General SENS Submitter Company - GEN - General - JSE Consultation Paper

GEN - General - JSE Consultation Paper

GEN – General - JSE Limited

JSE Consultation Paper: On possible regulatory responses to recent events surrounding listed
issuers and trading in their shares

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 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.

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.


“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.


Through this process the JSE envisages improvements to:

    .   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 Consultation Paper is available on the JSE’s website (Route: Companies & Issuer
Regulation/Issuer Regulation – Announcements regarding Listings Requirements).

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


19 September 2018

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