GEN - General - Johannesburg Stock Exchange - Proposed amendment to the
JSE
GEN
GEN - General - Johannesburg Stock Exchange - Proposed amendment to the
Listings Requirements dealing with unpublished price sensitive information
JOHANNESBURG STOCK EXCHANGE - PROPOSED AMENDMENT TO THE LISTINGS REQUIREMENTS
DEALING WITH UNPUBLISHED PRICE SENSITIVE INFORMATION
The JSE issued a letter in June 2011 drawing attention to paragraph 3.5 of the
Listings Requirements ("the Requirements"). This paragraph clearly prohibits
the release of price sensitive information to any party before it is released
on SENS. The letter was issued after a number of local and international
incidents where price sensitive information was either prematurely released or
accessed by certain parties.
After releasing the letter the JSE was approached by various parties including
sponsors, listed companies and investor relations practitioners to consider a
possible amendment that would allow listed companies to share unpublished
price sensitive information with certain parties prior to releasing it on
SENS. Although significant justification was provided for a possible
amendment, the JSE also had to take account of the provisions of the
Securities Services Act 36 of 2004 ("SSA") before considering an amendment.
Section 73(3) of the SSA provides, inter alia, that an insider who discloses
inside information to another person commits an offence. This section does
however provide a defence under very specific circumstances.
The JSE Listings Requirement cannot be in conflict with the SSA and in light
thereof we are proposing an amendment stipulating that applicant issuers that
elect to share unpublished price sensitive information, prior to releasing it
on SENS, must ensure that in doing so they are not committing an offence in
terms of the SSA.
The proposed amendment can be obtained on the JSE website www.jse.co.za and is
now available for public comment. Interested parties can submit their comment
to Thandekam@jse.co.za by no later than Friday 13 January 2012.
25 November 2011
Date: 25/11/2011 12:00:01 Produced by the JSE SENS Department.
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