Amendments to the JSE Listings Requirements to cut red tape and achieve effective, fit-for-purpose regulations for financial markets have been approved. Madelein Burger, partner; Gopolang Kgaile, senior associate; and Nasrin Kharsany, senior knowledge lawyer at Webber Wentzel, unpack the requirements.
The amendments are the subject matter of the JSE’s “Cutting Red Tape” project, with the JSE aiming at achieving effective, fit for purpose regulations for existing listings. The approval of the amendments follows an extensive consultation process with the market and the public that kicked off in March 2021 after the JSE released a consultation paper on “cutting red tape aimed at effective and appropriate regulation”.
The Listings Requirements currently provide certain exemptions from the requirements applicable to category transactions and related-party transactions, which include publication of a circular and/or shareholder approval of transactions. One of these exemptions applies to transactions in the ordinary course of business, where the transactions’ consideration is equal to or less than 10% of the issuer’s market capitalisation.
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