(KINGSTON, July 22, 2010): The Jamaica Stock Exchange (JSE) has amended three (3) rules; these are:
- Time Reckoning Rule
- Deadline for Submission of Shareholders Register {Appendix 3(10)} and
- Managed Accounts, Rule 227
The Time Reckoning Rule was amended to explicitly define terms of date as represented in the Main and Junior Market Rules of the Exchange. The definitions are expected to support Listed Companies’ undertakings in relations to submissions, as well as to assist investors’ in the determination of timeframes for the receipt of certain market information.
The amendment to the rule governing the Shareholders Register is to allow for the timely submission by all Listed Companies of their Share Register to the JSE, and therefore curtailing the unpredictability of their filings.
The Managed Accounts rules were duly amended to ensure that each Member Dealer that maintains or operates Discretionary Accounts for their clients establishes and maintain a system to properly supervise the activities of those responsible for the management of such accounts in keeping with the fiduciary duty that is owed by the Member Dealer to all Discretionary Account Clients.
According to Mr. Livingstone Morrison, Chairman of the Regulatory and Market Oversight Committee (RMOC), “the rules of the Exchange have to be reviewed and updated on an ongoing basis in order to ensure that they are relevant at all times”. This is of upmost importance and necessity in furthering the Exchange’s mandate of protecting and building market integrity.
Mr. Wentworth Graham, Chief Regulatory Officer, Regulatory and Market Oversight Division, stated that, “the amendments were undertaken to create clarity in the regulations as well as representing standards that foster and promote market transparency, efficiency and best practices”.
Copies of the amended rules can be viewed on the JSE’s website at www.jamstockex.com
