General SENS Submitter Company – GEN General – JSE Limited

2018/12/07 10:00:00
SENS announcement for JSE listed company: JSE General

GSSC 201812070022A
GEN – General – JSE Limited

GEN – General – JSE Limited

Public has its says on JSE Regulatory Review Consultation Paper

Following the release of the Regulatory Review Consultation Paper for public comment in September,
the Johannesburg Stock Exchange (JSE) has been pleased with the market response and valued
commentary received, which resulted in the JSE extending the deadline to incorporate all the input.
Commentators comprised a diverse group, which included private individuals, public interest groups,
listing sponsors, issuers and fellow regulatory bodies.

The JSE embarked on a public consultation process in response to a range of corporate scandals,
speculation and innuendo that have characterised South African financial markets over the past year,
which highlighted the need to review its responsibilities and to strengthen regulation around primary
and secondary listings.

‘In terms of the Regulation of Primary and Secondary listings, the JSE has reviewed all the comments
received and most of the amendments for consideration proposed by the JSE received favourable
support,’ says John Burke, Head of Issuer Regulation at JSE.

Reservations were however expressed in respect of the items dealing with (i) the non-binding vote on
corporate governance (paragraph 3.5) and (ii) the composition of the board of directors (paragraph 5),
most of which related to practical implementation issues.

Furthermore, general concerns were expressed on the proposals for secondary listings and the
impact they may have on South Africa as a favourable secondary listing destination. The JSE will
carefully consider all reservations and concerns expressed in order to formulate a balanced approach
that takes into account both regulatory and market considerations.

The JSE will now spend time to formulate the amendments to the JSE Listings Requirements as
proposed in the JSE Consultation Paper, taking into account the public comments, which will be
subject to further public consultation in accordance to the provisions of the JSE Listings Requirements
and the Financial Markets Act No.19 of 2012.

Although the items under Part II, which covers short selling & market abuse investigations fall outside
its regulatory ambit, the JSE has committed to ensure that all comments are shared with the relevant
bodies for consideration and meaningful discussion.

‘The JSE wishes to take the opportunity to thank all commentators who participated during this
process, which has proven to be a very valuable exercise for the JSE to obtain a market view on the
JSE’s proposals’ concludes Burke.

The JSE will aim to release the proposed amendments to the JSE Listings Requirements for public
consultation early in 2019.

7 December 2018

Date: 07/12/2018 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.


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