Market Closed Date 19/01/2017
Dispute Resolution Directives

 

Issued by virtue of the provisions of Article 24/b/7 of the ASE By-Laws of 2004

 

Article 1:

These Instructions shall be called the "Amman Stock Exchange Directives for Dispute Resolution for the year 2004". They shall enter into effect as of September 1 st 2004.

 

Article 2:

Whenever they appear in these Instructions, the following words and expressions shall have the meanings assigned to them hereunder, unless otherwise indicated by context:

ASE

:

Amman Stock Exchange.

The Board

:

Board of Directors of the ASE.

The Chairman

:

Chairman of the Board of the ASE.

Member

:

ASE Member.

Arbitration Panel

:

A single arbitrator or a three-arbitrator-panel.

The Secretary

:

Secretary of the Board of the ASE.

 

Article 3:

  1. Any dispute arising between Members and their clients shall be resolved through arbitration procedures at the ASE, in any of the following cases: -
    1. If the agreement drafted between the parties include an arbitration clause stipulating that all disputes pertinent or related to the agreement shall be conclusively resolved in accordance with the provisions of the ASE Instructions for Dispute Resolution by one or more arbitrator as the parties may agree.
    2. If the parties agree following the arising of a dispute that it shall be conclusively resolved in accordance with the provisions of the ASE Instructions for Dispute Resolution if there is no arbitration clause.
  2. Disputes arising between Members as regards financial brokerage activities shall be resolved according to the provisions of these Instructions, if the parties agree that it shall be conclusively resolved through arbitration procedures in accordance with the provisions of these Instructions.
  3. Disputes to which the ASE is party shall not be subject to arbitration procedures according to the provisions of these Instructions.

 

Article 4:

  1. Any party wishing to resort to arbitration in pursuance of these Instructions shall submit a request to the Secretary. Said request must include the following information: -
    1. Name and full address of both the claimant and the respondent.
    2. Related agreements, particularly those related to the agreement to refer the dispute to arbitration according to the provisions of these Instructions.
    3. A description of the nature and the circumstances of the dispute that gave rise to the request.
    4. Reference to the subject matter of the request, claimed amounts and evidence corroborating the claim.
    5. The party's position vis-à-vis the number and the selection of arbitrators according to the provisions of Article 6 of these Instructions.
    6. Any other information pertinent to the subject matter of the request.
  2. Once the documents referred to in sub-paragraph (a) of this Article are completed, the Secretary shall serve on the respondent, on the following day to the completion of documents, a copy of the request and its attachments to enable the latter to present his / her response.

Article 5:

  1. The respondent must present his / her response to the request within (5) five working days of receiving the request. He / she shall submit his / her response to the Secretary, inclusive of the following information:
    1. His / her opinion on the nature and circumstances of the dispute.
    2. His / her response to the claimant's requests, together with corroborative documents and evidence.
    3. His / her response to the proposals regarding the number and the selection of arbitrators.
    4. Any other information pertinent to the subject matter of the dispute.
  2. The respondent shall attach to the response to the request any counter claim to the arbitration request, inclusive of a statement of the events that gave rise to the counter claim, together with a statement of the amount(s) claimed in such counter claim.
  3. The Secretary shall send a copy of the response and the documents attached thereto to the claimant on the following day to his / her receipt of the response.
  4. If the respondent's response contains a counter claim, the claimant must answer it within (5) five working days of receiving the counter claim.

 

Article 6:

  1. If the claimant and the respondent agree on a single arbitrator to hear the dispute, they shall appoint him / her in writing, and their agreement shall be notified to the Secretary. If they do not so agree within (7) seven days of serving the respondent with the arbitration request, the Chairman of the Board shall appoint a single arbitrator.
  2. If the parties do not agree on appointing a single arbitrator, the dispute shall be referred to three arbitrators. In such an event, each party to the request and to the response shall appoint his / her arbitrator, and the Chairman of the Board shall appoint the third arbitrator, unless the two parties had authorized the two arbitrators appointed by them to select the third arbitrator within three days of the date of appointing the second arbitrator. If the two arbitrators are unable to agree on the selection of the third arbitrator within the prescribed period, the Chairman of the Board shall appoint the said third arbitrator. In all cases, the third arbitrator shall be the president of the Arbitration Panel.
  3. If any of the parties fails to appoint his / her arbitrator as stipulated in sub-paragraph (b) of this Article, the Chairman of the Board shall appoint the arbitrator in his / her stead.
  4. The parties shall be notified of the final composition of the Arbitration Panel.
  5. Any party can reject the appointment of an arbitrator on the grounds of impartiality or connection, in any manner or form, to the subject matter of the dispute; the rejection petition shall be submitted to the Secretary within three days of his / her notification of the appointment of the arbitrator. The Board shall have the discretion to rule on that petition.
  6. An arbitrator who ceases to perform or resigns from his / her duty, for whatever reason, shall be replaced by another arbitrator to be appointed by the same party who appointed the previous one.
  7. Arbitrators shall act in their personal capacity and not as representatives of any party.

