OJK: Beware, Influencers Commenting on Stocks Could Face Criminal Charges

Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) will soon issue regulations for influencers marketing financial services products. OJK Commissioner Council Chair Friderica Widyasari Dewi stated that these regulations could be incorporated into law due to their importance for the sustainability of the financial services industry.

The woman, familiarly known as Kiki, emphasised that the rules for financial influencers (finfluencers) also apply to anyone recommending a particular stock.

“Because the capital market is governed by Law 98 or 95, which applies to anyone. Anyone can face up to criminal penalties if they, for example, provide comments on stocks and so on, that are not done in good faith and cause losses to other parties,” she said when met at the RI House of Representatives building in Jakarta, quoted on Tuesday (7/4/2026).

In this regard, OJK has proposed to the House of Representatives Commission XI to consider articles regulating criminal norms and criminal sanctions against parties conveying untrue information related to financial products by influencers.

“We request consideration for the need for articles regulating criminal norms and criminal sanctions against parties conveying 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 RI House of Representatives building in Jakarta.

Kiki stressed that OJK will strictly enforce violations of the law, including stock transaction manipulation and misleading information. Sanctions will also be imposed on financial influencers (finfluencers) who provide irresponsible recommendations that disturb the public.

“So we don’t regulate the person, but the activities of anyone who then says something that can cause losses to others,” she explained.

It was emphasised that OJK will monitor practices that have drawn public attention, namely stock “pompom” actions or excessive promotion of certain products that can influence public investment decisions and cause losses.

“Like the stock pompom and so on from before,” she said.

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

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

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

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

These provisions are outlined 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 practitioners.

In Article 106 paragraph (1), it is stated that PPE may collaborate with social media practitioners. 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 practitioners 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 specific securities, products, or services.

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

Regarding licensing obligations, Article 107 states 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 practitioners meet 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 advertising materials that the social media practitioner is not an employee of the securities company and does not have an OJK licence.

In Article 111, OJK states that any party violating the provisions in several related articles, including regulations on collaboration with social media practitioners (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.