[South Africa] JSE to amend the listing requirements as proposed in the JSE Consultation Paper

Following the release of the Regulatory Review Consultation Paper for public comment in September, the Johannesburg Stock Exchange (JSE) is pleased with the market response and will  release the proposed amendments to the JSE Listings Requirements for public consultation early in 2019. 

The commentators comprised a diverse group, which included private individuals, public interest groups, listing sponsors, issuers and fellow regulatory bodies.

The JSE embarked on a public consultation process in response to a range of corporate scandals, speculation and innuendo that have characterized South African financial markets over the past year. "The JSE received favorable support," says John Burke, Head of Issuer Regulation at JSE.

Reservations were put in place with respect to (i) the non-binding vote on corporate governance (paragraph 3.4) and (ii) the composition of the board of directors (paragraph 5). .

Furthermore, general groups were placed on South Africa as a secondary destination destination. The JSE will carefully consider all reservations and concerns in order to formulate a balanced approach that takes account of both regulatory and market considerations.

The JSE will now implement the JSE Listings Requirements as proposed in the JSE Consultation Paper. Financial Markets Act No.19 of 2012.

Although the items under Part II, which covers short selling and market abuse investigations, fall outside of the regulatory ambit, the JSE has committed to ensuring that all comments are shared with the relevant bodies for consideration and meaningful discussion.

"The JSE wishes to take note of the opportunity for all commentators who have participated in the JSE proposal" Concludes Burke.

www.jse.co.za