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Cape Town - South Africa wants all inward listed shares on the Johannesburg Stock Exchange classified as “domestic” for purposes of trading, as it reforms its prudential and investment regulatory policies to boost investment and reduce the cost of doing business, the Treasury said on Tuesday.
To reduce the cost of cross-border remittances, the Treasury also proposed removing ownership restrictions on international participation in foreign currency exchange bureaus, also known as authorised dealers with limited authority.
The inward listed shares should also be included in the indices of the local bourse, the largest in Africa, the Treasury said.
Prudential institutions would still be required to report their foreign exposures to the regulatory authorities, subject to regulatory criteria.
“This proposal is intended to enhance the ability of the JSE to attract new listings and boost investments into Africa,” the Treasury said in its medium-term budget policy statement tabled in parliament by Finance Minister Pravin Gordhan.
The requirement for money remitters to partner authorised dealers will also be removed, while remitters will be regulated as standalone bodies, subject to relevant oversight.
To reduce the cost of cross-border remittances, the Treasury also proposed removing ownership restrictions on international participation in foreign currency exchange bureaus, also known as authorised dealers with limited authority.
The inward listed shares should also be included in the indices of the local bourse, the largest in Africa, the Treasury said.
Prudential institutions would still be required to report their foreign exposures to the regulatory authorities, subject to regulatory criteria.
“This proposal is intended to enhance the ability of the JSE to attract new listings and boost investments into Africa,” the Treasury said in its medium-term budget policy statement tabled in parliament by Finance Minister Pravin Gordhan.
The requirement for money remitters to partner authorised dealers will also be removed, while remitters will be regulated as standalone bodies, subject to relevant oversight.
