After years of negotiation between the investment industry (represented by Asisa, the Association for Savings & Investment SA), the JSE and other stakeholders, the exchange published version four of the amendments to the bond market’s regulatory framework — the debt listings requirements — in January.

This version fell well short of the improved regulatory mechanisms that were agreed on at a lengthy meeting of stakeholders in October 2019 and we believe it does not provide an acceptable standard of investor protections. Broadly, the JSE proposals do not materially change the status quo, which has allowed various misbehaviours in the corporate bond market for decades...

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