Click Here visit the new JSE website >>

Issuer Regulation

The JSE currently acts as the frontline regulator, setting listings requirements and enforcing trading rules. The Financial Sector Conduct Authority, supervises the JSE in the commission of its regulatory duties and, as the JSE has no criminal or civil jurisdiction, processes any cases where legislation has been contravened.

A new regulatory oversight framework – the ‘twin peaks’ model’ has recently been introduced in the South African financial market. The two new ‘twin peaks’ regulators: Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), were established on 1 April 2018. The PA, responsible for prudential supervision of banks, insurance companies and market infrastructures (e.g. exchanges and clearing houses), was established within the Reserve Bank. The FSCA, responsible for the supervision of the conduct of financial institutions including market infrastructures, replaces the Financial Services Board.

The JSE will continue to act as frontline regulator, reporting to the FSCA as the lead regulator.

South Africa was ranked third in the world in terms of the regulation of securities exchanges in the World Economic Forum’s Global Competitiveness Survey for 2016- 2017. This is an accolade for both the JSE and its regulators. ​.

​Conflicts Officer
Alwyn Fouchee ​+27 11 520 7678
​ ​ ​Refer to Useful Links for access to the Issuer Regulation Conflicts of Interest Policy
​Continuing Obligations Department: ​Sipho Mhlambi ​+27 11 520 7050
Corporate Finance Department: Annalie de Bruyn +27 11 520 7063
 
Tania Wimberley +27 11 520 7067
​Investigations Department: ​Nadia Jada ​+27 11 520 7968
​SENS Department: ​Teboho Tatiso
​+27 11 520 7092

Nonhlanhla Mabuza
​+27 11 520 7336

 Announcements regarding Listing Requirements

 

  • June 2020 – The JSE made an announcement regarding amendments to the JSE Debt Listings Requirements in respect of the Sustainability Segment. Find attached the final version of the amendments to the JSE Debt Listings Requirements.

  • May 2020 – The JSE issued a letter on written resolutions for issue of shares for cash resolutions by Main Board listed issuers. Please refer to the FSCA Market Notice.

  • May 2020 – The JSE issued a letter on LSE Standard Listings which is now recognised as an equivalent board for secondary listings on both AltX and the Main Board of the JSE.

  • May 2020 - The JSE issued a letter reminding property entities of their disclosure obligations if they defer distributions.

  • May 2020 - The JSE issued a letter  for issuers to remind them of their obligations to they give full disclosure of the impact of COVID-19 in their financial results.

  • April 2020 - The Financial Sector Conduct Authority issued the attached Board Notice for comments on the amendments to the JSE Debt Listings Requirements (Sustainability Segment). Kindly see the attached Amendment Schedule.

  • April 2020 – The JSE issued a letter drawing attention to various resources that can assist issuers with their final reporting obligations under the COVID-19 environment.

  • April 2020 – The JSE issued a further letter to the market regarding the payment of dividends.

  • April 2020 – The JSE issued a letter to the market regarding capital raising measures and other.

  • April 2020 - The JSE issued a further letter to the market dealing with a general extension of financial reporting periods.  Please see the attached Market Notice .

  • April 2020 - The JSE issued a letter to the market dealing with the variation of declared dividends.  

  • April 2020 - The JSE issued a letter dealing with listed instruments.

  • March 2020 - The Financial Sector Conduct Authority issued a letter to the debt market allowing more time to provide comments on the amendments to the Debt Listings Requirements (Part 2 of 2018)

  • March 2020 - The JSE issued a letter to the market dealing with the variation of declared dividends.

  • March 2020 - The JSE issued a letter to the market regarding the amendments to the Debt Listings Requirements (Part 2 of 2018).  See the attached Gazette Notice.

  • March 2020 - The JSE issued a letter to the market regarding the potential impact of COVID-19 on REITs.

  • March 2020 - The JSE issued a letter to the market regarding the potential impact of COVID-19 on financial reporting.

  • March 2020 - The JSE issued a letter to the market regarding the potential impact of COVID-19 on transitional provisions applicable to Service Issue 27.

  • March 2020 - The JSE issued a letter to the market regarding the potential impact of COVID-19 on shareholder meetings.

  • March 2020 - The JSE issued a letter to the market regarding the potential impact COVID-19 on Issuer Regulation. Kindly note the attached letter.

