The Clock Is Ticking: Preparing Issuers For The JIBAR To ZARONIA Transition

South Africa's transition from the Johannesburg Interbank Average Rate (" JIBAR ") to the South African Rand Overnight Index Average (" ZARONIA ") is nearing its final stages. JIBAR is scheduled to cease on 31 December 2026. The General Finance Laws (Official Benchmarks and Procurement) Amendment Bill, 2025 and related legislative amendments required to designate the replacement benchmark (together, the " Legislative Amendments ") are currently anticipated to become effective only in early December 2026. This leaves issuers with a compressed period in which to complete the transition.

The JSE has therefore published a process aimed at facilitating early preparation by issuers whose existing documentation does not contain sufficient fallback language to transition automatically to the replacement benchmark. The process differs depending on whether issuers wish to transition before or after the Legislative Amendments become effective.