 

Article 7:

  1. Once the procedures of exchange of documents and selection of arbitrators are complete, the Secretary shall submit the dispute file to the Arbitration Panel.
  2. The Arbitration Panel shall appoint a minute-taker and shall study the case in the light of documents and statements presented by both parties. Upon the request of any of the parties, the Panel shall hear the parties in their presence. The Arbitration Panel may also decide, of its own initiative and without any request from the parties to that effect, to hear them. The Arbitration Panel shall have the right to decide to hear any other person in the parties' presence or upon duly inviting them to attend.

 

Article 8:

  1. Notices, notifications and decisions shall be served on the concerned parties via fax or express mail, unless the parties agree otherwise .
  2. If one of the parties fails to attend the arbitration sessions in spite of his / her due invitation to attend, the Arbitration Panel shall, upon verifying the absence of any legitimate excuse, proceed with its duties, and the procedures shall be deemed as taken vis-à-vis both parties.

 

Article 9:

  1. The place of arbitration shall be Amman, and the actual venue of arbitration procedures shall be the ASE, unless the parties agree otherwise.
  2. Arabic shall be the language of arbitration, unless the parties agree to use another language.
  3. The Arbitration Panel shall be responsible for the session proceedings; and no person other than the parties or their legal representatives can attend without the Panel's approval.
  4. The minutes of the meetings shall be signed by the President of the Arbitration Panel as well as by the minute-taker.
  5. The Arbitration Panel shall be exempt from abiding by the litigants' rights under procedural codes.

 

Article 10:

It shall be within the discretion of the Arbitration Panel to rule on its competence to hear the dispute, in accordance with these Instructions, notwithstanding any claim by a party of nullification or non-existence of a contract between the parties.

 

Article 11:

Any of the parties may petition any judicial authority to take provisional or preventive measures, according to the provisions of the Law, prior to the initiation of arbitration procedures. Such a petition shall not be in contravention with the arbitration agreement, and shall not infringe on the Arbitration Panel's power. Such a petition and any such measures taken by the judicial authority must be immediately brought to the attention of the Secretary, who shall notify the Arbitration Panel thereof. The Panel shall request the cancellation or confirmation of said provisional and preventive measures in the light of its final award.

 

Article 12:

If the parties reach a settlement to the dispute, after referral of the arbitration file to the Arbitration Panel, the settlement must be confirmed in an award issued with their mutual consent.

 

Article 13:

  1. Procedures before the Arbitration Panel shall be subject to the provisions of these Instructions. In cases where there is no provision in these Instructions, relevant Jordanian legislation shall serve as authoritative reference.
  2. The Arbitration Panel shall apply the relevant Jordanian legislation on the subject matter of the dispute.

 

Article 14:

  1. The Arbitration Panel must issue its final award within (20) twenty days of the date of submission of the file to it.
  2. On the basis of a convincing request from the Arbitration Panel, the Board may extend the period set in sub-paragraph (a) of this Article for a maximum of (20) twenty days.

Article 15:

  1. Where three arbitrators are appointed, the arbitration award shall be taken unanimously or by majority. If these two cases fail to materialize, the President of the Arbitration Panel shall issue the award on his / her own.
  2. The arbitration award must be reasoned.
  3. The arbitration award shall be considered as issued in the place of arbitration and on the date of its issuance.
  4. The arbitration award shall be issued in writing, and shall be signed by the Arbitration Panel.
  5. The final arbitration award must contain a provision on arbitration expenses, arbitrator fees, and the party that bears them or the percentage born by each party.
  6. Arbitration Panel awards shall be conclusive and enforceable.

 

Article 16:

  1. The Arbitration Panel may issue temporary awards on part of the requests, prior to issuing its final award that puts an end to the entirety of dispute.
  2. The Arbitration Panel that rules on the dispute shall be in charge of interpreting any ambiguity in the award or rectifying any clerical, mathematical or typographical error therein.
  3. The interpretation or rectification decision shall be considered an integral part of the award.

 

Article 17:

  1. The arbitration award shall be issued in an original copy to be deposited by the Arbitration Panel with the Secretary.
  2. Upon receipt thereof, the Secretary shall call in the parties to pass on the award to them.
  3. The Secretary shall deliver a certified copy of the arbitration award to any party upon request, provided that one or both of the parties have paid the arbitration expenses in full.
  4. Any of the parties may at any time request additional certified copies of the issued award from the Secretary.

 

Article 18:

Time limits mentioned in these Instructions shall come into force on the day following that wherein notification is considered as duly served; if it is an official holiday, the time limit shall come into force on the first following working day. Official holidays shall not be counted in the time limits.

 

Article 19:

The Amman Stock Exchange/Securities Market By-Laws on Dispute Resolution for the year 2000 are thus repealed.