  • March 2020 - The JSE issued a letter to the market regarding the potential impact of COVID-19 on the JSE Listing Requirements

  • March 2020 - The JSE issued a letter to the market regarding the potential impact of COVID-19 on the JSE Debt Listings Requirements

  • February 2020 - The JSE published an announcement regarding amendments to the JSE Debt Listings Requirements (Sustainability Segment). Please review the Explanatory Memorandum and Amendment Schedule.

  • January 2020 – The JSE released an announcement regarding the JSE Debt Listings Requirements. Kindly see Version 4 of the JSE Debt Listings Requirements, the Compare Version and the Briefing Note

  • December 2019 - The JSE issued a guidance letter on remuneration targets as applied to profit forecasts or estimates.

  • November 2019 - The JSE issued a letter regarding an update on the proposed amendments to the Debt Listings Requirements.

  • November 2019 – The JSE issued a letter dealing with transitional provisions relating to its amendments to the JSE Listings Requirements resulting from the JSE Consultation Paper.

  • November 2019 – The JSE released an announcement regarding amendments to the JSE Listings Requirements resulting from the JSE Consultation Paper issued in September 2018.  Please refer to the Amendments Schedule - Primary Listings and Amendments Schedule - Secondary Listings.  

  • September 2019 – The JSE issued an  announcement regarding public consultation in respect of amendments to the Debt Listings Requirements. Please refer to Version 3 of the Debt Listings Requirements, the Comparison Version and the Briefing Note.

  • September 2019 - The JSE Issued a revised guidance letter on AltX Business Plans..

  • May 2019 - The JSE issued an announcement regarding amendments to the JSE Listings Requirements relating to the reporting of various performance measures including alternative or non-IFRS measures and ratios. Please review the attached Explanatory Memorandum and Amendment Schedule.

  • May 2019 - The JSE issued an Update Letter on the new process for the release of financial results on SENS.

  • April 2019 – The JSE released an announcement regarding amendments to the JSE Debt Listings Requirements: Part 2 of 2018. Please refer to the explanatory memorandum and amended Debt Requirements.

  • April 2019 – The JSE released an announcement regarding the JSE Consultation Paper.  Find herewith the relevant documents for public consultation:
      - Explanatory Memorandum and Amendment Schedule for primary listings.
      - Explanatory Memorandum and Amendment Schedule for secondary listings.

  • February 2019 – The JSE issued a Guidance Letter on the new process for the release of financial results on SENS.

  • December 2018 – The JSE released an announcement regarding the proposed amendments to the Debt Listings Requirements (Part 2 of 2018).

  • December 2018 – The JSE released an announcement regarding the JSE Consultation Paper.

  • November  2018 – The JSE released an announcement regarding amendments to the JSE Listings Requirements - Venture Capital Companies.  Please review the attached Explanatory Memorandum and Amendment Schedule.

  • November  2018 – The JSE updated the Corporate Action Timetables relating to the JSE Listings Requirements.  Please refer to the announcement and updated Schedule 2 Form H1
    .
  • September 2018 – The JSE released an announcement regarding proposed amendments to the JSE Debt Listings Requirements.  Please see Part 2 of 2018: Explanatory Memorandum and Amendment Schedule .

  • September 2018 – The JSE released a consultation paper on possible regulatory responses to recent events surrounding listed issuers and trading in their shares.

  • September 2018 – The JSE released an announcement  regarding  amendments to the JSE Debt Listings Requirements - Part 1A of 2018.  The  amendments are attached for ease of reference.  Also see the implementation letter.

  • April 2018 – The JSE released an announcement regarding proposed amendments to the JSE Debt Listings Requirements.  Please see Part1A: Explanatory Memorandum and Amendment Schedule.  Please also see Part1B: Explanatory Memorandum  andAmendment Schedule.

  • January 2018 – The JSE released an announcement regarding the approval of amendments to the JSE Debt Listings Requirements

  • January 2018 – The JSE released an announcement regarding amendments to the JSE Listings Requirements.

  • November 2017 – The JSE released an announcement regarding the approval of amendments to the JSE Listings Requirements - Part 1 of 2017.

  • October 2017 – The JSE issued a guidance letter on training courses for auditors and reporting accountant specialists.

  • October 2017 – The JSE issued an implementation letter in relation to the Part 2 of 2016 amendments to the Debt Listings Requirements.

  • September 2017 – The JSE released an announcement regarding the approval of amendments to the JSE Debt Listings Requirements - Part 2 of 2016.  The amendments are attached for ease of reference.

  • September 2017 – The JSE issued a letter in respect of change of audit firm.

