Capital Market Supervisory Agency - Draft Revisions to Rule No. V.B.1

The Capital Market Supervisory Agency (Bapepam) has released a number of draft rule amendments soliciting comment and input from organizations that are active in the Capital Market sector. Although some of these amendments date back to October 2004 and the allocated timeframe for comment and input have expired the amendments are still to be confirmed. One of these amendments refers to Rule No. V.B.1 on the Licensing of Securities Company Representatives (Rule V.B.1 or “Rule”).

The amendments although minor are significant in ensuring that there is greater legal certainty in the sector as well as the process in issuing licenses is not only efficient but also provides a list of alternative skills conditions for Investment Manager Representatives. Many of the amendments involve a renumbering of certain provisions and the insertion of a number of new conditions.