Market Regulation

The regulatory framework that governs the JSE’s role as a market regulator and the compliance obligations of authorised JSE members comprises the Financial Markets Act, 2012, the JSE Rules and Directives and the Financial Intelligence Centre Act, 2001.  The regulatory activities undertaken by the JSE Market Regulation division include the monitoring of trading in the various JSE markets to identify possible market abuse and oversight of JSE members’ compliance with their regulatory obligations.

Market abuse consists of three forms of conduct prohibited in terms of the Financial Markets Act, namely -

Insider trading;

Prohibited trading practices (market manipulation); and

False, misleading or deceptive statements.

The JSE Market Regulation division utilizes electronic surveillance systems to monitor and analyse trading in JSE listed securities, in order to identify potential insider trading and market manipulation.  The Financial Sector Conduct Authority (“FSCA”) is responsible for investigating potential market abuse and instituting enforcement action where appropriate.  All instances of potential insider trading and market manipulation identified by the JSE Market Regulation division that the division believes requires further investigation are referred to the FSCA for their consideration.

The FSCA regularly publishes information on the status of the market abuse investigations that it is conducting, which would include matters referred by the JSE Market Regulation division. The FSCA media releases are available on the FSCA website at: 

https://www.fsca.co.za/Pages/Media-Releases.aspx

 The JSE Market Regulation division referred the following number of potential market abuse matters to the FSCA:

Referral Period Insider Trading Market Manipulation 
2018 12 13
H1 of 2019 2 5
H2 of 2019 8 4
H1 of 2020 3 4
H2 of 2020 6 2
H1 of 2021 5 3

 For any query, concern or complaint related to:- 

Trading activity in one of the JSE markets, including potential market abuse; or  

The operation of your account at one of the JSE member firms if the member firm has not satisfactorily addressed your issue, you may contact the JSE Market Regulation Division on surveillance@jse.co.za providing us with all the relevant information.

For all other queries please contact info@jse.co.za

Rules and Directives

Derivatives Directives
484.18 KB
28.06.2021 17:19
Derivatives Rules
1.26 MB
28.06.2021 17:20
EquitiesDirectives
1.15 MB
24.10.2019 08:22
GuaranteeFund
54.38 KB
24.10.2019 08:22
Equities Rules
1.24 MB
10.02.2020 11:26
Bonds Penalties and Fees Guidance Note
728.24 KB
24.10.2019 08:22
IRC Clearing Agreement
226.34 KB
24.10.2019 08:22
IRC Client Agreement
244.64 KB
24.10.2019 08:22
IRC Investment Management Agreement
237.46 KB
24.10.2019 08:22
IRC JSE Clear Agreement
235.86 KB
24.10.2019 08:22
IRC Tripartite Client Agreement
200.12 KB
24.10.2019 08:22
JSE Fidelity Fund Rules
50.11 KB
24.10.2019 08:22
Bond ETP Rules and Directives 16 July 2018
652.13 KB
24.10.2019 08:22

Legislation

Please use the following link to view all Acts administered by the Financial Sector Conduct Authorityhttps://www.fsca.co.za/Customers/HTML%20Pages/legislation.html

Market Abuse

Anti Money Laundering

Please use the following link to view all Notices and Guidance Notes issued by the Financial Intelligence Centre: https://www.fic.gov.za/Pages/Home.aspx

Conflicts of Interest