JSE Limited · JSE:JSE
JSE — Johannesburg Stock Exchange — Simplification Project Webinar March 2024
14 slides from JSE's conference presentation, Mar 18, 2024
Slide 1: Simplification Project March 2024
Simplification Project March 2024 let’s connect ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE.
Slide 2: Introduction
Introduction • In May 2022, as part of its ongoing efforts to ensure that the bourse is fair, efficient, transparent and competitive, the JSE released a consultation paper, requesting stakeholders to comment on a raft of proposals. • One such proposal was the Simplification Project for which overwhe
Slide 3: Simplification Ground Rules
Simplification Ground Rules • Testing regulatory relevance, is the requirement still current and does it serve a regulatory objective? • Converting complex language construction into plain language, whilst maintaining regulatory objective. • Cutting red-tape a continuing focus. • Articulating what i
Slide 4: Simplification Workflow
Simplification Workflow • The following advisory bodies assist the JSE with the drafting process behind the Simplification Project, specialising in various areas of practice within the corporate finance industry: • Issuer Regulation Advisory Committee: Representing seasoned corporate financiers. The
Slide 5: Simplification Workflow
Simplification Workflow • A staggered and open JSE public consultation process is being followed, which commenced in September 2023. • Dedicated public consultation portal has been created on JSE website, to create a centralised portal for new releases and updates. • Released Sections 1, 2, 9 and 10
Slide 6: Project Status: Released
Project Status: Released Project to date • Release 1 • The JSE launched first four Sections, being Section 1 (General Powers of the JSE), Section 2 (Sponsors), Section 9 (Transactions) and Section 10 (related Party Transactions). Public Consultation 20 September 2023 Public Consultation 23 October 2
Slide 7: Project Status: Released
Project Status: Released • Release 3 • Version 2 of all the Sections of Release 1 and 2 have been released again to reflect public comments, which will again be open for further public consultation. Public Consultation 5 March 2024 Public Consultation 8 April 2024 Commence Closed let’s connect | 7
Slide 8: Project Status: Next Up
Project Status: Next Up • Release 4 • The JSE will release a further three Sections in March 2024, being Section 5 (Methods and procedure of bringing securities to listing), Section 11 (Circulars, pre-listing statements/prospectuses and announcements) and Section 16 (Documents to be submitted to the
Slide 9: Next Up: Reforms
Next Up: Reforms • The proposed simplification and reforms proposed for Release 4, being Section 5 (Methods and procedure of bringing securities to listing), Section 11 (Circulars, pre- listing statements/prospectuses and announcements) and Section 16 (Documents to be submitted to the JSE), include
Slide 10: Simplification Stats
Simplification Stats • Although not the primary focus, the project has so far resulted in a significant reduction, by volume, in the Requirements: • Section 1: Powers of the JSE (word count -30% page count -13%) • Section 2: Sponsors (word count -25% and removal of 1 schedule) • Section 3: Continuin
Slide 11: Conclusion
Conclusion • Participation and support for the Simplification Project has been very positive and well received. • The type of comments received evidence that the amendments have been well read and that there is clear support for the proposed reforms, save for one concern raised with the proposed rem
Slide 12: Conclusion
Conclusion • We wish to ask that all market participants embrace the Simplification Project as the JSE believes that the proposed reforms are significant and meaningful in support of an effective and appropriate level of regulation for issuers listed on the JSE. • Please make your voice heard throug
Slide 13: Questions?
Questions? let’s connect | 13
Slide 14: Thank you
Thank you Send queries to Simplification@jse.co.za https://clientportal.jse.co.za/communication/issuer-regulation-simplification-project let’s connect ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE.
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