASE20 index sample. These workshops aimed to raise awareness of the importance of issuing climate-related disclosure reports and to provide guidance on how to prepare them in line with the latest standards
