OJK Issues New Rules, Under-Capitalised Securities Firms Prohibited from Selling Arbitrarily

Jakarta, CNBC Indonesia – The Financial Services Authority (OJK) has issued two new OJK Regulations (POJKs) related to strengthening capital adequacy in securities companies and investment management firms (MI). The two latest rules are POJK No. 3 of 2026 on the Administration of Activities of Securities Firms Engaged in Underwriting and Securities Brokerage Intermediaries, and POJK No. 5 of 2026 on the Administration of Investment Manager Activities. ‘The two POJKs were issued to strengthen resilience, governance, capital adequacy, and professionalism of market participants in line with increasing product complexity and financial services offerings, the development of technology and digitalisation, and heightened exposure to risk and interconnections among financial service participants,’ as quoted from BEI disclosure on Wednesday, 20 May 2026. POJK No. 3 of 2026: Through POJK No. 3 of 2026, OJK strengthens the institutional framework of Securities Firms by categorising the activities of Securities Firms (PEKU) based on capacity and level of capital into three categories, namely PEKU 1, PEKU 2, and PEKU 3. The grouping is intended to create a healthier and more proportional industry structure in line with the complexity of each Securities Firm’s business activities. In this POJK, PEKU 1 focuses on limited securities marketing activities; PEKU 2 for limited business activities as Securities Underwriters (PEE) or Securities Intermediaries (PPE); whereas PEKU 3 may conduct broader activities as PEE, PPE, or both, with PPE activities including the main financing of securities transactions, issuance of structured products, and other services providing overseas securities transaction services. This POJK also strengthens capital provisions through higher paid-up capital and Adjusted Net Working Capital (MKBD) minimums: PEKU 1 Rp1 billion with MKBD minimum Rp500 million; PEKU 2 Rp55 billion with MKBD minimum Rp50 billion; and PEKU 3 Rp110 billion with MKBD minimum Rp100 billion. In addition to strengthening capital and positive equity obligations, this POJK also strengthens governance, risk management, compliance functions, and research functions for Securities Firms in line with the scale and complexity of their activities. Through this framework, OJK hopes the national Securities Firm industry will have stronger capacity to deepen the financial market, enhance investor protection, and strengthen the stability of the national financial system. POJK No. 5 of 2026: Through POJK No. 5 of 2026, OJK strengthens the investment management industry by grouping Investment Managers by Activity (MIKU) into MIKU 1 and MIKU 2. MIKU 1 focuses on managing particular investment products with a more limited scope of activities, while MIKU 2 may undertake all Investment Manager activities as regulated by the laws. To bolster resilience and capacity of the investment management industry, OJK raises the minimum paid-up capital and MKBD: MIKU 1 Rp25 billion with MKBD minimum Rp5 billion plus 0.1 percent of assets under management; MIKU 2 Rp50 billion with MKBD minimum Rp10 billion plus 0.1 percent of assets under management. The POJK also requires minimum assets under management for Investment Managers of Rp500 billion for MIKU 1 and Rp1 trillion for MIKU 2 within a specified period from receipt of the licence. The POJK also strengthens licensing requirements for Investment Managers, governance aspects, and the quality of human resources in the investment management industry. With the publication of the two POJKs, OJK hopes Indonesia’s Capital Market industry will grow more soundly, professionally, transparently, and competitively, supporting deeper financial markets and boosting investor confidence in Indonesia’s financial services industry.