Capital Market and Financial Institution Supervisory Board (Bapepam-LK) Decree No. KEP-16/BL/2011 on the Registration of Capital Market Legal Consultants (“Regulation”) has been issued to amend Rule VIII.B.1, so as to further ensure that investors are adequately protected.
According to the accompanying press release, the Decree makes several fundamental amendments in an effort to improve the effectiveness of the registration and supervision of the Capital Market Legal Consultant profession.
Certain already registered capital market legal consultants, pursuant to Articles 2, have until 31 December 2011 to fulfill the new requirements (or face sanctions as set out in Article 3, such as suspension of consulting activities), these are:
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consultants who have acquired a Registered License of the Capital Market Profession (Surat Tanda Terdaftar Profesi Penunjang Pasar Modal / STTD) but are not members of the Capital Market Legal Consultant Association (Himpunan Konsultan Hukum Pasar Modal / HKHPM).
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consultants who have acquired the STTD, but are not partners with the authority to bind themselves with third parties on behalf of their law firm (as further described in Article 2 (b)); and
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consultants working in a law firm that lacks quality control systems over their legal services (i.e. due diligence).
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Pursuant to Items 2 and 3 of the Appendix, capital market legal consultants must now be registered (as further set out in Items 4 and 5) with Bapepam and become members of the HKHPM. Additional requirements include:
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Indonesian citizenship;
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bachelor's degree in law (Tier 1);
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never having committed a disgraceful act and / or been convicted of a financial sector crime;
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implement a quality control system in conducting due diligence and while providing legal opinions; and
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report data and information changes with respect to Capital Market Legal Consultants including change of domicile (Item 11 (c)).
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Additionally, pursuant to Article 4 and Item 11, legal consultants are now obligated to participate in continuing professional education. Notably, Article 5 exempts legal consultants who are appointed as state officials from this obligation, as well as from having to report data and information changes.
The Decree revokes and replaces Bapepam-LK Decree No. KEP-261/BL/2008 on the same subject matter.
The Decree has been in force since 18 January 2011.
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