OJK Aligns Several POJK Regulations with Demutualisation Agenda

Jakarta (ANTARA) - The Financial Services Authority (OJK) will adjust a range of OJK regulations (POJKs) to align with the stock exchange’s demutualisation agenda, provided that the Government Regulation (PP) as the implementing regulation has been issued.

Hasan Fawzi, Acting Head of OJK’s Executive for Supervising the Capital Market, Derivatives, and the Carbon Exchange, said in Jakarta on Tuesday that the authority had identified POJKs requiring adjustment, describing the number as substantial.

If you look at the current POJKs, when read, some regulations appear to apply only to the mutualised entity at present. Those POJKs have been identified. Many will need adjustments.

However, given the relatively short implementation timeline, the OJK plans to propose that changes to the regulations be implemented in stages.

Meanwhile, other provisions that are not urgent will be included in the adjustment agenda for a subsequent phase.

Hasan cited an example, such as regulations governing restrictions on dividend distributions. If those provisions are not amended, the demutualisation process can still proceed, but dividend distributions could be temporarily delayed.

Then the governance-elections mechanism. For instance, the submission of a business plan, which up to now would be centralised and must pass through an OJK approval mechanism. That too does not need to be changed and can still proceed,” he said.