  • September 2017 – The JSE released an announcement regarding amendments to the JSE Listings Requirements - Auditor Accreditation Model.  The amendments are attached for ease of reference.  Also see the implementation letter.

  • September 2017 – The JSE released an announcement regarding amendments to the JSE Debt Listings Requirements - Auditor Accreditation Model.  The amendments are attached for ease of reference.  Also see the implementation letter.

  • August 2017 – The JSE released an announcement regarding  amendments  to the JSE Debt Listings Requirements.  Please review the attached Explanatory Memorandum and Amendment Schedule.

  • August 2017 – The JSE released an announcement regarding the approval of amendments to the Debt Listings Requirements​.

  • ​June 2017 – The JSE released an announcement regarding amendments to the JSE Listings Requirements. Please review the attached Explanatory Memorandum  and Amendment Schedule, including and supporting document Annexure A​.

  • ​June 2017 – The JSE released an announcement regarding amendments to the JSE Listings Requirements. Please review the attached Explanatory Memorandum and supporting documents Annexure A and  Annexure B​.

  • ​May 2017 – The JSE released an announcement regarding amendments to the JSE Listings Requirements. Please review the attached Amendments and Implementation​ Letter.

  • ​May 2017 - The JSE released an announcement regarding amendments to the JSE Debt Listings Requirements.  Please review the attached Explanatory Memorandum and New Requirements.

  • April 2017 - The JSE released an announcement regarding the approval of amendments​ to the Debt Listings Requirements.

  • ​February 2017 - The JSE issue a guidance letter​ on the reporting of restatements.​

  • December 2016 – The JSE released an announcement regarding amendments to the JSE Debt Listings Requirements. Please review the attached Explanatory Memorandum and Marked-Up Amendments​.​

  • November 2016 – The JSE released an announcement​ regarding amendments to the JSE Listings Requirements. Please review the attached Explanatory Memorandum and Amendment Schedule. Supporting documents include (i) Annexure A, Annexure B and Form  B-BBEE 1​.​

  • October 2016 – The JSE issued a guidance letter relating to Reporting of Restatements.
  • October 2016 – The JSE issued a letter relating to the implementation of Service Issue 23

  • September 2016 – The JSE released an announcement regarding amendments to the JSE Listings Requirements. The amendments have been marked-up for ease of reference. Also see the implementation letter on implementation. 

  • September 2016 – The JSE released an announcement regarding amendments to the JSE Debt Listings Requirements. The amendments have been marked-up for ease of reference. Also see the implementation letter​ on implementation.
     
  • September 2016 – The JSE has published an announcement​ regarding amendments to the JSE Debt Listings Requirements: The explanatory memorandum​ explains the amendments and must be read with (i) Definitions Section​, (ii) Section 2​, (iii) Section 4​, (iv) Section 7 ​and (v) Section 8​. 







 

 

 

 

 

 

Contact Us

 

 

