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JSE: Simplified listings requirements
- 07 January 2026
- Law
- South African Accounting Academy
Summary:
The Johannesburg Stock Exchange (JSE) has issued the long-anticipated, new Simplified Listings Requirements, which aim to enhance the modernity and competitiveness of the JSE's regulatory regime.
Articles:
These new JSE Listings Requirements will become effective on 12 January 2026, replacing the old rules with a streamlined, modern framework, significantly changing requirements like lowering the shareholder approval threshold for non-pro rata share issuances to a simple majority (50%+1), and reorganizing the structure for better competitiveness.
Apart from structural and cosmetic changes involving a rearrangement and streamlining of the various chapters, some observations have been made in relation to the more substantive changes brought about by the new Listings Requirements in relation to corporate actions and dealmaking.
Key Changes & Features
- Simplification: Structural and cosmetic changes to make the JSE more modern and competitive.
- Shareholder Approvals: The required majority for general/specific share issuances for cash dropped from 75% to 50%+1.
- New Document: A completely new version replaced the old Listings Requirements, available directly from the JSE.
- Transitional Rules: Specific transitional arrangements and training were planned before the operational date.
The JSE is a licensed exchange in terms of the Financial Markets Act (FMA). In accordance with the FMA, the JSE is obliged to make listings requirements and enforce them. It is an integral function of the JSE to provide infrastructure for the trading of securities listed on the JSE.
The Requirements contain the rules and procedures governing new applications, corporate actions and continuing obligations applicable to applicant issuers and/or listed securities. They are furthermore aimed at ensuring that the business of the JSE is carried on with due regard to the public interest.
The Requirements and any other conditions of listing are binding on applicant issuers, their directors, officers, employees and agents.
Click here to download the new 172-page document:
Relevance to Auditors, Independent Reviewers & Accountants:
- Your relevant clients should take heed of amendments to listing requirements published by the JSE as a regulator.
- These clients have to comply with the JSE Listing Requirements.
- You need a good working knowledge of these requirements.
- As their auditor, you need to evaluate their compliance with relevant laws and regulations, and fulfil your reporting obligations in respect of NOCLAR, where applicable.
Relevance to Your clients:
- Your relevant clients should take heed of amendments to listing requirements published by the JSE as a regulator.
- They have to comply with the JSE Listing Requirements.