In our interactions and meetings with issuers, the matter around the rigidity of the Register Administration fee has been a common theme. This fee would typically appear on issuers’ monthly invoices and covers each individual electronic book entry movement on the securities register that occurs in the dematerialised environment. The fee is calculated using the number of trades executed at the JSE, on a particular issuer’s securities, as this directly affects the number of electronic book entries that must be made on the uncertificated registers.


We are pleased to advise that we have introduced a third tier to the current two-tier structure. The additional tier will result in a cost saving to issuers with monthly trades in excess of 40 000, as trades will be charged at a reduced rate of 55c (excluding VAT). The below table illustrates the revised register administration fee structure that came into effect on 1 September 2015:


1 – 9000 trades: 79c per trade (excl.VAT)
9001 – 40 000 trades: 62c per trade (excl.VAT)
Exceeding 40 000 trades: 55c per trade (excl.VAT)



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