The Jamaica Stock Exchange (JSE) has cited three of its member dealers for reporting violations.
In its just released April 2023 regulatory report, the JSE Regulatory and Market Oversight Division noted that for the reporting period 14 monthly returns were due but only 11 were submitted on time.
In accordance with JSE Rule 209 (A), member dealers were required to file monthly returns for the period ended March 31, 2023, by May 1.
Additionally, in accordance with JSE Rule 209 (B), member dealers were required to file quarterly returns for the period ended March 31, 2023 by May 1, 2023. For the reporting period, 13 quarterly returns were due but only 10 were submitted on time.
Under JSE Rule 209 (C) member-dealers are required to file within three months of the end of their financial year audited reports to the JSE but for the reporting period ended April 2023, no audited reports were due, making a 100 per cent compliance rate.
Compliance rate for financial returns
The aggregate compliance rate for member-dealers’ filing of financial returns due for the month ended April 2023 was 78 per cent. For the 2022 comparative reporting period, member-dealers’ aggregate compliance rate was 93 per cent.
For the reporting period ended March 2023 all member dealers, except one, satisfied the JSE’s excess net free capital (ENFC) requirement as prescribed by JSE Rule Appendix 12 – Member/Dealers’ Report and Financial Information.
Market surveillance and compliance issues that were brought to the attention of the JSE for the month of April 2023 amounted to 13 versus nine for the comparative period. All customary, the JSE doesn’t name the member dealers identified in its regulatory and market oversight reports.