The Johannesburg Stock Exchange (JSE) has received approval from the Financial Sector Conduct Authority for the Simplification Project, which simplifies listings requirements on the JSE.
The JSE says the new requirements use plain language to record concise regulatory objectives, remove ambiguity and duplications, and reduce the overall complexity.
"The approval and forthcoming implementation of the simplified listing requirements form part of the JSE's broader strategic drive to create an enabling environment that attracts and retains listings, while upholding transparency and investor protection," a statement issued by the JSE reads.
The simplified listings requirements will replace the previous version in its entirety and will come into force for existing issuers on 16 February.
Some of the changes include a reduction in voting threshold for share issues and buy-backs from 75% to 50%, pro forma financial statements for cash issues and buy-backs are replaced by detailed narrative impacts, and property entities no longer require valuation reports (with limited exceptions).
Additionally, mining companies no longer need JSE reader's panel pre-approval for reports, and ordinary course of business thresholds increased from 30% to 50%, giving companies more room to operate without seeking constant shareholder approval.
