Managing Director of Jamaica Stock Exchange Marlene Street Forrest has written to listed companies advising them of an extended period during which they should make submissions of financial reports.
In a letter posted on the JSE’s website, Street Forrest stated, “The JSE is mindful of the strategies being pursued by the Government to treat with the public health crisis associated with the COVID-19 (coronavirus) pandemic. We appreciate the unavoidable impact on economic activities and the associated challenges that will be faced by listed companies and their auditors in meeting the reporting requirements under the rules of the JSE.”
She said that based on the foregoing reason, the stock exchange has granted companies an additional 15 days to file annual, audited and quarterly reports due for the period March to April 2020.
Street Forrest reminded the listed companies that if they cannot submit reports for the period stated, they should refer to the JSE rule book. In particular, she pointed to the JSE Main Market Rule 407 — Quarterly Financial Statements; JSE Main Market Rule 408 — Audited Annual Financial Statements; JSE Junior Market Rule Appendix 2, Part 4 (1) (a) (iv) Quarterly Financial Statements; and JSE Junior Market Rule Appendix 2, Part 4 (2) (d).
According to the JSE rule book, “…a company that is unable to timely submit to the JSE its …. financial statements, must notify the JSE where it can be foreseen that there is the probability of the delay, the circumstances and the probable extent of the delay. The company should also simultaneously place an advertisement in the print media, advising shareholders of the delay.”
“Additionally, the JSE in protecting its employees and stakeholders amidst the outbreak of the coronavirus (COVID-19) uses this opportunity to encourage our stakeholders to submit all documents/ communications electronically, to ensure its timely submission. Likewise, the JSE’s primary mode of communication will be through electronic means,” Street Forrest noted in the letter.
The managing director expressed confidence in companies complying with the recommendations of the JSE while pledging to maintain “the highest quality of service during this time”. She also invited companies to reach out to the JSE should they have any concerns or questions.