Financial Sector Conduct Authority
6 August 2019
The Financial Sector Conduct Authority (FSCA) seeks comment on proposed amendments to the A2X Listing Requirements.
The call for comment was published in Government Gazette 42608 in terms of the Financial Markets Act.
Proposed amendments include changes to the definition on host exchange indicating that the host exchange for an EFT and an ETN will be the Johannesburg Stock Exchange, replacing equity with listed in the definition on list, referring to pre-listing announcement as opposed to statement, changes to the section on shares and a new section on the termination of the listing at the instance of the issuer.
In terms of additions to the section on shares, the draft amendments stipulate that the issuer must have been listed on the host exchange for a minimum of 18 months, or such other period as may be deemed acceptable by A2X, prior to listing on A2X; where applicable, the issuer must register as an external company in terms of the Companies Act; the issuer must comply with the South African Reserve Bank exchange control requirements; the issuer must, to the satisfaction of A2X, ensure that sufficient listed securities shares are available on the South African register; the issuer must make arrangement for the movement of listed securities between the share registers to the satisfaction of A2X; the issuer must appoint a corporate broker, bank or other professional adviser, acceptable to A2X, to assist the issuer in: compiling and submitting an application to list on A2X; and ensuring its ongoing compliance with the Listing Requirements.
Issuers of listed securities will be able to make written application to A2X for a deletion of any of its securities from the list indicating the time and date from which it wishes the deletion to be effective.
Comment is invited within 14 days of the date of publication.
Meanwhile, in Gazette 42612, the South African Revenue Service has imposed a provisional payment in relation to anti-dumping duty on polyethylene terephthalate imported from China.
The provisional payment stands at 22.90%.
It is in effect up to and including 2 February 2020.