• Johannesburg, 19 September 2018: In response to a range of corporate scandals, speculation and innuendo that have characterised South African financial markets over the past year, the Johannesburg Stock Exchange (JSE) is embarking on a public consultation process. For the JSE, the events of the past year have highlighted the need for it to review its responsibilities and to strengthen regulation around primary and secondary listings.
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  • As a frontline regulator, the JSE continues to advocate for the enhancement of corporate governance and the quality of financial reporting disclosures by listed companies for the benefit of shareholders, investors and other market stakeholders. The consultation paper is not only aimed at addressing the concerns of the South African investment community, but to challenge all role-players within the broader financial market eco-system to consider their roles as well. In particular, these are roles which fall outside of the JSE's regulatory ambit including the disclosure of short sales; disclosure of progress on market abuse investigations and the responsibilities of other guardians of governance such as Boards of directors; audit firms; analysts; large asset managers & shareholders.
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  • "While the JSE is reviewing areas within its mandate, we do not suggest that we have solutions for the ecosystem as a whole. Depending on the nature of the comments received in response to this paper, it may be appropriate to convene a colloquium to discuss the improvement of governance," says CEO Nicky Newton-King.
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  • Through this process the JSE envisages improvements to:
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  • • Regulation to ensure that it remains appropriately pitched;
  • • Disclosure standards to provide even further information to stakeholders; and .
  • • Governance structures to provide more robust governance oversight. 

The paper can be accessed on the JSE website and comments can be submitted between 19 September and 22 October 2018.

 

ENDS

 

*Notes to Editor

The Consultation Paper is available on the JSE's website (www.jse.co.za/current-companies/issuer-regulation).

We invite comments on the Consultation Paper by close of business on Monday, 22 October 2018 and comments can be sent by mail, hand delivery or e-mailed for the attention of:

  • John Burke: Director: Issuer Regulation - JSE Issuer Regulation Division
  • Mail: JSE Limited, Private Bag X991174, Sandton, 2146
  • By Hand: JSE Limited, One Exchange Square, Gwen Lane, Sandown
  • By E-Mail: consultation@jse.co.za

 

ABOUT THE JSE

The Johannesburg Stock Exchange is based in South Africa where it has operated as a market place for the trading of financial products for 130 years. It connects buyers and sellers in equity, derivative and debt markets. The JSE is one of the top 20 exchanges in the world in terms of market capitalisation and is a member of the World Federation of Exchanges (WFE) and holds the chairmanship of the Association of Futures Markets (AFM). The JSE offers a fully electronic, efficient, secure market with world class regulation, trading and clearing systems, settlement assurance and risk management. www.jse.co.za  

 

  • JSE contact:
  • Shenanda Janse van Rensburg
  • Media and Internal Communications Manager  
  • Tel: +27 011 520 0000
  • Email: shenandajvr@jse.co.za
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  • Tsholofelo Dihutso
  • Senior Communications Officer
  • Tel: +27 011 520 7227
  • Email: tsholofelod@jse.co.za
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  • Burson Cohn & Wolfe contact:
  • Nkateko Khosa
  • Tel: +27 011 480 8561
  • Email: jse@bm-africa.com