OJK Issues Two New Regulations for Securities Firms and Investment Managers
Media Asuransi, Jakarta – The Financial Services Authority (OJK) has issued two recent OJK Regulations (POJKs) as part of efforts to strengthen the capital market industry: POJK No. 3 of 2026 on the Conduct of Securities Company Business Activities Undertaking as a Underwriter of Securities and Securities Intermediaries and POJK No. 5 of 2026 on the Conduct of Investment Manager Business Activities. Agus Firmansyah, head of the Integrated Financial Services Sector Surveillance and Policy Department, in an official statement said the two POJKs were issued to reinforce resilience, governance, capital adequacy, and professionalism of market players in line with increasing product and service complexity, technological and digitalisation trends, and heightened exposure to risk and interconnection among financial service participants.
POJK No. 3/2026: By POJK No. 3/2026, OJK strengthens the institutional structure of Securities Companies by grouping their business activities according to capacity and capital into three categories: PEKU 1, PEKU 2, and PEKU 3. The grouping aims to create a healthier and proportionate industry structure in line with the complexity of each company’s activities. In this POJK, PEKU 1 focuses on limited marketing of securities; PEKU 2 for limited activities as Underwriter (PEE) or Securities Intermediary (PPE); PEKU 3 can undertake broader activities as PEE, PPE, or both, with PPE activities including principal financing of securities transactions, issuance of structured products, and other activities providing foreign securities services.
This POJK also strengthens capital adequacy through higher paid-in capital and Adjusted Net Working Capital (MKBD): PEKU 1 Rp1 billion with MKBD minimum Rp500 million; PEKU 2 Rp55 billion with MKBD minimum Rp50 billion; PEKU 3 Rp110 billion with MKBD minimum Rp100 billion. In addition to capital strengthening and the obligation to maintain positive equity, the POJK also enhances governance, risk management, compliance functions, and research functions for Securities Companies according to the scale and complexity of their activities.
POJK No. 5/2026: Through POJK No. 5/2026, OJK strengthens the investment management industry by grouping Investment Managers according to Business Activities (MIKU) – MIKU 1 and MIKU 2. MIKU 1 focuses on managing specific investment products with a more limited scope of activities, while MIKU 2 can undertake all activities of Investment Managers as regulated under the legislative provisions.
To strengthen resilience and capacity in the investment management industry, OJK sets higher minimum paid-in capital and Adjusted Net Working Capital (MKBD) requirements: MIKU 1 Rp25 billion with MKBD minimum Rp5 billion plus 0.1 percent of funds under management; MIKU 2 Rp50 billion with MKBD minimum Rp10 billion plus 0.1 percent of funds under management. In addition, the regulation also requires a minimum funds under management of Rp500 billion for MIKU 1 and Rp1 trillion for MIKU 2 within a specified period from the date of permission to operate as an Investment Manager.
Agus Firmansyah explained that the POJK enhances licensing requirements for Investment Managers, governance aspects, and the strengthening of human resources quality in the investment management industry. With the issuance of the two POJKs, OJK hopes the Indonesian capital market industry can grow more healthily, professionally, transparently, and with greater competitiveness, while supporting market deepening and increased investor confidence in Indonesia’s financial services sector.