The JSE says it is proposing tightening listing rules
after financial markets were "shaken by a range of corporate scandals,
rumours and innuendo".
The bourse published a consultation paper on Wednesday, saying recent
events showed a need for it to review its responsibilities and
strengthen aspects of regulation. Recommendations range from,,,
boosting
racial and gender diversity on boards, to doubling the notice period
before new stocks start trading.
It proposes disclosures when directors use shares as collateral and
supports plans for information on short-selling transactions to be made
public.
Without specifying any events, the JSE said they "have led to
questions about how certain alleged activities were able to happen,
apparently undetected, whether regulators such as the JSE could have
taken action to prevent certain activities and whether those events have
highlighted any regulatory provisions that might need to change".
The JSE’s comments come nine months after the near-collapse of global
retailer Steinhoff International’s share price, which lost more than
90% of its value when it was engulfed in an accounting scandal in early
December.
In January, regulators said they were studying sharp drops in stocks
Aspen Pharmacare and Resilient amid speculation they were about to be
the subject of a negative report by short-sellers Viceroy Research.
Bourse operator JSE Ltd said it was seeking comment on its proposals and that those could be submitted until October 22.
Bloomberg
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