ZA-Listed Companies

Clearance first, SENS within 24 hours

South African disclosure of directors' trades runs through the JSE Listings Requirements rather than a separate statute. A rewritten, simplified rulebook took effect for existing issuers on 16 February 2026, and dealings in securities now sit in paragraphs 6.77 to 6.90. Announcements filed in 2026 cite those paragraphs, and paragraph 6.83 for clearance to deal.

The sequence has three steps. Before trading, the director needs clearance from the chairperson, or from a designated director or committee. After the trade, the director has three business days to give the company the details. The company then has 24 hours to publish an announcement on SENS, the JSE's Stock Exchange News Service. A typical notice gives the trade date, price, number of securities, total value, nature of the transaction, whether the holding is direct or indirect, and confirms that clearance was obtained.

Who the rules reach

The obligations cover directors, prescribed officers and the company secretary of the listed company, plus the directors and company secretary of major subsidiaries, defined as those accounting for 25% of group revenue or gross assets. Dealing is read broadly: purchases, sales, agreed future trades, pledges and other security arrangements over the shares, subscriptions, and equity-settled incentive awards.

Associates of a director may deal in any period but must tell the director within 24 hours. The director then has three business days to inform the company, which again has 24 hours to announce.

Prohibited periods and sanctions

Directors and the other affected officers may not deal during prohibited periods, meaning closed periods and price-sensitive periods. Failing to obtain clearance or to notify on time leads to a JSE censure and a fine against the director. Insider trading as such is an offence under section 78 of the Financial Markets Act of 2012, which the Financial Sector Conduct Authority (FSCA) enforces through administrative penalties.

Reading JSE data on this site

This site collects SENS director-dealing notices, one row per transaction, from a free public mirror of SENS that only exposes a rolling window of recent announcements, so depth before that window is limited. Amounts are announced in rand, stored in euros for comparison across markets, and the rand figure is shown when the notice gives it. The original title, such as prescribed officer or company secretary, stays visible on the insider page.