On 10 July 2026, the Johannesburg Stock Exchange (JSE) published proposed amendments to the JSE Listings Requirements (Requirements) relating to financial reporting costs. The proposed amendments are open for public comment until close of business on 11 August 2026.
The amendments follow the JSE’s Consultation Paper on Financial Reporting Costs (November 2025), which responded to a June 2023 market survey identifying financial reporting and audit-related costs as among the most significant costs of maintaining a JSE listing.
The consultation forms part of the JSE’s broader reform programme to ensure South Africa’s capital markets remain competitive and appropriately regulated.
Submissions from stakeholders consistently emphasised the need to balance cost reduction with decision-useful information for investors and market confidence.
Key proposed amendments addressed by the JSE are outlined below.
Trading statements
The JSE has elected to retain the existing trading statement requirements. It will not proceed with previously contemplated changes to thresholds, wording requirements or net asset value-based triggers.
In paragraph 6.31 of the Requirements, the JSE proposes changing the wording from ‘is incorrect’ to ‘was incorrect or, based on information now available, is no longer a true reflection of expectations’. This encourages issuers to publish updates when circumstances change, not solely when there is a factual error.
Non-IFRS measures
The JSE will not amend non-IFRS measure requirements at this stage, pending implementation and market adoption of IFRS 18 (expected for 2028).
Headline Earnings Per Share (HEPS)
The JSE will retain the existing obligation to disclose HEPS for both primary and secondary listed issuers, although it is primarily a South African reporting metric.
Financial directors
The JSE will retain the requirement for an executive financial director, together with the ability to grant variations in appropriate circumstances.
The JSE proposes restructuring paragraph 5.7(e) to address temporary vacancies:
- Sub-paragraph (i): Where special circumstances warrant a part-time or no financial director, the issuer must apply to the JSE for approval, supported by audit committee motivation.
- Sub-paragraph (ii) (new): Temporary vacancies of up to six months may be managed by the audit committee without JSE approval. Beyond six months, paragraph 5.7(e)(i) applies.
In all cases, the audit committee must annually satisfy itself as to the competence, qualifications and experience of the financial director (or acting appointee).
Board committees
The JSE will not amend the existing requirements for the establishment or composition of Social and Ethics Committees, Remuneration Committees or Audit Committees.
Pro forma financial information
The JSE will not extend the General Segment narrative approach, which permits narrative disclosure in certain circumstances rather than detailed pro forma financial information, to Prime Segment issuers. The existing framework for pro forma financial information is retained.
The JSE proposes removing duplication and inconsistencies where equivalent pro forma information is required by statute or an approved exchange, in the case of a secondary listing. The amendment allows for an adjusted application of Requirements in such circumstances.
Restatements
The JSE proposes simplifying the administrative process for dealing with restatements of financial information. Key changes include:
- submission via WEBSTIR with the annual compliance certificate, cross-referencing where the restatement is explained in the results or SENS; and
- reduced content requirements, with the following being no longer needed:
- detailed narrative for the JSE;
- details of how/ when restatement was identified;
- impact on previously published results;
- audit committee chairman confirmation of preventative steps;
- highlighting of subsequent restatements; and
- explanation of why preventative measures failed.
Separate annual financial statements
The separate financial statements may be incorporated in the annual report via weblink or made available upon request through secure electronic means, reducing formatting and production costs.
General simplifications
Three simplification amendments with overwhelming support include:
- Category 1 circulars: Removes requirement to disclose goodwill accounting policy choice (no longer a policy choice under IFRS). Only reasons for the goodwill payment need be disclosed.
- Profit warranties: Removes auditor confirmation requirement, except for related party transactions.
- Annual report content: Removes requirement to disclose reason for auditor resignation/ termination (already addressed via SENS announcements).
