JSE may change listing requirements on back of Steinhoff saga
The JSE is to release a consultative paper on possible new requirements, including those pertaining to disclosure
The JSE will release a consultative paper in the next few days on possible changes to the JSE’s listing requirements, CEO Nicky Newton-King said Wednesday. Newton-King was giving an update to four parliamentary committees on action taken in relation to Steinhoff and possible changes to regulations. One of the proposed changes is to strengthen the disclosure requirements for directors dealing in shares of their companies to include the pledging of shares. Currently, directors are required to make a Sens announcement within 48 hours of selling their shares or on putting up a derivative structure. Newton-King said proposals on initial listing requirements have been made with regards to the size of the subscribed capital for listings; what constitutes an acceptable public spread; and what a public shareholder is. Also included in the proposals are compulsory training for audit committees and company secretaries, and the provision for a non-binding vote on the corporate governance report...
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