OJK Strengthens Investment Manager Licensing Requirements
Two new regulations issued by the Financial Services Authority (OJK) for securities companies and investment managers have strengthened licensing requirements for investment managers, governance standards, and human resource quality in the investment management industry.
‘With the issuance of these two POJKs, the OJK hopes the Indonesian Capital Market industry can grow more healthily, professionally, transparently, and competitively, while supporting the deepening of the national financial market and increasing investor confidence in Indonesia’s financial services industry,’ said Agus Firmansyah, Head of the Integrated Financial Sector Surveillance and Policy Department at OJK, in a written press release on Friday, 22 May 2026.
The two new OJK regulations, POJK No. 3 of 2026 on the Business Activities of Securities Companies as Underwriters and Securities Dealers, and POJK No. 5 of 2026 on the Business Activities of Investment Managers, are steps to strengthen the capital market industry.
‘These regulations were issued to strengthen resilience, governance, capital capacity, and professionalism in the capital market industry in line with increasing complexity of financial products and services, technological advancements, digitalisation, and heightened risk exposure and interconnectivity among financial service providers,’ Agus said.
POJK No. 3 of 2026
According to Agus, through POJK No. 3 of 2026, the OJK strengthens securities companies’ institutional framework by categorising their business activities (PEKU) into three tiers based on capacity and capital levels: PEKU 1, PEKU 2, and PEKU 3.
‘This categorisation aims to create a healthier and proportional industry structure in line with the complexity of business activities carried out by each securities company,’ he said.
Under this regulation, PEKU 1 is focused on limited securities marketing activities; PEKU 2 covers limited activities as an Underwriter (PEE) or Securities Dealer (PPE); while PEKU 3 can undertake broader activities as both PEE and PPE, including primary activities such as financing securities transactions, issuing structured products, and providing services for foreign securities transactions.
The regulation also strengthens capital requirements by increasing minimum paid-up capital and Adjusted Net Working Capital (MKBD), which are:
PEKU 1: Rp1 billion paid-up capital with a minimum MKBD of Rp500 million;
PEKU 2: Rp55 billion paid-up capital with a minimum MKBD of Rp50 billion; and
PEKU 3: Rp110 billion paid-up capital with a minimum MKBD of Rp100 billion.
‘In addition to strengthening capital requirements and maintaining positive equity, this regulation also enhances governance, risk management, compliance functions, and research capabilities for securities companies according to their scale and business complexity,’ Agus explained.
Through these regulations, the OJK hopes the national securities industry will have stronger capacity to support financial market deepening, enhance investor protection, and strengthen national financial system stability.
POJK No. 5 of 2026
Agus further stated that through POJK No. 5 of 2026, the OJK strengthens the investment management industry by categorising Investment Managers (MIKU) into MIKU 1 and MIKU 2 based on business activities.
MIKU 1 focuses on managing specific investment products with more limited business activities, while MIKU 2 can undertake all investment management activities as stipulated in regulations.
To strengthen resilience and capacity in the investment management industry, the OJK has set higher minimum paid-up capital and Adjusted Net Working Capital (MKBD) requirements:
MIKU 1: Rp25 billion paid-up capital with a minimum MKBD of Rp5 billion plus 0.1% of assets under management; and
MIKU 2: Rp50 billion paid-up capital with a minimum MKBD of Rp10 billion plus 0.1% of assets under management.
‘Additionally, this regulation mandates a minimum assets under management requirement of Rp500 billion for MIKU 1 and Rp1 trillion for MIKU 2 within a specified period after obtaining investment management business licenses,’ Agus concluded.