OJK targets publication of IDX demutualisation regulations this September
Jakarta (ANTARA) - The Financial Services Authority (OJK) aims to publish the OJK Regulation (POJK) governing the demutualisation of the Indonesia Stock Exchange (IDX) by September 2026.
The draft POJK is currently in the finalisation stage following various discussions and harmonisation with the Ministry of Law, according to OJK Executive Head of Capital Market, Derivative, and Carbon Exchange Supervision, Hasan Fawzi, in Jakarta on Thursday.
“The process is, thankfully, running smoothly and is in the finalisation stage as planned. We hope to finalise it this month (September), in Q3,” he said.
He explained that OJK has internally completed most of the drafting process for the proposed regulation.
Moving forward, the authority also plans to hold Focus Group Discussions (FGD) with the House of Representatives (DPR RI) to refine and finalise the draft POJK.
Following this process, OJK will await the results of the harmonisation from the Ministry of Law before proceeding with the numbering and enactment of the POJK.
“After that, we will naturally await the harmonisation results from the Ministry of Law. Once available, we will proceed with numbering and enactment by the OJK for publication and effective implementation,” he said.
Once the demutualisation POJK comes into effect, Hasan continued, the IDX will need to make several adjustments, both to its articles of association and exchange regulations affected by changes in institutional structure and ownership.
“This must be followed up by the Indonesia Stock Exchange (IDX) by making the necessary adjustments, including aspects of changes to the articles of association. This is because the institutional structure, ownership, and organisational nature have changed,” he said.
Subsequently, a decision-making mechanism by the exchange’s shareholders will be implemented to provide opportunities for parties outside of the exchange members to become part of the new shareholders of the IDX.