Accounting MattersAccounting Mattershttps://www.jse.co.za/current-companies/issuer-regulation/accounting-matters, https://www.jse.co.za/current-companies/issuer-regulation/accounting-matters
JSE Listing Requirements Service Issue 27JSE Listing Requirements Service Issue 27https://www.jse.co.za/content/JSERulesPoliciesandRegulationItems/JSE%20Listings%20Requirements%20Service%20Issue%2027.pdf, JSE Listing Requirements Service Issue 27
Equity Schedule 2Equity Schedule 2https://www.jse.co.za/Pages/currentcompanies/listingapplications.aspx, /Pages/currentcompanies/listingapplications.aspx
Debt Listings Requirements Requirements Service Issue 26Debt Listings Requirements Requirements Service Issue 26https://www.jse.co.za/content/JSERulesPoliciesandRegulationItems/Debt%20Listings%20Requirements%20Service%20Issue%2026.pdf, Debt Listings Requirements Service Issue 26
Debt Schedule 4Debt Schedule 4https://www.jse.co.za/current-companies/debt-application-forms, /current-companies/debt-application-forms
Debt Market Process DocumentDebt Market Process Documenthttps://www.jse.co.za/content/JSEEducationItems/Debt%20Market%20Process%20Document.pdf, https://www.jse.co.za/content/JSEEducationItems/Debt%20Market%20Process%20Document.pdf
Investigations UnitInvestigations Unithttps://www.jse.co.za/current-companies/issuer-regulation/investigations-unit, https://www.jse.co.za/current-companies/issuer-regulation/investigations-unit
2019 JSE Document Fees2019 JSE Document Feeshttps://www.jse.co.za/content/JSEPricingItems/MPL/JSE%20Price%20List%202019%20-%20Issuers%2C%20Services%20and%20Trading.pdf, 2019 JSE Document Fees
Conflicts of Interest PolicyConflicts of Interest Policyhttps://www.jse.co.za/content/JSEAnnouncementItems/Issuer%20Regulation%20Conflicts%20Policy%20Final%20FINAL%20January%202018.pdf, https://www.jse.co.za/content/JSEAnnouncementItems/Issuer%20Regulation%20Conflicts%20Policy%20Final%20FINAL%20January%202018.pdf
List of Underlying Reference AssetsList of Underlying Reference Assetshttps://www.jse.co.za/content/JSERulesPoliciesandRegulationItems/List%20of%20Underlying%20Reference%20Assets%20-%20October%202019.xlsx?Web=1, List of Underlying Reference Asset
Interest Rate Market ClassificationInterest Rate Market Classificationhttps://www.jse.co.za/content/JSEAnnouncementItems/Interest%20Rate%20Market%20Classification.pdf, Interest Rate Market Classification
SAMCODES Synopsis 2016SAMCODES Synopsis 2016https://www.jse.co.za/content/JSEAnnouncementItems/Synopsis%20june%202016.pdf, /content/JSEAnnouncementItems/Synopsis%20june%202016.pdf
JSE ExtranetJSE Extranethttp://extranet.jse.co.za/, JSE Extranet
Issuer Regulation System (SENS)Issuer Regulation System (SENS)https://sens.jse.co.za/Login.aspx, https://sens.jse.co.za/Login.aspx
Issuer Regulation : Archived DocumentsIssuer Regulation : Archived Documentshttps://www.jse.co.za/downloadable-files?RequestNode=/Issuer_Regulations, https://www.jse.co.za/downloadable-files?RequestNode=/Issuer_Regulations

 Guidance Letters

 

 

In-Principle Approval - JSE GuidanceIn-Principle Approval - JSE Guidancehttps://www.jse.co.za/content/JSEGuidanceLettersItems/In-Principle Approval - JSE Guidance - 23 October 2019.pdfpdf
Section 19 Specialist Issuer's Annual QuestionnaireSection 19 Specialist Issuer's Annual Questionnairehttps://www.jse.co.za/content/JSEGuidanceLettersItems/Section 19 Specialist Issuer's Annual Questionnaire updated.docdoc
Guidance Letter BEE Compliance Report August 2017 Guidance Letter BEE Compliance Report August 2017 https://www.jse.co.za/content/JSEGuidanceLettersItems/Guidance Letter BEE Compliance Report August 2017.pdfpdf

 Bulletins

 

 

Debt Listings Bulletin 1 of 2018Debt Listings Bulletin 1 of 2018https://www.jse.co.za/content/JSEBulletinItems/Debt Listings Bulletin 1 of 2018.pdfpdf

 Checklists

 

 

DLR - Offering Circular - ChecklistDLR - Offering Circular - Checklisthttps://www.jse.co.za/content/JSEChecklistsItems/DLR - Offering Circular - Checklist.docxdocx
Annual Report QuestionnaireAnnual Report Questionnairehttps://www.jse.co.za/content/JSEChecklistsItems/Annual Report Questionnaire Equity and Hybrid Issuers.docdoc
Debt Issuers Annual Questionnaire 2019Debt Issuers Annual Questionnaire 2019https://www.jse.co.za/content/JSEChecklistsItems/Debt Issuers Annual Questionnaire.docdoc
DLR - Applicable Pricing Supplement - ChecklistDLR - Applicable Pricing Supplement - Checklisthttps://www.jse.co.za/content/JSEChecklistsItems/DLR - Applicable Pricing Supplement - Checklist.docxdocx
DLR - Programme Memorandum - ChecklistDLR - Programme Memorandum - Checklisthttps://www.jse.co.za/content/JSEChecklistsItems/DLR - Programme Memorandum - Checklist.docxdocx

 Approved party courses

 

 

SDP 2017 Rules for CertificationSDP 2017 Rules for Certificationhttps://www.jse.co.za/content/JSEEducationItems/SDP 2017 Rules for Certification.pdfpdf
Updated training courses for Auditors and Reporting Accountant SpecialistsUpdated training courses for Auditors and Reporting Accountant Specialistshttps://www.jse.co.za/content/JSEEducationItems/Updated training courses for Auditors and Reporting Accountant Specialists.pdfpdf