29 March, 2016
Financial Services Authority (“OJK”) Regulation No. 44/POJK.03/2015 of 2015, dated December 29, 2015, regarding Working Competence Certi cate for Members of the Board of Directors and Board of Commissioners of Rural Banks and Sharia Rural Banks. This OJK Regulation revokes BI Circular Letter No. 6/34/DPBRP dated August 13, 2004 regarding Certi cation Institution for Rural Banks and BI Circular Letter No. 8/23/DPbS dated October 20, 2006 regarding Certi cation Institution for Sharia Rural Banks. The issuance of the Working Certi cate of Competence intends to ensure and maintain the competence of human resources in rural banks and sharia rural banks. There are two levels of certi cation provided under this Regulation, based on the amount of total assets owned by the rural bank or sharia rural bank. There are administrative sanctions for violations of the provisions in this OJK Regulation, which comes into effect on January 1, 2017.
OJK Regulation No. 47/POJK.04/2015 of 2015, dated December 29, 2015, regarding Guidelines for Daily Announcement of Net Assets Value of Disclosed Mutual Fund. This OJK Regulation regulates the management of (i) money market mutual fund, (ii) xed-income mutual fund, (iii) stock mutual fund, and (iv) mixed mutual fund. This Regulation also obliges the disclosed mutual fund’s custodian banks to calculate several items provided in this Regulation for each trading day, and submit the same to OJK. This Regulation came into effect on the date of its promulgation.
OJK Regulation No. 49/POJK.04/2015 of 2015, dated December 29, 2015, regarding Mutual Fund in the Form of Collective Investment Contract which Participation Units Are Traded on the Stock Exchange. This regulates the role of a Participant Dealer, being a member of a stock exchange who executes an agreement with the Investment Manager to conduct the sale and purchase of the relevant mutual fund’s participation units either for his/her own or the participation unit holders’ interest. This Regulation came into force on the date of its promulgation.
OJK Regulation No. 50/POJK.04/2015 of 2015, dated December 29, 2015, regarding the Licensing of Mutual Fund Securities Selling Agent Representatives. A Mutual Fund Securities Selling Agent Representative is an individual licensed by the OJK to act as the seller of mutual fund securities. Such individual must obtain competence certi cation. Further elaboration regarding the procedure to obtain the license, the duties of a Mutual Fund Securities Selling Agent Representative and sanctions for any violation are included in this Regulation, which came into effect on the date of its promulgation.
OJK Regulation No. 54/POJK.04/2015 of 2015, dated December 29, 2015, regarding Voluntary Tender Offer. This OJK Regulation revokes the Decision of Chairman of the Capital Market and Financial Institution Supervisory Board Number KEP-263/ BL/2011 dated May 31, 2011 regarding the same, as well as Rule Number IX.F.1. In essence, this OJK Regulation provides the procedures to carry out a voluntary tender offer. There are no signi cant changes provided under this Regulation. It came into force on the date of its promulgation.
OJK Regulation No. 55/POJK.04/2015 of 2015, dated December 29, 2015, regarding the Establishment and Guidelines for the Work of Audit Committees. This OJK Regulation requires issuers and/or public companies to have an audit committee. It also speci es the duties, responsibilities and authorities of the audit committee. There are administrative sanctions for certain violations of the provisions in this OJK Regulation. This Regulation came into effect on the date of its promulgation.
OJK Regulation No. 1/POJK.05/2016 of 2016, dated January 12, 2016, regarding Investment in the Form of State Commercial Paper for Non-Bank Financial Services Institutions. This OJK Regulation concerns the business activities of insurance companies, security institutions, pension fund employers, and the Healthcare and Manpower Social Security Provider Agency (Badan Penyelenggara Jaminan Sosial Ketenagakerjaan or “BPJS Kesehatan dan Ketenagakerjaan”). Investment in the form of State Commercial Paper (Surat Berharga Negara or “SBN”) must be made by the above non-bank nancial services institutions in accordance with the minimum percentage stipulated by this OJK Regulation. There are administrative sanctions for certain violations of the provisions in this Regulation, which came into effect on the date of its promulgation.
For further information, please contact:
Dyah Soewito, Partner, Soewito Suhardiman Eddymurthy Kardono
dyahsoewito@ssek.com
