JSE Ltd has censured a Nedbank unit for failing to ensure that a client issued an earnings report that complied with the exchange operator’s listing rules, a move that amounts to an embarrassing public dressing-down rather than financial penalties.

The JSE said Nedbank’s corporate and investment banking division, which acts as governance adviser to Rebosis Property Fund, failed to fully carry out its responsibilities when its client released 2019 annual results that were not reviewed or audited. "The publication of annual financial statements, whether preliminary, provisional or final, is a fundamental disclosure requirement upon which investors rely to make informed investment decisions," the JSE said on Tuesday...

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