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JSE
GEN
Gen - Request for comment on proposed amendments to JSE Listings
Requirements for the proposed Black Economic Empowerment ("BEE")
Segment
The JSE is planning to establish a new segment of the Main Board
("the BEE segment") where applicants may apply for a listing of
its BEE securities and where trading in such securities will be
restricted toBEE compliant persons. The establishment of the BEE
segment will result in a transparent and efficient mechanism
being created for the trading of BEE securities whilst assisting
applicants in retaining their BEE status. The key features of the
BEE segment are:
1. in order to obtain a listing, applicants must demonstrate
that they meet basic entry criteria of the various boards or
sectors of the JSE as set out in either section 4, 15, 19,
20 or 21 of the JSE Listing Requirements ("LRs");
2. in addition to the LRs applicable to the BEE segment,
applicants will be required to comply with all other
relevant LRs;
3. the JSE will list, on the BEE segment, only BEE securities
which have to be held by persons defined as "BEE compliant"
in the LRs;
4. all the existing trading rules of the JSE will be applicable
to the trading of BEE securities;
5. the BEE securities will be traded in a separate designated
segment of the market and will be assigned an alpha and ISIN
code;
6. the BEE securities will be settled in the same manner as
other equity securities on a T+5 rolling contractual
settlement basis with the JSE guaranteeing transactions
executed on the central order book;
7. the JSE has enhanced its systems to monitor that only BEE
compliant persons trade in BEE securities and the proposed
amendments to the JSE equities rules and directives provide
the JSE with authority to take the necessary action in
certain circumstances of non-compliance;
8. the JSE will educate the market, specifically the JSE
equities members and CSDPs, regarding the requirements
associated with the trading of BEE securities;
9. as each applicant may have different terms and conditions
relating to their BEE securities, a generic contract ("BEE
contract") has been developed that must be signed by the
proposed beneficial owner, the proposed Intermediate holder
(if applicable) and the proposed registered owner of BEE
securities. The BEE contract provides standard terms
regarding the holding and trading of BEE securities and
incorporates, by reference, the memorandum and articles of
association of an issuer of BEE securities, to ensure that
an issuer has recourse to the beneficial owner in the event
that it is determined that he/she is not a BEE compliant
person.
10. a Issuer Participant Contract also needs to be signed by
applicants listing their BEE securities on the BEE segment
as defined in the LRs which offers further protection to the
applicant and the CSD participants.
The JSE invites comments on the proposed amendments to the LRs to
be submitted to thandekam@jse.co.za by no later than
17 December 2010. The amendments to the LRs will be available on
the JSE website, www.jse.co.za under the regulation section.
Date: 25/11/2010 17:49:30 Produced by the JSE SENS Department.
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