Change on the horizon for JSE listings
The Johannesburg Stock Exchange (JSE) published a consultation paper in May 2022 that requested stakeholders to comment on a series of proposals to make the exchange more fair, efficient, transparent, and competitive. The comments were released in August 2022 and outlined an overwhelmingly positive response.
What do the changes entail?
Following the consultation process, it was determined that several essential listing and debt listing requirements would be prioritized. The implementation of these amendments is said to happen in phases.
DUAL CLASS SHARES: The JSE has proposed amendments to introduce dual class shares for applicants seeking a listing on the Main Board. The proposed amendments, which come with essential investor protections, will keep the JSE competitive and assist in attracting new listings.
This improvement project strives to propose amendments to these debt listing requirements where the JSE has determined that:
- Provisions require more clarity rather than context; and
- Where there is ambiguity in interpretation.
The Directory of Issuer Regulation at the JSE, Andre Visser, has stated that the entity has an ongoing goal to create an enabling environment for those listed on the JSE by incorporating international practices. The proposed amendment strives to provide a conducive and internationally competitive environment for increasing capital on the JSE.
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