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South African Reserve Bank
 
 
     
 
 

Inward listings 

  • Who can inward list instruments on the JSE Limited?

    Non-resident entities, the JSE Limited and South African Authorised Dealers.
  • What is the purpose of inward listings ?

    Traditionally foreign entities were not allowed to list on the JSE Limited. It was announced in the 2004 Budget Speech that in order to allow South African investors to obtain foreign exposure through domestic channels, foreign entities would be permitted to list on the JSE Limited. This dispensation was further expanded to include derivative instruments.
  • What types of instruments can be inward listed?

    Equity, debt as well as derivative instruments based on foreign reference assets can be inward listed.
  • What are the restrictions on participation by South African investors in inward listed instruments?

    (i) South African corporates, trusts, partnerships and private individuals may invest in approved inward listed instruments without restriction.
    (ii) Institutional investors may invest in inward listed instruments (excluding shares) subject to their prudential limit.
    (iii) Authorised Dealers may invest in inward listed instruments (excluding shares) subject to their macro-prudential limit.
    (iv) Institutional investors and Authorised Dealers may invest in inward listed shares without restriction.
  • What is the procedure for a non-resident entity to obtain approval to inward list instruments?

    Any entity wishing to list these instruments on the JSE Limited must approach a South African bank with full details of the proposed transaction, whereafter the request will be forwarded to the Financial Surveillance Department of the South African Reserve Bank, for consideration.
 
 
 
     
 
 
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