COVID 19 forces JSE to extend deadline for filings of financial statements due this month Requirement for notifying JSE in advance of filing delay


COVID 19 forces JSE to extend deadline for filings of financial statements due this month Requirement for notifying JSE in advance of filing delay

Observer business writer

Sunday, May 17, 2020

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The Jamaica Stock Exchange (JSE) has extended by 45 days the deadline for filings of annual, audited and quarterly reports due this month by listed companies.

The extension comes in light of the continued negative impact of the COVID-19 pandemic on the operations of listed companies. In a circular to listed companies on Friday, JSE Managing Director Marlene Street Forrest reminded them that in order to access this extension, they are required to provide a notice to the JSE concerning the circumstances and the probable extent of the delay.

This is in accordance with the rules of the JSE. Listed companies are also required to simultaneously place an advertisement in the print media, advising shareholders of the delay and to comply with the general restrictions on dealings during this period.

In an effort to ensure the dissemination of information to the wider public, listed companies may also consider, in addition to placing an advertisement in the print media, posting their delay notice through other channels.

Street Forrest advises listed companies that for further guidance in treating with delays, they may refer to JSE Main Market Rule 407— Quarterly Financial Statements, JSE Main Market Rule 408 – Audited Annual Financial Statements and JSE Appendix 7, Section 4— General Restrictions on Dealings.

As it relates to the junior market, those listed on the junior market may refer to JSE Junior Market Rule Appendix 2, Part 4 (1) (a) (iv) Quarterly Financial Statements, JSE Junior Market Rule Appendix 2, Part 4 (2) (d) and JSE Junior Market Rule Appendix 2, Part 8, Section 4 – General Restrictions on Dealings.

At the end of last month, the JSE granted extensions to companies, who were due to file financials statements in March and April 2020, on the condition that the market is notified of the delay and that listed companies adhere to the general restrictions for dealing in securities during the extended blackout period.

Although the measures described above have been put in place to assist companies during this period, the JSE reminded listed companies of its Rules for Policy Statement on Timely Disclosures.

These rules require listed companies to provide immediate disclosure of material information. This is in order to ensure that all persons investing in securities listed on the exchange have equal access to information that may affect their investment decisions.

The JSE explained that in accordance with the rules “material information is any information relating to the business and affairs of the company that results in or would reasonably be expected to result in a significant change in the market price or value of any of the company's listed securities. Material information consists of both material facts and material changes relating to the business and affairs of a listed company.”

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