The Listing Rules made by the Stock of Exchange of Mauritius Ltd (the SEM) has over the last two years been amended to introduce:

a fast track listing route for international issuers that are primarily listed on a recognised securities exchange (namely: ASX, JSE, LSE, Euronext, NYSE and TSX) and seeking a secondary listing on the SEM;

provisions to give the SEM the flexibility to allow the post-listing requirements of the primary exchange to take precedence over the SEM Listing Rules in relation to an international issuer which has a secondary listing on the SEM;

the flexibility to allow international issuers which have a primary listing in another jurisdiction and a secondary listing on the SEM to file and publish their Financial Statements on the same periodical basis as where they are primarily listed; and

the requirement of specific corporate governance practices to be implemented and disclosed by an issuer.

Flexibility for International Issuers

For international issuers that are primarily listed on a recognised securities exchange, the SEM will henceforth accept an application document issued by the international issuer and approved by its primary securities exchange, as Listing Particulars, provided that the international issuer is primarily listed on a board which is equivalent to the Official Market of the SEM and such an issuer will not be required to comply with the extensive requirements of Chapters 8 (Listing Particulars) and 9 (Contents of Listing Particulars)of the Listing Rules.

The amendments also cater for the requirements of the primary exchange to take precedence in relation to an international issuer with a secondary listing on the SEM, subject to the international issuer obtaining the prior approval of the SEM. Furthermore, the amended rules now provide an international issuer with the opportunity to seek dispensation from the SEM of any specific post-listing obligations on the SEM.

Prior to the recent amendments, all listed issuers had the obligation to publish their Financial Statements on a quarterly basis. However, the SEM how has the flexibility to allow international issuers which have a primary listing on a Securities Exchange in another jurisdiction and a secondary listing on the SEM to file and publish their Financial Statements on the same periodical basis as where they are primarily listed.

Corporate Governance

All issuers are, since April 2018, required to implement the following specific corporate governance practices and compliance therewith must be disclosed in their Annual Reports:

The title, function and role of the Chairperson should be separate from that of the CEO;

The issuer should have, at minimum, an Audit Committee; and

The Audit Committee should comprise only members of the Board.

Issuers must disclose in their Annual Reports the extent of compliance with the Code of Corporate Governance. Annual Reports must be accessible from the Issuer’s website and should include:

confirmation of the existence or otherwise of an internal audit function; and

where applicable a statement that the internal audit function reports regularly to the Audit Committee and a description of the areas, systems and processes covered by internal audit.

Type

Insight

Locations

Mauritius

Share
Twitter LinkedIn Email Save as PDF
More Publications
10 Jun 2022

‘’With the people, for the people’’ – the Mauritian National Budget 2022-2023

On 07 June 2022, the Minister of Finance, Economic Planning and Development (Minister of Finance) ta...

Contributors: Vaishali Damonaiko
26 Apr 2022

Appleby Mauritius Newsletter, April 2022

In the April 2022 issue of Appleby’s newsletter, we give you an overview of the latest legal and r...

26 Apr 2022

Employment rights during and following a pandemic under the Workers’ Rights Act

In view of the ongoing COVID-19 pandemic which is currently affecting the community at a global leve...

22 Sep 2021

The Financial Services Commission of Mauritius issues the Financial Services (Crowdfunding) Rules 2021

In line with the National Budget 2021-2022 and the ambition of the Mauritian Government to establish...

12 Mar 2021

Material adverse change clauses in light of the Covid-19 pandemic

Experts from each of our key global offices provide jurisdiction specific advice and answer question...

8 Mar 2021

Appleby Celebrates International Women’s Day

International Women’s Day is celebrated annually in support of gender equality and equal participa...

30 Oct 2020

When Worlds Collide – How COVID is Connecting Technology with Natural Resources

Dating back to the beginning of 2020, the natural resources sector has been extremely active at both...

Contributors: Peter Colegate
21 Sep 2020

The role of Private Equity in economic recovery from Covid-19

Against this gloomy backdrop, we expect private equity firms and their investors to play a key role ...