Clinton van Loggerenberg and Ntando Siswana of ENSafrica look at amendments to the JSE debt listings requirements
On 8 July 2015, the Johannesburg Stock Exchange ("JSE") published the latest amendments to the JSE Debt Listings Requirements. The key amendments are:
• debt sponsors will be required to adhere to the Sponsor Code of Ethics and Standards of Professional Conduct published by the JSE.
• issuers will be required to have their financial statements audited by an auditor appearing on the JSE’s list of accredited auditors. This requirement will apply equally to foreign entities, and exemptions will be considered for government entities that have been audited by the Auditor General.
• five months after an issuer’s (or guarantor’s) financial year end, the JSE will send a reminder requesting submission of the outstanding financial statements. If the financial statements have still not been submitted:
- on the 6th month, the JSE will publish a SENS announcement highlighting this fact; and
- by the end of the 7th month, that issuer’s debt securities will be suspended and the JSE will also have the power to de-list the debt securities.
• these amendments will take effect on 4 August 2015, but the provisions relating to accreditation of auditors will commence at a later date yet to be announced. The procedures regarding non-compliance with the obligations to submit financial statements will only be applied to issuers and guarantors with a financial year that ended on 28 February 2015 (or later).
Clinton van Loggerenberg