FSCA Greenlights New Regulations to Streamline JSE Listings

The South African financial markets regulator has approved changes to the listing rules, facilitating the process for companies to start trading on the continent’s largest exchange.

The Financial Sector Conduct Authority has backed the so-called simplification initiative, which cuts the listing requirements on the Johannesburg Stock Exchange by over 50%, according to a statement from JSE.

This regulatory update forms part of JSE’s broader strategy to create an attractive atmosphere for attracting and retaining listings.

“This reform initiative is already improving our pipeline and reducing the barriers for listing while ensuring investor protection through clear and appropriate regulations,” said André Visser, director of issuer regulation at JSE.

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The reforms involve reducing the voting threshold for share issues and buybacks from 75% to 50%, eliminating the requirement for pro forma financial statements for cash issues and buybacks, and removing the need for fairness opinions in related-party transactions.

The changes will take effect for existing issuers starting 16 February and for new applicants seeking a listing from 13 January.

After several years of declining listings due to challenging regulatory and funding conditions that made capital raising through initial public offerings less attractive, the JSE saw its best year for IPO fundraising in 2025 since 2017. This included listings from financial technology firm Optasia Group and mobile network provider Cell C.

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