Investigations Unit
The provisions of the Financial Markets Act, 2012 (“FMA”) are clear that the Listings Requirements are binding on the issuer itself, its board, officers and employees. If a breach of the Listings Requirements is identified, the JSE may take action against an issuer, its directors, officers and employees (“regulated parties”) after following due process which must be observed at all times. The JSE’s regulatory duties and responsibilities are therefore limited to the express duties and responsibilities set out in the FMA and the JSE Listings Requirements and Debt Listings Requirements (“Listings Requirements” or “Debt Listings Requirements”).
The JSE may not act outside of the ambit of these responsibilities and any action that does not fall within these responsibilities will be ultra vires and void. The JSE is, in terms of the peremptory provisions of the FMA, obliged to adopt and enforce its Listings Requirements. The Investigations Unit (within the Issuer Regulation Division) is responsible for the enforcement of the Listings Requirements by way of conducting investigations and ultimately taking disciplinary action in appropriate cases, including against listed issuers and directors.
The principal purpose of imposing a censure or penalty is to promote a high standard of regulatory conduct by deterring regulated parties who have committed breaches, from committing further breaches and thereby helping to deter other parties from committing similar breaches, and demonstrating generally the benefits of compliant behaviour. Censures and penalties are therefore the tools which we may employ to achieve our regulatory objectives.
For any investigations or complaints against regulated entities listed on the JSE, contact the Issuer Regulation Investigations Unit:
