BOURSE LICENCE
Regulator questions confidence
The JSE’s belief that the Financial Services Board (FSB) did not follow the rules when it decided to grant a stock-exchange licence to newcomer ZAR X was plainly wrong, the regulator argued before the FSB appeal board on Monday. On the first day of the hearing, lawyers for the FSB said the JSE and 4 Africa Exchange (4AX) were given sight of all public documents they sought and it was not understood why they lodged the application to appeal. The JSE and 4AX are jointly appealing against the registrar of securities services’ decision to grant ZAR X a stock-exchange licence in September. The JSE has said it welcomes competition, but would like all participants to compete on a level playing field "bound by the same set of rules and in an environment in which important issues of public policy have been settled; issues such as regulatory standards, systemic risk and investor protection". Counsel for the FSB argued that the application was at heart a market-compliance issue.
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