Discussing P2SK Law Revision, OJK Pushes for Criminal Sanctions Against Finfluencers

The Financial Services Authority (OJK) has proposed to the House of Representatives Commission XI to consider provisions regulating criminal norms and penalties against parties disseminating untrue information related to financial products by influencers.

OJK Commissioner Chairman Friderica Widyasari Dewi stated this as a form of refinement to strengthen the financial services sector, maintain financial system stability, and ensure that institutional governance and the national financial market infrastructure become healthier, more credible, and competitive through the Law on the Development and Strengthening of the Financial Sector (P2SK Law).

“We request consideration for the need for provisions regulating criminal norms and criminal sanctions against parties disseminating untrue information related to financial products, services, and/or instruments, or what we know as financial influencers,” she said during a meeting with Commission XI at the DPR RI building in Jakarta on Monday (6/4/2026).

Previously, Kiki emphasised that strict action would be taken against legal violations, including share transaction manipulations and misleading information. Sanctions would also apply to financial influencers providing irresponsible recommendations that disturb the public.

“So we don’t regulate the person, but the activity of whoever it is that says something which can cause loss to people,” she explained.

OJK also highlighted the phenomenon of influencers promoting financial products without transparency, for example, claiming to be ordinary users while receiving commissions from the promoted parties.

“For example, they recommend a certain product, saying they are users, when in fact they receive commissions from what they promote,” she revealed.

Additionally, OJK will monitor other practices of concern, such as “pompom” actions for shares or excessive promotions of certain products that can influence public investment decisions and cause losses.

“Like the shares recently, they do pompom and so on,” she said.

OJK’s Executive Head of Capital Market, Derivative Finance, and Carbon Exchange Supervision, Hasan Fawzi, stated that the OJK Regulation for social media activists will be completed in the first semester of this year.

Hasan revealed that the regulation has been discussed in the Commissioners’ Meeting (RDK) and is currently in the drafting process, having entered the final stage for promulgation.

“First semester. We have conducted discussions in the RDK forum for the draft concept of the regulation,” he said when met at the BI Building, quoted on Tuesday (24/2/2026).

As information, previously OJK has regulated cooperation between securities companies and social media activists or influencers through Financial Services Authority Regulation Number 13 of 2025 (POJK 13/2025).

These provisions are contained in Articles 106 to 110, which specifically regulate the scope of collaboration between Securities Trading Intermediaries (PPE) and Regional Securities Companies (PED) with social media activists.

In Article 106 paragraph (1), it is stated that PPE may collaborate with social media activists. However, the collaboration must be documented in a written agreement and establish a clear scope.

There are three forms of collaboration regulated. First, social media activists only provide advertising media and/or convey general information related to the capital market without offering to prospective clients and without involving personal analysis or assessment of certain securities, products, or services.

Second, social media activists offer to prospective clients to become clients of PPE or PED. Third, social media activists provide analysis and/or recommendations on certain securities, products, or services from PPE and PED.

Regarding licensing obligations, Article 107 clarifies that influencers who only carry out functions as per letter a (advertising and general information) are not required to be registered as marketing partners, and do not need to have business licences or individual licences from OJK.

However, different obligations apply to the other two categories.

In Article 108, PPE and PED collaborating with influencers to offer to prospective clients must ensure that the social media activists have met OJK’s provisions regarding securities company marketing partners.

Meanwhile, Article 109 explicitly states that influencers providing analysis or recommendations on securities must have a licence as investment advisors.

Article 110 regulates transparency obligations. For collaborations in the advertising and general information category, PPE and PED must include disclosures in the advertising materials that the social media activist is not an employee of the securities company and does not have an OJK licence.

In Article 111, OJK emphasises that any party violating the provisions in several related articles, including regulations on collaboration with social media activists (Article 106 paragraph (2), Article 108, Article 109, and Article 110), may be subject to administrative sanctions.

These sanctions also apply to parties causing violations and are imposed directly by OJK.

Forms of administrative sanctions include written warnings, fines, restrictions on business activities, suspension of business activities, revocation of business licences, cancellation of registration, and revocation of individual licences.

Imposition of sanctions may be done with or without prior written warnings, and fines may be imposed separately or together with other sanctions, in accordance with capital market legislation.