Bapepam issues penalty decree<\/p>\n
JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam)
\nhas issued a decree requiring that listed companies, stock
\nexchange operators and their supporting institutions pay a fine
\nif they fail to submit regular reports to the agency.<\/p>\n
Bapepam secretary Pande Putu Raka said in a statement on
\nTuesday that the decree, signed by agency chairman Yusuf Anwar on
\nAug. 5, aimed to promote transparency and \"good corporate
\ngovernance\".<\/p>\n
Under the 1995 law on capital markets, listed companies, stock
\nexchange operators and supporting institutions -- including
\nsecurities companies, mutual funds, clearing agencies, custodian
\nbanks, guarantors -- must submit regular financial reports to the
\nagency. Otherwise they will face a fine.<\/p>\n
The statement however did not specify the amount of the fine.<\/p>\n
However, Pande said the government had not issued a regulation
\non the payment of the fine, leading to cases of late payment.<\/p>\n
Under the new Bapepam decree, a delinquent company has to pay
\nthe fine to the state treasury within 30 days of the issuance of
\nthe penalty statement from Bapepam.<\/p>\n
Payment could be delayed for 28 days, but this would incur a 2
\npercent monthly interest charge.<\/p>\n
If a company fails to pay a fine within 28 days, it would have
\nto settle its debt with the state receivership agency. (jsk)<\/p>",
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