On 5 September 2023, a noteworthy legal judgement emerged from
the Gauteng Division of the High Court of South Africa, situated in
Johannesburg.
The case centered around an individual sanctioned by the
Johannesburg Stock Exchange ("JSE") for transgressing
various provisions of the JSE's Listing Requirements. Aggrieved
by the sanction imposed, the individual applied, under section 230
of the Financial Sector Regulation Act 9 of 2017
("FSRA"), for a reconsideration of the decision, which
had to be undertaken by the Financial Services Tribunal ("the
Tribunal").
Under Section 231 of the FSRA, it is important to note that an
application for reconsideration does not automatically suspend the
decision sought to be reconsidered. Consequently, the individual
had to apply to the Tribunal for the suspension of the JSE's
decision while it underwent reconsideration. The Tribunal opted to
suspend the payment of the fine the JSE had imposed, but declined
to suspend the
