The JSE says that it has made changes to the rules governing property transactions, introducing a requirement that external management companies that manage property funds be "explicitly defined" as related parties.

In the past, some management companies were seen as independent. John Burke, head of issuer services at the JSE, said management companies would no longer be independent.

Outside management companies earn fees from managing property funds.

"Management companies are now seen like a director would be seen. They are considered not independent," said Burke.

Other changes include the fact that property unit trusts will now be referred to as collective investment schemes.

The exchange also said that a more rigid procedure would be used to ensure a property valuer's independence.

Burke said these requirements were final and that these were "changes we've been wanting to do for a long time" as part of a housekeeping exercise.

First South Securities property analyst Leon Allison said the JSE was "just trying to make the listings requirements more applicable to property companies".