Jamaica Stock Exchange s Monthly Regulatory Report January 2017

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1 Jamaica Stock Exchange s Monthly Regulatory Report January 2017 Page 1 of 6

2 Jamaica Stock Exchange January 2017 Regulatory Report Overview This is the Jamaica Stock Exchange s (JSE) January 2017 Monthly Regulatory Report. The report gives a synopsis of the following regulatory activities: 1. Member-dealers reporting, 2. Listed companies submissions, 3. Market surveillance and compliance activities, 4. Regulatory breaches and enforcement actions. Member-Dealer Regulation In accordance with JSE Rule 209 (A) member-dealers were required to file Monthly Reports for the period ended December 31, 2016 by January 31, For the reporting period twelve (12) Monthly Reports were due and submitted on time. Based on JSE Rule 209 (B) member-dealers were required to file Quarterly Reports for the period ended December 31, 2016 by January 31, For the reporting period eleven (11) Quarterly Reports were due and of the eleven (11), ten (10) were submitted on time. Under JSE Rule 209 (C) member-dealers with financial year ended October 31, 2016 were required to file their Audited Reports by January 31, For the reporting period one (1) Audited Report was due and submitted on time. The aggregate compliance rate for member-dealers filing of their Monthly, Quarterly and Audited Reports for the month ended January 31, 2017 was 96%. For the 2016 comparative period member-dealers aggregate compliance rate was 92%. Table 1 Member-Dealers Excess Net Free Capital (ENFC) as at December 31, 2016 ENFC Range($M) # Of Member- Dealers Dec 2016 # Of Member- Dealers Dec 2015 Below , ,000 4, ,000 and above 3 2 Page 2 of 6

3 Listed Company Compliance During the month of January 2017 Listed Companies were required to file Unaudited Reports for the period ended November 30, Listed Companies with year ended November 30, 2016 that selected the 60-days filing option were required to file Audited Statements during the month of January Listed Companies with year ended October 31, 2016 that selected a 90-days filing option were also required to file their Audited Statements during the month of January 31, Additionally, Listed Companies with year ended September 30, 2016 were required to file Annual Reports during the month. The filing statistics are represented in Table 2 below: Table 2 Listed Companies Financial Submissions January 2017 January 2016 Reports Total Due Timely Filing Late Outstanding Total Due Timely Filing Late Outstanding Unaudited Audited Annual Key: Late reports are filings after the due date that came in before the close of the month. Outstanding reports are due reports that were not received as at the close of the month. Market Surveillance and Compliance The JSE s tally of market surveillance and compliance issues as at January 31, 2017 amounted to twenty-nine (29) versus seventeen (17) for the comparative month last year. Further statistics of JSE s market surveillance and compliance activities are presented in Table 3 below. Table 3 Market Surveillance & Compliance Log Total Issues Issues Closed Issues Unclosed Jan 2017 Jan 2016 Jan 2017 Jan 2016 Jan 2017 Jan Y-T-D 17 Y-T-D 16 Y-T-D 17 Y-T-D 16 Y-T-D 17 Y-T-D Page 3 of 6

4 List of Regulatory Breaches and Enforcement Actions In Table 4 below is the list of regulatory breaches and enforcement actions for the period ended January 31, 2017: Table 4 # Entity Code Rule Details 1 Pulse Investments 2 BCW 3 BCW 4 BCW 5 Barita Investments 6 BCW MMC JSE Rule 409 Annual Report The Company s Annual Report for the period ended June 30, 2016, which became due on October 28, 2016, was submitted on January 31, Consequently the company was subjected to JSE Rule Appendix 3, Section 16 (vii). M/D JSE Rule 209b Financial Returns Quarterly Returns October 31, 2016 was submitted on January 27, The firm s Quarterly Returns for October 31, 2016 was submitted on January 30, the period ended October 31, December 1, 2016 was submitted on January 27, the month ended November 30, December 31, 2016 was submitted on January 18, the month ended November 30, December 31, 2016 was submitted on January 30, Page 4 of 6

5 7 Caribbean Cream 8 Margaritaville Caribbean 9 Margaritaville Turks 10 National Commercial Bank Jamaica 11 BCW 12 Barita Investments JMC JSE Junior Market Rule Appendix 2, Part 7 Model Code, Section 9 (b) MMC JSE Rule 407 Quarterly Financial Statements MMC JSE Rule 407 Quarterly Financial Statements MMC JSE Rule 410 (A) Communication of Announcements The Company provided notification on December 9, 2016 of dealings in its securities by a Director of the Company on November 18, Given the JSE Junior Market Rule Appendix 7, 9 (b) the notice to the Exchange was a total of sixteen (16) days late. The Company has advised that the late notice which resulted in the breach was as a result of delayed communication from the stockbroker to the Director. The Company s 2 nd Quarter Financial Statements for the period ended November 30, 2016, which became due on January 14, 2017, has been outstanding since January 15, The Company s 2 nd Quarter Financial Statements for the period ended November 30, 2016, which became due on January 14, 2017, has been outstanding since January 15, On January 23, 2017, the Company advised the JSE that it would convene a meeting on January 26, 2017 to consider a Dividend Payment. Given the rule, the Company ought to have notified the JSE at least a week in advance of the date of the Board meeting at which the declaration or recommendation of a dividend would be considered. October 31, 2016 and was filed on January 27, 2017 was considered incomplete. The firm remedied the matter on January 30, subjected to JSE Rule 211 (B). MMC JSE Rule 409 Annual Report The Company s Annual Report for January 28, 2017 was submitted Page 5 of 6

6 13 Jamaican Teas JMC JSE Junior Market Rule Appendix 2, Part 4 (3) Published Annual Report and Audited Financial Statements on February 15, Consequently, the company was subjected to JSE Rule Appendix 3, Section 16 (vii). The Company s Annual Report for January 28, 2017, has been outstanding since January 29, Code Key: 1. JMC Junior Market Company 2. MMC Main Market Company 3. M/D Member-Dealer 4. O Others The RMOD undertakes enforcement actions as prescribed by the JSE rules. Enforcement actions take the form of fines; suspension and delisting that are imposed on entities that are found to be in breach of the rules and regulations of JSE. Page 6 of 6

Jamaica Stock Exchange s. Monthly Regulatory Report February Page 1 of 5

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