Proposed Comprehensive Amendments to the JSE Debt Listings Requirements Move Closer to Implementation
On 30 June 2017, after an initial round of public commentary undertaken by the JSE Limited (“JSE”) on the proposed amendments to the JSE Debt Listings Requirements (“DLRs”), the South African Registrar of Securities Services announced that “Part 2” of the 2016 amendments are available on the Financial Services Board’s website for further public comment. The deadline to review and comment on the proposals is 14 July 2017.
· complete overhaul of the document change process (for example, changes to security documents and credit enhancement agreements will now also require prior JSE and noteholder approval unless such changes are of a “technical nature, made to correct a manifest error or to comply with the mandatory provisions of any applicable laws”;
· separate disclosure requirements for securitisations and “other asset-backed debt securities”;
· adding to the list of documents that must be published on the JSE website (for example, security structure documents and credit enhancement agreements);
· expanding the types of information that may be incorporated by reference;
· streamlining the listings process (for example, applicant issuers may now elect to appoint a debt sponsor or an internal “designated person” to liaise with the JSE);
· making inward listings by foreign issuers simpler (for example, certain categories of foreign issuers will now only need to prepare a “JSE wrapper” to their offshore programmes); and
· clarifying those sections of the DLRs that were previously not entirely clear.
· the classification of instruments, particularly asset-backed instruments issued out of special purpose vehicles (“SPVs”);
· the requirements applicable to guarantors (including security SPV guarantors);
· the approvals process relating to changes to documentation;
· issuers’ obligations under the DLRs where they are also listed on the Main Board of the JSE;
· the life (and possible automatic termination) of programmes registered with the JSE where there are no notes outstanding and issuers do not issue for certain periods of time;
· the role of debt sponsors (with the introduction of the concept of “designated persons”); and
· the requirements applicable to financial information and financial statements.
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