New JSE publishing rules could cripple newspapers

New JSE publishing rules could cripple newspapers

Trevor Neethling

In a move that could cripple SA's financial print media‚ the JSE has announced proposals to change its publication rules for listed companies.

Sens‚ the JSE news service‚ on Friday published the revised criteria and invited member companies to provide feedback.

The move would put strain on daily news media such as Business Day‚ Business Report and Sake‚ published in Afrikaans‚ at a time when newspapers are battling falling advertising revenue and circulation.

Up to now‚ all listed companies have been compelled to publish complete full-year and interim financial statements on the Sens website and in the print media in English and other official languages.

The revised rules would still require these announcements to be carried in the print media‚ but summarised as a "short-form announcement".

The full version of the announcement would be released on Sens and on the issuing company's website prior to the short-form announcement being published in a newspaper.

Due for implementation early next year

The JSE intends to implement the above amendments on 1 January next year.

Issuing companies may‚ however‚ continue to publish full announcements in newspapers if they choose.

Among other requirements‚ issuers would only need to publish in one newspaper of their choice‚ and the JSE would not prescribe the content of the short-form announcements (except for interim reports and provisional annual financial statements) or approve such announcements before they were published.

The proposed requirements are available on the JSE's website. Interested parties are invited to submit their comments by June 29.