Johannesburg, 20 January 2026: Launched in September 2023, the Simplification Project repositions the JSE Listings Requirements by using plain language to record concise regulatory objectives, removing ambiguity and duplications and reducing the complexity of the Requirements in general. A significant ancillary benefit of the Simplification Project is a substantial reduction in the volume of the Listings Requirements, by more than 50%.

The simplified Listings Requirements came into being through a robust and transparent public consultation process, where input was received from issuers, sponsors, investors and other market participants. The simplified Listings Requirements will replace the previous version in its entirety and will come into force for new applicants seeking a listing on 13 January 2026 and existing issuers on 16 February 2026.    

The approval and forthcoming implementation of the simplified Listings Requirements form part of the JSE’s broader strategic drive to create an enabling environment that attracts and retains listings, while upholding transparency and investor protection.

The simplified Listings Requirements are easier to navigate, clearer in purpose, reduces the administrative burden while preserving vital investor protections, with key reforms including:

• New Listings: The construct of the Pre-Listings Statement has been repositioned to ensure an efficient and uniform disclosure regime aligning largely with the Companies Act, to support new listings.
• Shareholder Approval Threshold: The voting threshold for share issues and buy-backs have been reduced from 75% to 50%, to align with other international markets and making capital raising more flexible when issuing securities.
• Corporate Governance: A new dedicated corporate governance section now crystalises the JSE corporate governance regime, supporting the ease of application.
• Financial reporting for corporate actions: Pro formation financial information for issues for cash and buy-backs has been removed and rather placing emphasis on a detailed narrative on the impact of the corporate action on the financial statements, leading to cost savings and simplified circular preparation.
• Fairness Opinions: Aligned with many international markets, the requirement for a fairness opinion has been removed for related party transactions and rather placing emphasis on a statement on fairness from the independent directors of the issuer, leading to cost savings and simplified circular preparation.
• Financial Information – Transactions: Aligned with many international markets, reduced the provision for historical financial information for category 1 transactions and substantial acquisitions of a Category 1 subject/new applicant from 3 years to 2 years, leading to cost savings and simplified circular preparation.
• Ordinary Course of Business: Increased the ordinary course of business threshold for issuers in the General Segment and AltX (where shareholders’ approval is required) from 30% - 50%, adding to operational flexibilities for those issuers.
• Companies Act: Harmonised various provisions with the Companies Act, dealing with beneficial ownership, PLS disclosures and meeting notices.
• Property Entities: Removed the obligation for valuation reports, save for limited circumstances, as investors are provided with the relevant property specific disclosures.
• Mining: Removed the pre-approval of a competent person’s report and executive summary of competent person’s reports by the JSE Readers Panel, leading to cost savings and simplified circular/PLS preparation.
• SPACs: Allowing more flexibilities for SPAC applicants to identify a pipeline of acquisition/s prior to listing, to better support capital raisings.  
• Expanded Secondary Listings Framework: The expansion includes, amongst others, that applicants from all 18 approved international exchanges are now eligible for the fast-track listings route and the period to be listed on those exchanges for eligibility has been reduced from 18 months to 12 months, to enhance the JSE’s competitiveness as a listing jurisdiction. 

“The FSCA’s approval of our simplified Listings Requirements mark a pivotal step in modernising South Africa’s capital markets. Alongside Market Segmentation and the expansion of fast‑track listings regime, this reform package is already strengthening our pipeline and lowering barriers to listing, while safeguarding investors through clear, fit for purpose regulation. We look forward to working with issuers, sponsors and market participants on the new simplified Listings Requirements,” said Andre Visser, Director: Issuer Regulation at the JSE. 

These enhancements complement the Market Segmentation framework which reduces compliance costs and provides flexibility for listed Main Board companies outside the FTSE/JSE All Share Index, thereby encouraging capital formation and corporate actions within an appropriate governance setting. Approved by the FSCA with effect from 23 September 2024, the JSE’s Market Segmentation repositions the Main Board into two segments to deliver meaningful regulatory relief for eligible issuers, supporting capital raising, cost-effective reporting and flexible corporate actions, all while maintaining robust disclosure. 

Since its launch, 31 Main Board companies have migrated to the General Segment, underscoring its relevance and growing appeal to issuers. 

The JSE’s listings pipeline strengthened in 2025, with new entrants reflecting diverse sectors and renewed confidence in South Africa’s capital markets. Among the most notable additions were ASP Isotopes, Cell C Holdings and Optasia, underscoring the impact of ongoing reforms to attract and retain listings. Wider market activity noted through 2024 and 2025 includes increased origination and expected listings as conditions improve, underscoring the impact of the JSE’s reforms in easing the recent period of subdued listings activity. 

The new Requirements are available on the JSE’s website: https://www.jse.co.za/regulation/companies-issuer-regulation. See announcements regarding Listings Requirements (December 2025).

ENDS

ABOUT THE JSE 

The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent. 

The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for 137 years. As a leading global exchange, the JSE co-creates unlocks value & makes real connections happen. www.jse.co.za 

The JSE takes your privacy seriously in accordance with the POPI Act. We endeavour to only send you relevant information that we think will be of interest to you and the media title you work at. No action is required if you are happy to continue receiving JSE news and information. Should you change your mind at any time in the future, please do let us know. If you do not wish to receive JSE news and information, please respond to this email and we will remove you from future distributions.