JSE - Sponsor/Designated Advisor Approved Executive criteria

May 20, 2008 at 5:28 AM EDT
JSE - Sponsor/Designated Advisor Approved Executive criteria                    
The JSE Limited ("JSE") initiated a process last year with                      
the intention of changing the Sponsor and Designated Adviser                    
('DA") approval process, including the eligibility criteria.                    
The rationale for the proposed changes includes the                             
    -    simplifying the approval process;                                      
    -    introducing more objectivity into the rules;                           
    -    continuing education for sponsors and DA's;                            
    -    the need to remove the onerous process that                            
         sponsors must go through every year in proving                         
         which transactions they were involved in; and                          
    -    providing more certainty to sponsor firms                              
         especially during periods where there is limited                       
         corporate activity resulting in some of their                          
         executives no longer remaining approved.                               
The main proposals can be summarized as follows:                                
    -    All existing approved executives of sponsor and DA                     
         firms will remain as such provided they attend                         
         update courses whenever there are changes to the                       
         Listings Requirements.                                                 
    -    All new applicants must pass an examination and                        
         gain experience under the supervision of an                            
         approved executive before being registered.                            
    -    The examination will focus on what a sponsors and                      
         DA's require to meet their responsibilities and                        
         will therefore cover topics such as the Listings                       
         Requirements, relevant aspects of the Securities                       
         Services Act and Companies Act, the King Code and                      
The proposed requirements are available on the JSE website                      
www. jse.co.za and all interested parties are invited to                        
submit their comments in writing before 20 June 2008 to                         
Annalie de Bruyn.                                                               
FAX : 011 520 8596                                                              
20 May 2008                                                                     
Date: 20/05/2008 15:00:01 Produced by the JSE SENS Department.